Greenlam Industries (GREENLAM) Q3 25/26 earnings summary

Executive summary

• Q3FY26 consolidated revenue grew 17.3% YoY to INR 706.37 crore, with broad-based performance across domestic and international segments.

• Brand architecture streamlined to focus on Greenlam and Mikasa, including rebranding and consolidation for operational efficiency.

• High Moisture Resistant Chipboard launched, receiving positive market feedback.

• Recognized as India's largest exporter of laminates for the 16th consecutive year at the Plexconcil Export Awards 2025.

• Board approved unaudited standalone and consolidated financial results for Q3 and nine months ended December 31, 2025.

Financial highlights

• Q3FY26 consolidated revenue up 17.3% YoY to INR 706.37 crore; nine-month revenue up to INR 2,188.42 crore.

• Gross margin improved to 55.6% in Q3 (up 60 bps YoY); gross profit at INR 392.5 crore.

• Q3 EBITDA before Forex and exceptionals flat at INR 65.2 crore; margin declined 170 bps YoY to 9.2%.

• Net loss of INR 0.6 crore in Q3FY26 due to higher costs, forex fluctuations, and increased depreciation/interest from new capacity.

• Exceptional items included a provision of INR 6.16 crore in consolidated results due to new labour code provisions.

Outlook and guidance

• FY26 top-line growth guidance of 18-20% maintained, with Q4 expected to be stronger and plywood/chipboard segments targeting break-even next year.

• Brownfield expansion at Naidupeta plant is on track, with two new lines expected in Q4 FY27.

• Strategic brand consolidation expected to enhance customer experience and reinforce market leadership.

• Management continues to monitor regulatory developments related to labour codes for future financial impact.