Greenlam Industries Limited (GREENLAM) Financial Results — Revenue ₹3,046 Cr

Investor Takeaways

Revenue grew 18% YoY to ₹3,046 crores in FY26

Net profit declined 18% YoY to ₹56 crores due to new business losses

EBITDA margin expanded to 11% in FY26

Chipboard utilization reached 39% with capacity expansion to near full by FY28

Debt reduction target of ₹50 crores set for the year

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹3,046 Cr	18%
Net Profit	₹56 Cr	-18%
EBITDA Margin	11%	-
EPS	₹0.98	-
OPM	11%	-

What Changed

Revenue growth accelerated to 18% YoY in FY26, driven by strong laminate segment performance with revenue of ₹2,433 crores at 15.9% EBITDA margin. However, net profit declined 18% YoY to ₹56 crores due to new business losses. EBITDA margin improved to 11% from previous quarters, while chipboard utilization reached 39% with plans to achieve near full capacity by FY28. Management expects 10-12% top-line growth in FY27 despite raw material cost pressures, with a debt reduction target of ₹50 crores this year. The company's debt stands at ₹940 crores, requiring careful capital allocation to sustain growth momentum.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Greenlam Industries	55.26	-	-	5,950.04
Titan Company Limited	77.59	41%	34.34%	3,70,126.93
Asian Paints Limited	64.95	19.82%	25.99%	2,49,928.58
LG Electronics India Limited	N/A	N/A%	N/A%	1,07,232.46

Greenlam's P/E ratio of 55.26 is comparable to Asian Paints (64.95) but lower than Titan (77.59), though its profitability metrics differ significantly from peers.

Risks & Concerns

No specific risks identified in this filing beyond new business losses affecting profitability

Raw material cost pressures may impact margins in FY27

Debt reduction target of ₹50 crores requires careful financial management

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	602.04	12.54	10.55
Q2FY25	680.81	34.44	11.96
Q1FY25	604.71	19.89	10.59
Q4FY24	624.09	40.79	13.38

The quarterly trend shows revenue growth accelerating in Q4FY24 (₹624.09 Cr) and Q2FY25 (₹680.81 Cr), with OPM peaking at 13.38% in Q4FY24 before declining to 11% in FY26. Net profit growth peaked in Q2FY25 (₹34.44 Cr) but declined in subsequent quarters, aligning with the FY26 net profit of ₹56 Cr.

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