Conference Call with Greenlam Industries Management and Analysts on Q2FY26 Performance and Outlook. Listen to the full earnings transcript.
Furnishing company Greenlam Industries announced Q2FY26 results Net revenues reported at Rs 808.3 crore, growth of 18.7% on YoY basis. Overall laminate business grew by 10.2% in value terms and 7.4% in volume terms on YoY basis. EBITDA before forex fluctuations reported at Rs 106.8 crore, growth of 32.3% on YoY basis. Net Profit reported at Rs 31.8 crore, de-growth of 7.7% on YoY basis, due to forex fluctuation, higher depreciation and interest expenses from new projects. Working capital stood at 47 days improvement of 12 days on YoY basis. Saurabh Mittal, Managing Director & Chief Executive Officer, Greenlam Industries, said: “We are pleased to share that the second quarter of this fiscal year delivered a well-rounded financial performance across all key parameters. This quarter marked our highest overall revenues, crossing Rs 808.3 crore, reflecting a growth of 18.7% on YoY basis and 20.0% on QoQ basis. The performance was broad-based, supported by strong momentum across all business segments, both in domestic and international markets. We achieved our highest laminate production and sales during the quarter, with production volume rising by 5.3% and sales volume increasing by 7.4%. The laminate business grew by 10.2% in value terms, led primarily by robust international demand. Our plywood and allied segment—which includes plywood, decorative veneers, engineered floors and engineered doors—also delivered healthy value growth of 22.2% on YoY basis, with the plywood and doors businesses growing 51.6% and 25.6% respectively. Our recently commissioned chipboard facility continued to gain traction, recording a QoQ revenue increase of 54.2% along with reduction in losses. Operationally, our margins improved on the back of superior product mix, stable raw material costs and disciplined cost management. Gross margins expanded by 300 bps YoY to 54.6%, while EBITDA margins improved by 130 bps YoY to 13.2%. EBITDA before forex fluctuations grew 32.3% YoY to Rs 106.8 crore. Importantly losses in chipboard and plywood narrowed. Net profit for the quarter stood at Rs 31.8 crore, lower by 7.7% YoY, primarily due to forex fluctuation, higher depreciation and interest expenses from new projects that commenced operations last year. Our net working capital improved by 12 days and stood at 47 days in Q2FY26, reflecting our strong commercial discipline and improving revenue churn. Net debt stood at Rs 995.0 crore. At Greenlam, we remain steadfast in our commitment to sustainable growth, efficient resource management and navigating industry headwinds with resilience. We continue to bring innovative, design-forward, high-quality surfacing and substrate solutions to our customers, transforming spaces with cutting-edge technology and trusted craftsmanship.” Result PDF
Furniture company Greenlam Industries announced Q1FY26 results Consolidated net revenues from operations witnessed a growth of 11.4%, at Rs 673.8 crore, as compared to Rs 604.7 crore in Q1FY25. The domestic business witnessed a growth of 22.2% led by all the categories including chipboard. The operating profits, before net forex fluctuations of Rs 10.6 crore, reported at Rs 54.7 crore as compared to Rs 64.0 crore in Q1FY25. Reported a net loss of Rs 15.7 crore for the current quarter. Saurabh Mittal, Managing Director & Chief Executive Officer, Greenlam Industries, said: "The Q1FY26 has started on a strong note, with continued momentum and a decent revenue growth of 11.4% YoY. Traditionally, a leaner period compared to the preceding quarter, Q1FY26 stood out with revenue nearly at par with Q4FY25. Our domestic business grew by 22.2% YoY, driven by healthy performance across all segments including chipboard, which had its first full quarter of operations. While our international business remained flat, we see steady traction ahead. Gross margins improved by 110 basis points and stood at 53.1%, supported by broadly stable raw material costs and a welcome softening in timber prices. Operating profits, before accounting for net forex fluctuations of Rs 10.6 crore, stood at Rs 54.7 crore lower by 14.5% largely due to the initial operating losses in our chipboard business as capacity ramp-up is still underway. Consequently, EBITDA margins came in at 8.1%, lower by 250 bps. We reported a net loss of Rs 15.7 crore for the quarter, attributed primarily to notional loss of Rs 18.8 crore account of EUR denominated loan for chipboard project due to adverse movement of EURINR during the quarter and higher interest costs and depreciation from the chipboard division, which operated fully for the first time this quarter and. However, our net working capital discipline remains intact, with Q1FY26 at 59 days versus 65 days in Q1FY25, reflecting our consistent operational prudence even amidst recent capacity expansions. Net debt stood at Rs 1039.6 crore at quarter end. We have successfully stabilised the chipboard production lines, and the product both plain and prelaminated is receiving positive feedback from the market. Encouragingly, our efforts to explore export opportunities in this segment have also begun to show results. Last quarter, we took a strategic step by transitioning our Decowood Veneers brand to Mikasa Decowood Veneers, unifying our wood panel offerings plywood, veneers, flooring, and doors under the trusted 'Mikasa' brand family. This consolidation strengthens our market position and enables us to offer a holistic, lifestyle-driven product ecosystem to customers globally At Greenlam, our unwavering focus is on delivering excellence through innovation. We remain committed to introducing technologically advanced, industry-first products that empower our customers to create more inspiring and elevated spaces." Result PDF
Furniture-Furnishing company Greenlam Industries announced Q4FY25 & FY25 results Q4FY25 Financial Highlights: Net revenues reported at Rs 681.8 crore, growth of 9.2% on YoY basis Laminate business grew by 7.2% in value and de-growth by 5.7% in volume terms on YoY basis Plywood business grew by 46.9% in value terms on YoY basis EBIDTA reported at Rs 64.0 crore, de-growth of 23.4% on YoY basis Net Profit reported at Rs 1.5 crore, de-growth of 96.3% on YoY basis Working capital stood at 55 days which is lower by 1 day on YoY basis FY25 Financial Highlights: Net revenues reported at Rs 2,569.3 crore, growth of 11.4% on YoY basis Laminate business grew by 9.2% in value and 4.1% in volume terms on YoY basis Plywood business grew by 111.7% in value terms on YoY basis EBIDTA reported at Rs 274.6 crore, de-growth of 6.8% on YoY basis Net Profit reported at Rs 68.3 crore, de-growth of 50.5% on YoY basis Speaking about the results Saurabh Mittal, Managing Director and Chief Executive Officer, Greenlam Industries said," We continue to make steady progress across our core businesses, with overall revenue witnessing a reasonable growth of 9.2% during the quarter. This is despite challenging operating environment. Our laminate segment performed well, led by momentum in international markets, reaffirming our strategic focus on global expansion. The performance of our engineered doors and Plywood businesses also remained encouraging with growth of 46.5% and 46.9% on a year-onyear basis respectively. While decorative veneer and engineered flooring remained subdued with degrowth during the quarter. However, we remain confident in their long-term potential. Gross margin in absolute terms increased by 4.5%; however, gross margin percentage declined by 230 basis points to 50.7%, due to lower production as compared to sales. EBITDA for the quarter stood at 64.0 crore, impacted by lower gross margins, adverse forex fluctuation and higher operating costs as the company continues to invest in expanding its international footprint. The engineered doors segment delivered an operating profit during the quarter, with a positive outlook for sustained growth. The plywood division also reported improved operating performance, both on a year-on-year and sequential basis. Profit After Tax (PAT) for the quarter stood at 1.5 crore, primarily impacted by lower EBITDA, higher interest and depreciation expenses related to the chipboard business. Result PDF