Greenlam Industries (GREENLAM) Q4 24/25 earnings summary

Executive summary

• FY2025 revenue grew 11.4% year-over-year to INR 2,569.34 crore, with net profit down 50% to INR 68.35 crore due to higher costs from new capacity and ramp-up expenses.

• Major capacity expansions completed, including three new plants and the commencement of chipboard operations in January 2025.

• Laminates & Allied segment remained the largest contributor, with 9.2% revenue growth year-over-year.

• Board recommended a final dividend of INR 0.40 per share and issued bonus shares in a 1:1 ratio.

• Audited financials received unmodified opinions from statutory auditors.

Financial highlights

• Q4 FY2025 consolidated net revenue rose 9.2% year-over-year and 13.2% sequentially to INR 682 crore.

• FY2025 EBITDA margin was 10.7% (down 210 bps year-over-year); net profit margin declined to 2.7% from 6% in FY2024.

• Net debt as of March 31, 2025, stood at INR 989 crore; net debt/equity at 0.88x.

• Standalone gross margin for FY25 was 53.5%; consolidated gross margin was 52.3%.

• Net cash from operating activities (consolidated) for FY25 was ₹204.90 crore.

Outlook and guidance

• FY2026 expected to focus on execution, revenue growth, and profitability as expansions are complete.

• Laminate margin guidance for FY2026 is 14-15%; chipboard and plywood ramp-up ongoing.

• Particle board plant utilization expected at 35-40% in FY2026, with breakeven targeted for FY2027.

• Debt reduction anticipated from FY2027 as major CapEx winds down.