Greenlam Industries LimitedQ1 FY27 Results & Financial Update
Greenlam Industries Limited: Q1 FY27 consolidated results and company financials – revenue ₹796.70 Cr, PAT ₹21.24 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Greenlam Industries Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Greenlam Industries recorded consolidated revenue from operations of Rs. 796.7 crores for the quarter ended June 30, 2026, marking an 18.2% increase compared to Rs. 673.8 crores reported in the corresponding quarter of the previous year.
The top-line expansion was broad-based across domestic and international markets, driven primarily by robust momentum in the panel and allied segment (chipboard) and steady growth in the laminates and allied category.
Profitability staged a sharp recovery, with consolidated profit after tax (PAT) reaching Rs. 21.24 crores (total PAT attributable to owners stood at Rs. 21.31 crores), contrasting with a net loss of Rs. 15.7 crores in Q1 FY26.
EBITDA prior to forex fluctuations advanced 48.2% year-on-year to Rs. 81.1 crores, while EBITDA including forex stood at Rs. 79.8 crores compared to Rs. 44.1 crores in Q1 FY26, benefiting from operating leverage and cost controls.
Geopolitical turbulence in the Middle East during the quarter induced fluctuations in crude prices, crude-linked commodities, and foreign exchange rates, driving up freight costs and creating container and vessel availability constraints that resulted in the postponement of approximately Rs. 27 crores of export shipments.
The panel and allied segment (chipboard) achieved a major operational milestone by turning into operating profit, registering a pre-forex EBITDA of Rs. 3.4 crores on revenues of Rs. 94.6 crores.
Net working capital days improved by 3 days year-on-year to stand at 56 days, while net debt closed the quarter at Rs. 933.7 crores compared to Rs. 941.2 crores at the end of FY26.
01 · Business model
What does Greenlam Industries do?
Greenlam Industries Limited is a prominent manufacturer and global supplier of surface solutions and wood-based products, operating across multiple manufacturing facilities in India including Behror (Rajasthan), Nalagarh (Himachal Pradesh), Prantij (Gujarat), Naidupeta (Andhra Pradesh), and Tindivanam (Tamil Nadu).
The company's core product portfolio spans high-pressure laminates, compact panels, exterior clads, decorative veneers, engineered wooden flooring, engineered doors and frames, plywood, blockboards, and pre-laminated or plain chipboards under flagship brands such as Greenlam, Mikasa, Sturdo, and MFC.
Greenlam serves a vast distribution network of over 40,000 distributors, wholesalers, dealers, and retailers domestically, alongside an extensive international footprint reaching more than 120 countries supported by 22 global offices and 15 operational overseas subsidiaries.
The economic model relies on large-scale automated manufacturing, integrated resin production, sustainable forestry initiatives, and continuous capacity expansion into emerging wood panel categories like chipboards and plywood to capture structural shifts in the Indian building materials market.
02 · Historical context
What shaped the business before this quarter
Established its first laminate manufacturing unit at Behror, Rajasthan, in 1992-93, commencing commercial production and exports.
Demerged into a separate entity and listed on the NSE and BSE in 2014-16, simultaneously initiating commercial production of engineered wooden flooring and doors.
Expanded manufacturing footprint through the acquisition of a laminate plant in Prantij, Gujarat (2021-23), greenfield plywood project in Tindivanam, and integrated laminate and chipboard facilities in Naidupeta.
Commenced commercial operations of the chipboard manufacturing unit at Naidupeta during FY24-25, establishing an annual installed capacity of 292,380 CBM.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹796.70 Cr |
| Total income | ₹802.66 Cr |
| Profit before tax | ₹30.93 Cr |
| Profit after tax | ₹21.24 Cr |
| EPS | ₹0.83 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Net revenue for the Laminates and Allied segment reached Rs. 596.1 crores in Q1 FY27, up 7.4% from Rs. 554.8 crores in Q1 FY26, representing 74.8% of consolidated revenue.
Panel and Allied segment (chipboards) recorded rapid scaling with net revenue surging 205.2% year-on-year to Rs. 94.6 crores, up from Rs. 31.0 crores in Q1 FY26.
Plywood and Allied segment revenue grew by 20.4% year-on-year to reach Rs. 106.0 crores compared to Rs. 88.0 crores in the corresponding quarter of the previous year.
Geopolitical disruptions and container scarcity in the Middle East shipping corridors caused the postponement of approximately Rs. 27 crores of export dispatches into subsequent periods.
What drove margins
Consolidated gross profit stood at Rs. 421.4 crores with a gross margin of 52.9%, representing a slight contraction of 20 basis points compared to 53.1% in Q1 FY26.
EBITDA margin without forex expanded by 210 basis points year-on-year to 10.2%, driven by operating leverage, cost controls, and turn-around of the chipboard business into operating profitability.
Panel and Allied segment EBITDA margin (without forex) improved to 3.6% (Rs. 3.4 crores) from -31.5% in Q1 FY26, while Laminates and Allied maintained a healthy EBITDA margin of 13.9%.
The company recorded a net foreign exchange loss of Rs. 1.3 crores during Q1 FY27, substantially lower than the Rs. 10.6 crores forex loss recorded in Q1 FY26.
05 · Demand, customers & order book
Where demand is coming from
The company maintains active engagement across its network of over 40,000 distributors, wholesalers, dealers, and retailers across India.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Generated net revenue of Rs. 596.1 crores and segment result (PBIT before interest) of Rs. 104.4 crores, supported by an average realization of Rs. 1,240 per sheet.
Delivered net revenue of Rs. 94.6 crores and positive segment result of Rs. 3.06 crores (loss before interest), reflecting steep volume growth with sales of 41,418 CBM at an average realization of Rs. 22,764 per CBM.
Reported net revenue of Rs. 106.0 crores and a segment loss before interest of Rs. 3.40 crores, with plywood sales volume reaching 1.66 million square meters at an average realization of Rs. 276 per square meter.
Geography and market mix
The company experienced broad-based demand momentum across both domestic and international markets, though export dispatches faced temporary log-jams due to vessel and container availability constraints.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Annual installed capacity remained constant at 24.52 million sheets/boards; production was 4.90 million sheets with an annualized capacity utilisation of 80%.
Annual installed capacity stood at 18.90 million square meters; production reached 1.83 million square meters, achieving an annualized capacity utilisation of 39%.
Annual installed capacity stood at 292,380 CBM; production accelerated to 44,838 CBM, resulting in an improved capacity utilisation of 61%.
Projects, capex and execution
Orders for major equipment have been placed for the brownfield expansion of laminate manufacturing capacity by 2.0 million sheets/boards per annum at the Naidupeta plant in Andhra Pradesh by subsidiary Greenlam Limited.
Management confirmed that the Naidupeta brownfield expansion project remains on schedule and is expected to commence commercial production by Q4 of FY27.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Consolidated financial results encompass 15 subsidiaries and step-down subsidiaries globally, including operations in the US, Singapore, UK, Switzerland, Thailand, Poland, Russia, and other key jurisdictions.
09 · Reported developments
What changed operationally
Consolidated revenue expanded by 18.2% year-on-year to Rs. 796.7 crores, backed by strong momentum across domestic and international markets.
The panel and allied segment (chipboard) turned profitable at the pre-forex EBITDA level, recording Rs. 3.4 crores of EBITDA and a 205.2% jump in revenue.
10 · Items worth noticing
The line items that can distort a quick read
Recorded a net foreign exchange loss of Rs. 1.3 crores in EBITDA and a net loss of Rs. 1.26 crores under other expenses after accounting for a Rs. 1.73 crore unrealised gain on revaluation of Euro 1.94 crore ECB borrowings for imported chipboard machinery.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net working capital days improved by 3 days year-on-year to stand at 56 days (Rs. 493.6 crores) in Q1 FY27 compared to 59 days (Rs. 432.4 crores) in Q1 FY26.
Inventory stood at Rs. 807.0 crores (92 days), trade receivables at Rs. 213.4 crores (24 days), and trade payables at Rs. 526.8 crores (60 days) as of June 30, 2026.
Capital allocation & funding
Total debt as of June 30, 2026, stood at Rs. 1,012.2 crores (comprising long-term debt including current maturities of Rs. 847.6 crores and short-term debt of Rs. 164.6 crores, prior to Ind AS adjustments).
Cash and liquid investments stood at Rs. 78.5 crores, resulting in a net debt of Rs. 933.7 crores as of June 30, 2026.
Recorded a loss of Rs. 1.26 crores under other expenses during the quarter after adjusting for an unrealised net foreign exchange gain of Rs. 1.73 crores arising from the revaluation of External Commercial Borrowings (ECB) of Euro 1.94 crores (Rs. 209.48 crores) for imported plant and machinery for the chipboard project, driven by a positive movement in the Euro-INR exchange rate.
12 · Management guidance & targets
What management is targeting from here
Management stated that the brownfield expansion of laminate manufacturing capacity (2.0 Mn sheets/boards per annum) at Naidupeta is on schedule to commence commercial production by Q4 FY27.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Statutory Auditor Review
The statutory auditors of the company, S S Kothari Mehta & Co. LLP, carried out a limited review of the standalone and consolidated financial results for the quarter ended June 30, 2026.
14 · Previous-quarter changes
What changed since the previous quarter
Consolidated revenue moderated by 7.1% sequentially from Rs. 857.7 crores in Q4 FY26 to Rs. 796.7 crores in Q1 FY27, reflecting normal seasonal patterns following the fiscal year-end.
15 · Key Q&A
The quarter, answered directly
What does Greenlam Industries do?
Greenlam Industries Limited is a prominent manufacturer and global supplier of surface solutions and wood-based products, operating across multiple manufacturing facilities in India including Behror (Rajasthan), Nalagarh (Himachal Pradesh), Prantij (Gujarat), Naidupeta (Andhra Pradesh), and Tindivanam (Tamil Nadu).
What is the clearest takeaway from Q1 FY27?
Greenlam Industries recorded consolidated revenue from operations of Rs. 796.7 crores for the quarter ended June 30, 2026, marking an 18.2% increase compared to Rs. 673.8 crores reported in the corresponding quarter of the previous year.
What drove revenue or demand?
Net revenue for the Laminates and Allied segment reached Rs. 596.1 crores in Q1 FY27, up 7.4% from Rs. 554.8 crores in Q1 FY26, representing 74.8% of consolidated revenue.
What mattered most for margins or profitability?
Consolidated gross profit stood at Rs. 421.4 crores with a gross margin of 52.9%, representing a slight contraction of 20 basis points compared to 53.1% in Q1 FY26.
What changed operationally beyond the headline numbers?
Annual installed capacity remained constant at 24.52 million sheets/boards; production was 4.90 million sheets with an annualized capacity utilisation of 80%.
What is management guiding or targeting from here?
Management stated that the brownfield expansion of laminate manufacturing capacity (2.0 Mn sheets/boards per annum) at Naidupeta is on schedule to commence commercial production by Q4 FY27.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Naidupeta Capacity Commissioning: Monitor the execution progress of the 2.0 million sheets/boards brownfield laminate expansion at Naidupeta towards its targeted commercial production commencement in Q4 FY27.
- 02
Chipboard Utilisation Scaling: Track the continued ramp-up in capacity utilization and margin sustainment in the Panel and Allied (chipboard) segment beyond the 61% utilization achieved in Q1 FY27.
- 03
Logistics and Shipping Normalisation: Observe the resolution of Middle East geopolitical freight disruptions and the subsequent realization of postponed export dispatches.
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