GREENLAM
Greenlam Industries share price & financials
- Price
- ₹249.35
- Market cap
- ₹6.4k Cr
- Sector
- Consumer Durables
- Calls analysed
- 7
Greenlam Industries Limited Q1 FY27
What went well
- Consolidated revenue grew 18% YoY to INR797 crores.
- EBITDA before forex fluctuations grew 48% YoY to INR81 crores, with margin expanding 210 bps to 10.2%.
- Gross margin maintained at 52.9% despite sharp increases in input and freight costs.
What to watch
- Ongoing West Asia conflicts led to volatile input prices, currency rates, and freight costs.
- INR27 crores of export shipment were postponed from Q1 FY27 due to container availability and vessel delays, impacting laminate volumes.
What Greenlam Industries Limited does
Greenlam Industries manufactures high-pressure laminates, decorative veneers, engineered wood flooring, engineered wooden doors, compact panels, plywood and melamine-faced/plain chipboard, sold under the Greenlam and Mikasa brand families. It operates five manufacturing plants located in Rajasthan, Himachal Pradesh, Gujarat, Tamil Nadu and Andhra Pradesh, and reaches customers through a domestic network of branch offices, regional distribution centres and distributors/dealers/retailers alongside an international network of overseas offices and subsidiaries spanning over 120 countries. The company has been recognised as India's largest laminate exporter for 14 consecutive years and ranks among the top three global laminate brands.
Segments
- Laminates & Allied
- Plywood & Allied
- Panel & Allied
- Manufacturing plants
- 5 (Rajasthan, Himachal Pradesh, Gujarat, Tamil Nadu, Andhra Pradesh)
- Installed laminate capacity
- 24.52 million sheets/boards per annum
- Installed plywood capacity
- 18.9 million sq.m per annum
- Installed chipboard capacity
- 292,380 CBM per annum
- Installed decorative veneer capacity
- 4.2 million sq.m per annum
- Installed engineered wood flooring capacity
- 1.0 million sq.m per annum
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 4 delivered 0 missed 13 open- Consolidated Revenue Growth delivered said Q3 FY25 Promised: 18-20% Q1 FY27: Historical promise, not addressed.
- Laminate EBITDA Margin revised down said Q4 FY26 Promised: 16-17% Q1 FY27: Management revised the margin guidance down to 'around 15%, 16%' from the original 16-17% stated last quarter. Q1 margin was 13.9%.
- Particle Board Breakeven on track said Q3 FY25 Promised: Breakeven at 50% utilization in FY26 Q1 FY27: The chipboard (particle board) business turned EBITDA positive with an operating profit of INR 3.4 crores, putting the FY27 breakeven target firmly on track.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 18.2%, net profit up 231.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 681 | 602 | 682 | 674 | 808 +19% | 706 +17% | 858 +26% | 797 +18% |
| EBITDA | 81 | 64 | 64 | 44 | 104 +28% | 68 +6% | 108 +69% | 80 +82% |
| Net profit | 34 | 13 | 1 | -16 | 32 −6% | -1 −108% | 41 +4000% | 21 +231% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −3.4% 1Y
1Y: ₹242.93 on 10 Sept 2025 → ₹234.63. High ₹273.7 (7 Aug 2026), low ₹202.34 (27 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −11.3%
- 10 Aug
- Q4 FY26
- +4.8%
- 4 Jun
- Q3 FY26
- −0.8%
- 30 Jan
- Q2 FY26
- +0.2%
- 10 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 14.5% a year over 3 years, FY23 to FY26. Operating margin narrowed to 10.6%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.0k Cr | ₹2.3k Cr | ₹2.6k Cr | ₹3.0k Cr |
| Operating profit | ₹233 Cr | ₹295 Cr | ₹273 Cr | ₹324 Cr |
| Operating margin | 11.5% | 12.8% | 10.6% | 10.6% |
| Interest | ₹23 Cr | ₹43 Cr | ₹66 Cr | ₹96 Cr |
| Depreciation | ₹63 Cr | ₹86 Cr | ₹113 Cr | ₹142 Cr |
| Net profit | ₹129 Cr | ₹138 Cr | ₹68 Cr | ₹56 Cr |
| Net margin | 6.3% | 6.0% | 2.6% | 1.8% |
| Cash from operations | ₹169 Cr | ₹194 Cr | ₹210 Cr | ₹292 Cr |
| Free cash flow | ₹-297 Cr | ₹-440 Cr | ₹-56 Cr | ₹204 Cr |
| ROCE | 14.0% | 12.0% | 7.0% | 8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹12 Cr | ₹12 Cr | ₹13 Cr | ₹13 Cr | ₹26 Cr | ₹26 Cr |
| Reserves | ₹561 Cr | ₹642 Cr | ₹945 Cr | ₹1.1k Cr | ₹1.1k Cr | ₹1.2k Cr |
| Borrowings | ₹307 Cr | ₹398 Cr | ₹628 Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.2k Cr |
| Other liabilities | ₹291 Cr | ₹324 Cr | ₹449 Cr | ₹539 Cr | ₹646 Cr | ₹659 Cr |
| Total liabilities | ₹1.2k Cr | ₹1.4k Cr | ₹2.0k Cr | ₹2.7k Cr | ₹3.0k Cr | ₹3.0k Cr |
| Fixed assets | ₹413 Cr | ₹468 Cr | ₹506 Cr | ₹986 Cr | ₹1.7k Cr | ₹1.7k Cr |
| Capital work in progress | ₹18 Cr | ₹9 Cr | ₹380 Cr | ₹611 Cr | ₹29 Cr | ₹10 Cr |
| Investments | ₹106 Cr | ₹161 Cr | ₹242 Cr | ₹147 Cr | ₹42 Cr | ₹52 Cr |
| Other assets | ₹634 Cr | ₹739 Cr | ₹907 Cr | ₹981 Cr | ₹1.2k Cr | ₹1.2k Cr |
| Total assets | ₹1.2k Cr | ₹1.4k Cr | ₹2.0k Cr | ₹2.7k Cr | ₹3.0k Cr | ₹3.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +4.52 pp while DIIs trimmed −4.26 pp. The shareholder count grew 5% to 16,944.
- Promoters
- 51.0%
- FIIs
- 1.5%
- DIIs
- 10.9%
- Public
- 36.6%
Since Jun 2025
- Public +4.52 pp
- DIIs −4.26 pp
- FIIs −0.28 pp
How it drifted, 12 quarters
Over this window the public went from 31.8% to 36.6% — +4.8 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 51.2%, FIIs 1.4%, DIIs 15.6%, Public 31.8%.Dec '23: Promoters 51.0%, FIIs 1.3%, DIIs 15.5%, Public 32.2%.Mar '24: Promoters 51.0%, FIIs 1.4%, DIIs 15.6%, Public 32.1%.Jun '24: Promoters 51.0%, FIIs 1.8%, DIIs 15.6%, Public 31.6%.Sep '24: Promoters 51.0%, FIIs 1.7%, DIIs 15.6%, Public 31.7%.Dec '24: Promoters 51.0%, FIIs 1.8%, DIIs 15.7%, Public 31.5%.Mar '25: Promoters 51.0%, FIIs 1.8%, DIIs 15.7%, Public 31.5%.Jun '25: Promoters 51.0%, FIIs 1.8%, DIIs 15.2%, Public 32.1%.Sep '25: Promoters 51.0%, FIIs 1.7%, DIIs 14.6%, Public 32.7%.Dec '25: Promoters 51.0%, FIIs 1.7%, DIIs 14.5%, Public 32.8%.Mar '26: Promoters 51.0%, FIIs 1.8%, DIIs 14.0%, Public 33.3%.Jun '26: Promoters 51.0%, FIIs 1.5%, DIIs 10.9%, Public 36.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Akash Bhanshali +1.21 pp 4.44% held
- Blue Daimond Properties Pvt Ltd +0.98 pp 7.96% held
- SPJJ Properties Private Limited (Formerly known as Prime Properties Private Limited) newly disclosed 0.00% held
- Jai Mittal newly disclosed 0.00% held
- Jia Mittal newly disclosed 0.00% held
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Greenlam Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| SM Greenlam Investments Private Limited | 37.78% | unchanged |
| Saurabh Mittal | 11.33% | unchanged |
| Blue Daimond Properties Pvt Ltd | 7.96% | +0.98 pp |
| Upnishad Holdings Private Limited | 7.40% | unchanged |
| Akash Bhanshali | 4.44% | +1.21 pp |
| DSP Small Cap Fund Mutual fund | 3.99% | −0.23 pp |
| Ashish Dhawan | 3.77% | unchanged |
| Asiana Fund I AIF | 2.62% | unchanged |
| HDFC Mutual Fund - HDFC Mid-Cap Fund Mutual fund | 2.48% | −2.85 pp |
| Parul Mittal | 1.88% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 1.73% | unchanged |
| Akhil Dhawan | 1.43% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in GREENLAM
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹110 Cr
- 1 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹110 Cr · 0.1% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹110 Cr | held | Dec '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +57%
- vs est. average cost
- Held by funds
- ₹110 Cr
- 1 schemes · ≈ 1.7% of the company
Shares held by these funds −83%
Aug '23 44.23 L shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Greenlam Industries Limited
Guides on how to read this kind of business and the numbers that matter.