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Revenue
₹808 Cr
verified against source
Revenue YoY
18.7%
reported change
EBITDA
₹107 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Greenlam Industries reported a strong Q2 FY26 with consolidated revenue of ₹808 crore, up 18.7% YoY, driven by robust laminate performance and scaling of new businesses. EBITDA before forex grew 32% YoY to ₹107 crore, with margins expanding 130 bps to 13.2%, though PAT fell 7.6% to ₹31.8 crore due to higher depreciation and forex losses. The laminate segment achieved record production of 5.9 million sheets at 96% utilization, while plywood and chipboard losses narrowed. Management guided for consolidated revenue growth of 18-20% for FY26 and laminate EBITDA margins around 16% on a yearly basis. A brownfield laminate expansion of 2 million sheets was announced, expected to contribute ₹375-400 crore revenue from Q4 FY27. Key risk: US tariff impact on export competitiveness, with 60% of the cost being absorbed by the company.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to maintain 18-20% revenue growth at the consolidated level for the full year.
- Management reiterated a long-term laminate EBITDA margin guidance of around 16% annually, though Q2 achieved 18.7%.
- Two new laminate lines at Nidopeta, Andhra Pradesh, will add capacity and generate ₹375-400 crore revenue.
- Chipboard business is expected to break even at EBITDA level in FY27 as utilization improves.
Risks flagged
- US tariffs have reduced cost competitiveness; company absorbing 60% of tariff increase, which could pressure margins if not resolved.
- Forex losses and higher depreciation from recent capitalizations are impacting PAT, which declined 7.6% YoY despite revenue growth.
- Chipboard and plywood segments continue to report EBITDA losses, with chipboard utilization only at 36% and breakeven expected only in FY27.
Key quotes
- We've crossed 800 crores of revenue in Q2 FY26 and the business has grown by about 18.7% on a year-on-year basis.
- This year is a year of execution for us because we are freed from all the expansion which we did over the last 3 years and there's complete focus on execution.
- Of the increase about 40% is something we are passing on to the market and we're absorbing about 60% of the cost.
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