NSE: GREENLAM · BSE: 538979
GREENLAM INDUSTRIES LTD.
Manufactures laminates, veneers, plywood, and engineered wood products for the Indian market. In FY26, consolidated revenue was Rs 3,046.08 crore, up 18.6% YoY. Laminates & Allied Products drove 83.5% of segment revenue (Rs 2,015.54 crore) with a 20.6% segment EBIT margin, sold to furniture makers, interior contractors and building-material distributors. Plywood & Allied Products made up the remaining 16.5% (Rs 399.65 crore) but ran at a -6.2% segment EBIT margin. Raw materials are the largest input cost at 46.7% of revenue, followed by employee costs at 20.2% and other operating expenses at 22.7%. EBITDA margin stood at 10.7% while net profit margin was 1.8%; filings attribute the FY26 profit decline to higher gestation costs in chipboard and plywood. Capex was Rs 91.31 crore (3.0% of revenue), and management has stated a target of Rs 5,000 crore of revenue over the medium term. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Laminates & Allied Products (84%), Plywood & Allied Products (17%). Asset-heavy manufacturer of laminates, plywood and engineered wood products
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,703 | 2,026 | 2,306 | 2,569 | 3,046 |
| EBITDA (ex other income) | 184 | 233 | 295 | 275 | 319 |
| margin % | 10.8 | 11.5 | 12.8 | 10.7 | 10.5 |
| Owners' profit | 91 | 128 | 138 | 70 | 56 |
| EPS, as reported (₹) | 7.52 | 10.27 | 10.82 | 2.68 | 2.20 |
| ROE % · ROCE % | 13.8 · 15.2 | 13.2 · 13.5 | 12.8 · 12.5 | 6.1 · 8.7 | 4.8 · 9.3 |
| Debt / equity (x) | 0.53 | 0.59 | 0.93 | 0.96 | 0.89 |
| Cash from operations | 71 | 175 | 194 | 205 | 292 |
| Capex | (87) | (472) | (635) | (268) | (91) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 681 | 602 | 682 | 674 | 808 | 706 | 858 | 797 |
| Profit before tax | 47 | 21 | 11 | (14) | 46 | 6 | 52 | 31 |
| Net profit | 34 | 13 | 1 | (16) | 32 | (1) | 41 | 21 |
| EPS (₹) | 2.70 | 0.98 | 0.06 | (0.62) | 1.25 | (0.02) | 1.59 | 0.83 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Laminates & Allied Products | 2,433 | 79.9 |
| Plywood & Allied Products | 400 | 13.1 |
| Panel & Allied Products | 213 | 7.0 |
| Total, before eliminations | 3,046 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CENTURY PLYBOARDS (I) LTD | 14,363 | 49.3 | 5.46 | 24.4 | 10.2 | 11.0 | 20.4 | 12.8 |
| GREENLAM INDUSTRIES LTD. ◆ | 5,459 | 58.6 | 4.63 | 19.7 | 4.8 | 4.5 | 20.5 | 10.8 |
| STYLAM INDUSTRIES LIMITED | 4,867 | 28.7 | 6.03 | 21.2 | 18.6 | 24.6 | 18.9 | 21.5 |
| GREENPLY INDUSTRIES LTD | 3,698 | 37.4 | 4.13 | 15.2 | 10.0 | 12.0 | 18.6 | 11.1 |
| GREENPANEL INDUSTRIES LTD | 1,613 | 11.3 | 1.22 | 6.9 | 10.8 | 10.9 | — | 14.8 |
| RUSHIL DECOR LIMITED | 442 | 19.1 | 0.68 | 9.3 | 1.0 | 1.2 | — | 8.4 |
| ARCHIDPLY IND. LTD | 185 | 14.2 | 1.65 | 8.6 | 7.1 | 6.2 | — | 7.5 |
| ECOBOARD INDUSTRIES LTD. | 165 | — | 7.32 | — | (44.7) | (43.3) | — | (31.2) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 58.6 | 23.9 | 9 of 10 | 11% |
| P/B | 4.6 | 3.0 | 10 of 13 | 25% |
| ROCE | 4.5 | 4.5 | 7 of 13 | 50% |
| ROE | 4.8 | 4.8 | 7 of 13 | 50% |
| Debt / Equity | 0.9 | 0.4 | 11 of 13 | 17% |
| EBITDA margin | 10.8 | 7.5 | 5 of 13 | 67% |
| Revenue growth | 18.2 | 18.2 | 7 of 13 | 50% |
| Profit growth | 235.2 | 32.2 | 2 of 13 | 92% |
| Market cap | 5459 | 185 | 2 of 13 | 92% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 30 Sept 2026 · Subsidiary gets GST show cause notice for Rs 7.73 crore over input tax credit | regulatory legal | high | — | — |
| 30 Sept 2026 · Special window reopened for re-lodgement of physical share transfer requests | compliance | minimal | — | — |
| 22 Sept 2026 · Greenlam Industries appoints Nishit Bansal as Chief HR Officer | management changes | medium | — | — |
| 4 Sept 2026 · Greenlam acquires 26% in Bhadla Minigrid Solar 4 captive power SPV | strategic transactions | medium | — | — |
| 3 Sept 2026 · CARE reaffirms Greenlam ratings at AA-, outlook improved to Stable | credit debt | high | — | — |
| 3 Sept 2026 · Greenlam officials attended Phillip Capital conference in Delhi | investor communications | low | — | — |
| 3 Sept 2026 · Outcome of Investor Meet at Phillip Capital Conference | investor communications | low | — | — |
| 26 Aug 2026 · Greenlam Industries to attend Phillip Capital investor conference on Sept 3 | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Q1 FY27 earnings: Revenue up 18%, chipboard turns profitable | investor communications | medium | — | — |
| 13 Aug 2026 · Greenlam attends Equirus India Conference 2026 | investor communications | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.