Greenlam Industries Limited (GREENLAM.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-269.1%

-₹359.91

vs ₹212.86 price

Levered DCF

-₹639.35

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	92.85×	88.27×	48.36×	29.12×	48.33×	30.63×	6.92×	14.73×
P/B	4.43×	2.77×	3.1×	1.96×	3.35×	1.97×	1.2×	2.65×
P/S	1.71×	1.22×	1.45×	0.94×	1.29×	0.97×	0.45×	0.92×
EV / EBITDA	19.45×	14.99×	13.96×	9.92×	13.43×	8.43×	5.08×	8.72×
Gross margin	28.8%	27.9%	51.7%	47.5%	41.3%	48.5%	49.2%	44.4%
Operating margin	6.0%	6.3%	26.6%	25.4%	5.5%	8.2%	9.6%	10.2%
Net margin	1.8%	2.7%	6.0%	6.5%	5.3%	6.3%	6.6%	6.2%
Current ratio	1.22×	1.17×	1.21×	1.52×	1.69×	1.54×	1.5×	1.42×
Debt / equity	0.98×	1.06×	1.03×	0.66×	0.61×	0.54×	0.71×	0.63×
Interest coverage	1.91×	2.46×	13.84×	21.54×	6.69×	5.71×	5.86×	7.43×
Dividend yield	0.2%	0.7%	0.6%	0.8%	0.6%	0.0%	2.8%	0.6%
Payout ratio	18.1%	30.2%	13.8%	11.3%	13.3%	0.0%	19.5%	9.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.8%	6.2%	12.8%	13.4%	13.9%	12.9%	17.3%	18.0%
Return on invested capital	4.9%	4.4%	20.6%	24.4%	6.6%	8.1%	11.3%	12.5%
Return on assets	1.9%	2.4%	5.1%	6.3%	6.6%	6.3%	7.8%	8.3%
Free cash flow yield	2.0%	-4.0%	-13.2%	-15.8%	-0.7%	14.4%	6.6%	0.2%
Earnings yield	1.1%	2.2%	4.1%	6.9%	4.1%	6.5%	14.4%	6.8%
Enterprise value	₹63.2B	₹42.8B	₹44.1B	₹24.9B	₹25.8B	₹14.2B	₹9.3B	₹14B
Net debt / EBITDA	3.37×	4.05×	3.4×	2.44×	1.99×	1.71×	1.79×	1.62×
Cash conversion cycle (days)	69	72	110	107	128	141	155	135