Airo Lam Ltd.

AIROLAMNSEConstruction MaterialsLaminates/DecorativesSmall Cap

₹86.64

▼ 1.14%

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Composite

The Company is engaged in manufacturing of Hi Pressure decorative laminates. They serves homes, offices, libraries, schools, colleges, universities, hospitals, laboratories, hotels, restaurants, shopping malls, food courts, store interiors, or airports through a network of dealers. The company also exports its products to various countries including the UAE, Syria, Kuwait, Bangladesh, Dubai, Singapore, Iran, etc. At present they have around 70 distributors and 4 stock points across the country.

www.airolam.comSector: Construction MaterialsIndustry: Laminates/Decoratives

Q-DITS fundamental score

31Composite

Growth

Profitability

Valuation

Quality

Solvency

Earnings

100

Key metrics

MCap

₹130 Cr

TTM PE

23.6x

Industry PE

51.4x

TTM EPS

₹3.67

Book Value

₹52.38

Face Value

₹10

Div Yield

PEG

-2.53x

1.8x

ROE

3.8%

ROCE

7.4%

EBITDA mgn

7.1%

D/E

1.22

Int. Cover

1.6x

Curr. Ratio

1.35x

EPS

₹1.8

Growth — CAGR across horizons

Metric	1Y	3Y	5Y	10Y
Net Sales	13.5%	6.8%	12.8%	—
EBITDA	42.7%	5.3%	10.8%	—
Net Profit	88.2%	-9.3%	0.2%	—

Score snapshot

Piotroski

3/9

Altman Z

1.62

Quality

19.3

Growth

7.6

Valuation

Earn. Qual

100

PEAD

-1

SURGE

-1

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Revenue, profitability & returns

Revenue & Net Profit (₹ Cr)

RevenueNet Profit

Margins (%)

EBITDA%PAT%

Return ratios (%)

ROEROCEROA

Annual financials — last 6 years

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Metric	2020	2021	2022	2023	2024	2025
›RevenueCr	106	133	169	199	206	214
›EBITDACr	10	12	15	17	21	16
›EBITDA margin	7.7%	8.3%	8.2%	7.8%	8.9%	7.1%
›Net profitCr	5	5	6	7	8	3
›PAT margin	3.8%	3.6%	3.5%	3.3%	3.4%	1.2%
›EPS₹	₹3.18	₹3.64	₹4.32	₹4.93	₹5.23	₹1.8
›Revenue growth	0%	25.1%	26.9%	18.1%	3.5%	3.8%
›PAT growth	0%	14.2%	18.9%	14%	6%	-65.5%
›ROE	10.8%	11.6%	12.3%	12.3%	11.7%	3.8%
›ROCE	10.3%	12.1%	12.5%	11.9%	12.2%	7.4%
›ROA	4.4%	4.6%	4.5%	4.6%	4.4%	1.3%
›P/E	5x	7.4x	15.8x	13.3x	29.4x	49.7x
›P/B	0.5x	0.8x	1.8x	1.5x	3.3x	1.8x
›D/E	0.8	0.8	0.9	1	1.1	1.2
›Current ratio	1.7x	1.6x	1.6x	1.5x	1.4x	1.3x
›Interest cover	4.7x	4.3x	4x	3.3x	3.2x	1.6x

Quarterly results

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Metric	2023-12	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›RevenueCr	57	51	52	52	54	56	54	62	70	58
›Rev growth YoY	19.3%	-2.5%	7.5%	3.7%	-5%	10.3%	2.7%	19.4%	29.2%	3.1%
›EBITDACr	5	5	5	-0	3	6	5	6	5	3
›EBITDA margin	8.9%	9.2%	8.6%	-0.6%	6.3%	10.7%	8.9%	9.9%	7.5%	5.7%
›Net profitCr	2	2	2	-3	1	3	1	2	1	0
›PAT growth YoY	11.4%	-32%	-21%	-295.2%	-41.9%	66.5%	-40.8%	173.2%	27.7%	-91%
›EPS₹	₹1.25	₹1.11	₹1.41	₹-2.02	₹0.7	₹1.88	₹0.86	₹1.64	₹0.96	₹0.21

Balance sheet — last 7 years (₹ Cr)

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Metric	2020	2021	2022	2023	2024	2025	2026
›Shareholders' equityCr	44	50	56	64	70	73	79
›ReservesCr	29	35	41	49	55	58	64
›Total borrowingsCr	0	0	0	0	0	0	0
›InvestmentsCr	1	1	1	3	1	2	0
›Total assetsCr	59	70	79	80	87	96	226
›Current assetsCr	81	92	121	123	146	157	169
›Current liabilitiesCr	48	59	77	80	102	116	127
›Trade payablesCr	22	33	39	27	28	35	49
›Gross blockCr	27	56	59	60	73	91	55

Cash flow statement (₹ Cr)

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Metric	2020	2021	2022	2023	2024	2025	2026
›Operating CF (CFO)Cr	4	20	-6	-5	-1	14	19
›Investing CF (CFI)Cr	-14	-14	-4	-3	-13	-18	-3
›Financing CF (CFF)Cr	9	-2	9	8	11	4	-17
›Net cash changeCr	-1	4	-1	-0	-2	-0	-0
›Closing cashCr	1	5	3	3	0	0	0

Cash flow components

CFO · CFI · CFF (₹ Cr)

CFOCFICFF

Q-DITS scorecard

Composite score

Quality (25%)19.3

Growth (25%)7.6

Valuation (20%)37

Piotroski (15%)33

Earnings Quality (10%)100

Momentum (5%)—

Weighted blend, rescaled to the components available for this stock.

Piotroski F-Score

3/9

✓ROA positiveROA 1.32%

✓CFO positiveCFO ₹19.33 Cr

✗ROA improving4.43% → 1.32%

✓CFO > PAT (low accruals)CFO 19.33 vs PAT 2.7

✗Leverage decreasedD/E 1.12 → 1.22

✗Liquidity improvedCR 1.43 → 1.35

✗No share dilutionEPS 5.23 → 1.8

✗Margin improvedEBITDA mgn 8.92% → 7.08%

✗Asset turnover upAsset TO 1.31 → 1.11

Altman Z-Scoregrey

1.62

0.185

0.281

0.051

0.347

0.946

>2.9 safe · 1.23–2.9 grey · <1.23 distress

Quality

19.3/100

ROE

3.8%

ROCE

7.4%

Margin

1.2%

Debt

1.2

Int. cover

1.6x

Growth

7.6/100

Revenue 3Y

6.8%

Profit 3Y

-9.3%

EPS

-65.5%

Valuation

37/100

49.7x

1.8x

EV/EBITDA

13.8x

vs universe median: PE 25.6x · PB 2.81x · EV 13.41x

Earnings quality

100/100

CFO₹19 Cr

PAT₹3 Cr

Accrual ratio-0.073

CFO/PAT7.16x

PEAD · SURGE

-1 / -1

Revenue SUE-0.59

EPS SUE-0.61

Latest quarter2026-03

Rev growth YoY3.1%

Shareholding pattern

Promoter53.4%

FII/FPI0%

DII0%

Public46.6%

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Metric	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›Promoter	53%	53%	53%	53.1%	53.1%	53.1%	53.1%	53.4%	53.4%
›FII / FPI	0%	0%	0%	0%	0%	0%	0%	0%	0%
›DII	0%	0%	0%	0%	0%	0%	0%	0%	0%
›Public / Retail	47%	47%	47%	47%	46.9%	46.9%	46.9%	46.6%	46.6%
›Promoter pledge	18.9%	18.9%	18.9%	18.9%	18.8%	17.6%	17.6%	18.7%	18.7%

Documents & filings

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Peer comparison

Company	MCap (Cr)	Revenue	PAT	PE	PB	ROE%	ROCE%	D/E
Greenlam Industries Ltd.	6,416	3,046	56	114x	5.4x	6.2	8	0.95
Stylam Industries Ltd.	5,632	1,129	150	37.6x	7x	20.4	27.5	0.05
Euro Pratik Sales Ltd.	2,851	335	77	37x	9.2x	39.2	53.4	0.01
Rushil Decor Ltd.	517	862	7	76.8x	0.8x	7.9	10.2	0.44
Interiors & More Ltd.	221	79	12	19.1x	3x	19.6	21.7	0.45
The Western Indian Plywoods Ltd.	139	119	0	307.8x	3.1x	6.3	8.5	0.4
Manilam Industries India Ltd.	125	104	2	62.5x	1.8x	24.8	17.5	1.84