Greenlam Industries (GREENLAM) Q4 25/26 earnings summary

Executive summary

• Achieved record consolidated annual revenue of INR 3,046.1 crore in FY26, up 18.6% year-over-year, crossing the INR 3,000 crore mark for the first time.

• Growth was broad-based across all business segments, with new businesses like plywood and chipboard contributing.

• First full year of operating all five factories, focusing on execution and leveraging past capacity additions.

• Consolidated brand strategy to two brands, Greenlam and Mikasa, for better market positioning and cost leverage.

• Annual audited standalone and consolidated financial results for FY26 were approved, with unmodified audit opinions.

Financial highlights

• Q4 consolidated net revenue grew 25.8% year-over-year to INR 857.7 crore, the highest ever quarterly revenue.

• Q4 gross margin rose 80 bps to 51.5% year-over-year, but declined 410 bps sequentially due to input cost rise.

• Q4 EBITDA margin before ForEx at 12.5%, up 250 bps year-over-year; EBITDA up 57% to INR 107.4 crore.

• FY26 consolidated net profit was INR 56.02 crore, down from INR 68.35 crore in FY25, due to new business losses, higher interest, and depreciation.

• Net debt as of March 31, 2026, at INR 940 crore, with working capital cycle improved to 51 days in Q4.

Outlook and guidance

• Targeting 18%-20% top-line growth in FY27, with laminate segment expected to grow 10%-12%.

• No major new capacity additions planned for FY27; focus on optimizing existing investments.

• Brownfield expansion of laminate manufacturing at Naidupeta Plant is on schedule, with commercial production expected by Q4 FY27.

• Plywood and chipboard segments expected to reach EBITDA breakeven in FY27.

• Price hikes implemented from April 2026 to offset raw material cost increases.