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Last Updated: April 2, 2026, 2:59 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 538979 | NSE: GREENLAM

Greenlam Industries Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹664.60Undervalued by 204.86%vs CMP ₹218.00

P/E (307.0) × ROE (6.1%) × BV (₹44.50) × DY (0.18%)

₹186.56Overvalued by 14.42%vs CMP ₹218.00
MoS: -16.9% (Negative)Confidence: 56/100 (Moderate)Models: 1 Under, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹480.1429%Under (+120.2%)
Graham NumberEarnings₹27.2221%Over (-87.5%)
Net Asset ValueAssets₹44.469%Over (-79.6%)
EV/EBITDAEnterprise₹106.3212%Over (-51.2%)
Earnings YieldEarnings₹7.409%Over (-96.6%)
ROCE CapitalReturns₹128.3112%Over (-41.1%)
Revenue MultipleRevenue₹100.467%Over (-53.9%)
Consensus (7 models)₹186.56100%Overvalued
Key Drivers: EPS CAGR -27.8% drags value — could be higher if earnings stabilize. | P/E of 307 makes PE-ROE unreliable — asset/earnings models are better benchmarks.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -27.8%

*Investments are subject to market risks

Investment Snapshot

47
Greenlam Industries Ltd scores 47/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health52/100 · Moderate
ROCE 7.4% WeakROE 6.1% AverageD/E 0.38 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money40/100 · Moderate
FII holding stable No changeDII holding down 1.25% MF sellingPromoter holding at 51.0% Stable
Earnings Quality50/100 · Moderate
OPM stable around 12% Steady
Quarterly Momentum50/100 · Moderate
Revenue (4Q): +14% YoY GrowingProfit (4Q): -84% YoY Declining
Industry Rank30/100 · Weak
P/E 307.0 vs industry 148.3 Premium to peersROCE 7.4% vs industry 11.7% AverageROE 6.1% vs industry 30.2% Below peers3Y sales CAGR: 15% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:59 am

Market Cap 5,575 Cr.
Current Price 218
Intrinsic Value₹186.56
High / Low 279/187
Stock P/E307
Book Value 44.5
Dividend Yield0.18 %
ROCE7.41 %
ROE6.07 %
Face Value 1.00
PEG Ratio-11.06

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Greenlam Industries Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Greenlam Industries Ltd 5,575 Cr. 218 279/187307 44.50.18 %7.41 %6.07 % 1.00
Greenply Industries Ltd 2,343 Cr. 188 352/17631.6 67.80.27 %12.4 %12.0 % 1.00
Greenpanel Industries Ltd 2,204 Cr. 180 335/16315.4 1070.17 %12.9 %11.4 % 1.00
Rushil Decor Ltd 432 Cr. 14.7 34.0/12.547.1 21.70.68 %10.1 %7.96 % 1.00
Ecoboard Industries Ltd 145 Cr. 62.9 66.2/24.2 3.810.00 %40.2 %239 % 10.0
Industry Average2,998.67 Cr156.90148.3164.690.13%11.65%30.18%5.91

All Competitor Stocks of Greenlam Industries Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 503.50533.81515.24603.64563.37624.09604.71680.81602.04681.77673.79808.26706.37
Expenses 448.69459.76450.87528.03492.23540.56540.69599.38538.50617.77629.71703.87638.14
Operating Profit 54.8174.0564.3775.6171.1483.5364.0281.4363.5464.0044.08104.3968.23
OPM % 10.89%13.87%12.49%12.53%12.63%13.38%10.59%11.96%10.55%9.39%6.54%12.92%9.66%
Other Income 5.894.433.995.823.108.753.138.161.310.002.451.22-3.62
Interest 6.036.467.299.2914.3213.3813.7915.5316.2519.9125.8923.9923.30
Depreciation 16.1916.8517.4019.4624.4825.7626.3126.8127.2733.3335.1235.5035.73
Profit before tax 38.4855.1743.6752.6835.4453.1427.0547.2521.3310.76-14.4846.125.58
Tax % 25.62%16.44%24.43%26.03%28.72%23.24%26.47%27.09%41.21%86.34%8.49%31.11%110.57%
Net Profit 28.6246.1033.0038.9725.2640.7919.8934.4512.541.47-15.7131.77-0.59
EPS in Rs 1.131.821.301.540.991.610.791.360.500.08-0.601.27-0.01

Last Updated: February 5, 2026, 7:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 6:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 09261,0301,0761,1451,2811,3211,2001,7032,0262,3062,5692,870
Expenses 08339009379961,1221,1421,0261,5161,7932,0102,2952,589
Operating Profit -093130139149159179174188233296275281
OPM % 10%13%13%13%12%14%14%11%12%13%11%10%
Other Income 0232214-541820110
Interest 0333529181722171423446593
Depreciation 033353736375256586387114140
Profit before tax -0286276971061089611916418510648
Tax % 0%32%40%34%33%27%20%23%24%22%25%36%
Net Profit -019385065778774911291386817
EPS in Rs -0.100.801.562.062.683.193.593.053.765.075.422.730.74
Dividend Payout % 0%6%6%7%9%9%11%16%16%15%15%15%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)100.00%31.58%30.00%18.46%12.99%-14.94%22.97%41.76%6.98%-50.72%
Change in YoY Net Profit Growth (%)0.00%-68.42%-1.58%-11.54%-5.47%-27.93%37.92%18.79%-34.78%-57.70%

Greenlam Industries Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2015-2016 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:11%
5 Years:14%
3 Years:15%
TTM:10%
Compounded Profit Growth
10 Years:13%
5 Years:-5%
3 Years:-10%
TTM:-73%
Stock Price CAGR
10 Years:21%
5 Years:27%
3 Years:13%
1 Year:-15%
Return on Equity
10 Years:14%
5 Years:12%
3 Years:11%
Last Year:6%

Last Updated: September 5, 2025, 5:20 am

Balance Sheet

Last Updated: January 7, 2026, 3:45 pm

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 0.05121212121212121213132626
Reserves -02082332863444164895616429451,0641,1011,111
Borrowings 03933652982522702943073986281,1091,1991,171
Other Liabilities 0230260194216229309291324449539576646
Total Liabilities 08428717918239271,1041,1721,3762,0352,7262,9022,954
Fixed Assets 03283533243313304294134685069861,7491,730
CWIP 0945122171893806112829
Investments 00000001061612421475642
Other Assets 05055144624925756586347399079811,0681,153
Total Assets 08428717918239271,1041,1721,3762,0352,7262,9022,954

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 0118116185109649621371169194205
Cash from Investing Activity + 0-100-53-22-38-57-54-154-136-535-527-167
Cash from Financing Activity + 0-12-63-160-69-6-22-7162366350-28
Net Cash Flow 05-032120-12-301710
Free Cash Flow 0176416170742163-14-297-440-61
CFO/OP 0%138%99%144%94%62%70%138%56%88%81%93%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow0.00-300.00-235.00-159.00-103.00-111.00-115.00-133.00-210.00-395.00295.00274.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 7265545450384128262422
Inventory Days 160168147156163202229195174204198
Days Payable 129128839686911359993117123
Cash Conversion Cycle 10310511711512814913512310611297
Working Capital Days 38242535434034371619
ROCE %20%16%17%19%19%18%15%14%14%12%7%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 51.22%51.22%51.22%50.98%50.98%50.98%50.98%50.98%50.98%50.98%50.98%50.98%
FIIs 1.44%1.45%1.37%1.28%1.36%1.77%1.72%1.78%1.77%1.75%1.74%1.74%
DIIs 15.70%15.60%15.58%15.54%15.56%15.60%15.63%15.72%15.73%15.15%14.60%14.48%
Public 31.64%31.71%31.81%32.20%32.10%31.65%31.67%31.51%31.53%32.12%32.68%32.78%
No. of Shareholders 12,88914,06014,27818,02216,84814,77115,14214,41216,14016,09316,23216,983

Shareholding Pattern Chart

No. of Shareholders

Greenlam Industries Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Mid Cap Fund 12,234,995 0.32 293.5512,276,0472026-02-23 07:11:40-0.33%
DSP Small Cap Fund 10,184,213 1.51 244.357,382,2172026-01-26 07:54:2637.96%
Nippon India Small Cap Fund 4,422,876 0.16 106.122,211,4382025-12-08 07:42:13100%
HDFC Small Cap Fund 2,620,888 0.17 62.883,400,7562026-01-26 04:00:56-22.93%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.005.00
Basic EPS (Rs.) 2.6810.8210.277.5230.56
Diluted EPS (Rs.) 2.6810.8210.277.5230.56
Cash EPS (Rs.) 7.1417.6415.0612.3553.55
Book Value[Excl.RevalReserv]/Share (Rs.) 44.1784.4176.3054.28237.79
Book Value[Incl.RevalReserv]/Share (Rs.) 44.1784.4176.3054.28237.79
Revenue From Operations / Share (Rs.) 100.72180.79159.53141.15497.00
PBDIT / Share (Rs.) 11.2024.8019.7516.1074.93
PBIT / Share (Rs.) 6.7417.9714.7711.2551.91
PBT / Share (Rs.) 4.1714.5012.929.8739.76
Net Profit / Share (Rs.) 2.6810.8210.087.5130.53
NP After MI And SOA / Share (Rs.) 2.7310.8510.117.5230.56
PBDIT Margin (%) 11.1113.7112.3811.4015.07
PBIT Margin (%) 6.689.939.257.9710.44
PBT Margin (%) 4.148.018.106.997.99
Net Profit Margin (%) 2.665.986.315.316.14
NP After MI And SOA Margin (%) 2.716.006.335.326.14
Return on Networth / Equity (%) 6.1812.8413.2513.8612.86
Return on Capital Employeed (%) 8.6912.4513.4815.4517.06
Return On Assets (%) 2.395.056.256.556.26
Long Term Debt / Equity (X) 0.640.600.360.240.14
Total Debt / Equity (X) 0.950.920.580.520.38
Asset Turnover Ratio (%) 0.910.961.221.251.01
Current Ratio (X) 1.171.211.521.691.54
Quick Ratio (X) 0.450.520.740.690.68
Inventory Turnover Ratio (X) 4.031.992.162.241.68
Dividend Payout Ratio (NP) (%) 30.2013.7611.2713.300.00
Dividend Payout Ratio (CP) (%) 11.478.447.558.080.00
Earning Retention Ratio (%) 69.8086.2488.7386.700.00
Cash Earning Retention Ratio (%) 88.5391.5692.4591.920.00
Interest Coverage Ratio (X) 4.367.1410.6813.8010.69
Interest Coverage Ratio (Post Tax) (X) 2.044.126.457.626.09
Enterprise Value (Cr.) 7061.407357.014354.164709.132459.75
EV / Net Operating Revenue (X) 2.753.192.152.762.05
EV / EBITDA (X) 24.7323.2617.3624.2413.60
MarketCap / Net Operating Revenue (X) 2.352.771.882.571.88
Retention Ratios (%) 69.7986.2388.7286.690.00
Price / BV (X) 5.355.933.926.693.93
Price / Net Operating Revenue (X) 2.352.771.882.571.88
EarningsYield 0.010.020.030.020.03

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Greenlam Industries Ltd. is a Public Limited Listed company incorporated on 12/08/2013 and has its registered office in the State of Delhi, India. Company's Corporate Identification Number(CIN) is L21016DL2013PLC386045 and registration number is 011624. Currently Company is involved in the business activities of Manufacture of other plywood products. Company's Total Operating Revenue is Rs. 2206.86 Cr. and Equity Capital is Rs. 25.51 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Laminates2nd Floor, West Wing, Worldmark 1, Aerocity, New Delhi Delhi 110037Contact not found
Management
NamePosition Held
Mr. Shiv Prakash MittalNon Executive Chairman
Mr. Saurabh MittalManaging Director & CEO
Ms. Parul MittalWhole Time Director
Mr. Jalaj Ashwin DaniNon Executive Director
Mr. Sandip DasIndependent Director
Ms. Matangi GowrishankarIndependent Director
Mr. Yogesh KapurIndependent Director
Mr. Rahul ChhabraIndependent Director

FAQ

What is the intrinsic value of Greenlam Industries Ltd and is it undervalued?

As of 16 April 2026, Greenlam Industries Ltd's intrinsic value is ₹186.56, which is 14.42% lower than the current market price of ₹218.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (6.07 %), book value (₹44.5), dividend yield (0.18 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Greenlam Industries Ltd?

Greenlam Industries Ltd is trading at ₹218.00 as of 16 April 2026, with a FY2026-2027 high of ₹279 and low of ₹187. The stock is currently in the middle of its 52-week range. Market cap stands at ₹5,575 Cr..

How does Greenlam Industries Ltd's P/E ratio compare to its industry?

Greenlam Industries Ltd has a P/E ratio of 307, which is above the industry average of 148.31. This significantly elevated P/E suggests the market expects strong future growth, or the stock may be overpriced relative to current earnings.

Is Greenlam Industries Ltd financially healthy?

Key indicators for Greenlam Industries Ltd: ROCE of 7.41 % is on the lower side compared to the industry average of 11.65%; ROE of 6.07 % is below ideal levels (industry average: 30.18%). Dividend yield is 0.18 %.

Is Greenlam Industries Ltd profitable and how is the profit trend?

Greenlam Industries Ltd reported a net profit of ₹68 Cr in Mar 2025 on revenue of ₹2,569 Cr. Compared to ₹91 Cr in Mar 2022, the net profit shows a declining trend.

Does Greenlam Industries Ltd pay dividends?

Greenlam Industries Ltd has a dividend yield of 0.18 % at the current price of ₹218.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Greenlam Industries Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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