Greenlam Industries (GREENLAM) Q2 2026 earnings summary

Executive summary

• Q2 FY2026 consolidated revenue reached INR 808.3 crore, up 18.7% year-over-year, with record gross margin of 54.6% and broad-based growth across all segments and geographies.

• Highest ever laminate production and sales volumes, with value growth of 10.2% driven by international demand.

• Recently commissioned chipboard facility saw a 54.2% sequential revenue increase and reduced losses.

• Board approved unaudited financial results for Q2 and H1 FY26, with statutory auditors conducting a limited review.

• Working capital days improved to 47, and net debt reduced by INR 45 crore during the quarter.

Financial highlights

• Consolidated net revenue grew 18.7% year-over-year to INR 808 crore in Q2; sequential growth was 20%.

• Gross margin rose 300 bps year-over-year to 54.6%; gross profit up 25.5% to INR 441 crore.

• EBITDA before forex fluctuation increased 130 bps to 13.2% in Q2; EBITDA before forex up 32% to INR 107 crore.

• Net profit for Q2 was INR 31.8 crore, down from INR 34.4 crore last year; H1 net profit was INR 16 crore, down from INR 54 crore due to higher interest, depreciation, and forex losses.

• Standalone net profit for Q2 FY26 was INR 45.89 crore, up from INR 30.42 crore in Q2 FY25.

Outlook and guidance

• Laminate margin guidance maintained at 16% annually, with potential upside depending on volume.

• Organization-level revenue growth target of 18%-20% for the coming quarters.

• Expansion projects in laminate, plywood, and chipboard completed, supporting sustainable growth.

• Chipboard expected to reach EBITDA break-even in FY2027; plywood segment close to EBITDA break-even.

• Focus remains on capital efficiency and stakeholder value creation.