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Yes Securities Report
We believe Greenlam Industries Ltd. will deliver healthy topline growth of 20% compound annual growth rate over FY23- FY26E owing to steady demand for laminates and company’s foray into particle boards and plywoods.
With higher contribution of -added products in laminates, we believe margins should improve gradually and in particle boards we expect Ebitda to be positive from year-two of operations i.e FY26E, hence overall margins are likely to remain rangebound.
At current market price, the stock trades at price/earning(x) of 25.6 times on FY26E EPS. Given the capped upside due to rich valuations, we maintain our Neutral rating on the stock.
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