Reduce Greenlam Industries; target of Rs 425: HDFC Securities

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

Choose Stock Exchange: BSE LIVE NSE LIVE

26 Aug, 2025 12:21

Volume

Todays L/H

More

×

HDFC Securities' research report on Greenlam Industries

In Q1FY24, it reported strong 10/28/33% YoY growth in consolidated revenue/EBITDA/APAT respectively. Higher value-added sales led to improvement in laminate NSR by 8% QoQ; gross margin expanded by 730/350bps YoY/QoQ (consol level) to 52.3% (multi-quarter high). Employee/ other expenses rose by 32/23% YoY due to the ramp of Prantij and entry in the ply segment. Thus, laminates unitary EBITDA rose 24/2% YoY/QoQ to INR 168 per sheet. Consolidated EBITDA margin improved by 180bps YoY to 12.5% (down 140 bps QoQ).

Outlook

We maintain our REDUCE rating on Greenlam Industries, with a revised target price of INR 425/share (16/33x its Mar’25E consolidated EBITDA/APAT) owing to expensive valuation and overhang to ramp-up plants in new segments.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Greenlam Industries - 01 -08 - 2023 - hdfc