Sharekhan's research report on Greenlam Industries
In Q1FY2025, consolidated revenues were in line with estimates although consolidated OPM disappointed due to weak margins in laminates business and higher timber costs for Plywood. Company targets 18-20% y-o-y revenue growth for FY2025 and guides for 15-16% OPMs in laminates. The focus would be to build upon domestic demand and increase market share in exports. Particleboard unit remain on track to commission in Q3FY2025 with rated capacity rising to 886 cbm per day.
Outlook
We retain a Buy on Greenlam Industries Limited with an unchanged PT of Rs. 670, considering its strong earnings growth trajectory over FY2024-FY2026E.
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