Laminates/Decoratives · Founded 2013 · www.greenlamindustries.com · BSE 538979 · NSE GREENLAM · ISIN INE544R01021
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1. Business Overview
Greenlam Industries Ltd. is a leading global manufacturer of surfacing solutions. Its core business involves the production and distribution of laminates, decorative veneers, engineered wood flooring, engineered doors, and compact laminates. The company serves both residential and commercial sectors, catering to architects, interior designers, and end-consumers. Greenlam makes money by manufacturing these decoratives and selling them through a wide distribution network in India and internationally, commanding premium pricing for its design-led and quality products.
2. Key Segments / Revenue Mix
Greenlam's primary revenue driver is its Laminates business (including compact laminates), followed by Decorative Veneers. The company has also diversified into Engineered Wood Products (flooring and doors), which represent a growing segment. While specific percentage contributions fluctuate, laminates typically form the largest share of revenue, with veneers and engineered wood products contributing significantly to the overall portfolio and strategy for premiumization.
3. Industry & Positioning
The laminates and decoratives industry in India is characterized by a mix of organized and unorganized players. Greenlam operates in the organized segment, which is seeing a gradual shift from unorganized players due to increasing demand for quality, consistency, and branded products. Greenlam is positioned as one of the largest and most premium players globally and in India, known for its wide product range, design innovation, and manufacturing capabilities. It competes with other organized players like Century Plyboards, Stylam Industries, Rushil Decor, and Merino Industries.
4. Competitive Advantage (Moat)
Greenlam possesses several competitive advantages:
Brand Recognition: "Greenlam" is a well-established and trusted brand in the laminates and decorative surfaces market, both domestically and internationally.
Extensive Distribution Network: A vast and deep distribution network across India and in over 100 countries provides wide market reach.
Manufacturing Scale & Technology: Large-scale, vertically integrated manufacturing facilities and adoption of advanced technology ensure cost efficiency, quality, and product innovation.
Design & Product Portfolio: A focus on design trends, variety, and diversification into allied products like veneers and engineered wood offers a comprehensive solution to customers.
5. Growth Drivers
Urbanization & Real Estate Growth: India's rapid urbanization and growth in residential and commercial real estate drive demand for interior surfacing materials.
Increasing Disposable Incomes & Premiumization: Rising income levels lead consumers to opt for higher-quality, branded, and aesthetically superior products.
Shift from Unorganized to Organized: Growing preference for branded products ensures market share gains for established players.
Product Diversification: Expansion into new categories like engineered wood flooring, doors, and compact laminates broadens the market opportunity.
Export Market Expansion: Continued focus on increasing global footprint and market share in international markets.
Renovation & Remodelling Market: A significant and growing market as existing homes and commercial spaces undergo upgrades.
6. Risks
Raw Material Price Volatility: Fluctuations in prices of key inputs like wood pulp, resins, and chemicals can impact profitability.
Intense Competition: The industry faces competition from both domestic and international players, potentially impacting pricing power and market share.
Economic Slowdown: A downturn in the economy or real estate sector can reduce discretionary spending on home improvement and construction.
Foreign Exchange Fluctuations: Significant exposure to international markets makes the company vulnerable to currency rate volatility.
Changing Design Trends: Failure to adapt to evolving interior design and consumer preferences can impact product relevance and sales.
7. Management & Ownership
Greenlam Industries is promoted by the Mittal family, with Mr. Shiv Prakash Mittal as the Chairman & Managing Director. The promoters hold a significant stake in the company, indicating strong commitment. The management team has extensive experience in the surfacing solutions industry, overseeing the company's growth and international expansion. The ownership structure reflects a promoter-led enterprise with public shareholders.
8. Outlook
Greenlam Industries is well-positioned to benefit from India's long-term growth trends in real estate, urbanization, and increasing consumer affluence, which fuel demand for organized and premium interior products. Its strong brand, extensive distribution network, and manufacturing capabilities provide a solid foundation for continued growth and market share expansion, especially with its diversified product portfolio. However, the company faces challenges from raw material price volatility, intense competition, and potential economic headwinds. Its ability to manage these risks while continuing to innovate and expand its market reach will be key to sustaining its growth trajectory.
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| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 604 | 563 | 624 | 605 | 681 | 602 | 682 | 674 | 808 | 706 |
| Other Income | 6 | 3 | 9 | 3 | 8 | 1 | 0 | 2 | 1 | 3 |
| Total Income | 609 | 566 | 633 | 608 | 689 | 603 | 682 | 676 | 809 | 709 |
| Total Expenditure | 528 | 492 | 541 | 541 | 599 | 539 | 618 | 630 | 704 | 638 |
| Operating Profit | 81 | 74 | 92 | 67 | 90 | 65 | 64 | 47 | 106 | 71 |
| Interest | 9 | 14 | 13 | 14 | 16 | 16 | 20 | 26 | 24 | 23 |
| Depreciation | 19 | 24 | 26 | 26 | 27 | 27 | 33 | 35 | 36 | 36 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6 |
| Profit Before Tax | 53 | 35 | 53 | 27 | 47 | 21 | 11 | -14 | 46 | 6 |
| Provision for Tax | 14 | 10 | 12 | 7 | 13 | 9 | 9 | 1 | 14 | 6 |
| Profit After Tax | 39 | 25 | 41 | 20 | 34 | 13 | 1 | -16 | 32 | -1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 0 |
| Profit After Adjustments | 39 | 25 | 41 | 20 | 35 | 13 | 2 | -15 | 32 | -0 |
| Adjusted Earnings Per Share | 1.5 | 1 | 0.8 | 0.4 | 0.7 | 0.2 | 0.1 | -0.6 | 1.3 | -0 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 926 | 1030 | 1076 | 1145 | 1281 | 1321 | 1200 | 1703 | 2026 | 2306 | 2569 | 2870 |
| Other Income | 2 | 3 | 3 | 2 | 2 | 4 | 8 | 7 | 18 | 22 | 11 | 6 |
| Total Income | 928 | 1033 | 1078 | 1146 | 1282 | 1325 | 1207 | 1711 | 2044 | 2328 | 2580 | 2876 |
| Total Expenditure | 833 | 900 | 937 | 996 | 1122 | 1142 | 1026 | 1516 | 1793 | 2012 | 2295 | 2590 |
| Operating Profit | 95 | 133 | 141 | 151 | 160 | 183 | 181 | 194 | 251 | 316 | 286 | 288 |
| Interest | 33 | 35 | 29 | 18 | 17 | 22 | 17 | 14 | 23 | 44 | 65 | 93 |
| Depreciation | 33 | 35 | 37 | 36 | 37 | 52 | 56 | 58 | 63 | 87 | 114 | 140 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | -12 | -3 | 0 | 0 | 0 | -6 |
| Profit Before Tax | 28 | 62 | 76 | 97 | 106 | 108 | 96 | 119 | 164 | 185 | 106 | 49 |
| Provision for Tax | 9 | 25 | 26 | 32 | 29 | 22 | 22 | 29 | 36 | 47 | 38 | 30 |
| Profit After Tax | 19 | 38 | 50 | 65 | 77 | 87 | 74 | 91 | 129 | 138 | 68 | 16 |
| Adjustments | -0 | -0 | -0 | -0 | 0 | -0 | 0 | 0 | 0 | 0 | 1 | 2 |
| Profit After Adjustments | 19 | 38 | 50 | 65 | 77 | 87 | 74 | 91 | 129 | 138 | 70 | 19 |
| Adjusted Earnings Per Share | 0.8 | 1.6 | 2.1 | 2.7 | 3.2 | 3.6 | 3.1 | 3.8 | 5.1 | 5.4 | 2.7 | 0.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 11% | 15% | 14% | 11% |
| Operating Profit CAGR | -9% | 14% | 9% | 12% |
| PAT CAGR | -51% | -9% | -5% | 14% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -10% | 14% | 16% | 14% |
| ROE Average | 6% | 12% | 13% | 16% |
| ROCE Average | 8% | 12% | 13% | 16% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 220 | 245 | 298 | 356 | 428 | 501 | 573 | 654 | 958 | 1077 | 1127 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | -0 | -2 |
| Borrowings | 209 | 148 | 97 | 81 | 73 | 86 | 84 | 158 | 352 | 647 | 731 |
| Other Non-Current Liabilities | 24 | 43 | 36 | 37 | 41 | 88 | 70 | 58 | 63 | 106 | 110 |
| Total Current Liabilities | 389 | 435 | 360 | 349 | 386 | 429 | 444 | 506 | 662 | 896 | 932 |
| Total Liabilities | 842 | 871 | 791 | 823 | 927 | 1104 | 1172 | 1376 | 2035 | 2726 | 2899 |
| Fixed Assets | 328 | 353 | 324 | 331 | 330 | 429 | 413 | 468 | 506 | 984 | 1748 |
| Other Non-Current Assets | 24 | 9 | 27 | 22 | 50 | 72 | 77 | 53 | 520 | 658 | 58 |
| Total Current Assets | 491 | 508 | 441 | 470 | 547 | 604 | 682 | 856 | 1009 | 1084 | 1093 |
| Total Assets | 842 | 871 | 791 | 823 | 927 | 1104 | 1172 | 1376 | 2035 | 2726 | 2899 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 5 | 5 | 7 | 9 | 10 | 31 | 19 | 16 | 16 | 33 |
| Cash Flow from Operating Activities | 118 | 116 | 185 | 109 | 64 | 96 | 213 | 71 | 169 | 194 | 205 |
| Cash Flow from Investing Activities | -103 | -53 | -22 | -38 | -57 | -54 | -154 | -136 | -535 | -527 | -167 |
| Cash Flow from Financing Activities | -12 | -63 | -160 | -69 | -6 | -22 | -71 | 62 | 366 | 350 | -28 |
| Net Cash Inflow / Outflow | 3 | -0 | 3 | 2 | 1 | 20 | -12 | -3 | 0 | 17 | 10 |
| Closing Cash & Cash Equivalent | 5 | 5 | 7 | 9 | 10 | 31 | 19 | 16 | 16 | 33 | 43 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.8 | 1.56 | 2.06 | 2.68 | 3.19 | 3.59 | 3.06 | 3.76 | 5.07 | 5.42 | 2.73 |
| CEPS(Rs) | 2.18 | 3.01 | 3.58 | 4.17 | 4.72 | 5.77 | 5.35 | 6.18 | 7.55 | 8.82 | 7.14 |
| DPS(Rs) | 0.05 | 0.1 | 0.15 | 0.25 | 0.3 | 0.4 | 0.5 | 0.6 | 0.75 | 0.83 | 0.4 |
| Book NAV/Share(Rs) | 9.11 | 10.16 | 12.35 | 14.76 | 17.75 | 20.74 | 23.76 | 27.11 | 37.72 | 42.21 | 44.17 |
| Core EBITDA Margin(%) | 9.65 | 12.11 | 12.39 | 12.88 | 12.38 | 13.5 | 14.45 | 10.98 | 11.4 | 12.68 | 10.6 |
| EBIT Margin(%) | 6.38 | 9.12 | 9.33 | 9.91 | 9.62 | 9.86 | 9.41 | 7.82 | 9.18 | 9.86 | 6.64 |
| Pre Tax Margin(%) | 2.96 | 5.81 | 6.78 | 8.35 | 8.3 | 8.2 | 8 | 6.99 | 8.03 | 7.96 | 4.11 |
| PAT Margin (%) | 2.01 | 3.51 | 4.45 | 5.59 | 6.02 | 6.56 | 6.14 | 5.32 | 6.29 | 5.94 | 2.64 |
| Cash Profit Margin (%) | 5.48 | 6.77 | 7.73 | 8.7 | 8.9 | 10.54 | 10.77 | 8.75 | 9.38 | 9.68 | 7.03 |
| ROA(%) | 4.59 | 4.4 | 5.98 | 8.01 | 8.81 | 8.53 | 6.48 | 7.11 | 7.53 | 5.8 | 2.43 |
| ROE(%) | 17.6 | 16.22 | 18.29 | 19.75 | 19.66 | 18.66 | 13.72 | 14.75 | 15.94 | 13.56 | 6.2 |
| ROCE(%) | 20.07 | 16 | 17.27 | 19.03 | 18.87 | 17.44 | 13.97 | 14.63 | 14.84 | 12.72 | 8.04 |
| Receivable days | 69.01 | 62.26 | 55.97 | 51.93 | 49.47 | 43.45 | 41.52 | 28.3 | 24.26 | 23.1 | 21.72 |
| Inventory Days | 87.45 | 81.29 | 77.72 | 76.48 | 80.35 | 93.78 | 113.97 | 94.45 | 90.81 | 88.13 | 89.78 |
| Payable days | 64.4 | 127.39 | 102.42 | 87.44 | 84.61 | 89.53 | 118.42 | 92.49 | 89.81 | 104.6 | 113.46 |
| PER(x) | 56.71 | 31.37 | 30.78 | 42.7 | 29.7 | 13.33 | 30.57 | 48.26 | 29.53 | 46.19 | 86.53 |
| Price/Book(x) | 4.99 | 4.83 | 5.13 | 7.75 | 5.35 | 2.31 | 3.93 | 6.69 | 3.97 | 5.93 | 5.35 |
| Dividend Yield(%) | 0.11 | 0.2 | 0.24 | 0.22 | 0.32 | 0.84 | 0.54 | 0.33 | 0.5 | 0.33 | 0.17 |
| EV/Net Sales(x) | 1.6 | 1.5 | 1.69 | 2.62 | 1.99 | 1.07 | 2.07 | 2.76 | 2.15 | 3.19 | 2.75 |
| EV/Core EBITDA(x) | 15.64 | 11.62 | 12.92 | 19.93 | 15.93 | 7.77 | 13.74 | 24.23 | 17.36 | 23.26 | 24.73 |
| Net Sales Growth(%) | 0 | 11.25 | 4.47 | 6.41 | 11.88 | 3.11 | -9.16 | 42 | 18.94 | 13.84 | 11.4 |
| EBIT Growth(%) | 0 | 59.14 | 6.53 | 9.96 | 7.54 | 5.65 | -13.28 | 18.01 | 40.81 | 22.2 | -25.02 |
| PAT Growth(%) | 0 | 94.93 | 31.72 | 30.09 | 19.34 | 12.4 | -14.99 | 22.93 | 41.87 | 7.39 | -50.47 |
| EPS Growth(%) | 1101.2 | 95.02 | 31.71 | 30.1 | 19.36 | 12.39 | -14.89 | 23.01 | 34.8 | 7.02 | -49.63 |
| Debt/Equity(x) | 1.79 | 1.49 | 1 | 0.71 | 0.63 | 0.59 | 0.43 | 0.53 | 0.59 | 0.93 | 0.95 |
| Current Ratio(x) | 1.26 | 1.17 | 1.23 | 1.35 | 1.42 | 1.41 | 1.54 | 1.69 | 1.53 | 1.21 | 1.17 |
| Quick Ratio(x) | 0.67 | 0.6 | 0.59 | 0.61 | 0.62 | 0.54 | 0.68 | 0.7 | 0.75 | 0.53 | 0.46 |
| Interest Cover(x) | 1.86 | 2.76 | 3.65 | 6.35 | 7.26 | 5.96 | 6.67 | 9.46 | 7.99 | 5.18 | 2.62 |
| Total Debt/Mcap(x) | 0.36 | 0.31 | 0.2 | 0.09 | 0.12 | 0.25 | 0.11 | 0.08 | 0.15 | 0.16 | 0.18 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 50.98 | 50.98 | 50.98 | 50.98 | 50.98 | 50.98 | 50.98 | 50.98 | 50.98 | 50.98 |
| FII | 1.28 | 1.36 | 1.77 | 1.72 | 1.78 | 1.76 | 1.74 | 1.74 | 1.74 | 1.78 |
| DII | 15.54 | 15.56 | 15.6 | 15.63 | 15.72 | 15.73 | 15.15 | 14.59 | 14.48 | 13.97 |
| Public | 32.2 | 32.1 | 31.64 | 31.66 | 31.52 | 31.52 | 32.12 | 32.68 | 32.79 | 33.27 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 6.5 | 6.5 | 6.5 | 6.5 | 6.5 | 13.01 | 13.01 | 13.01 | 13.01 | 13.01 |
| FII | 0.16 | 0.17 | 0.23 | 0.22 | 0.23 | 0.45 | 0.44 | 0.44 | 0.44 | 0.45 |
| DII | 1.98 | 1.98 | 1.99 | 1.99 | 2 | 4.01 | 3.86 | 3.72 | 3.7 | 3.56 |
| Public | 4.11 | 4.1 | 4.04 | 4.04 | 4.02 | 8.04 | 8.2 | 8.34 | 8.37 | 8.49 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 12.76 | 12.76 | 12.76 | 12.76 | 12.76 | 25.51 | 25.51 | 25.51 | 25.51 | 25.51 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 50.98 | 50.98 | 50.98 | 50.98 | 50.98 | 50.98 | 50.98 | 50.98 | 50.98 | 50.98 |
| FII | 1.28 | 1.36 | 1.77 | 1.72 | 1.78 | 1.76 | 1.74 | 1.74 | 1.74 | 1.78 |
| DII | 15.54 | 15.56 | 15.6 | 15.63 | 15.72 | 15.73 | 15.15 | 14.59 | 14.48 | 13.97 |
| Public | 49.02 | 49.02 | 49.02 | 49.02 | 49.02 | 49.02 | 49.02 | 49.02 | 49.02 | 49.02 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 6.5 | 6.5 | 6.5 | 6.5 | 6.5 | 13.01 | 13.01 | 13.01 | 13.01 | 13.01 |
| FII | 0.16 | 0.17 | 0.23 | 0.22 | 0.23 | 0.45 | 0.44 | 0.44 | 0.44 | 0.45 |
| DII | 1.98 | 1.98 | 1.99 | 1.99 | 2 | 4.01 | 3.86 | 3.72 | 3.7 | 3.56 |
| Public | 6.25 | 6.25 | 6.25 | 6.25 | 6.25 | 12.51 | 12.51 | 12.51 | 12.51 | 12.51 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 12.76 | 12.76 | 12.76 | 12.76 | 12.76 | 25.51 | 25.51 | 25.51 | 25.51 | 25.51 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +11% | +15% | +14% | +11% |
| Operating Profit CAGR | -9% | +14% | +9% | +12% |
| PAT CAGR | -51% | -9% | -5% | +14% |
| Share Price CAGR | -10% | +14% | +16% | +14% |
| ROE Average | +6% | +12% | +13% | +16% |
| ROCE Average | +8% | +12% | +13% | +16% |
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