# Plywood Boards/Laminates — company-by-company sector analysis

> Plywood Boards/Laminates: Century Plyboards (India) Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Plywood Boards/Laminates has outperformed NIFTY 500 by 4.6% over 52 weeks and 15.5% over 13 weeks. 4 of 5 covered companies beat NIFTY on Mansfield relative strength, while 1 of 5 beat the sector itself. Century Plyboards (India) Ltd leads with revenue of ₹5,397 crore, based on 5 of 5 comparable companies through Mar 2026.

### Is the Plywood Boards/Laminates sector outperforming NIFTY 500?

Plywood Boards/Laminates has outperformed NIFTY 500 by 4.6% over 52 weeks and 15.5% over 13 weeks. 4 of 5 covered companies beat NIFTY on Mansfield relative strength, while 1 of 5 beat the sector itself.

### Which Plywood Boards/Laminates company is largest by revenue?

Century Plyboards (India) Ltd leads with revenue of ₹5,397 crore, based on 5 of 5 comparable companies through Mar 2026.

### Which Plywood Boards/Laminates company is growing fastest?

Century Plyboards (India) Ltd has the fastest current revenue growth at 19.2%, across 5 of 5 comparable companies.

### Which Plywood Boards/Laminates company has the strongest 4-Factor Sector Score?

Stylam Industries Ltd ranks first at 69.4/100 with 97% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Plywood Boards/Laminates company has the least gross debt?

Stylam Industries Ltd has the lowest comparable gross debt at ₹29 crore. Century Plyboards (India) Ltd has the highest at ₹1,765 crore.

### Which Plywood Boards/Laminates company has the lowest comparable PEG?

Century Plyboards (India) Ltd has the lowest comparable Guarded PEG at 1.31, among 3 of 5 companies that pass the metric’s comparability rules.

### How much history does this Plywood Boards/Laminates comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Plywood Boards/Laminates has outperformed NIFTY 500 by 4.6% over the last 52 weeks. Over 13 weeks the gap is a lead of 15.5%. 4 of 5 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Stylam Industries Ltd is the strongest against the sector itself at +36.2%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 16%
52-week sector return versus NIFTY 500: 4.6%
Stocks leading NIFTY: 4/5
Stocks leading sector: 1/5

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 5
Combined market value: ₹36.0K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Stylam Industries Ltd (STYLAMIND): 69/100 — Favorable setup; evidence 97%
   - Growth & earnings 20.4/35 | Capital efficiency 20.8/25 | Valuation 8.2/20 | Relative strength 20.0/20
   - Exact sum: 20.4 + 20.8 + 8.2 + 20 = 69.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Century Plyboards (India) Ltd (CENTURYPLY): 56/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 28.5/35 | Capital efficiency 11.8/25 | Valuation 10.4/20 | Relative strength 5.4/20
   - Exact sum: 28.5 + 11.8 + 10.4 + 5.4 = 56.1
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -6.6% and the one-year return is 10%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Greenply Industries Ltd (GREENPLY): 46/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 18.8/35 | Capital efficiency 12.1/25 | Valuation 6.1/20 | Relative strength 8.7/20
   - Exact sum: 18.8 + 12.1 + 6.1 + 8.7 = 45.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Greenlam Industries Ltd (GREENLAM): 44/100 — Mixed-negative evidence; evidence 73%
   - Growth & earnings 20.5/35 | Capital efficiency 6.2/25 | Valuation 5.1/20 | Relative strength 11.9/20
   - Exact sum: 20.5 + 6.2 + 5.1 + 11.9 = 43.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Greenpanel Industries Ltd (GREENPANEL): 33/100 — Adverse evidence; evidence 86%
   - Growth & earnings 4.1/35 | Capital efficiency 14.2/25 | Valuation 14.7/20 | Relative strength 0.0/20
   - Exact sum: 4.1 + 14.2 + 14.7 + 0 = 33
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

## Revenue Scale & Growth Durability

What the numbers say: Century Plyboards (India) Ltd is the scale leader at ₹5,397 crore, 77.2% ahead of Greenlam Industries Ltd. Century Plyboards (India) Ltd's growth is 19.2% from a ₹5,397 crore base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Century Plyboards (India) Ltd is the scale benchmark; Century Plyboards (India) Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Century Plyboards (India) Ltd's growth falls below Century Plyboards (India) Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Century Plyboards (India) Ltd · ₹5,397 crore | 77.2% versus #2 · Greenlam Industries Ltd | 8/8 recent comparable periods | 5/5 companies · 92 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Century Plyboards (India) Ltd (CENTURYPLY): ₹5.4K Cr
2. Greenlam Industries Ltd (GREENLAM): ₹3.0K Cr
3. Greenply Industries Ltd (GREENPLY): ₹2.9K Cr
4. Greenpanel Industries Ltd (GREENPANEL): ₹1.5K Cr
5. Stylam Industries Ltd (STYLAMIND): ₹1.2K Cr

### Revenue growth — fastest growers
1. Century Plyboards (India) Ltd (CENTURYPLY): 19%
2. Greenlam Industries Ltd (GREENLAM): 19%
3. Greenply Industries Ltd (GREENPLY): 14%
4. Stylam Industries Ltd (STYLAMIND): 9.9%
5. Greenpanel Industries Ltd (GREENPANEL): 3.9%

### 20-quarter Revenue history
- CENTURYPLY: Sep 2021 ₹814 Cr | Dec 2021 ₹855 Cr | Mar 2022 ₹901 Cr | Jun 2022 ₹889 Cr | Sep 2022 ₹909 Cr | Dec 2022 ₹884 Cr | Mar 2023 ₹965 Cr | Jun 2023 ₹891 Cr | Sep 2023 ₹997 Cr | Dec 2023 ₹937 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- GREENLAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹504 Cr | Mar 2023 ₹534 Cr | Jun 2023 ₹515 Cr | Sep 2023 ₹604 Cr | Dec 2023 ₹563 Cr | Mar 2024 ₹624 Cr | Jun 2024 ₹605 Cr | Sep 2024 ₹681 Cr | Dec 2024 ₹602 Cr | Mar 2025 ₹682 Cr | Jun 2025 ₹674 Cr | Sep 2025 ₹808 Cr | Dec 2025 ₹706 Cr | Mar 2026 ₹858 Cr | Jun 2026 —
- STYLAMIND: Sep 2021 ₹172 Cr | Dec 2021 ₹169 Cr | Mar 2022 ₹188 Cr | Jun 2022 ₹235 Cr | Sep 2022 ₹246 Cr | Dec 2022 ₹234 Cr | Mar 2023 ₹237 Cr | Jun 2023 ₹226 Cr | Sep 2023 ₹234 Cr | Dec 2023 ₹215 Cr | Mar 2024 ₹240 Cr | Jun 2024 ₹243 Cr | Sep 2024 ₹263 Cr | Dec 2024 ₹255 Cr | Mar 2025 ₹265 Cr | Jun 2025 ₹283 Cr | Sep 2025 ₹292 Cr | Dec 2025 ₹271 Cr | Mar 2026 ₹283 Cr | Jun 2026 ₹326 Cr
- GREENPLY: Sep 2021 ₹432 Cr | Dec 2021 ₹421 Cr | Mar 2022 ₹449 Cr | Jun 2022 ₹454 Cr | Sep 2022 ₹495 Cr | Dec 2022 ₹428 Cr | Mar 2023 ₹427 Cr | Jun 2023 ₹430 Cr | Sep 2023 ₹568 Cr | Dec 2023 ₹582 Cr | Mar 2024 ₹600 Cr | Jun 2024 ₹584 Cr | Sep 2024 ₹640 Cr | Dec 2024 ₹614 Cr | Mar 2025 ₹649 Cr | Jun 2025 ₹601 Cr | Sep 2025 ₹689 Cr | Dec 2025 ₹673 Cr | Mar 2026 ₹776 Cr | Jun 2026 ₹725 Cr
- GREENPANEL: Sep 2021 ₹422 Cr | Dec 2021 ₹424 Cr | Mar 2022 ₹470 Cr | Jun 2022 ₹464 Cr | Sep 2022 ₹457 Cr | Dec 2022 ₹420 Cr | Mar 2023 ₹441 Cr | Jun 2023 ₹386 Cr | Sep 2023 ₹399 Cr | Dec 2023 ₹386 Cr | Mar 2024 ₹397 Cr | Jun 2024 ₹365 Cr | Sep 2024 ₹337 Cr | Dec 2024 ₹359 Cr | Mar 2025 ₹375 Cr | Jun 2025 ₹328 Cr | Sep 2025 ₹396 Cr | Dec 2025 ₹416 Cr | Mar 2026 ₹399 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- CENTURYPLY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 94% | Sep 2022 12% | Dec 2022 3.4% | Mar 2023 7.1% | Jun 2023 0.2% | Sep 2023 9.7% | Dec 2023 6.0% | Mar 2024 10.0% | Jun 2024 13% | Sep 2024 19% | Dec 2024 22% | Mar 2025 13% | Jun 2025 16% | Sep 2025 17% | Dec 2025 18% | Mar 2026 25% | Jun 2026 —
- GREENLAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12% | Mar 2024 17% | Jun 2024 17% | Sep 2024 13% | Dec 2024 6.9% | Mar 2025 9.3% | Jun 2025 11% | Sep 2025 19% | Dec 2025 17% | Mar 2026 26% | Jun 2026 —
- STYLAMIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 79% | Sep 2022 43% | Dec 2022 38% | Mar 2023 26% | Jun 2023 -3.8% | Sep 2023 -4.9% | Dec 2023 -8.1% | Mar 2024 1.3% | Jun 2024 7.5% | Sep 2024 12% | Dec 2024 19% | Mar 2025 10% | Jun 2025 16% | Sep 2025 11% | Dec 2025 6.3% | Mar 2026 6.8% | Jun 2026 15%
- GREENPLY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 74% | Sep 2022 15% | Dec 2022 1.7% | Mar 2023 -4.9% | Jun 2023 -5.3% | Sep 2023 15% | Dec 2023 36% | Mar 2024 41% | Jun 2024 36% | Sep 2024 13% | Dec 2024 5.5% | Mar 2025 8.2% | Jun 2025 2.9% | Sep 2025 7.7% | Dec 2025 9.6% | Mar 2026 20% | Jun 2026 21%
- GREENPANEL: Sep 2021 — | Dec 2021 — | Mar 2022 21% | Jun 2022 51% | Sep 2022 8.3% | Dec 2022 -0.9% | Mar 2023 -6.2% | Jun 2023 -17% | Sep 2023 -13% | Dec 2023 -8.1% | Mar 2024 -10.0% | Jun 2024 -5.4% | Sep 2024 -16% | Dec 2024 -7.0% | Mar 2025 -5.5% | Jun 2025 -10% | Sep 2025 18% | Dec 2025 16% | Mar 2026 6.4% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Stylam Industries Ltd leads opm at 21%; Greenlam Industries Ltd leads margin change at +4 percentage points.

Investor read: Stylam Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Stylam Industries Ltd · 21% | 61.5% versus #2 · Greenlam Industries Ltd | 5/8 recent comparable periods | 5/5 companies · 97 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Stylam Industries Ltd (STYLAMIND): 21%
2. Greenlam Industries Ltd (GREENLAM): 13%
3. Century Plyboards (India) Ltd (CENTURYPLY): 12%
4. Greenpanel Industries Ltd (GREENPANEL): 10%
5. Greenply Industries Ltd (GREENPLY): 10%

### Margin change — fastest expanders
1. Greenlam Industries Ltd (GREENLAM): +4.0 pp
2. Stylam Industries Ltd (STYLAMIND): +2.0 pp
3. Century Plyboards (India) Ltd (CENTURYPLY): +1.0 pp
4. Greenply Industries Ltd (GREENPLY): +1.0 pp
5. Greenpanel Industries Ltd (GREENPANEL): −2.7 pp

### 20-quarter OPM history
- CENTURYPLY: Sep 2021 20% | Dec 2021 18% | Mar 2022 18% | Jun 2022 16% | Sep 2022 14% | Dec 2022 15% | Mar 2023 17% | Jun 2023 15% | Sep 2023 14% | Dec 2023 11% | Mar 2024 13% | Jun 2024 11% | Sep 2024 9.0% | Dec 2024 11% | Mar 2025 11% | Jun 2025 11% | Sep 2025 13% | Dec 2025 13% | Mar 2026 12% | Jun 2026 —
- GREENLAM: Sep 2021 10% | Dec 2021 12% | Mar 2022 11% | Jun 2022 11% | Sep 2022 10% | Dec 2022 11% | Mar 2023 14% | Jun 2023 12% | Sep 2023 13% | Dec 2023 13% | Mar 2024 13% | Jun 2024 11% | Sep 2024 12% | Dec 2024 11% | Mar 2025 9.0% | Jun 2025 7.0% | Sep 2025 13% | Dec 2025 10% | Mar 2026 13% | Jun 2026 —
- STYLAMIND: Sep 2021 14% | Dec 2021 19% | Mar 2022 11% | Jun 2022 15% | Sep 2022 16% | Dec 2022 17% | Mar 2023 17% | Jun 2023 19% | Sep 2023 20% | Dec 2023 22% | Mar 2024 20% | Jun 2024 17% | Sep 2024 21% | Dec 2024 18% | Mar 2025 16% | Jun 2025 19% | Sep 2025 19% | Dec 2025 21% | Mar 2026 20% | Jun 2026 21%
- GREENPLY: Sep 2021 11% | Dec 2021 10% | Mar 2022 9.9% | Jun 2022 8.7% | Sep 2022 9.6% | Dec 2022 7.0% | Mar 2023 7.0% | Jun 2023 6.0% | Sep 2023 8.0% | Dec 2023 9.0% | Mar 2024 10% | Jun 2024 9.0% | Sep 2024 8.0% | Dec 2024 8.0% | Mar 2025 7.0% | Jun 2025 9.0% | Sep 2025 7.0% | Dec 2025 8.0% | Mar 2026 11% | Jun 2026 10%
- GREENPANEL: Sep 2021 27% | Dec 2021 26% | Mar 2022 29% | Jun 2022 28% | Sep 2022 26% | Dec 2022 22% | Mar 2023 17% | Jun 2023 17% | Sep 2023 17% | Dec 2023 16% | Mar 2024 13% | Jun 2024 10% | Sep 2024 9.0% | Dec 2024 5.0% | Mar 2025 13% | Jun 2025 -5.0% | Sep 2025 6.0% | Dec 2025 10% | Mar 2026 10% | Jun 2026 —

### 20-quarter Margin change history
- CENTURYPLY: Sep 2021 +3.1 pp | Dec 2021 +0.6 pp | Mar 2022 +1.0 pp | Jun 2022 +3.0 pp | Sep 2022 −6.1 pp | Dec 2022 −2.6 pp | Mar 2023 −0.8 pp | Jun 2023 −1.1 pp | Sep 2023 +0.5 pp | Dec 2023 −4.0 pp | Mar 2024 −4.0 pp | Jun 2024 −4.0 pp | Sep 2024 −5.0 pp | Dec 2024 0.0 pp | Mar 2025 −2.0 pp | Jun 2025 0.0 pp | Sep 2025 +4.0 pp | Dec 2025 +2.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- GREENLAM: Sep 2021 −3.9 pp | Dec 2021 −5.5 pp | Mar 2022 −5.4 pp | Jun 2022 −0.7 pp | Sep 2022 +0.3 pp | Dec 2022 −1.0 pp | Mar 2023 +3.3 pp | Jun 2023 +1.3 pp | Sep 2023 +2.6 pp | Dec 2023 +2.1 pp | Mar 2024 −1.0 pp | Jun 2024 −1.0 pp | Sep 2024 −1.0 pp | Dec 2024 −2.0 pp | Mar 2025 −4.0 pp | Jun 2025 −4.0 pp | Sep 2025 +1.0 pp | Dec 2025 −1.0 pp | Mar 2026 +4.0 pp | Jun 2026 —
- STYLAMIND: Sep 2021 −7.1 pp | Dec 2021 −1.8 pp | Mar 2022 −9.2 pp | Jun 2022 −5.0 pp | Sep 2022 +1.8 pp | Dec 2022 −1.7 pp | Mar 2023 +5.9 pp | Jun 2023 +4.0 pp | Sep 2023 +3.9 pp | Dec 2023 +5.0 pp | Mar 2024 +3.0 pp | Jun 2024 −2.0 pp | Sep 2024 +1.0 pp | Dec 2024 −4.0 pp | Mar 2025 −4.0 pp | Jun 2025 +2.0 pp | Sep 2025 −2.0 pp | Dec 2025 +3.0 pp | Mar 2026 +4.0 pp | Jun 2026 +2.0 pp
- GREENPLY: Sep 2021 +0.9 pp | Dec 2021 −2.1 pp | Mar 2022 −1.5 pp | Jun 2022 +3.7 pp | Sep 2022 −1.9 pp | Dec 2022 −3.2 pp | Mar 2023 −2.9 pp | Jun 2023 −2.7 pp | Sep 2023 −1.6 pp | Dec 2023 +2.0 pp | Mar 2024 +3.0 pp | Jun 2024 +3.0 pp | Sep 2024 0.0 pp | Dec 2024 −1.0 pp | Mar 2025 −3.0 pp | Jun 2025 0.0 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 +4.0 pp | Jun 2026 +1.0 pp
- GREENPANEL: Sep 2021 +6.4 pp | Dec 2021 +4.4 pp | Mar 2022 +4.0 pp | Jun 2022 +6.0 pp | Sep 2022 −1.0 pp | Dec 2022 −4.0 pp | Mar 2023 −12.0 pp | Jun 2023 −11.0 pp | Sep 2023 −9.0 pp | Dec 2023 −6.0 pp | Mar 2024 −4.0 pp | Jun 2024 −7.0 pp | Sep 2024 −8.0 pp | Dec 2024 −11.0 pp | Mar 2025 0.0 pp | Jun 2025 −15.0 pp | Sep 2025 −3.0 pp | Dec 2025 +5.0 pp | Mar 2026 −2.7 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Century Plyboards (India) Ltd leads with ₹268 crore of TTM profit, 58.6% above Stylam Industries Ltd. Century Plyboards (India) Ltd shows 44.1% growth from a ₹268 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Century Plyboards (India) Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Century Plyboards (India) Ltd · ₹268 crore | 58.6% versus #2 · Stylam Industries Ltd | 4/8 recent comparable periods | 5/5 companies · 92 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Century Plyboards (India) Ltd (CENTURYPLY): ₹268 Cr
2. Stylam Industries Ltd (STYLAMIND): ₹169 Cr
3. Greenply Industries Ltd (GREENPLY): ₹99 Cr
4. Greenlam Industries Ltd (GREENLAM): ₹56 Cr
5. Greenpanel Industries Ltd (GREENPANEL): ₹-2 Cr

### Profit growth — fastest growers
1. Century Plyboards (India) Ltd (CENTURYPLY): 44%
2. Stylam Industries Ltd (STYLAMIND): 39%
3. Greenply Industries Ltd (GREENPLY): 14%
4. Greenlam Industries Ltd (GREENLAM): -18%
5. Greenpanel Industries Ltd (GREENPANEL): -80%

### 20-quarter Net profit history
- CENTURYPLY: Sep 2021 ₹99 Cr | Dec 2021 ₹94 Cr | Mar 2022 ₹89 Cr | Jun 2022 ₹92 Cr | Sep 2022 ₹94 Cr | Dec 2022 ₹82 Cr | Mar 2023 ₹115 Cr | Jun 2023 ₹87 Cr | Sep 2023 ₹97 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹65 Cr | Mar 2026 ₹79 Cr | Jun 2026 —
- GREENLAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹29 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹-16 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹41 Cr | Jun 2026 —
- STYLAMIND: Sep 2021 ₹15 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹38 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹38 Cr | Jun 2026 ₹48 Cr
- GREENPLY: Sep 2021 ₹32 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹31 Cr | Jun 2026 ₹38 Cr
- GREENPANEL: Sep 2021 ₹67 Cr | Dec 2021 ₹63 Cr | Mar 2022 ₹81 Cr | Jun 2022 ₹78 Cr | Sep 2022 ₹72 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹69 Cr | Jun 2023 ₹37 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹35 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹-35 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹1 Cr | Jun 2026 —

### 20-quarter Profit growth history
- CENTURYPLY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 197% | Sep 2022 -5.1% | Dec 2022 -13% | Mar 2023 29% | Jun 2023 -5.4% | Sep 2023 3.2% | Dec 2023 -23% | Mar 2024 -32% | Jun 2024 -61% | Sep 2024 -59% | Dec 2024 -6.4% | Mar 2025 -32% | Jun 2025 56% | Sep 2025 78% | Dec 2025 10% | Mar 2026 49% | Jun 2026 —
- GREENLAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -13% | Mar 2024 -11% | Jun 2024 -39% | Sep 2024 -13% | Dec 2024 -48% | Mar 2025 -98% | Jun 2025 -180% | Sep 2025 -5.9% | Dec 2025 -108% | Mar 2026 4,000% | Jun 2026 —
- STYLAMIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50% | Sep 2022 60% | Dec 2022 50% | Mar 2023 59% | Jun 2023 33% | Sep 2023 33% | Dec 2023 29% | Mar 2024 41% | Jun 2024 0.0% | Sep 2024 6.3% | Dec 2024 -3.2% | Mar 2025 -21% | Jun 2025 0.0% | Sep 2025 8.8% | Dec 2025 53% | Mar 2026 27% | Jun 2026 71%
- GREENPLY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 425% | Sep 2022 -25% | Dec 2022 20% | Mar 2023 -62% | Jun 2023 -95% | Sep 2023 -42% | Dec 2023 -25% | Mar 2024 155% | Jun 2024 3,200% | Sep 2024 29% | Dec 2024 -11% | Mar 2025 -39% | Jun 2025 -15% | Sep 2025 -11% | Dec 2025 -42% | Mar 2026 82% | Jun 2026 36%
- GREENPANEL: Sep 2021 — | Dec 2021 — | Mar 2022 45% | Jun 2022 160% | Sep 2022 7.5% | Dec 2022 -40% | Mar 2023 -15% | Jun 2023 -53% | Sep 2023 -43% | Dec 2023 -7.9% | Mar 2024 -57% | Jun 2024 -57% | Sep 2024 -56% | Dec 2024 -77% | Mar 2025 -3.3% | Jun 2025 -319% | Sep 2025 -133% | Dec 2025 25% | Mar 2026 -97% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/5 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Stylam Industries Ltd has the clearest covered balance-sheet capacity with ₹40 crore net cash and gross debt of ₹29 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Stylam Industries Ltd · ₹29 crore | 92.2% versus #2 · Greenpanel Industries Ltd | 8/8 recent comparable periods | 5/5 companies · 81 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Stylam Industries Ltd (STYLAMIND): ₹29 Cr
2. Greenpanel Industries Ltd (GREENPANEL): ₹370 Cr
3. Greenply Industries Ltd (GREENPLY): ₹515 Cr
4. Greenlam Industries Ltd (GREENLAM): ₹1.2K Cr
5. Century Plyboards (India) Ltd (CENTURYPLY): ₹1.8K Cr

### Net debt — lowest net debt
1. Stylam Industries Ltd (STYLAMIND): ₹-40 Cr
2. Greenpanel Industries Ltd (GREENPANEL): ₹173 Cr
3. Greenply Industries Ltd (GREENPLY): ₹487 Cr
4. Century Plyboards (India) Ltd (CENTURYPLY): ₹1.7K Cr

### 20-quarter Gross debt history
- CENTURYPLY: Sep 2021 ₹192 Cr | Dec 2021 ₹192 Cr | Mar 2022 ₹236 Cr | Jun 2022 ₹236 Cr | Sep 2022 ₹251 Cr | Dec 2022 ₹251 Cr | Mar 2023 ₹327 Cr | Jun 2023 ₹327 Cr | Sep 2023 ₹483 Cr | Dec 2023 ₹483 Cr | Mar 2024 ₹771 Cr | Jun 2024 ₹771 Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- GREENLAM: Sep 2021 — | Dec 2021 — | Mar 2022 ₹398 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹628 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.1K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.2K Cr | Jun 2025 — | Sep 2025 ₹1.2K Cr | Dec 2025 — | Mar 2026 ₹1.2K Cr | Jun 2026 —
- STYLAMIND: Sep 2021 ₹68 Cr | Dec 2021 ₹68 Cr | Mar 2022 ₹79 Cr | Jun 2022 ₹79 Cr | Sep 2022 ₹88 Cr | Dec 2022 ₹88 Cr | Mar 2023 ₹47 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹29 Cr | Jun 2026 —
- GREENPLY: Sep 2021 ₹202 Cr | Dec 2021 ₹202 Cr | Mar 2022 ₹309 Cr | Jun 2022 ₹309 Cr | Sep 2022 ₹528 Cr | Dec 2022 ₹528 Cr | Mar 2023 ₹695 Cr | Jun 2023 ₹696 Cr | Sep 2023 ₹757 Cr | Dec 2023 ₹757 Cr | Mar 2024 ₹549 Cr | Jun 2024 ₹549 Cr | Sep 2024 ₹453 Cr | Dec 2024 ₹453 Cr | Mar 2025 ₹515 Cr | Jun 2025 ₹515 Cr | Sep 2025 ₹542 Cr | Dec 2025 ₹542 Cr | Mar 2026 ₹515 Cr | Jun 2026 —
- GREENPANEL: Sep 2021 ₹416 Cr | Dec 2021 ₹416 Cr | Mar 2022 ₹316 Cr | Jun 2022 ₹316 Cr | Sep 2022 ₹227 Cr | Dec 2022 ₹227 Cr | Mar 2023 ₹228 Cr | Jun 2023 ₹228 Cr | Sep 2023 ₹182 Cr | Dec 2023 ₹182 Cr | Mar 2024 ₹296 Cr | Jun 2024 ₹296 Cr | Sep 2024 ₹322 Cr | Dec 2024 ₹322 Cr | Mar 2025 ₹413 Cr | Jun 2025 ₹413 Cr | Sep 2025 ₹415 Cr | Dec 2025 ₹415 Cr | Mar 2026 ₹370 Cr | Jun 2026 —

### 20-quarter Net debt history
- CENTURYPLY: Sep 2021 ₹22 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹-21 Cr | Jun 2022 ₹-25 Cr | Sep 2022 ₹-29 Cr | Dec 2022 ₹-29 Cr | Mar 2023 ₹67 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹438 Cr | Dec 2023 ₹438 Cr | Mar 2024 ₹707 Cr | Jun 2024 ₹704 Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- STYLAMIND: Sep 2021 ₹57 Cr | Dec 2021 ₹57 Cr | Mar 2022 ₹77 Cr | Jun 2022 ₹70 Cr | Sep 2022 ₹85 Cr | Dec 2022 ₹85 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹-67 Cr | Dec 2023 ₹-67 Cr | Mar 2024 — | Jun 2024 ₹-71 Cr | Sep 2024 ₹-67 Cr | Dec 2024 ₹-67 Cr | Mar 2025 ₹-14 Cr | Jun 2025 ₹-15 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 ₹-40 Cr | Jun 2026 —
- GREENPLY: Sep 2021 ₹72 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹236 Cr | Jun 2022 ₹236 Cr | Sep 2022 ₹506 Cr | Dec 2022 ₹506 Cr | Mar 2023 ₹670 Cr | Jun 2023 ₹665 Cr | Sep 2023 ₹738 Cr | Dec 2023 ₹738 Cr | Mar 2024 ₹535 Cr | Jun 2024 ₹527 Cr | Sep 2024 ₹373 Cr | Dec 2024 ₹373 Cr | Mar 2025 ₹499 Cr | Jun 2025 ₹490 Cr | Sep 2025 ₹536 Cr | Dec 2025 ₹536 Cr | Mar 2026 ₹487 Cr | Jun 2026 —
- GREENPANEL: Sep 2021 ₹263 Cr | Dec 2021 ₹263 Cr | Mar 2022 ₹94 Cr | Jun 2022 ₹93 Cr | Sep 2022 ₹-34 Cr | Dec 2022 ₹-34 Cr | Mar 2023 ₹-149 Cr | Jun 2023 ₹-149 Cr | Sep 2023 ₹-128 Cr | Dec 2023 ₹-128 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹121 Cr | Dec 2024 ₹121 Cr | Mar 2025 ₹188 Cr | Jun 2025 ₹188 Cr | Sep 2025 ₹191 Cr | Dec 2025 ₹191 Cr | Mar 2026 ₹173 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Stylam Industries Ltd leads ROCE at 27%, 12.7 percentage points above Greenply Industries Ltd. Century Plyboards (India) Ltd has the strongest latest improvement at +2.9 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Stylam Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Stylam Industries Ltd · 27% | 88.8% versus #2 · Greenply Industries Ltd | 0/8 recent comparable periods | 5/5 companies · 63 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Stylam Industries Ltd (STYLAMIND): 27%
2. Greenply Industries Ltd (GREENPLY): 14%
3. Greenpanel Industries Ltd (GREENPANEL): 13%
4. Century Plyboards (India) Ltd (CENTURYPLY): 11%
5. Greenlam Industries Ltd (GREENLAM): 8.1%

### ROCE change — fastest improvers
1. Century Plyboards (India) Ltd (CENTURYPLY): +2.9 pp
2. Greenlam Industries Ltd (GREENLAM): +1.0 pp
3. Greenply Industries Ltd (GREENPLY): +0.9 pp
4. Stylam Industries Ltd (STYLAMIND): −0.1 pp
5. Greenpanel Industries Ltd (GREENPANEL): −2.1 pp

### 20-quarter ROCE history
- CENTURYPLY: Sep 2021 28% | Dec 2021 — | Mar 2022 29% | Jun 2022 — | Sep 2022 30% | Dec 2022 — | Mar 2023 26% | Jun 2023 — | Sep 2023 23% | Dec 2023 26% | Mar 2024 18% | Jun 2024 19% | Sep 2024 14% | Dec 2024 15% | Mar 2025 12% | Jun 2025 14% | Sep 2025 13% | Dec 2025 15% | Mar 2026 15% | Jun 2026 —
- STYLAMIND: Sep 2021 28% | Dec 2021 — | Mar 2022 26% | Jun 2022 — | Sep 2022 28% | Dec 2022 — | Mar 2023 32% | Jun 2023 — | Sep 2023 31% | Dec 2023 37% | Mar 2024 30% | Jun 2024 35% | Sep 2024 27% | Dec 2024 31% | Mar 2025 24% | Jun 2025 29% | Sep 2025 24% | Dec 2025 28% | Mar 2026 24% | Jun 2026 —
- GREENPLY: Sep 2021 24% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 6.3% | Dec 2023 11% | Mar 2024 13% | Jun 2024 15% | Sep 2024 11% | Dec 2024 15% | Mar 2025 15% | Jun 2025 15% | Sep 2025 15% | Dec 2025 13% | Mar 2026 16% | Jun 2026 —
- GREENPANEL: Sep 2021 25% | Dec 2021 28% | Mar 2022 29% | Jun 2022 35% | Sep 2022 31% | Dec 2022 34% | Mar 2023 24% | Jun 2023 22% | Sep 2023 16% | Dec 2023 15% | Mar 2024 10% | Jun 2024 10% | Sep 2024 6.0% | Dec 2024 5.1% | Mar 2025 2.9% | Jun 2025 0.8% | Sep 2025 -0.9% | Dec 2025 0.9% | Mar 2026 0.8% | Jun 2026 —

### 20-quarter ROCE change history
- CENTURYPLY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 — | Mar 2023 −2.8 pp | Jun 2023 — | Sep 2023 −6.1 pp | Dec 2023 — | Mar 2024 −8.2 pp | Jun 2024 — | Sep 2024 −9.8 pp | Dec 2024 −10.9 pp | Mar 2025 −6.1 pp | Jun 2025 −5.5 pp | Sep 2025 −0.4 pp | Dec 2025 0.0 pp | Mar 2026 +2.9 pp | Jun 2026 —
- STYLAMIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 — | Mar 2023 +5.8 pp | Jun 2023 — | Sep 2023 +3.1 pp | Dec 2023 — | Mar 2024 −1.7 pp | Jun 2024 — | Sep 2024 −4.0 pp | Dec 2024 −6.1 pp | Mar 2025 −5.5 pp | Jun 2025 −5.4 pp | Sep 2025 −3.3 pp | Dec 2025 −3.1 pp | Mar 2026 −0.1 pp | Jun 2026 —
- GREENPLY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.5 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −9.2 pp | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +4.6 pp | Dec 2024 +3.1 pp | Mar 2025 +2.5 pp | Jun 2025 −0.6 pp | Sep 2025 +3.8 pp | Dec 2025 −1.1 pp | Mar 2026 +0.9 pp | Jun 2026 —
- GREENPANEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.3 pp | Dec 2022 +5.2 pp | Mar 2023 −5.3 pp | Jun 2023 −13.0 pp | Sep 2023 −15.1 pp | Dec 2023 −18.4 pp | Mar 2024 −13.7 pp | Jun 2024 −12.1 pp | Sep 2024 −9.7 pp | Dec 2024 −10.1 pp | Mar 2025 −7.4 pp | Jun 2025 −9.5 pp | Sep 2025 −6.9 pp | Dec 2025 −4.2 pp | Mar 2026 −2.1 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Century Plyboards (India) Ltd has the lowest comparable Guarded PEG at 1.31×, 19.6% below Stylam Industries Ltd. Only 3 of 5 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Century Plyboards (India) Ltd · 1.31× | 19.6% versus #2 · Stylam Industries Ltd | 0/8 recent comparable periods | 3/5 companies · 32 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Century Plyboards (India) Ltd (CENTURYPLY): 1.3
2. Stylam Industries Ltd (STYLAMIND): 1.6
3. Greenply Industries Ltd (GREENPLY): 4.5

### P/E — lowest P/E
1. Greenpanel Industries Ltd (GREENPANEL): 16.7
2. Greenply Industries Ltd (GREENPLY): 33.3
3. Stylam Industries Ltd (STYLAMIND): 34.1
4. Century Plyboards (India) Ltd (CENTURYPLY): 65.6
5. Greenlam Industries Ltd (GREENLAM): 113.0

### 20-quarter Guarded PEG history
- CENTURYPLY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.6 | Dec 2022 1.0 | Mar 2023 1.4 | Jun 2023 1.7 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.8 | Sep 2025 — | Dec 2025 — | Mar 2026 1.3 | Jun 2026 —
- STYLAMIND: Sep 2021 — | Dec 2021 1.1 | Mar 2022 — | Jun 2022 2.2 | Sep 2022 3.8 | Dec 2022 0.5 | Mar 2023 — | Jun 2023 0.9 | Sep 2023 0.6 | Dec 2023 0.9 | Mar 2024 0.6 | Jun 2024 — | Sep 2024 1.0 | Dec 2024 1.5 | Mar 2025 1.9 | Jun 2025 — | Sep 2025 — | Dec 2025 0.6 | Mar 2026 0.9 | Jun 2026 1.6
- GREENPLY: Sep 2021 1.7 | Dec 2021 0.5 | Mar 2022 0.4 | Jun 2022 0.4 | Sep 2022 — | Dec 2022 1.2 | Mar 2023 2.7 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.2 | Dec 2024 0.8 | Mar 2025 — | Jun 2025 2.0 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 4.5
- GREENPANEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.3 | Mar 2023 0.6 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- CENTURYPLY: Sep 2021 42.2 | Dec 2021 47.0 | Mar 2022 47.8 | Jun 2022 36.0 | Sep 2022 37.8 | Dec 2022 31.0 | Mar 2023 29.0 | Jun 2023 38.4 | Sep 2023 38.0 | Dec 2023 45.1 | Mar 2024 39.3 | Jun 2024 52.0 | Sep 2024 69.5 | Dec 2024 74.9 | Mar 2025 72.0 | Jun 2025 90.2 | Sep 2025 87.6 | Dec 2025 79.3 | Mar 2026 64.0 | Jun 2026 —
- GREENLAM: Sep 2021 31.2 | Dec 2021 38.2 | Mar 2022 40.2 | Jun 2022 42.8 | Sep 2022 35.1 | Dec 2022 37.0 | Mar 2023 34.4 | Jun 2023 44.1 | Sep 2023 38.5 | Dec 2023 46.1 | Mar 2024 44.7 | Jun 2024 55.9 | Sep 2024 52.6 | Dec 2024 58.8 | Mar 2025 55.4 | Jun 2025 87.9 | Sep 2025 163.1 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- STYLAMIND: Sep 2021 30.5 | Dec 2021 27.6 | Mar 2022 22.4 | Jun 2022 22.2 | Sep 2022 26.8 | Dec 2022 24.6 | Mar 2023 19.1 | Jun 2023 28.0 | Sep 2023 28.4 | Dec 2023 26.4 | Mar 2024 22.5 | Jun 2024 25.2 | Sep 2024 26.4 | Dec 2024 30.2 | Mar 2025 21.4 | Jun 2025 23.0 | Sep 2025 22.9 | Dec 2025 29.9 | Mar 2026 26.0 | Jun 2026 37.5
- GREENPLY: Sep 2021 29.2 | Dec 2021 28.2 | Mar 2022 24.4 | Jun 2022 22.2 | Sep 2022 19.8 | Dec 2022 17.2 | Mar 2023 17.0 | Jun 2023 24.9 | Sep 2023 27.6 | Dec 2023 42.9 | Mar 2024 45.4 | Jun 2024 52.3 | Sep 2024 45.6 | Dec 2024 38.7 | Mar 2025 34.1 | Jun 2025 42.6 | Sep 2025 45.7 | Dec 2025 40.5 | Mar 2026 31.9 | Jun 2026 37.9
- GREENPANEL: Sep 2021 28.7 | Dec 2021 28.0 | Mar 2022 30.6 | Jun 2022 21.9 | Sep 2022 18.1 | Dec 2022 14.3 | Mar 2023 12.6 | Jun 2023 16.1 | Sep 2023 22.0 | Dec 2023 28.4 | Mar 2024 21.2 | Jun 2024 28.0 | Sep 2024 32.9 | Dec 2024 29.4 | Mar 2025 19.5 | Jun 2025 22.9 | Sep 2025 23.7 | Dec 2025 20.2 | Mar 2026 14.6 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Greenpanel Industries Ltd leads both ev/ebitda at 8.4× and p/bv at 1.81×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Greenpanel Industries Ltd · 8.4× | 49.1% versus #2 · Greenply Industries Ltd | 0/8 recent comparable periods | 5/5 companies · 97 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Greenpanel Industries Ltd (GREENPANEL): 8.4
2. Greenply Industries Ltd (GREENPLY): 16.5
3. Greenlam Industries Ltd (GREENLAM): 22.0
4. Stylam Industries Ltd (STYLAMIND): 24.5
5. Century Plyboards (India) Ltd (CENTURYPLY): 27.8

### P/BV — lowest P/BV
1. Greenpanel Industries Ltd (GREENPANEL): 1.8
2. Greenply Industries Ltd (GREENPLY): 4.2
3. Greenlam Industries Ltd (GREENLAM): 5.5
4. Century Plyboards (India) Ltd (CENTURYPLY): 6.8
5. Stylam Industries Ltd (STYLAMIND): 7.2

### 20-quarter EV/EBITDA history
- CENTURYPLY: Sep 2021 24.8 | Dec 2021 27.7 | Mar 2022 28.4 | Jun 2022 20.5 | Sep 2022 22.1 | Dec 2022 18.6 | Mar 2023 17.4 | Jun 2023 24.2 | Sep 2023 23.9 | Dec 2023 28.5 | Mar 2024 24.5 | Jun 2024 30.1 | Sep 2024 37.4 | Dec 2024 36.7 | Mar 2025 33.6 | Jun 2025 36.2 | Sep 2025 38.0 | Dec 2025 34.7 | Mar 2026 27.8 | Jun 2026 —
- GREENLAM: Sep 2021 17.3 | Dec 2021 20.8 | Mar 2022 21.3 | Jun 2022 21.8 | Sep 2022 19.6 | Dec 2022 20.5 | Mar 2023 18.8 | Jun 2023 24.4 | Sep 2023 22.1 | Dec 2023 26.7 | Mar 2024 24.4 | Jun 2024 26.5 | Sep 2024 24.4 | Dec 2024 25.8 | Mar 2025 23.0 | Jun 2025 25.2 | Sep 2025 27.2 | Dec 2025 26.2 | Mar 2026 22.0 | Jun 2026 —
- STYLAMIND: Sep 2021 17.6 | Dec 2021 15.7 | Mar 2022 12.9 | Jun 2022 12.5 | Sep 2022 15.7 | Dec 2022 15.0 | Mar 2023 12.0 | Jun 2023 17.6 | Sep 2023 18.0 | Dec 2023 16.5 | Mar 2024 14.1 | Jun 2024 17.2 | Sep 2024 17.4 | Dec 2024 19.6 | Mar 2025 13.8 | Jun 2025 14.1 | Sep 2025 13.7 | Dec 2025 18.2 | Mar 2026 17.1 | Jun 2026 24.5
- GREENPLY: Sep 2021 16.4 | Dec 2021 16.3 | Mar 2022 14.4 | Jun 2022 13.4 | Sep 2022 14.4 | Dec 2022 12.3 | Mar 2023 11.4 | Jun 2023 15.1 | Sep 2023 18.0 | Dec 2023 24.3 | Mar 2024 20.4 | Jun 2024 23.1 | Sep 2024 22.6 | Dec 2024 18.5 | Mar 2025 17.3 | Jun 2025 20.2 | Sep 2025 19.0 | Dec 2025 17.2 | Mar 2026 13.0 | Jun 2026 16.5
- GREENPANEL: Sep 2021 15.0 | Dec 2021 15.3 | Mar 2022 17.4 | Jun 2022 12.8 | Sep 2022 10.2 | Dec 2022 7.9 | Mar 2023 7.0 | Jun 2023 9.0 | Sep 2023 12.2 | Dec 2023 16.0 | Mar 2024 12.7 | Jun 2024 15.5 | Sep 2024 18.1 | Dec 2024 16.2 | Mar 2025 10.9 | Jun 2025 12.8 | Sep 2025 13.2 | Dec 2025 11.3 | Mar 2026 8.4 | Jun 2026 —

### 20-quarter P/BV history
- CENTURYPLY: Sep 2021 7.8 | Dec 2021 9.7 | Mar 2022 10.8 | Jun 2022 8.9 | Sep 2022 8.2 | Dec 2022 6.7 | Mar 2023 6.7 | Jun 2023 9.4 | Sep 2023 7.5 | Dec 2023 8.3 | Mar 2024 6.9 | Jun 2024 8.9 | Sep 2024 8.8 | Dec 2024 7.4 | Mar 2025 7.0 | Jun 2025 7.8 | Sep 2025 7.5 | Dec 2025 7.5 | Mar 2026 6.3 | Jun 2026 —
- GREENLAM: Sep 2021 5.9 | Dec 2021 7.2 | Mar 2022 7.2 | Jun 2022 6.9 | Sep 2022 3.9 | Dec 2022 4.6 | Mar 2023 5.5 | Jun 2023 8.3 | Sep 2023 5.5 | Dec 2023 6.6 | Mar 2024 6.3 | Jun 2024 8.1 | Sep 2024 6.1 | Dec 2024 6.4 | Mar 2025 5.4 | Jun 2025 5.6 | Sep 2025 5.4 | Dec 2025 5.5 | Mar 2026 4.5 | Jun 2026 —
- STYLAMIND: Sep 2021 7.5 | Dec 2021 6.3 | Mar 2022 5.3 | Jun 2022 5.2 | Sep 2022 5.1 | Dec 2022 5.3 | Mar 2023 5.2 | Jun 2023 8.5 | Sep 2023 7.1 | Dec 2023 6.2 | Mar 2024 5.6 | Jun 2024 7.9 | Sep 2024 6.4 | Dec 2024 6.7 | Mar 2025 4.7 | Jun 2025 5.2 | Sep 2025 4.2 | Dec 2025 5.2 | Mar 2026 5.1 | Jun 2026 7.0
- GREENPLY: Sep 2021 5.1 | Dec 2021 5.3 | Mar 2022 4.9 | Jun 2022 4.8 | Sep 2022 3.8 | Dec 2022 3.1 | Mar 2023 3.2 | Jun 2023 4.1 | Sep 2023 3.1 | Dec 2023 4.5 | Mar 2024 4.3 | Jun 2024 6.1 | Sep 2024 6.6 | Dec 2024 5.2 | Mar 2025 4.7 | Jun 2025 5.5 | Sep 2025 4.7 | Dec 2025 3.9 | Mar 2026 2.8 | Jun 2026 4.2
- GREENPANEL: Sep 2021 5.3 | Dec 2021 6.2 | Mar 2022 8.0 | Jun 2022 7.2 | Sep 2022 4.7 | Dec 2022 3.8 | Mar 2023 3.5 | Jun 2023 3.4 | Sep 2023 3.9 | Dec 2023 4.1 | Mar 2024 3.0 | Jun 2024 3.0 | Sep 2024 3.6 | Dec 2024 3.2 | Mar 2025 2.1 | Jun 2025 2.5 | Sep 2025 2.6 | Dec 2025 2.2 | Mar 2026 1.6 | Jun 2026 —

## Market action

Stylam Industries Ltd has the strongest one-year price move in Plywood Boards/Laminates at +99.1%. It also leads on Mansfield relative strength against NIFTY at +51.4%. 4 of 5 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Stylam Industries Ltd (STYLAMIND): 99%
2. Century Plyboards (India) Ltd (CENTURYPLY): 10%
3. Greenlam Industries Ltd (GREENLAM): 2.3%
4. Greenply Industries Ltd (GREENPLY): -9.6%
5. Greenpanel Industries Ltd (GREENPANEL): -33%

### Strongest relative strength versus NIFTY 500
1. Stylam Industries Ltd (STYLAMIND): 51%
2. Greenply Industries Ltd (GREENPLY): 12%
3. Greenlam Industries Ltd (GREENLAM): 6.7%
4. Century Plyboards (India) Ltd (CENTURYPLY): 4.3%
5. Greenpanel Industries Ltd (GREENPANEL): -16%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Century Plyboards (India) Ltd (CENTURYPLY) — market value ₹17.6K Cr; latest fundamentals Mar 2026
- Greenlam Industries Ltd (GREENLAM) — market value ₹6.5K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Stylam Industries Ltd (STYLAMIND) — market value ₹5.8K Cr; latest fundamentals Jun 2026
- Greenply Industries Ltd (GREENPLY) — market value ₹3.7K Cr; latest fundamentals Jun 2026
- Greenpanel Industries Ltd (GREENPANEL) — market value ₹2.4K Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 4. Unverified: 0. Withheld: 1. Graded companies: 5.

1 of 5 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Greenlam Industries Ltd (GREENLAM) — its two data sources disagree by up to 58% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | GREENLAM | Greenlam Industries Ltd | diff_gt_2pct | disagreement up to 58% over 14 comparable periods

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Plywood Boards/Laminates index?

The Nifty Plywood Boards/Laminates index tracks India's listed Plywood Boards/Laminates companies as a single basket. This page follows the same 5 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Plywood Boards/Laminates sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Plywood Boards/Laminates stocks in India?

Ranked by this page's four-factor score, Stylam Industries Ltd places first among 5 listed Plywood Boards/Laminates companies, followed by Century Plyboards (India) Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Plywood Boards/Laminates stocks are listed in India?

This comparison covers 5 listed Plywood Boards/Laminates companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Plywood Boards/Laminates company is the biggest?

Century Plyboards (India) Ltd is the largest, with trailing-twelve-month revenue of ₹5,397 crore, ahead of Greenlam Industries Ltd at ₹3,046 crore. That covers 5 of 5 companies with comparable reporting through Mar 2026.

### Which Plywood Boards/Laminates company is growing fastest?

Century Plyboards (India) Ltd has the fastest revenue growth at 19.2% year on year, across 5 of 5 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Plywood Boards/Laminates company has the best profit margins?

Stylam Industries Ltd has the highest operating margin at 21%, from 5 of 5 comparable companies. Greenlam Industries Ltd shows the biggest recent improvement, at +4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Plywood Boards/Laminates company makes the most profit?

Century Plyboards (India) Ltd earns the most, at ₹268 crore of trailing-twelve-month net profit, from 5 of 5 comparable companies. Century Plyboards (India) Ltd has the fastest profit growth at 44.1%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Plywood Boards/Laminates company earns the highest return on capital?

Stylam Industries Ltd leads on return on capital employed at 27%, across 5 of 5 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Plywood Boards/Laminates stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Century Plyboards (India) Ltd screens cheapest at 1.31×. Only 3 of 5 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Plywood Boards/Laminates company has the strongest balance sheet?

Stylam Industries Ltd carries the lowest comparable gross debt at ₹29 crore, from 5 of 5 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Plywood Boards/Laminates sector beating the market?

Plywood Boards/Laminates has outperformed NIFTY 500 by 4.6% over the last 52 weeks and 15.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 5 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Plywood Boards/Laminates stock has the strongest price momentum?

Stylam Industries Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Plywood Boards/Laminates company scores highest for research priority?

Stylam Industries Ltd scores 69.4 out of 100 with 97% evidence confidence, from 20.4 points on growth and earnings, 20.8 on capital efficiency, 8.2 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Plywood Boards/Laminates companies does this comparison cover, and over what period?

It compares 5 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Plywood Boards/Laminates sector?

The 5 Plywood Boards/Laminates companies on this page carry ₹36,030 crore of combined market value. Century Plyboards (India) Ltd is the largest at ₹17,601 crore, about 49% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Plywood Boards/Laminates sector's P/E ratio?

The median price-to-earnings ratio across the 5 Plywood Boards/Laminates companies on this page is 34.1×, measured on the 5 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Plywood Boards/Laminates sector performing?

4 of the 5 covered Plywood Boards/Laminates companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 4.6% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/plywood-boards-laminates