Sharekhan has given Buy recommendation for Greenlam Industries with a target price of Rs. 2127 in its research report issued on Dec 16, 2021

Sharekhan’s research report on Greenlam Industries

Greenlam Industries Limited (Greenlam) has announced a Rs.950-crore expansion plan in the laminates, plywood and particleboard divisions, which would help triple revenue by FY2026. Peak debt-to-equity ratio to be contained at 0.8x. Capacity expansion would place it among the top three players in Plywood along with leadership position in the particleboard segment. The company expects to gain market share from unorganised segment. We expect Greenlam to benefit from industry growth tailwinds with capacity expansions undertaken at an opportune time.


We retain a Buy on Greenlam with a revised PT of Rs. 2,127, owing to its healthy growth outlook over FY2021-FY2024E.

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