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Stock Analysis

Description

Greenlam Industries is engaged in the business of manufacturing laminates, decorative veneers, plywood, blockboard, and other allied wood panel products, serving both domestic and international markets.

Key Growth Triggers

The company is focused on becoming an integrated wood panel player, leveraging significant completed investments.
Key growth drivers include expansion in plywood and allied segments, brand consolidation under Mikasa, and entry into new product categories like chipboard.
Management projects substantial revenue generation from these expansions, aiming for 18-20% consolidated growth.

Order Book

Currently no data available for Order Book.

Key Red Flags

Stock trades at a premium valuation (5.64x book value).
Exhibits a low return on equity (13.1% over 3 years) and low dividend payout (13.1%).

Key Dates To Watch

Currently no data available for Key Dates To Watch.

Corporate Announcements

7th Apr 26

Impact Rating: 2

Greenlam Industries Limited has filed its SEBI Regulation 74(5) compliance certificate for the quarter ended March 31, 2026, confirming no Demat or Remat requests were handled by its Registrar and Share Transfer Agent.

6th Apr 26

Impact Rating: 7

Greenlam Industries Limited shared details about the Income Tax Department search conducted from February 26 to March 2, 2026. The company emphasized its full cooperation and confirmed that business operations remained uninterrupted. Quantification of financial or operational impact was not possible.

6th Apr 26

Impact Rating: 6

Greenlam Industries' subsidiaries have fully acquired PT. Greenlam Indo Pacific (Indonesia) by purchasing the remaining 33% stake for IDR 825,000,000. This makes the Indonesian entity a wholly-owned step-down subsidiary, rationalizing group structure and enhancing control.

3rd Apr 26

Impact Rating: -

No description available.

3rd Apr 26

Impact Rating: -

No description available.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Century Plyboard	804.95	77.27	17902.46	0.12	70.95	72.42	1385.53	17.06	10.38	4893.69	11.58	231.68	68.90	7.25	4.79	0.67
2.	Greenlam Industr	261.00	51.46	6666.76	0.15	45.89	50.85	652.97	11.39	11.92	2305.36	11.72	129.57	45.89	5.56	5.34	0.45
3.	Stylam Industrie	2209.80	30.04	3754.66	0.00	37.33	9.47	292.40	11.31	27.41	1095.18	18.12	124.97	37.33	5.18	17.56	0.00
4.	Greenply Industr	259.80	39.57	3239.64	0.19	15.98	-9.25	688.57	7.51	12.36	2552.60	7.97	81.87	16.00	3.83	5.06	0.64
5.	Greenpanel Inds.	226.30	–	2774.21	0.13	-6.12	-133.08	395.97	17.54	4.48	1458.11	5.09	-2.85	-6.12	2.00	3.58	0.30
6.	Rushil Decor	23.20	45.43	681.94	0.44	5.97	-48.53	233.24	2.02	10.13	849.73	8.40	15.01	5.97	1.07	4.01	0.44
7.	Duroply Indust.	176.10	27.17	191.04	0.00	2.41	382.00	104.49	15.06	7.23	394.20	5.24	7.03	2.41	1.25	2.45	0.52
–	Median: 12 Co.	163.11	42.5	436.49	0.06	3.23	10.18	204.48	13.6	9.32	742.93	8.19	7.76	3.23	2.42	3.6	0.53

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	458	517	535	469	526	557	489	571	560	474	566	586	653
Expenses	413	448	474	413	468	499	425	497	497	430	500	518	565
Operating Profit	45	69	61	56	57	58	64	74	64	44	66	69	88
Other Income	10	7	3	4	3	6	18	18	18	6	6	5	4
Profit before tax	34	46	30	37	30	33	60	62	50	29	44	41	61
Tax %	22%	24%	36%	25%	23%	25%	10%	19%	21%	24%	26%	27%	25%
Net Profit	26	35	19	28	23	25	54	50	40	22	33	30	46
EPS in Rs	1.04	1.37	0.76	1.10	0.91	0.97	2.14	1.96	1.55	0.87	1.30	1.19	1.80

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	0	845	937	970	1,061	1,196	1,227	1,126	1,559	1,851	2,124	2,207	2,305
Expenses	0	753	813	846	924	1,057	1,066	962	1,397	1,656	1,856	1,956	2,035
Operating Profit	-0	92	124	124	137	139	162	164	163	195	268	251	270
Other Income	0	1	1	2	2	2	22	-9	15	34	32	30	32
Interest	0	28	28	25	16	15	20	16	13	23	37	46	46
Depreciation	0	30	32	33	33	34	49	52	54	58	74	82	81
Profit before tax	-0	36	65	67	90	91	114	87	110	148	189	152	175
Net Profit	-0	27	40	43	59	65	93	67	85	121	146	113	130
EPS in Rs	-0.10	1.10	1.67	1.77	2.45	2.69	3.84	2.77	3.54	4.76	5.72	4.41	5.08
Dividend Payout %	0%	5%	6%	8%	10%	11%	10%	18%	17%	16%	14%	9%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	0.05	12	12	12	12	12	12	12	12	13	13	26	26
Reserves	-0	215	252	292	346	404	479	546	620	908	1,034	1,112	1,172
Borrowings	0	268	254	238	204	238	250	275	370	455	526	557	534
Other Liabilities	0	219	248	188	211	219	292	284	307	353	403	433	481
Total Liabilities	0	714	767	730	773	873	1,033	1,117	1,309	1,729	1,975	2,127	2,213
Fixed Assets	0	311	338	312	321	323	411	399	393	443	621	594	588
Gross Block	0.00	453.38	510.74	515.75	555.29	588.24	719.76	751.62	796.36	899.74	1,136.55	1,186.85	–
Accumulated Depreciation	0.00	141.98	172.41	203.34	234.04	265.60	308.63	352.79	403.03	456.96	515.95	592.41	–
CWIP	0	9	4	5	1	22	16	17	5	125	34	17	10
Investments	0	17	24	24	24	24	71	177	287	488	575	762	837
Other Assets	0	376	401	388	426	504	536	524	624	674	745	754	779
Total Assets	0	714	767	730	773	873	1,033	1,117	1,309	1,729	1,975	2,127	2,213

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	157	110	124	92	46	129	190	51	154	218	243
Cash from Investing Activity	-96	-67	-14	-37	-56	-79	-154	-122	-383	-160	-197
Cash from Financing Activity	-60	-44	-106	-55	11	-30	-50	69	227	-47	-45
Net Cash Flow	2	-1	4	0	1	19	-14	-2	-2	11	2

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	–	51	49	45	47	42	36	44	29	24	26	25
Inventory Days	–	134	146	140	150	153	183	201	180	160	164	158
Days Payable	–	126	129	84	96	81	87	130	98	90	104	112
Cash Conversion Cycle	–	59	66	101	101	114	132	115	111	95	87	72
Working Capital Days	–	18	21	25	35	39	38	29	33	17	1	6
ROCE %	–	26%	18%	17%	19%	18%	19%	15%	14%	14%	15%	12%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	51.22%	51.22%	51.22%	51.22%	50.98%	50.98%	50.98%	50.98%	50.98%	50.98%	50.98%	50.98%
FIIs	1.44%	1.44%	1.45%	1.37%	1.28%	1.36%	1.77%	1.72%	1.78%	1.77%	1.75%	1.74%
DIIs	13.10%	15.70%	15.60%	15.58%	15.54%	15.56%	15.60%	15.63%	15.72%	15.73%	15.15%	14.60%
Public	34.25%	31.64%	31.71%	31.81%	32.20%	32.10%	31.65%	31.67%	31.51%	31.53%	32.12%	32.68%