Promises
1 promise
Promise Tracker
0 delivered, 0 close, 1 missed.
View Promises →Greenlam Industries Limited — Q4 FY26
Greenlam Industries reported FY26 revenue of ₹3,046 crore, up 18.6% YoY, driven by strong performance across all categories.
bullish
medium
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
ग्रीनलैम इंडस्ट्रीज ने वित्त वर्ष 2026 में ₹3,046 करोड़ का राजस्व कमाया, जो पिछले साल से 18.6% ज़्यादा है। सभी उत्पादों की बिक्री अच्छी रही। लैमिनेट कारोबार का मुनाफा (EBITDA मार्जिन) 2.1% बढ़कर 15.9% हो गया। प्लाईवुड और चिपबोर्ड जैसे नए कारोबारों का घाटा कम हुआ। चौथी तिमाही में राजस्व ₹858 करोड़ का रिकॉर्ड रहा, और लैमिनेट मार्जिन 17.2% रहा। कंपनी ने अगले साल 18% राजस्व वृद्धि का अनुमान लगाया है। चिपबोर्ड और प्लाईवुड इस साल घाटे से बाहर आ सकते हैं। साल के अंत तक दो नई लैमिनेट लाइनें जुड़ेंगी। मुख्य जोखिम: कीमतें बढ़ने से मांग कम होना और मिडिल ईस्ट में अनिश्चितता।
Promises0 met · 1 missedRisks4 trackedTranscriptfull text
Research workspace
Focused Modules
Risks
4 risks
Risk Intelligence
Demand slowdown from price hikes
View Risks →
Transcript
Full text
Call Transcript
Full transcript text is available on this route.
Read Transcript →Quarter Snapshot
Laminate EBITDA margin (FY26)
15.9%
+210 bps YoY
Laminate segment margin improved significantly, driven by better product mix and cost pass-through.
Chipboard utilization (Q4)
49%
+10pp QoQ
Chipboard plant utilization improved sequentially, nearing the 50% breakeven threshold.
Laminate sales volume (FY26)
20.65M sheets
+4.6% YoY
Laminate volume growth was modest, with higher realizations driving revenue growth.
Net debt
₹940 crore
-₹50 crore YoY
Debt reduction of ₹50 crore in FY26 despite new business capex.
What Changed vs Last Quarter
NEW
18% topline growth in FY27
Management reiterated 18% revenue growth guidance for FY27, driven by all segments.
NEW
Chipboard and plywood to break even in FY27
Both chipboard and plywood segments are expected to achieve breakeven during FY27 as utilization improves.
NEW
Laminate margin to sustain at 16-17%
Laminate EBITDA margin is expected to remain in the 16-17% range, with potential for slight improvement.
NEW
Two new laminate lines by end of FY27
Two brownfield laminate lines at Andhra Pradesh plant will commence production by end of FY27, adding 2 million sheets capacity.
DROPPED
Full-year revenue growth 18-20%
Management expects FY26 revenue growth to be in the 18-20% range, with Q4 being a strong quarter.
DROPPED
Chipboard capacity utilization target 55-60% in FY27
Targeting 55-60% capacity utilization for chipboard in the next fiscal year.
DROPPED
Plywood/chipboard EBITDA breakeven next year
Expect plywood and chipboard segments to achieve EBITDA breakeven in the next fiscal year.
NEW RISK
Demand slowdown from price hikes
Multiple price increases due to raw material cost inflation may dampen demand, especially in the domestic market.
NEW RISK
Middle East geopolitical impact
The West Asia conflict disrupted exports in March and April, with potential for further impact if the situation worsens.
NEW RISK
Chipboard competition from MDF conversion
An analyst raised the possibility of particle board plants converting to MDF, which could alter competitive dynamics, but management had no clarity.
NEW RISK
Plywood pan-India expansion delay
Plywood remains regional; pan-India launch is only expected in FY28, limiting growth potential in the near term.
RISK GONE
US tariff impact on laminate exports
US tariffs are currently applicable on laminates; management has partially passed on costs but margins remain under pressure.
RISK GONE
Slow ramp-up in plywood and chipboard
Plywood utilization remains at ~35% and chipboard at 41%, well below expectations, leading to continued losses.
RISK GONE
Demand slowdown in domestic market
Management noted slower domestic demand and cash flow challenges among partners, though not quantified.
🤫 Topics management stopped discussing
Mentioned in Q2 FY26, Q3 FY26
US tariffs are currently applicable on laminates; management has partially passed on costs but margins remain under pressure.
Fast read
Guidance and risk preview
Management reiterated 18% revenue growth guidance for FY27, driven by all segments.
Multiple price increases due to raw material cost inflation may dampen demand, especially in the domestic market.
View Risks →