Sharekhan's research report on Greenlam Industries
In Q2FY2025, consolidated revenues largely stayed in line driven by strong revenue growth in domestic laminate business. OPM beat was led by q-o-q improvement in laminates OPM. Hence, PAT was 10% higher than estimate. Company retained an 18-20% y-o-y revenue growth guidance for FY2025 and 15-16% OPMs in laminates. Plywood unit to breakeven in FY2026 eyeing 40% capacity utilisation. Particleboard unit is on track to be commissioned in Q3FY2025 with rated capacity of 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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