Greenlam Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Greenlam Industries Ltd filed with BSE on 09 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Greenlam Industries reported FY26 consolidated net revenue crossing Rs 3,046 crore, up 18.6% year-on-year, with growth driven by the laminates, plywood and newly launched chipboard businesses. Q4 net revenue grew 26% year-on-year to Rs 858 crore, the company's highest ever quarterly revenue, while full-year net profit declined 18% due to chipboard operating losses and higher interest and depreciation costs. Management said raw material costs rose sharply from around March due to the West Asia conflict, most of which was passed on to customers, and gave FY27 growth guidance of around 18% at the topline.
Numbers mentioned
Net revenue: INR858 crores (Q4 FY26)
p. 5
“our net revenue grew by 26% on a year-on-year basis to INR858 crores as compared to INR682 crores in quarter 4 last year”
Ashok Sharma, page 5 of the filed PDF · View the filing
Net revenue: INR3,046 crores (FY26)
p. 6
“Our net revenue on a consol basis grew by 18.6% and stood at INR3,046 crores as compared to INR2,569 crores in last year”
Ashok Sharma, page 6 of the filed PDF · View the filing
Gross margin: 51.5% (Q4 FY26)
p. 5
“Gross margin grew by 80 basis points to 51.5% in this quarter from 50.7% in Q4 last year”
Ashok Sharma, page 5 of the filed PDF · View the filing
EBITDA margin before forex fluctuation: 12.5% (Q4 FY26)
p. 6
“EBITDA margin before forex fluctuation grew by 250 basis points at 12.5% in this quarter as compared to 10% in Q4 last year”
Ashok Sharma, page 6 of the filed PDF · View the filing
Net profit: INR40 crores (Q4 FY26)
p. 6
“Net profit during the quarter stood at INR40 crores”
Ashok Sharma, page 6 of the filed PDF · View the filing
EBITDA margin before forex fluctuation: 11% (FY26)
p. 6
“EBITDA margin before forex fluctuation grew by 30 basis points and stood at 11% from 10.7% last year”
Ashok Sharma, page 6 of the filed PDF · View the filing
Net profit: INR56 crores (FY26)
p. 6
“Our net profit was down by 18% to INR56 crores in this year as against INR68 crores in the last year”
Ashok Sharma, page 6 of the filed PDF · View the filing
Laminate and Allied revenue: INR658 crores (Q4 FY26)
p. 6
“Laminate and Allied revenue for the quarter 4 grew by 14% on a year-on-year basis to INR658 crores from INR575 crores in the Q4 last year”
Ashok Sharma, page 6 of the filed PDF · View the filing
Laminate revenue: INR2,433 crores (FY26)
p. 6
“For the year as a whole, laminate revenue grew by 9.3% and stood at INR2,433 crores”
Ashok Sharma, page 6 of the filed PDF · View the filing
Plywood and Allied revenue: INR400 crores (FY26)
p. 6
“For the full financial year, revenue grew by 18.4% on a year-on-year basis and stood at INR400 crores in this year from INR338 crores in the last year”
Ashok Sharma, page 6 of the filed PDF · View the filing
Chipboard revenue: INR213 crores (FY26)
p. 7
“Moving on to annual performance. Chipboard revenue for the year stood at INR213 crores”
Ashok Sharma, page 7 of the filed PDF · View the filing
Working capital cycle: 57 days (FY26)
p. 7
“For the full year, working capital cycle stood at a similar level of 57 days despite new business of chipboard, which got added, which was at the full year in this year”
Ashok Sharma, page 7 of the filed PDF · View the filing
Net debt: INR940 crores (as on 31st March 2026)
p. 7
“Net debt as on 31st March stood at -- as on 31st March 2026 was INR940 crores”
Ashok Sharma, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Overall top line growth — 18% · FY27
stated conditionally by Saurabh Mittal
p. 4
“But so far, we've said we'll do like 18%, 20% kind of a top line growth in FY27.”
Saurabh Mittal, page 4 of the filed PDF · View the filing
Laminate segment revenue growth — 10%, 12% · FY27
stated as an aspiration by Saurabh Mittal
p. 7
“So, I think we should expect like a 10%, 12% kind of our top line growth laminates in FY27 in that range.”
Saurabh Mittal, page 7 of the filed PDF · View the filing
Laminate segment capacity additions — 2 new lines at Andhra Pradesh plant · end of FY27
stated firmly by Saurabh Mittal
p. 4
“We're adding 2 new lines of laminates as announced earlier, and they should be coming into production by end of this FY.”
Saurabh Mittal, page 4 of the filed PDF · View the filing
Plywood and chipboard EBITDA breakeven — breakeven · FY27
stated conditionally by Ashok Sharma
p. 12
“So, we expect that breakeven to happen in this financial year and they might contribute in terms of positive margin.”
Ashok Sharma, page 12 of the filed PDF · View the filing
Laminate EBITDA margin — 16%, 17%
stated conditionally by Ashok Sharma
p. 11
“But as of now, we can safely presume it's around 16%, 17% margin for the laminate.”
Ashok Sharma, page 11 of the filed PDF · View the filing
Pre-laminated share of chipboard production — nearly 100%
stated as an aspiration by Saurabh Mittal
p. 10
“we can go up to nearly 100% of production to be laminated. And that's -- so that's our ambition.”
Saurabh Mittal, page 10 of the filed PDF · View the filing
Plywood expansion to pan-India — pan-India presence · FY28
stated as an aspiration by Saurabh Mittal
p. 10
“So, my sense is maybe FY28 will go pan-India for the plywood.”
Saurabh Mittal, page 10 of the filed PDF · View the filing
Debt reduction — around INR50 crores · FY26
stated firmly by Ashok Sharma
p. 7
“We will be able to reduce the debt by close to around INR50 crores in this year.”
Ashok Sharma, page 7 of the filed PDF · View the filing
Capex plans in laminates — no fifth plant · FY27
stated firmly by Saurabh Mittal
p. 5
“we have enough brownfield expansions now in laminates in both Andhra Pradesh and Gujarat plant, and we don't need a fifth plant.”
Saurabh Mittal, page 5 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management expects 10-12% top line growth in laminates for FY27 and believes it may be outpacing the industry but cannot confirm with data.
Answered by Saurabh Mittal
Asked by Deepak Ajmera: What growth is expected in the laminate segment and is the company outpacing the industry?
p. 7
“So, I think we should expect like a 10%, 12% kind of our top line growth laminates in FY27 in that range.”
Saurabh Mittal, page 7 of the filed PDF · View the filing
Management said plywood realization is unlikely to improve significantly given the product mix and market positioning.
Answered by Saurabh Mittal
Asked by Priya Kulkarni: What is the realization trend expected in the plywood business as it matures?
p. 8
“So, realization in the ply business may not go up in any significant manner.”
Saurabh Mittal, page 8 of the filed PDF · View the filing
Management described a dynamic market with organized and unorganized players domestically, and competition from regional and global players like Wilsonart and Formica internationally, with larger companies gaining share.
Answered by Saurabh Mittal
Asked by Simar Singh: What is management's view on competition in laminates domestically and internationally?
p. 8
“in the domestic market, as laminate production or laminate companies, the larger companies are winning more market share versus the unorganized or the midsized companies.”
Saurabh Mittal, page 8 of the filed PDF · View the filing
Management said there was no visible demand destruction, though secondary sales were reported weak and some customers were postponing projects amid uncertainty over raw material costs.
Answered by Saurabh Mittal
Asked by Sneha: What is the demand impact from recent price increases across board products?
p. 9
“we have not seen -- as a company, we've not seen demand destruction or low demand. What we hear from the market that secondary sales are a bit weak, cash flows are a bit tight.”
Saurabh Mittal, page 9 of the filed PDF · View the filing
Management said Q4 utilization was around 45-50% and expects near full utilization by FY28, with no plans currently to enter the Tier 2/mid-price category.
Answered by Saurabh Mittal
Asked by Sneha: What is the plywood utilization guidance and any plans for mid-end category entry?
p. 10
“So right now, as you probably know that we are still not present in pan-India.”
Saurabh Mittal, page 10 of the filed PDF · View the filing
Management said the newly announced 2 million capacity should be sufficient for at least the next financial year given available headroom.
Answered by Ashok Sharma
Asked by Hrishikesh Bhagat: Is a further capacity expansion needed in laminates given high utilization levels?
p. 11
“We believe that should be enough for at least for next year.”
Ashok Sharma, page 11 of the filed PDF · View the filing
Management guided to laminate margins around 16-17% and expects both plywood and chipboard to reach breakeven this financial year.
Answered by Ashok Sharma
Asked by Shruti Mulchandani: Can laminate margins of 17% be sustained, and when will plywood and chipboard reach breakeven?
p. 12
“Yes, ply also. That's what, plywood and chipboard, we expect both of these segments to breakeven in this financial year.”
Ashok Sharma, page 12 of the filed PDF · View the filing
Management said a demand slowdown is logically possible if prices rise but was uncertain of the actual impact, noting supply-side disruption has also occurred.
Answered by Saurabh Mittal
Asked by Jigar Shah: Could continued West Asia conflict-driven RM price pressure slow laminate demand?
p. 13
“Logically, there could be a demand slowdown in the market because if prices go up, demand comes down, that's the logic, but I'm not so sure how it's going to impact us.”
Saurabh Mittal, page 13 of the filed PDF · View the filing
Management said organic growth in international/European markets is not really happening and that its growth comes from winning market share rather than an industry-wide demand surge.
Answered by Saurabh Mittal
Asked by Sanath Sayyaparaju: Was a demand surge for laminates anticipated absent the West Asia war, given capex additions across the industry?
p. 14
“So, our expansion is more in line with our customers and our market opportunity.”
Saurabh Mittal, page 14 of the filed PDF · View the filing
Management said it views the situation as an opportunity to win market share, as it has in past disruptions, and expects growth in both domestic and international markets.
Answered by Saurabh Mittal
Asked by Rahul Singh: How does management view the current geopolitical scenario, as a crisis or opportunity, and what is the outlook on domestic versus international demand?
p. 14
“So clearly, we see this as an opportunity, and we've always done that in the past.”
Saurabh Mittal, page 14 of the filed PDF · View the filing
Risks flagged
Sharp rise in raw material and chemical costs due to the West Asia conflict
p. 4
“Starting March with the war and the conflict this led to a substantial increase in raw material costs, especially the chemical costs.”
Saurabh Mittal, page 4 of the filed PDF · View the filing
Uncertainty on future demand due to geopolitical situation
p. 4
“As far as the demand is concerned, we're not sure how things will pan out in the future.”
Saurabh Mittal, page 4 of the filed PDF · View the filing
Impact on Middle East export business from the conflict
p. 4
“But yes, as far as Middle East market is concerned, there was an impact on the business in March and in April.”
Saurabh Mittal, page 4 of the filed PDF · View the filing
Weak secondary sales and tight cash flows reported in the market
p. 9
“What we hear from the market that secondary sales are a bit weak, cash flows are a bit tight.”
Saurabh Mittal, page 9 of the filed PDF · View the filing
Customers postponing projects amid pricing uncertainty
p. 9
“Some people want to postpone projects.”
Saurabh Mittal, page 9 of the filed PDF · View the filing
Supply disruption from unorganized and midsized competitors
p. 9
“On the supply side, at least in March and April, we believe there was supply disruption from the unorganized or midsized companies in plywood, in particle board and also in laminates.”
Saurabh Mittal, page 9 of the filed PDF · View the filing
Net profit decline due to chipboard losses and higher interest and depreciation
p. 6
“This was due to operational losses in the chipboard and higher interest and depreciation for the chipboard, which is the first full year of operation.”
Ashok Sharma, page 6 of the filed PDF · View the filing
Sequential decline in gross margin due to rising input costs
p. 5
“On a sequential basis, gross margin degrew by 410 basis points majorly due to rise in input costs.”
Ashok Sharma, page 5 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.