Hold Greenlam Industries; target of Rs 792: ICICI Securities

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26 Aug, 2025 12:21

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ICICI Securities research report on Greenlam Industries

Greenlam Industries (GRLM) has reported an impressive beat on EBITDA margins in Q4FY20 led by a sharp gross margin improvement in laminate and allied product segment, which in turn was led by superior product mix and lower input costs. This was despite losing revenues to the tune of Rs400mn-500mn in Mar’20 due to lockdown. Veneer and allied product segment however continues to disappoint with losses swelling YoY due to operating deleverage and muted realisation amid higher competitive intensity.

Outlook

With GRLM foreseeing strong market share gain opportunity in both domestic and export laminate markets in the near to medium term, we build-in a steady-state recovery in laminates segment starting Q2FY21. Maintain HOLD.

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