India · Delayed Price · Currency is INR Greenlam Industries Earnings Call Transcripts
Fiscal Year 2026
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Revenue grew 17.3% YoY in Q3 with improved gross margins, but EBITDA margin declined due to higher costs and exceptional items. Guidance for 18-20% annual growth is maintained, with Q4 expected to be stronger and plywood/chipboard segments targeting break-even next year.
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Q2 FY2026 saw 18.7% revenue growth and record gross margins, with strong performance across all segments. Laminate margins are guided at 16%, and brownfield expansion is underway. Net profit declined due to higher interest, depreciation, and forex losses.
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Major expansions and investments have positioned the company for 18%-20% annual growth, with Q1 showing strong domestic performance but a net loss due to forex impact. Margin improvements and capacity utilization are expected to drive profitability as new plants ramp up.
Fiscal Year 2025
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FY2025 saw 11.4% revenue growth and major capacity expansions, but profitability was impacted by higher costs and slower H2 growth. Focus shifts to execution and ramp-up, with debt reduction expected as CapEx winds down and new segments like particle board and plywood scale up.
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Q3 FY25 saw 6.9% YoY revenue growth but lower margins and net profit due to subdued domestic demand and higher costs. Major CapEx is complete, with focus shifting to execution and debt reduction. FY25 growth is guided at 12–13%, with FY26 expected at 18–20%.
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Q2 revenue grew 12.8% year-over-year, led by record laminate volumes and market share gains. EBITDA margin declined due to new plant costs, but sequential improvement was noted. Particleboard plant commissioning is on track, with 18%-20% revenue growth guidance maintained.
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Revenue grew 17.4% YoY, led by strong export growth and new plant ramp-ups, though net profit declined due to higher costs. Management maintains 18-20% revenue growth guidance, expects margin stability, and sees normalization in domestic demand and continued export gains.