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🪞 At a Glance
Greenlam Industries is India’s second-largest player in laminates and decorative surfaces, offering products from kitchen panels to engineered wood flooring. The stock is down ~14% YoY, and despite solid sales growth, margins and profits are slipping. Expansion into Europe and a new particle board venture are its next big bets—but ROE and valuations are currently saying, “bhai, thoda ruk ja.”
1. 🪜 Introduction with Hook
When your kitchen’s backsplash looks fancier than your portfolio, chances are someone like Greenlam had a role to play.
But while its laminates look smooth, its financials? Not so much lately.
🏠India’s #2 laminate player (after Century Ply)
🌍 Aggressively expanding into Europe, Bangladesh, Egypt, Spain (subsidiaries everywhere!)
🧾 Sales up 50% in 3 years, but profit down by half
💰 P/E of 92, ROE of just 6%—the maths is not mathing
2. 🧱 Business Model (WTF Do They Even Do?)
They sell surfaces that look good—no jokes here.
