External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>We visited the company’s laminate plant and its recently commissioned particle board facility located at Naidupeta, Andhra Pradesh, and interacted with the management</li><li>This plant has an installed capacity of 3.5mn laminate sheets and 292K CBM of chipboard</li><li>Management highlighted that the particle board plant is German continuous press line capable of producing particle boards of various grades, thicknesses and emission norms</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We visited the company’s laminate plant and its recently commissioned particle board facility located at Naidupeta, Andhra Pradesh, and interacted with the managementThis plant has an installed capacity of 3.5mn laminate sheets and 292K CBM of chipboardManagement highlighted that the particle board plant is German continuous press line capable of producing particle boards of various grades, thicknesses and emission normsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Greenlam Industries: New Segments Entry, Margin Pressure in near Term. Maintain ADD

Thematic (Sector/Industry)

<ul>
<li>Secondary demand in the building materials sector remained largely steady in Q4FY26</li>
<li>However, channel restocking and recent price hikes are expected to support strong ~19% YoY revenue growth, translating into robust ~46–47% YoY growth in EBITDA and APAT.</li>
<li>Coverage pipes companies are likely to report healthy ~27% YoY volume growth in Q4FY26, primarily driven by aggressive channel restocking amid a sharp increase in PVC resin prices.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Secondary demand in the building materials sector remained largely steady in Q4FY26
However, channel restocking and recent price hikes are expected to support strong ~19% YoY revenue growth, translating into robust ~46–47% YoY growth in EBITDA and APAT.
Coverage pipes companies are likely to report healthy ~27% YoY volume growth in Q4FY26, primarily driven by aggressive channel restocking amid a sharp increase in PVC resin prices.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Building Materials (Q4FY26 Results Preview): Strong quarter: inventory build and price hikes

<ul><li>We met the Greenlam Industries management. It highlighted that Q1 laminates industry demand was subdued, though prices were stable.</li><li>For FY26, the company expects 18-20% consolidated revenue growth.</li><li>Management anticipates improved margins for laminates and veneers in FY26, with laminate EBITDA margins expected at 14-15%, while plywood segment losses are expected to decrease. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We met the Greenlam Industries management. It highlighted that Q1 laminates industry demand was subdued, though prices were stable.For FY26, the company expects 18-20% consolidated revenue growth.Management anticipates improved margins for laminates and veneers in FY26, with laminate EBITDA margins expected at 14-15%, while plywood segment losses are expected to decrease. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Greenlam Industries: Entry into Particle Board to Drag Profitability. Maintain ADD

<ul><li>The building materials sector saw subdued demand in Q3FY26</li><li>Our coverage universe is expected to post 9% YoY revenue growth, fueled by volume expansion, resulting in 23% YoY growth in both EBITDA and APAT, supported by a low prior-year base</li><li>We believe that the volume growth of major tile companies remained subdued affected by muted export performance and soft domestic demand</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The building materials sector saw subdued demand in Q3FY26Our coverage universe is expected to post 9% YoY revenue growth, fueled by volume expansion, resulting in 23% YoY growth in both EBITDA and APAT, supported by a low prior-year baseWe believe that the volume growth of major tile companies remained subdued affected by muted export performance and soft domestic demandContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Building Materials (Q3FY26 Results Preview): Lackluster quarter, revival hopes pinned

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>The full enforcement of Bureau of Indian Standards (BIS) Quality Control Orders (QCO) has triggered a supply shock, collapsing wood panel imports by 90% as of late 2025.</li>
<li>This creates an immediate INR3,000+ crore revenue vacuum. Combined with a K-shaped real estate recovery favoring premium homes, demand is shifting from unorganized sector (70% share) to compliant listed leaders.</li>
<li>The industry is transitioning from a fragmented, low-entry-barrier market into a compliance-driven oligopoly. Organized leaders with scale, certification, and capital efficiency are positioned to capture disproportionate value.</li>
</ul>


The full enforcement of Bureau of Indian Standards (BIS) Quality Control Orders (QCO) has triggered a supply shock, collapsing wood panel imports by 90% as of late 2025.
This creates an immediate INR3,000+ crore revenue vacuum. Combined with a K-shaped real estate recovery favoring premium homes, demand is shifting from unorganized sector (70% share) to compliant listed leaders.
The industry is transitioning from a fragmented, low-entry-barrier market into a compliance-driven oligopoly. Organized leaders with scale, certification, and capital efficiency are positioned to capture disproportionate value.


Thematic Report on Indian Wood Panel Industry: The "Compliance Moat" Supercycle

India

Greenlam Industries Limited manufactures laminate flooring. The Company's laminates range from metallic to textured and can be used for residential, commercial and office spaces.

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Greenlam Industries (GRLM IN)

Greenlam Industries: New Segments Entry, Margin Pressure in near Term. Maintain ADD

We visited the company’s laminate plant and its recently commissioned particle board facility located at Naidupeta, Andhra Pradesh, and interacted...

HDFC Securities

Building Materials (Q4FY26 Results Preview): Strong quarter: inventory build and price hikes

Coverage pipes companies are likely to report healthy ~27% YoY volume growth in Q4FY26, primarily driven by aggressive channel restocking amid a...

HDFC Securities

Greenlam Industries: Entry into Particle Board to Drag Profitability. Maintain ADD

We met the Greenlam Industries management. It highlighted that Q1 laminates industry demand was subdued, though prices were stable.

HDFC Securities

Building Materials (Q3FY26 Results Preview): Lackluster quarter, revival hopes pinned

We believe that the volume growth of major tile companies remained subdued affected by muted export performance and soft domestic demand

HDFC Securities

Thematic Report on Indian Wood Panel Industry: The "Compliance Moat" Supercycle

BIS enforcement collapses wood panel imports by 90%, creating INR3,000+ crore revenue gap and shifting demand to compliant listed leaders in a...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Greenlam Industries: New Segments Entry, Margin Pressure in near Term. Maintain ADD

We visited the company’s laminate plant and its recently commissioned particle board facility located at Naidupeta, Andhra Pradesh, and interacted...

HDFC Securities

Building Materials (Q4FY26 Results Preview): Strong quarter: inventory build and price hikes

Coverage pipes companies are likely to report healthy ~27% YoY volume growth in Q4FY26, primarily driven by aggressive channel restocking amid a...

HDFC Securities

Greenlam Industries: Entry into Particle Board to Drag Profitability. Maintain ADD

We met the Greenlam Industries management. It highlighted that Q1 laminates industry demand was subdued, though prices were stable.

HDFC Securities

Building Materials (Q3FY26 Results Preview): Lackluster quarter, revival hopes pinned

We believe that the volume growth of major tile companies remained subdued affected by muted export performance and soft domestic demand

HDFC Securities

Thematic Report on Indian Wood Panel Industry: The "Compliance Moat" Supercycle

​BIS enforcement collapses wood panel imports by 90%, creating INR3,000+ crore revenue gap and shifting demand to compliant listed leaders in a...

Nimish Maheshwari

BIS enforcement collapses wood panel imports by 90%, creating INR3,000+ crore revenue gap and shifting demand to compliant listed leaders in a...