India · Delayed Price · Currency is INR Greenlam Industries Earnings Call Transcripts
Fiscal Year 2026
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Revenue grew 18.6% year-over-year to INR 3,046 crore, with strong performance across all segments and improved margins. FY 2027 targets 18%-20% top-line growth, with focus on optimizing existing capacities and achieving breakeven in plywood and chipboard.
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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 ramp-up expenses. Laminate and plywood segments grew, while new chipboard operations began. FY2026 will focus on execution, with margin and debt improvements expected.
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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 and H1 saw double-digit revenue growth, record laminate volumes, and market share gains, though net profit declined due to higher costs from new plants. Particleboard commercial production is on track for Q3 FY25, with break-even expected at 40%-50% utilization next year. Management maintains 18%-20% growth guidance.
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Revenue grew 17.4% YoY, led by strong export growth and new plant ramp-ups, but net profit declined due to higher costs and depreciation. Management maintains 18-20% revenue growth guidance, with margin pressures from raw material and freight costs, and expects normalization in domestic demand and continued export market share gains.