🪵 “Greenlam Industries: Veneer of Growth, Core of Capex Stress?”

🧠 At a Glance

Greenlam Industries, India’s decorative laminates and veneer giant, has grown its topline steadily over five years. But rising debt, plunging margins, and a 50% profit drop in FY25 have peeled off the shine. Can its capex-heavy expansion deliver returns — or is this just plywood panic?

🧰 1. What Greenlam Does (Besides Confusing Investors)

Greenlam is your go-to brand when your architect says,“Sir, Italian look chahiye, but budget bhi dekhiye.”

They sell:

• 🎨Laminates: High-pressure, compact panels, kitchen solutions
• 🌳Veneers: Natural, teak, engineered wood
• 🪑Wooden Flooring+ doors, clads, and facades
• 🧱Plywood & Blockboards
• 🔜Particle Board(new plant in progress)

Essentially, if