Greenlam Industries Limited (GREENLAM)

Consumer Durables · Consumer Durables · NSE · Updated 15 July 2026

₹252.45 ↑ 3.2% (1Y)

🎯 Key Takeaways

Greenlam Industries is in a growth phase driven by strategic capacity expansion and brand consolidation, transitioning from early-stage scaling to operational maturity. Management is focused on scaling high-margin segments like laminates while absorbing short-term losses from new ventures like chipboard, aiming for sustainable profitability by FY28.
Revenue declined 11.6% QoQ to ₹602 in Q3FY25.
⚠️ 1) New business segments (chipboard) are absorbing capital and generating losses, creating near-term profitability pressure despite revenue growth. 2)

Market Cap

₹5,950

P/E Ratio

55.3

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Greenlam Industries is in a growth phase driven by strategic capacity expansion and brand consolidation, transitioning from early-stage scaling to operational maturity. Management is focused on scaling high-margin segments like laminates while absorbing short-term losses from new ventures like chipboard, aiming for sustainable profitability by FY28.

📰 What's Happening

In FY26, Greenlam achieved 18% YoY revenue growth to INR3,046 crores, driven by strong laminate performance and 39% chipboard utilization, with capacity expansion targeting near full utilization by FY28. Management highlighted brand consolidation under Greenlam and Mikasa as key growth drivers, while new business segments contributed to net profit decline despite EBITDA margin expansion to 11%. A virtual earnings call was scheduled for June 4, 2026, featuring MD Saurabh Mittal and CFO Ashok Sharma to discuss operational progress and future outlook.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	534	515	604	563	624	605	681	602
Operating Profit	78	68	81	74	92	67	90	65
OPM %	13.9%	12.5%	12.5%	12.6%	13.4%	10.6%	12.0%	10.6%
Net Profit	46	32	39	25	41	20	34	13
EPS	₹3.39	₹2.59	₹3.27	₹1.98	₹3.20	₹1.56	₹2.70	₹0.98

Revenue growth has accelerated from 12.5% in Q4FY23 to 25.8% in Q4FY26, indicating strong top-line momentum, though net profit declined 18% YoY in FY26 due to new business losses and forex pressures. EBITDA margin improved to 11% in FY26 from 10.6% in Q3FY25, reflecting operational efficiency gains, while working capital improved to 51 days. Management expects 10-12% top-line growth in FY27, supported by continued capacity utilization and margin stabilization in laminates.

🔮 Management Outlook & What's Next

Management expects 10-12% top-line growth in FY27, with laminate EBITDA margins to stabilize at 16-17% and debt reduction of INR50 crores targeted this year. They also emphasized passing on raw material price hikes to markets from April 2026 and accelerating growth through expanded manufacturing footprint and new product launches.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Consumer Durables

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Titan Company Limited	3.70 L Cr	77.6	34.3%	41.0%	0.88
Asian Paints Limited	2.50 L Cr	65.0	26.0%	19.8%	0.04
LG Electronics India Limited	1.07 L Cr	—	—	—	—
Havells India Limited	75,873	54.2	—	—	—
Dixon Technologies (India) Limited	66,754	75.9	—	—	—
Berger Paints (I) Limited	62,200	54.5	—	—	—
Voltas Limited	40,722	56.8	—	—	—
Kalyan Jewellers India Limited	36,461	54.6	—	—	—
Blue Star Limited	34,091	61.2	—	—	—
Amber Enterprises India Limited	29,854	164.3	8.4%	4.1%	0.62

🔗 Peer Stock Analyses

TITAN ASIANPAINT LGEINDIA HAVELLS DIXON

⚠️ Risk Factors

1) New business segments (chipboard) are absorbing capital and generating losses, creating near-term profitability pressure despite revenue growth. 2) Raw material cost volatility remains a concern, though management plans to pass on price hikes, execution risk exists in margin preservation. 3) High debt levels (INR940 crores) require disciplined capital allocation to meet debt reduction targets without stalling growth investments.

📋 Recent Filings

🧠 Analyst's Read

Greenlam is executing a clear growth strategy with strong operational momentum, but profitability remains sensitive to new segment performance and input cost management. Investors should monitor chipboard utilization progress, margin trajectory in laminates, and execution of debt reduction plans in the upcoming FY27 guidance.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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