Greenlam Industries Ltd(GREENLAM)

NSE: GREENLAMBSE: 538979

₹ 211.2-2.45%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 5,389 crWebsite: www.greenlamindustries.comUpdated: 24 Oct 2026

About

Greenlam Industries is India's leading integrated wood panel solutions company, manufacturing laminates, plywood, decorative veneers, engineered flooring, doors and chipboard. It is the largest laminate producer in Asia and ranks among the top three globally, holding an estimated 17% share of India's organised laminates market and 28% of India's laminate export market.^[1][2][3]

Brands and products

Brand architecture consolidated to two in Q3 FY26: 'Greenlam' (laminates, facade, Sturdo, chipboard) and 'Mikasa' (laminates, plywood, veneers, flooring, doors).^[4]
Mikasa is targeted as a ~₹1,000 crore potential portfolio; NewMika was rebranded Mikasa Laminates and Decowood rebranded Mikasa Veneer during FY26.^[4]
High Moisture Resistant (HMR) chipboard launched in Q3 FY26, commanding higher per-CBM realisation than plain board, with good initial market acceptance.^[4]
Greenlam has been the largest exporter of laminates from India recognised by the Plastic Export Promotion Council for 14 consecutive years as of FY25.^[1]

Manufacturing capacity and operations

Five manufacturing facilities with aggregate capacity: 24.52 mn laminate sheets/boards, 18.9 mn sqm plywood, 2.92 lakh CBM chipboard, 4.2 mn sqm decorative veneers, 1.0 mn sqm engineered floors, 1.2 lakh engineered doors.^[1]
Laminates plants at Behror (Rajasthan), Nalagarh (Himachal Pradesh) and Prantij (Gujarat) with combined standalone installed capacity of 21.02 mn sheets per annum.^[1]
Chipboard facility at Naidupeta (Andhra Pradesh), commissioned January 23, 2025, has installed capacity of 2,92,380 CBM per annum and is described as one of India's largest chipboard facilities.^[1]
Plywood facility at Tindivanam (Tamil Nadu) with annual capacity of 18.9 mn sqm; decorative veneer and engineered flooring plants at Behror, Rajasthan (4.2 mn sqm and 1.0 mn sqm respectively).^[1]

Key operating numbers

Laminate volume: 4.62 mn sheets in Q1 FY27 (-6.4% YoY); average realisation ₹1,240/sheet (+13.6% YoY); capacity utilisation 80% vs 84% in Q1 FY26.^[5]
Laminate full-year FY26: sales volume 20.65 mn sheets (+4.6% YoY), average realisation ₹1,144/sheet (+5.5% YoY), capacity utilisation 86%.^[2]
Plywood volume: 1.66 mn sqm in Q1 FY27 (+19% YoY); average realisation ₹276/sqmt (+3.8% YoY); capacity utilisation 39% vs 28% in Q1 FY26.^[5]
Chipboard volume: 41,418 CBM in Q1 FY27 (+167.4% YoY); average realisation ₹22,764/CBM (+14.6% YoY); capacity utilisation 61% vs 30% in Q1 FY26.^[5]
Laminate EBITDA margin (pre-forex): 13.9% in Q1 FY27 (+70 bps YoY); full-year FY26: 15.9% (+210 bps vs FY25).^[5][2]

Distribution and customers

Domestic network: 10 regional distribution centres, 23 branches, 7 warehouses, 2 experience centres and nearly 40,000 distributors, dealers and retailers as of FY25.^[1]
International presence: 5 distribution centres, 22 overseas offices, ~200 employees outside India, direct presence in more than 100 countries as of FY25.^[1]
Plywood distribution expanding beyond South India; West, Central and East India markets were added during FY26; North India not currently targeted.^[5]
US business is ~4-6% of total export revenue; US tariff increases led to the company absorbing ~60% of the cost increase as of Q2 FY26.^[6]

Expansion and capex

Brownfield laminate expansion: 2 new press lines at Naidupeta (Andhra Pradesh) on track for commercial production in Q4 FY27; expected to generate ₹375 - 400 crores of additional revenue.^[5][6]
FY27 total capex budgeted at ₹130 - 135 crores, including ₹70 crores for the laminate expansion at Naidupeta.^[5]
Net debt targeted to decline by ~₹100 crores in FY27 and a further ~₹150+ crores in FY28 as per repayment schedules.^[5]

Recent developments

Panel & Allied (chipboard) segment turned EBITDA positive for the first time in Q1 FY27, delivering ₹3.4 crores pre-forex vs a loss of ₹9.8 crores in Q1 FY26.^[5]
~₹27 crores of export revenue was deferred out of Q1 FY27 due to container/vessel unavailability from Middle East conflict; management treated this as a timing issue shifting to Q2 FY27.^[5]
Two laminate price hikes executed in April and May 2026, followed by partial rollbacks in June - July as chemical prices softened; net pass-through stands at 7 - 8%.^[5]
Show Cause Notice received September 29, 2026 from the Assistant Commissioner (ST), Chittoor under CGST/APGST Act 2017 for reversal of input tax credit of ₹77,349,835 plus interest and penalty.^[7]

Market Cap

₹5,389 Cr

High / Low

₹281 / 198

Stock P/E

58.0

Price / Book

4.6

Book Value

₹46

EPS

₹2.2

No. of Shares

25.51 Cr

ROCE

8.3%

ROE

4.9%

OPM

6.3%

Debt / Equity

0.89

Sales

₹3,046 Cr

Net Profit

₹56 Cr

Promoter holding

51.0%

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Greenlam Industries Ltd(GREENLAM)

About

Brands and products

Manufacturing capacity and operations

Key operating numbers

Distribution and customers

Expansion and capex

Recent developments

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