Greenlam Industries Ltd (GREENLAM)

Consumer Durables · Plywood Boards/Laminates · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹248.55 ↑ 3.84% (1Y)

🎯 Key Takeaways

Greenlam Industries is in a strategic growth phase, transitioning from a turnaround to scalable expansion, leveraging its dominant position in the Indian plywood and laminates market while investing in capacity expansion and margin improvement. Management is focused on scaling high-margin segments like prelaminated chipboards and improving operational efficiency, as evidenced by capex plans and EBITDA margin expansion.
Revenue declined 7.1% QoQ to ₹797 in Q1FY27.
⚠️ Raw material price volatility remains a concern, despite recent pricing adjustments, as management noted ongoing inflationary pressures and export-lin

Market Cap

₹6,342

P/E Ratio

68.1

P/B Ratio

5.38

ROE

7.9%

ROCE

10.1%

Debt/Equity

0.89

Div Yield

0.16%

Promoter

51.0%

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📖 The Story

Greenlam Industries is in a strategic growth phase, transitioning from a turnaround to scalable expansion, leveraging its dominant position in the Indian plywood and laminates market while investing in capacity expansion and margin improvement. Management is focused on scaling high-margin segments like prelaminated chipboards and improving operational efficiency, as evidenced by capex plans and EBITDA margin expansion.

📰 What's Happening

In Q1 FY27, Greenlam reported 18% YoY revenue growth to INR797 crores, driven by laminate revenue of INR596 crores (13.9% EBITDA margin) and plywood revenue of INR106 crores (20% growth). The panel/allied segment revenue quadrupled, while plywood EBITDA loss narrowed to INR5 crores. Management highlighted export delays of INR27 crores due to West Asia conflicts but expects no material impact. Capex of INR130-135 crores is planned for FY27, including INR70 crores for laminate expansion. Price hikes of 7-8% were passed on raw material costs, with reductions in June and July. Working capital cycle improved to 56 days, and net debt stands at INR934 crores. Management expects 10-12% top-line growth in FY27, plywood utilization to reach 50%, and EBITDA breakeven by year-end, with INR100 crores of debt reduction anticipated this fiscal.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	808	706	858	797
Operating Profit	69	33	73	44
OPM %	8.5%	4.6%	8.5%	5.6%
Net Profit	32	-1	41	21
EPS	₹1.25	₹-0.02	₹1.59	₹0.83

Revenue growth has been consistent, rising from INR706 crores in Dec 2025 to INR808 crores in Sep 2025, then to INR858 crores in Mar 2026, and reaching INR797 crores in Jun 2026, indicating sustained demand. Operating performance shows improvement, with EBITDA margin expanding to 10.2% in Q1 FY27 from 8.5% in Mar 2026, while net profit declined slightly to INR21 crores due to one-time or non-recurring factors. The company achieved 26% Q4 revenue growth in FY26 and is scaling capacity utilization, targeting 50% in plywood by FY27. Despite temporary losses in Dec 2025 (NP of -INR1 crore), the trend in margins and volume growth reflects operational progress aligned with management's strategic investments.

🔮 Management Outlook & What's Next

Management has provided forward-looking guidance, targeting 10-12% revenue growth for FY27 and expecting EBITDA breakeven by year-end. Capex of INR130-135 crores is planned, with INR70 crores allocated for laminate expansion to support volume growth of 10-12%. Management expects raw material inflation to be managed through pricing discipline, as demonstrated by recent 7-8% hikes followed by reductions in June and July. Debt reduction of INR100 crores is anticipated this fiscal, and plywood utilization is targeted at 50% in FY27. These initiatives reflect a focus on sustainable margin expansion and capital efficiency.

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

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	13	26	26	26
Reserves	1,100	1,101	1,111	1,154
Borrowings	1,235	1,199	1,171	1,047
Total Liabilities	2,971	2,909	2,954	3,004
Fixed Assets	983	1,739	1,719	1,708
Investments	107	56	42	54
Total Assets	2,971	2,909	2,954	3,004

The balance sheet shows a stable capital structure with total assets at INR3,004 crores as of Mar 2026, up from INR2,954 crores in the prior period, driven by growth in reserves and borrowings. Net debt stands at INR934 crores, with borrowings at INR1,047 crores against equity of INR26 crores and reserves of INR1,154 crores. Management is actively managing leverage, targeting INR100 crores of debt reduction this fiscal, indicating a deliberate deleveraging strategy amid expansion. The improved working capital cycle of 56 days also supports liquidity management, suggesting disciplined operational cash flow oversight during the growth phase.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+292
Investing	-80
Financing	-191
Net Cash Flow	+21

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	51.0%	51.0%	51.0%	51.0%
FII	1.7%	1.7%	1.8%	1.5%
DII	14.6%	14.5%	14.0%	10.9%
Public	16.3%	16.3%	16.6%	18.6%
# Shareholders	16,232	16,983	16,425	16,944

Promoter holding remains stable at 50.98% across all quarters, indicating confidence in long-term control. FII and DII holdings have shown a downward trend, with FII decreasing from 1.78% in Q4FY26 to 1.47% in Q1FY27, and DII declining from 14.48% in Q3FY26 to 10.89% in Q1FY27, suggesting institutional profit booking or reallocation. The number of shareholders has increased to 16,944 in Q1FY27 from 16,232 in Q2FY26, reflecting retail interest or index inclusion. No pledging or regulatory flags were disclosed, but the declining institutional interest warrants monitoring for potential sentiment shifts.

⚖️ Peer Comparison — Plywood Boards/Laminates

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
CENTURYPLY	16,870	58.0	13.6%	12.6%	0.62
GREENLAM	6,342	68.1	10.1%	7.9%	0.89
STYLAMIND	5,883	34.7	26.8%	21.0%	0.04
GREENPLY	3,625	36.6	13.2%	11.1%	0.55
EUROPRATIK	2,634	30.5	50.9%	37.6%	0.01
GREENPANEL	1,924	13.5	12.3%	10.8%	0.20
RUSHIL	482	20.8	6.9%	3.6%	0.43
ARCHIDPLY	209	16.1	11.6%	12.5%	1.85
WESTERNBIO	165	—	-59.0%	205.3%	-4.43
516003	108	54.8	15.5%	4.6%	1.23

🔗 Peer Stock Analyses

CENTURYPLY STYLAMIND GREENPLY EUROPRATIK GREENPANEL

⚠️ Risk Factors

1. Raw material price volatility remains a concern, despite recent pricing adjustments, as management noted ongoing inflationary pressures and export-linked demand uncertainty due to West Asia conflicts. 2. The panel/allied segment, while showing quadrupled growth, contributes a relatively small portion of revenue and may face margin compression if input costs rise faster than pricing can adjust. 3. Plywood segment, though showing EBITDA loss narrowing, still operates at a loss and requires sustained utilization and scale to achieve breakeven by FY27, making execution critical. 4. Institutional investor outflow, particularly in DII holdings, could signal waning confidence if margin expansion or debt reduction targets are not met.

📋 Recent Filings

🧠 Analyst's Read

Greenlam is executing a clear growth and margin improvement strategy with visible traction in volume, utilization, and capex discipline, but the transition to sustainable profitability in plywood and panel segments remains a key watchpoint. The company's ability to balance expansion with debt reduction and margin resilience amid raw material volatility will determine the credibility of its outlook. Investors should monitor execution against FY27 targets, especially EBITDA breakeven and utilization trends, in the coming quarters.

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 2026-09-01.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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