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Revenue
₹858 Cr
verified against source
Revenue YoY
18.6%
reported change
EBITDA
₹334 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 FY26 revenue of ₹3,046 crore, up 18.6% YoY, driven by strong performance across all categories. Laminate EBITDA margin expanded 210 bps to 15.9%, while new businesses (plywood, chipboard) narrowed losses. Q4 revenue hit a record ₹858 crore, with laminate EBITDA margin at 17.2%. Management guided for 18% topline growth in FY27, with chipboard and plywood expected to break even this year. Two new laminate lines will add capacity by year-end. Key risk: potential demand slowdown from price hikes and geopolitical uncertainty in the Middle East.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated 18% revenue growth guidance for FY27, driven by all segments.
- Both chipboard and plywood segments are expected to achieve breakeven during FY27 as utilization improves.
- Laminate EBITDA margin is expected to remain in the 16-17% range, with potential for slight improvement.
- Two brownfield laminate lines at Andhra Pradesh plant will commence production by end of FY27, adding 2 million sheets capacity.
Risks flagged
- Multiple price increases due to raw material cost inflation may dampen demand, especially in the domestic market.
- The West Asia conflict disrupted exports in March and April, with potential for further impact if the situation worsens.
- An analyst raised the possibility of particle board plants converting to MDF, which could alter competitive dynamics, but management had no clarity.
- Plywood remains regional; pan-India launch is only expected in FY28, limiting growth potential in the near term.
Key quotes
- We crossed the annual revenue of 3,000 crores in FI26 with a growth of about 18% plus on a year-on-year basis.
- We expect chipboard and plywood both to break even in this financial year.
- We see this as an opportunity more than a crisis... we must have won market share on ground domestic and international.
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