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US tariff impact on laminate exports
View Risks →Greenlam Industries Limited — Q2 FY26
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.
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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.
ग्रीनलैम इंडस्ट्रीज ने दूसरी तिमाही में मजबूत प्रदर्शन किया। कुल कमाई ₹808 करोड़ रही, जो पिछले साल से 18.7% ज्यादा है। इसकी वजह लैमिनेट की बढ़ी बिक्री और नए कारोबार का विस्तार है। कंपनी का मुनाफा (EBITDA) ₹107 करोड़ रहा, जो 32% बढ़ा। हालांकि, शुद्ध मुनाफा (PAT) 7.6% घटकर ₹31.8 करोड़ रहा, क्योंकि मशीनरी की घिसावट और विदेशी मुद्रा में नुकसान बढ़ा। लैमिनेट सेगमेंट ने रिकॉर्ड 59 लाख शीट बनाईं, जबकि प्लाईवुड और चिपबोर्ड का घाटा कम हुआ। कंपनी को इस साल 18-20% कमाई बढ़ने और लैमिनेट मुनाफा 16% रहने की उम्मीद है। नए विस्तार से अगले साल ₹375-400 करोड़ की अतिरिक्त कमाई होगी। खतरा: अमेरिकी टैरिफ से निर्यात पर असर पड़ सकता है, जिसका 60% बोझ कंपनी उठाएगी।
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Laminate production volume
5.9M sheets
+7.4% YoY
Highest ever quarterly production; utilization at 96%.
Laminate EBITDA margin (before forex)
18.7%
+400bps YoY
Significant margin expansion driven by volume and product mix.
Chipboard utilization
36%
+80% QoQ volume growth
Utilization still low; breakeven expected at 45-50% utilization.
Working capital days
47 days
-12 days YoY
Improved working capital management despite new business ramp-up.
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Guidance and risk preview
Management expects to maintain 18-20% revenue growth at the consolidated level for the full year.
US tariffs have reduced cost competitiveness; company absorbing 60% of tariff increase, which could pressure margins if not resolved.
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