Greenlam Industries Ltd (GREENLAM) AI Stock Analysis

Greenlam Industries Ltd

(NSE:GREENLAM)

Select Model

Rating:51Neutral

Price Target:INR 209.00▲(0.72% Upside)

Action:reiterated

Date:08/25/26

The score is held back primarily by weakening profitability and volatile cash-flow history alongside increased leverage. Technicals are broadly neutral (no strong momentum signal), while valuation is a major headwind given the very high P/E and minimal dividend yield.

Positive Factors

Steady Revenue GrowthSteady multi-year revenue expansion indicates resilient demand for Greenlam’s interior-surfacing products. Continued top-line growth supports scale benefits, distribution investment, and product development, providing a durable base for improving earnings when profitability pressures moderate.

Negative Factors

Sharp Margin CompressionThe sharp decline in net margin shows that revenue growth is not currently translating efficiently into earnings. Persistent cost, pricing, or product-mix pressure would weaken reinvestment capacity and make future profits more sensitive to modest changes in operating conditions.

Greenlam Industries Ltd (GREENLAM) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 53.19B
Dividend Yield: 0.19%
Average Volume (3M): 9,342
Price to Earnings (P/E): 56.4
Beta (1Y): 1.21
Revenue Growth: 20.11%
EPS Growth: 172.93%
Country: India
Employees: 3,480
Sector: General
Sector Strength: 55
Industry: Paper, Lumber & Forest Products

Greenlam Industries Ltd Business Overview & Revenue Model

Company Description

Greenlam Industries Limited, headquartered in New Delhi, India, is a prominent manufacturer and global supplier of surfacing materials. The company's operations are strategically divided into two core business segments: Laminate & Allied Products and...

How the Company Makes Money

Greenlam primarily makes money by manufacturing and selling interior surfacing products, generating revenue from the sale of its product portfolio through multiple go-to-market channels. The company’s key revenue stream is the sale of decorative lami...

Greenlam Industries Ltd Financial Statement Overview

Summary

Revenue growth is steady (2026 annual up ~10%), but profitability has deteriorated sharply (net margin down to ~1.8% in 2026 annual from ~6–6.5% in 2023–2024). Leverage has risen (debt-to-equity ~0.98 in 2026), and cash generation has been volatile with negative free cash flow in 2024–2025 before improving to positive (~1.07B) in 2026.

Income Statement

62Positive

Balance Sheet

55Neutral

Cash Flow

48Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	31.69B	30.46B	25.69B	23.06B	19.94B	17.03B
Gross Profit	11.13B	8.76B	7.18B	11.92B	9.47B	7.04B
EBITDA	3.60B	3.25B	2.86B	3.16B	2.51B	1.92B
Net Income	929.30M	562.60M	696.90M	1.38B	1.29B	907.33M
Balance Sheet
Total Assets	0	30.04B	29.09B	27.36B	20.53B	13.84B
Cash, Cash Equivalents and Short-Term Investments	1.15B	1.15B	985.80M	1.80B	2.59B	1.76B
Total Debt	0	11.60B	11.99B	11.09B	6.28B	3.98B
Total Liabilities	-11.79B	18.25B	17.83B	16.59B	10.84B	7.29B
Stockholders Equity	11.79B	11.79B	11.27B	10.77B	9.58B	6.54B
Cash Flow
Free Cash Flow	902.70M	1.07B	-1.25B	-4.42B	-2.97B	-159.57M
Operating Cash Flow	1.53B	1.98B	1.43B	1.94B	1.75B	711.57M
Investing Cash Flow	-445.90M	-819.90M	-1.70B	-5.27B	-5.41B	-1.36B
Financing Cash Flow	-1.25B	-948.30M	373.20M	3.50B	3.66B	622.23M

Greenlam Industries Ltd Technical Analysis

Technical Analysis SentimentNegative

Last Price207.50

Price Trends

50DMA226.56Negative

100DMA240.08Negative

200DMA236.15Negative

Market Momentum

MACD-4.50Negative

RSI39.87Neutral

STOCH21.05Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GREENLAM, the sentiment is Negative. The current price of 207.50 is below the 20-day moving average (MA) of 211.04, below the 50-day MA of 226.56, and below the 200-day MA of 236.15, indicating a bearish trend. The MACD of -4.50 indicates Negative momentum. The RSI at 39.87 is Neutral, neither overbought nor oversold. The STOCH value of 21.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:GREENLAM.

Greenlam Industries Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:GREENLAM against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:STYLAMIND	63Neutral	INR 46.57B	26.67	―	―	10.07%	43.02%
IN:CERA	57Neutral	INR 56.87B	28.00	―	1.70%	8.68%	-17.48%
IN:ASAHIINDIA	57Neutral	INR 230.42B	52.70	―	0.22%	10.32%	19.43%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:NILKAMAL	54Neutral	INR 29.10B	23.23	―	1.03%	7.57%	20.58%
IN:GREENLAM	51Neutral	INR 52.94B	56.37	―	0.19%	20.11%	172.93%
IN:RUSHIL	49Neutral	INR 4.55B	20.25	―	0.32%	7.05%	-3.28%

* General Sector Average

Performance Comparison

IN:GREENLAM and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:GREENLAM	Greenlam Industries Ltd	207.50	-57.49	-21.69%
IN:ASAHIINDIA	Asahi India Glass Limited	903.85	-24.24	-2.61%
IN:CERA	Cera Sanitaryware Limited	4409.60	-1805.46	-29.05%
IN:NILKAMAL	Nilkamal Limited	1949.90	465.76	31.38%
IN:RUSHIL	Rushil Decor Ltd.	15.49	-11.32	-42.21%
IN:STYLAMIND	Stylam Industries Limited	2747.80	643.15	30.56%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 25, 2026

Greenlam Industries Ltd AI Stock Analysis