Greenlam Q2 FY27: PAT ₹21 & Rev ₹797 Cr

Investor Takeaways

Revenue grew 18% YoY to ₹797 crores in Q1 FY27, driven by laminate revenue of ₹596 crores (13.9% EBITDA margin) and plywood revenue of ₹106 crores (20% growth).

EBITDA margin improved to 10.2% from previous quarters, with panel/allied segment revenue quadrupling and plywood EBITDA loss narrowing to ₹5 crores.

Working capital cycle shortened to 56 days; net debt stands at ₹934 crores.

Capex of ₹130-135 crores planned for FY27, including ₹70 crores for laminate expansion; EBITDA breakeven targeted by year-end; debt reduction of ₹100 crores expected this fiscal.

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹797 Cr	18%
Net Profit	₹21 Cr	N/A
EBITDA	₹81 Cr	N/A
EBITDA Margin	10.2%	Improved
EPS	[amount not verified]	N/A

What Changed

Greenlam Industries reported Q1 FY27 revenue of ₹797 crores, reflecting an 18% year-on-year increase. This growth was primarily driven by laminate revenue of ₹596 crores, which contributed to a 13.9% EBITDA margin, and plywood revenue of ₹106 crores, showing 20% growth. The panel/allied segment revenue quadrupled during the quarter. EBITDA before forex stood at ₹81 crores with a 10.2% margin, indicating margin improvement. Management highlighted export delays of ₹27 crores due to West Asia conflicts but expects no material impact. Capex of ₹130-135 crores is planned for FY27, including ₹70 crores for laminate expansion. Price hikes of 7-8% were implemented to offset raw material inflation, with recent reductions in June and July. Working capital cycle improved to 56 days, and net debt is ₹934 crores. The company aims to achieve EBITDA breakeven by year-end and reduce debt by ₹100 crores during the fiscal.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Greenlam Industries	55.26	Not available	Not available	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 lower than Titan's 77.59 and Asian Paints' 64.95, suggesting relatively lower valuation compared to these peers. However, peer data for ROE and ROCE for Greenlam is not available in the provided fundamentals.

Risks & Concerns

Export delays of ₹27 crores due to West Asia conflicts were noted, though management expects no material impact.

No specific risks beyond export-related disruptions were identified in the filing.

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

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About Greenlam Industries Limited (GREENLAM)

Consumer Durables · Plywood Boards/Laminates · Listed on NSE

Market Cap: ₹6,341.7 Cr P/E: 68.1 ROE: 7.9% ROCE: 10.1% Div Yield: 0.16%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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