Greenlam Industries LimitedDiversifiedGREENLAM
Q1 FY27 earnings callGreenlam Industries Limited
The quarter was defined by revenue growth across segments and a key turnaround in the chipboard business turning EBITDA positive, though geopolitical disruptions caused export shipment delays and raw material volatility.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Revenue | INR 797 crores | 18% YoY growth | |
| EBITDA (before forex) | INR 81 crores | 48% YoY growth | |
| Gross Margin | 52.9% | Flat YoY | |
| Net Profit | INR 21 crores | vs Net Loss of INR 15.5 cr (YoY) | |
| Chipboard (Panel) EBITDA | INR 3.4 crores | vs Loss of INR 10 cr (YoY) | |
| Plywood Segment EBITDA Loss | INR 5 crores | vs Loss of INR 9 cr (YoY) |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹602.04 Cr+6.9% YoY-11.6% QoQ | ₹12.54 Cr-50.4% YoY-63.6% QoQ | ₹0.98-50.5% YoY-63.7% QoQ |
| Q2 FY25 | ₹680.81 Cr+12.8% YoY+12.6% QoQ | ₹34.44 Cr-12.5% YoY+73.2% QoQ | ₹2.70-17.4% YoY+73.1% QoQ |
| Q1 FY25 | ₹604.71 Cr+17.4% YoY-3.1% QoQ | ₹19.89 Cr-38.3% YoY-51.2% QoQ | ₹1.56-39.8% YoY-51.2% QoQ |
| Q4 FY24 | ₹624.09 Cr+16.9% YoY+10.8% QoQ | ₹40.79 Cr-11.5% YoY+61.5% QoQ | ₹3.20-5.6% YoY+61.6% QoQ |
| Q3 FY24 | ₹563.37 Cr+11.9% YoY-6.7% QoQ | ₹25.26 Cr-10.4% YoY-35.9% QoQ | ₹1.98-13.2% YoY-39.4% QoQ |
TL;DR
- Consolidated revenue grew 18% year-on-year to INR 797 crore.
- EBITDA before forex grew 48% to INR 81 crore.
- Chipboard (Panel) segment turned EBITDA positive at INR 3.4 crore.
- INR 27 crore of export shipments were postponed from the quarter due to Middle East conflicts.
- The company passed on net 7-8% price hikes to customers in response to raw material cost inflation.
- Management expects plywood segment to reach EBITDA breakeven within FY27.
Said on the call
“Our chipboard business turned EBITDA positive for the first time with an operating profit of INR3.4 crores.”
From the Q&A
| Topic | What management said |
|---|---|
| Export & Logistics Disruption | Container and vessel availability remains a challenge, causing INR 25-30 crore of exports to move out of Q1. Management cannot confirm if the issue will persist for the full Q2. |
| Price Actions & Market Impact | Price hikes in April and May were followed by reductions in June and July as raw material costs softened. Management does not believe this will cause channel destocking, as stock is based on continuous requirements. |
| Chipboard Business Outlook | The business turned EBITDA positive. Management aims to increase the share of pre-laminated chipboard and expects to average 70% capacity utilization for FY27. At optimum utilization, margins could reach 18-20% over time. |
| Plywood Break-even | Management expects the plywood segment to achieve EBITDA breakeven in a quarter during FY27, not necessarily for the full year. It is focused on its current premium segment and expects growth from new geographies in West and Central India. |
| Debt Reduction Plan | Despite planned capex of ~INR 135 crore (INR 70 crore for laminate expansion), net debt is expected to reduce by about INR 100 crore in FY27, with a focus on further reduction in subsequent years. |
| Laminate Growth Guidance | Despite a 7% revenue growth in Q1 and domestic volume degrowth of 7.5%, management maintains its full-year laminate revenue growth guidance of 10-12%, citing the postponed export shipments as a timing issue. |
Guidance
- Laminate revenue growth for FY27 is expected to be 10-12%.
- Plywood segment is expected to achieve EBITDA breakeven within FY27.
- Chipboard segment aims for average capacity utilization of around 70% for FY27.
- Plywood capacity utilization is expected to reach around 50% for FY27.
- Capex for FY27 is budgeted around INR 130-135 crore (INR 70 crore for laminate expansion).
- Net debt is expected to reduce by about INR 100 crore in FY27.
Source
Summary written from the transcript filed by Greenlam Industries Limited for the call held on 10 Aug 2026; published 21 Aug 2026, 23:18 IST.