Greenlam Industries Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹5,334 Cr
- P/E
- 57.83
- ROE
- 5.02%
- PEG
- -2.56
- Price to sales
- 1.69
- Debt to equity
- 0.98
- 52W high / low
- ₹274 / ₹202
- Sales growth (5Y)
- 20.49%
- EBITDA margin
- 11.38%
- Net profit margin
- 1.89%
- Promoter holding
- 50.98%
- Sales (last year)
- ₹3,169 Cr
Greenlam Industries is engaged in the business of manufacturing laminates, decorative veneers and allied products. [1]
Guidance scorecard · Q1 FY27 call
What Greenlam Industries Ltd's management guided
and where it ranks in Consumer Durables
RevenueQ1 FY27 call
10–20%- The company targets revenue growth of around 10-12% in the laminate segment for FY27, despite a Q1 growth of 7%.
- The plywood segment's sales volume grew 19% YoY with capacity utilization expected to rise from 39% in Q1 to around 50% for the year, aiming for EBITDA breakeven in FY27.
- Chipboard segment revenue quadrupled with capacity utilization increasing from 30% to 61% in Q1; expected to operate at 70% utilization by FY27.
- The company plans to increase the share of value-added (higher dimension/thickness) laminates, currently around 50% of sales.
- New laminate press lines expected by Q4 FY27 will boost capacity for specific categories nearing optimal utilization.
2 more points from Greenlam Industries Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Greenlam Industries Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
None planned- FY27 capex budgeted at around INR130-135 crores.
- INR70 crores allocated specifically for laminate expansion.
- Orders for laminate expansion equipment already placed; production expected by Q4 FY27.
- No major new capacity additions planned besides the laminate press line.
- Regular/maintenance capex of around INR40 crores also ongoing.
- Some payments pending from past greenfield projects included in capex.
- Chipboard capacity currently sufficient up to FY29; focus on increasing value-added pre-laminated mix before considering augmentation.
2 more points from Greenlam Industries Ltd's call on capex
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FundraisingQ1 FY27 call
None plannedSee what Greenlam Industries Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- Export shipments were impacted due to container and vessel availability issues, causing a postponement of approximately INR27 crores of export shipments from the quarter, which is a timing matter and not a loss in orders.
- Demand in decorative veneer floors and doors segments is influenced by order generation, with capacity utilization in this segment estimated at 60-65%, indicating active order flow but some manual work constraints.
- Overall business reported revenue growth of 18% YoY, suggesting healthy demand and order inflow.
- For precise order book details, direct communication with the IR team is recommended.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Consumer Durables
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Consumer Durables companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹166 Cr | 20.3 | |
| 2 | 40%+ | Up 2%+ | ₹100 Cr | 12.7 | |
| 3 | 40%+ | Up 0–2% | ₹3,249 Cr | 17.4 | |
| 4 | 40%+ | Up 0–2% | ₹2,081 Cr | 18.8 | |
| 5 | 40%+ | Flat | ₹2,429 Cr | 41.1 | |
| 6 | 40%+ | Flat | ₹2,163 Cr | 25.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Consumer Durables rankingFinancials of Greenlam Industries Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Greenlam Industries Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 534 | 515 | 604 | 563 | 624 | 605 | 681 | 602 | 682 | 674 | 808 | 706 | 858 |
| Expenses + | 460 | 451 | 528 | 492 | 541 | 541 | 599 | 538 | 618 | 630 | 704 | 638 | 749 |
| Operating Profit | 74 | 64 | 76 | 71 | 84 | 64 | 81 | 64 | 64 | 44 | 104 | 68 | 108 |
| OPM % | 14% | 12% | 13% | 13% | 13% | 11% | 12% | 11% | 9% | 7% | 13% | 10% | 13% |
| Other Income + | 4 | 4 | 6 | 3 | 9 | 3 | 8 | 1 | 0 | 2 | 1 | -4 | 2 |
| Interest | 6 | 7 | 9 | 14 | 13 | 14 | 16 | 16 | 20 | 26 | 24 | 23 | 23 |
| Depreciation | 17 | 17 | 19 | 24 | 26 | 26 | 27 | 27 | 33 | 35 | 36 | 36 | 35 |
| Profit before tax | 55 | 44 | 53 | 35 | 53 | 27 | 47 | 21 | 11 | -14 | 46 | 6 | 52 |
| Tax % | 16% | 24% | 26% | 29% | 23% | 26% | 27% | 41% | 86% | 8% | 31% | 111% | 22% |
| Net Profit + | 46 | 33 | 39 | 25 | 41 | 20 | 34 | 13 | 1 | -16 | 32 | -1 | 41 |
| EPS in Rs | 1.82 | 1.30 | 1.54 | 0.99 | 1.61 | 0.79 | 1.36 | 0.50 | 0.08 | -0.60 | 1.27 | -0.01 | 1.55 |
Financials of Greenlam Industries Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 926 | 1,030 | 1,076 | 1,145 | 1,281 | 1,321 | 1,200 | 1,703 | 2,026 | 2,306 | 2,569 | 3,046 |
| Expenses + | 833 | 900 | 937 | 996 | 1,122 | 1,142 | 1,026 | 1,516 | 1,793 | 2,010 | 2,295 | 2,721 |
| Operating Profit | 93 | 130 | 139 | 149 | 159 | 179 | 174 | 188 | 233 | 296 | 275 | 325 |
| OPM % | 10% | 13% | 13% | 13% | 12% | 14% | 14% | 11% | 12% | 13% | 11% | 11% |
| Other Income + | 2 | 3 | 2 | 2 | 1 | 4 | -5 | 4 | 18 | 20 | 11 | 2 |
| Interest | 33 | 35 | 29 | 18 | 17 | 22 | 17 | 14 | 23 | 44 | 65 | 96 |
| Depreciation | 33 | 35 | 37 | 36 | 37 | 52 | 56 | 58 | 63 | 87 | 114 | 142 |
| Profit before tax | 28 | 62 | 76 | 97 | 106 | 108 | 96 | 119 | 164 | 185 | 106 | 89 |
| Tax % | 32% | 40% | 34% | 33% | 27% | 20% | 23% | 24% | 22% | 25% | 36% | 37% |
| Net Profit + | 19 | 38 | 50 | 65 | 77 | 87 | 74 | 91 | 129 | 138 | 68 | 56 |
| EPS in Rs | 0.80 | 1.56 | 2.06 | 2.68 | 3.19 | 3.59 | 3.05 | 3.76 | 5.07 | 5.42 | 2.73 | 2.20 |
| Dividend Payout % | 6% | 6% | 7% | 9% | 9% | 11% | 16% | 16% | 15% | 15% | 15% | 0% |
Financials of Greenlam Industries Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | 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 | 12 | 12 | 13 | 13 | 26 | 26 |
| Reserves | 208 | 233 | 286 | 344 | 416 | 489 | 561 | 642 | 945 | 1,064 | 1,101 | 1,154 |
| Borrowings + | 393 | 365 | 298 | 252 | 270 | 294 | 307 | 398 | 628 | 1,109 | 1,199 | 1,160 |
| Other Liabilities + | 230 | 260 | 194 | 216 | 229 | 309 | 291 | 324 | 449 | 539 | 576 | 664 |
| Total Liabilities | 842 | 871 | 791 | 823 | 927 | 1,104 | 1,172 | 1,376 | 2,035 | 2,726 | 2,902 | 3,004 |
| Fixed Assets + | 328 | 353 | 324 | 331 | 330 | 429 | 413 | 468 | 506 | 986 | 1,749 | 1,710 |
| CWIP | 9 | 4 | 5 | 1 | 22 | 17 | 18 | 9 | 380 | 611 | 28 | 9 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 106 | 161 | 242 | 147 | 56 | 52 |
| Other Assets + | 505 | 514 | 462 | 492 | 575 | 658 | 634 | 739 | 907 | 981 | 1,068 | 1,233 |
| Total Assets | 842 | 871 | 791 | 823 | 927 | 1,104 | 1,172 | 1,376 | 2,035 | 2,726 | 2,902 | 3,004 |
Financials of Greenlam Industries Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 118 | 116 | 185 | 109 | 64 | 96 | 213 | 71 | 169 | 194 | 205 | 292 |
| Cash from Investing Activity + | -100 | -53 | -22 | -38 | -57 | -54 | -154 | -136 | -535 | -527 | -167 | -80 |
| Cash from Financing Activity + | -12 | -63 | -160 | -69 | -6 | -22 | -71 | 62 | 366 | 350 | -28 | -191 |
| Net Cash Flow | 5 | -0 | 3 | 2 | 1 | 20 | -12 | -3 | 0 | 17 | 10 | 21 |
| Free Cash Flow | 17 | 64 | 161 | 70 | 7 | 42 | 163 | -14 | -297 | -440 | -61 | 204 |
| CFO/OP | 138% | 99% | 144% | 94% | 62% | 70% | 138% | 56% | 88% | 81% | 93% | 104% |
Financials of Greenlam Industries Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 72 | 65 | 54 | 54 | 50 | 38 | 41 | 28 | 26 | 24 | 22 | 26 |
| Inventory Days | 160 | 168 | 147 | 156 | 163 | 202 | 229 | 195 | 174 | 204 | 198 | 197 |
| Days Payable | 129 | 128 | 83 | 96 | 86 | 91 | 135 | 99 | 93 | 117 | 123 | 131 |
| Cash Conversion Cycle | 103 | 105 | 117 | 115 | 128 | 149 | 135 | 123 | 106 | 112 | 97 | 92 |
| Working Capital Days | 38 | 24 | 25 | 35 | 43 | 40 | 34 | 37 | 16 | 1 | 9 | 19 |
| ROCE % | 20% | 16% | 17% | 19% | 19% | 18% | 15% | 14% | 14% | 12% | 7% | 8% |
Guidance history
How Greenlam Industries Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | None planned | None planned | — |
| Q4 FY26 call → | 10–20% | — | None planned | — | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
18 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −20.6% | 36% |
| Last 6 months | −7.4% | 41% |
| Last 3 months | −17.1% | 24% |
The price is 32% below its all-time high of ₹307.35 (21 Jun 2024). Stocks more than 20% below their peak have their score halved, so 36 became 18.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Greenlam Industries Ltd: 0.4 × 36 + 0.4 × 41 + 0.2 × 24 = 36, halved to 18 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Greenlam Industries Ltd's management said in earlier quarters
- Q2 FY26 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
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