Greenlam Industries Limited
BSE: 538979 | NSE: GREENLAM
Sector: Consumer Durables | Industry: Plywood Boards/ Laminates
01
ABOUT COMPANY
Greenlam Industries Limited (hereinafter as “Greenlam“ or “The Company”) was incorporated in 2013. The company has started its journey in 1993 with a laminate manufacturing facility in Behror, Rajasthan. The promoter of the company is Mr. Saurabh Mitta.
CPIL is in the business of manufacturing compact panels, cladding solutions, restroom cubicles, locker systems, kitchen solutions, decorative veneers, engineered wooden flooring, staircase solutions, engineered wooden door sets, chipboard and plywood – alongside a variety of decorative laminates. Greenlam servers customers such as super stockists (regional intermediaries who buy large volume and then supply to distributors/dealers within the specified region), distributors, wholesalers, dealers/retailers, OEMs, project and institutional customers, architects & designers and fabricators.
| Particulars | FY25 |
|---|---|
| Enterprise Value (₹ Crore) | 7,051 |
| EV/EBITDA | 26 |
| P/E | 88 |
| Revenue Growth % YoY | 11.4% |
| Gross Margin | 52.3% |
| EBITDA Margin | 10.7% |
| Net Margin | 2.6% |
Overview
| Location | Number of plants | Number of offices | Total |
| National | 5 | 23 | 28 |
| International | 0 | 22 | 22 |
| Facility Type | Count |
| Corporate Office | 1 |
| Regional Distribution Centers | 10 |
| Warehouses | 7 |
| Experience Centers | 2 |
| Madera Hubs | 2 |
| Locations | Number |
| National (No. of States) | 28 |
| National (No. of UTs) | 8 |
| International (No. of Countries) | 120+ countries |
Domestic Distribution Network (India)
|
International Distribution Network
|
| State | Location | Products Manufactured |
| Rajasthan | Behror | Laminates / Veneers / Plywood / Chipboard |
| Himachal Pradesh | Nalagarh | Laminates / Veneers / Plywood / Chipboard |
| Gujarat | Prantij | Laminates / Veneers / Plywood / Chipboard |
| Tamil Nadu | Tindivanam | Laminates / Veneers / Plywood / Chipboard |
| Andhra Pradesh | Naidupeta | Laminates / Veneers / Plywood / Chipboard |
| Products | Unit of Measurement (UOM) | Capacity | Location(s) |
| High pressure laminate | Million sheets / boards | 24.52 | Behror, Rajasthan; Nalagarh, Himachal Pradesh; Prantij, Gujarat; Naidupeta, Andhra Pradesh |
| Decorative veneer | Million sq.m | 4.2 | Behror, Rajasthan |
| Engineered wood floor | Million sq.m | 1 | Behror, Rajasthan |
| Engineered doors | Units | 120000 | Behror, Rajasthan |
| Plywood | Million sq.m | 19 | Tindivanam, Tamil Nadu |
| Chipboard | CBM | 292380 | Naidupeta, Andhra Pradesh |
| Note: Chipboard started commercial production from January 23, 2025 | |||
Brands
02
Earning Calls Summary
Q1 FY 2027
Q1 Revenue Up 18%; Chipboard Turns EBITDA Positive for First Time
Management opened noting the company started the year with revenue growth of 18% YoY, taking consolidated revenue to nearly ₹800 crores with EBITDA of ₹81 crores before forex, while maintaining gross margin at 53% level. Ongoing West Asia conflicts continued to keep input prices, currency rates, and freight costs volatile.
Q1 FY27 EBITDA GROWTH (BEFORE FOREX)
48% YoY to ₹81 crores
CHIPBOARD EBITDA (BEFORE FOREX)
₹3.4 crores (vs ₹10 crores loss in Q1 FY26)
NET PROFIT (Q1 FY27)
₹21 crores (vs ₹15.5 crores net loss in Q1 FY26)
Key Takeaway: Q1 FY27 consolidated revenue grew 18% YoY to ₹797 crores with EBITDA (before forex) up 48% to ₹81 crores (10.2% margin). The chipboard business turned EBITDA positive for the first time at ₹3.4 crores (before forex), while plywood losses narrowed to ₹5 crores. The company recorded a net profit of ₹21 crores versus a net loss of ₹15.5 crores in Q1 FY26.
Concall Notes
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