Greenlam Industries Ltd.

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greenlamindustries.comBSE: 538979NSE: GREENLAM

Market Cap₹ 6,178 Cr.

Current Price

High / Low₹ 279 / 198

Stock P/E45.3

Book Value₹ 51

Price to Book4.12

Dividend Yield0.17 %

ROCE13.4 %

ROE11.5 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Laminate & Allied products: 83.5% • Plywood & Allied Products: 16.5%

AI Sector View

AI GENERATED

Consumer Durables

Buy

Urban discretionary demand is mixed but investable. Credit card transactions rose 27.0% YoY (2026-06), urban CMIE sentiment was 109.5 (2026-07), and consumer spending remained large at INR 44743 billion (Jun/26), even though formal consumer confidence fell to 88.3 points (Jul/26) and debit card transactions were -9.0% YoY (2026-06). Heavy sector inflows of INR 13175 crore over 3 months to 2026-08-31 indicate strong investor positioning behind the theme.

Confidence

76%

View full sector analysis →

PROS

Company has delivered good sales growth of 16.5% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.83x)
Company generates healthy free cash flow
Company has a consistent dividend-paying track record
Company maintains a comfortable, low leverage position

CONS

Receivables are growing faster than sales - a possible quality concern
Contingent liabilities are large at 72.2% of net worth
Expensive relative to growth - PEG of 9.7
Though reporting repeated profits, the company pays out little dividend (7.4%)
Growth is decelerating - 3Y profit CAGR (4.7%) trails the 5Y trend (15.7%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Consumer DurablesConstruction MaterialsLaminates/Decoratives

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	GREENLAM	242.15	66.48	6178.40	0.17	21.24	235.20	796.70	18.24	8.38	10.02
2.	STYLAMIND	3394.90	33.89	5753.70	0.00	48.16	70.35	326.47	15.37	27.05	21.09
3.	EUROPRATIK	263.00	31.19	2687.86	0.08	20.05	115.65	103.33	60.13	53.39	25.79
4.	RUSHIL	16.07	20.69	471.52	0.31	1.98	114.09	229.00	27.82	10.20	7.95
5.	WIPL	167.99	65.40	142.58	0.60	-0.30	-188.24	26.49	-8.69	4.19	-0.23
6.	AIROLAM	86.46	23.53	129.71	0.00	0.25	-91.05	57.93	3.14	7.36	5.66

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	469	566	517	571	526	586	535	560	557	653	549	655	584
	413	500	448	497	468	518	474	497	499	565	498	572	557
Operating Profit	56	66	69	74	57	69	61	64	58	88	51	84	28
OPM %	11.97%	11.64%	13.36%	12.98%	10.90%	11.70%	11.35%	11.40%	10.42%	13.42%	9.32%	12.74%	4.71%
	4	6	7	18	3	5	3	18	6	4	6	6	3
Interest	7	9	11	10	10	12	12	12	11	10	10	10	10
Depreciation	16	18	19	20	20	21	21	20	20	20	20	19	19
Profit before Tax	37	44	46	62	30	41	30	50	33	61	27	59	30
Tax %	24.56%	25.61%	23.90%	18.91%	23.26%	26.52%	36.13%	21.39%	25.01%	25.37%	25.96%	19.04%	25.29%
Net Profit	28	33	35	50	23	30	19	40	25	46	20	48	23
	2.20	2.58	2.73	1.96	0.91	1.19	0.77	1.55	0.97	1.80	0.78	1.88	0.88

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	970	1,061	1,196	1,227	1,126	1,559	1,851	2,124	2,207	2,415	2,442
	846	924	1,058	1,066	962	1,397	1,656	1,858	1,956	2,135	2,192
Operating Profit	124	137	138	161	164	163	195	265	250	280	250
OPM %	12.76%	12.88%	11.58%	13.11%	14.54%	10.42%	10.53%	12.49%	11.35%	11.61%	10.23%
	2	2	2	23	-9	15	34	34	30	22	19
Interest	25	16	15	20	16	13	23	37	46	42	41
Depreciation	33	33	34	49	52	54	58	74	82	80	79
Profit before Tax	67	90	91	114	87	110	148	189	152	181	178
Tax %	35.84%	33.98%	28.57%	18.97%	23.26%	22.12%	18.26%	22.80%	26.10%	23.31%	23.33%
Net Profit	43	59	65	93	67	85	121	146	113	139	136
EPS	0.00	0.00	0.00	0.00	5.54	7.07	9.62	11.43	4.41	5.43	—
Dividend Payout %	8.46%	10.19%	11.13%	10.42%	18.05%	16.96%	15.76%	14.43%	9.06%	7.36%	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: 16%
3 Years:: 9%

COMPOUNDED PROFIT GROWTH

10 Years:: 13%
5 Years:: 16%
3 Years:: 5%

STOCK PRICE CAGR

10 Years:: 13%
5 Years:: 12%
3 Years:: 1%
1 Year:: -1%

RETURN ON EQUITY

10 Years:: 15%
5 Years:: 13%
3 Years:: 12%
Last Year:: 12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	12	12	12	12	12	12	13	13	26	26
	292	346	404	479	546	620	908	1,034	1,112	1,242
	240	206	242	297	266	359	444	465	510	470
Trade Payables	124	154	152	158	215	242	254	303	339	410
	62	55	62	87	78	76	110	161	141	191
Total Liabilities	730	773	873	1,033	1,117	1,309	1,729	1,975	2,127	2,338
	312	321	323	411	399	393	443	619	592	560
Capital Work in Progress	5	1	19	14	16	3	124	34	16	7
	24	24	24	71	177	287	488	575	762	956
	206	241	288	333	331	445	452	479	482	496
	0	0	0	0	0	0	0	153	148	214
Cash & Bank	5	6	6	25	11	9	7	18	20	22
	177	179	213	179	183	172	214	97	106	83
Total Assets	730	773	873	1,033	1,117	1,309	1,729	1,975	2,127	2,338

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	137	121	78	153	214	82	185	218	243	267
Cash from Investing	-14	-37	-56	-79	-154	-122	-383	-160	-197	-212
Cash from Financing	-106	-55	11	-30	-50	69	227	-47	-45	-53
	4	0	1	19	-14	-2	-2	11	2	2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	50.98	50.98	50.98	50.98	50.98	50.98	50.98	50.98	50.98
	1.77	1.71	1.78	1.77	1.75	1.74	1.74	1.78	1.47
	15.60	15.63	15.72	15.73	15.15	14.60	14.48	13.96	10.89
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	31.64	31.66	31.52	31.52	32.12	32.68	32.79	33.27	36.64

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-04

General Updates

2026-09-04 - Greenlam Industries Limited has informed the Exchange about Acquisition in Bhadla Minigrid Solar 4 Private Limited, a special purpose vehicle established for owning and operating a captive power plant.

2026-09-03

Credit Rating- Revision

2026-09-03 - Greenlam Industries Limited has informed the Exchange about Credit Rating- Revision

2026-09-03

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-03 - Greenlam Industries Limited has informed the Exchange about Schedule of meet-Outcome

2026-08-26

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-26 - Greenlam Industries Limited has informed the Exchange about Schedule of meet

2026-08-17

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - Greenlam Industries Limited has informed the Exchange about Transcript

2026-08-13

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-13 - Greenlam Industries Limited has informed the Exchange about Outcome of Investor Meet

2026-08-12

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-12 - Greenlam Industries Limited has informed the Exchange about Outcome of Investor Meet

2026-08-10

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-10 - Greenlam Industries Limited has informed the Exchange about Link of Recording

2026-08-07

Investor Presentation

2026-08-07 - Greenlam Industries Limited has informed the Exchange about Investor Presentation

News

Recent coverage and analyst commentary for GREENLAM

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