Greenlam Industries Limited delivered a landmark financial performance in FY 2025-26, crossing the ₹3,000 Cr consolidated revenue milestone for the first time in its corporate history. The Company reported consolidated net revenues of ₹3,046.1 Cr, representing an 18.6% increase over ₹2,569.3 Cr in FY 2024-25, outpacing both the broader wood panel sector and the Indian economy's growth rate during the year.

Financial Performance Overview

The Company's financial results for FY 2025-26 reflect the transition from a capital-intensive investment phase to a revenue-led execution cycle. The following table summarises key consolidated financial metrics:

Profit After Tax declined 18.04% to ₹56.02 Cr from ₹68.35 Cr in the previous year, primarily on account of higher depreciation and interest costs associated with newly commissioned capacities — particularly the chipboard plant — which are still in the early stages of ramp-up. The Company generated ₹197.5 Cr in cash profit during the year. A ₹36.5 Cr diminution in profits (unrealised and realised) was also recorded, arising from the strengthening of the Euro against the rupee affecting Euro-denominated borrowings marked to market.

Segment-Wise Revenue Performance

Laminates and allied products remained the dominant revenue contributor, while newly commissioned businesses demonstrated meaningful scale-up. The table below presents segment-wise revenue details:

Laminates and allied products contributed 79.88% of total revenues. The chipboard business — launched at the Naidupeta, Andhra Pradesh facility on January 23, 2025 — scaled rapidly, with capacity utilisation reaching approximately 49.0% by the fourth quarter of FY 2025-26. The plywood business generated ₹165.53 Cr in revenue, growing 34.97% year-on-year, though it remained loss-making as it continues to ramp up.

International Business and Export Performance

International revenues grew 13.4% to ₹1,335.5 Cr in FY 2025-26, compared with ₹1,177.8 Cr in the previous year. Exports accounted for 43.8% of total consolidated revenues. Greenlam retained its position as India's largest laminate exporter for the sixteenth consecutive year, serving customers across 120+ countries through 22 international offices and 15 subsidiaries. Laminate exports accounted for 53.7% of laminate revenues. The Company's global laminate business grew 12.0% in FY 2025-26, generating ₹1,306.0 Cr in international laminate revenues.

During the year, the Company operationalised its Germany subsidiary, added warehouse infrastructure in Italy, Indonesia and Malaysia, and established a presence in Romania and Saudi Arabia. Chipboard exports commenced in the second month of operations, reaching 10+ countries by leveraging the existing laminate distribution network.

Capital Expenditure and Expansion Programme

Greenlam completed its approximately ₹1,500 Cr multi-year capital investment programme — the largest in the Company's history — following the commissioning of the 2.92 lakh cubic meters chipboard plant at Naidupeta. Capital expenditure during FY 2025-26 stood at ₹68.9 Cr, compared with ₹262.8 Cr in FY 2024-25 and ₹734.4 Cr in FY 2023-24.

Subsequent to the year end, the Company announced a brownfield expansion at its Naidupeta facility — two additional laminate press lines expected to add 2 mn sheets and boards annually upon commissioning in Q4 of FY 2026-27, capable of generating approximately ₹450 Cr in incremental annual revenue. No new civil construction is required for this expansion, as the infrastructure was already built into the Naidupeta facility.

Balance Sheet and Debt Position

The Company's balance sheet strengthened during the year. Net worth improved from ₹1,125.3 Cr to ₹1,179.1 Cr. Total net debt declined from ₹989.3 Cr to ₹941.2 Cr (without considering an Ind AS adjustment of ₹9.9 Cr), reflecting debt repayment even as the chipboard plant completed its first full year of operations. Net gearing improved from 0.88x in FY 2024-25 to 0.80x in FY 2025-26.

The expansion was funded through a balanced mix of debt (58%) and internal accruals (42%). Debt financing included term loans from Indian banks (48.7%), long-term funding from IFC (21.7%) and an ECA loan (29.6%), resulting in a blended borrowing cost of 6.0% as of March 31, 2026. Euro-denominated borrowings accounted for 29.6% of the debt mix and were secured at a cost of 2.74% across a 12-year tenure. The average cost of debt on the Company's books was 6.9% during FY 2025-26 (6.8% in the previous year). Cash and cash equivalents stood at ₹115.3 Cr as on March 31, 2026. Working capital cycle was maintained at 57 days of revenues equivalent, consistent with FY 2024-25.

Credit Rating and Dividend

The Company maintained its credit rating during FY 2025-26 despite undertaking the largest expansion in its existence. Long-term borrowings were rated AA- (Negative) by both CARE Ratings Limited and ICRA Limited — with the outlook revised from Stable to Negative — while short-term ratings remained at A1+ from both agencies. The Board recommended a final dividend of ₹0.40 per equity share on 25,51,47,702 equity shares of ₹1.00 each for FY 2025-26, entailing a total outflow of ₹10.21 Cr, subject to approval at the 13th Annual General Meeting scheduled for July 29, 2026.

Brand Architecture and Strategic Developments

During FY 2025-26, Greenlam streamlined its brand architecture from five brands to two — Greenlam and Mikasa — creating a leaner and more scalable platform. The Greenlam brand carries laminates, facade solutions, Sturdo range, compact panels and melamine chipboard, while the Mikasa brand unifies plywood, veneer, flooring and doors under a single identity. The Mikasa portfolio represents a potential revenue portfolio approaching ₹1,000 Cr, or roughly one quarter of group revenues.

Greenlam became the first Indian company to receive the INTERZUM Award for High Product Quality 2025 by RED DOT for Greenlam MFC – Aurix Collection. The Andhra Pradesh government approved a special incentive package comprising capital subsidy, employment creation subsidy, electricity duty exemption and power tariff concessions up to ₹352.82 Cr for the Company's wholly owned subsidiary, Greenlam Limited, a portion of which is contingent upon making further investment of approximately ₹250 Cr by March 2029 and meeting stipulated conditions.

As of March 31, 2026, the Company's market capitalisation stood at ₹5,211.7 Cr based on the NSE closing price, and the Company employed approximately 9,000 individuals including contractual personnel across five manufacturing facilities in Behror (Rajasthan), Nalagarh (Himachal Pradesh), Prantij (Gujarat), Tindivanam (Tamil Nadu) and Naidupeta (Andhra Pradesh).

Greenlam Industries has released the transcript of its earnings call held on June 04, 2026, discussing the operational and financial performance for Q4 and FY26 for the year ended March 31, 2026. The company crossed an annual revenue of INR3,046 crores, achieving a growth of 18.6% on a year-on-year basis. This growth was driven by improved performance across all categories, including laminates, plywood, and the newly operational chipboard business. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance

For the quarter ended March 31, 2026, the company reported its highest ever quarterly net revenue of INR858 crores, a 26% increase compared to INR682 crores in Q4 of the previous year. Net profit for the quarter stood at INR40 crores. On a full-year basis, net profit was INR56 crores, a decrease of 18% compared to the previous year, attributed to operational losses in the chipboard segment and higher interest and depreciation costs.

Segmental Highlights

The Laminate and Allied segment reported a revenue of INR2,433 crores for the full year, with an EBITDA margin before forex fluctuation of 15.9%. The Plywood and Allied segment revenue grew by 18.4% to INR400 crores, while the Panel and Allied segment, primarily chipboard, recorded a revenue of INR213 crores in its first full year of operations.

Operational Outlook

Management indicated that the company expects to maintain a top-line growth of around 18% in FY27. The chipboard and plywood segments are expected to reach EBITDA breakeven during the current financial year as capacity utilization improves. The working capital cycle for the full year remained stable at 57 days. The filing was submitted to BSE Limited and National Stock Exchange of India Limited and signed by Prakash Kumar Biswal, Company Secretary and Senior Vice President-Legal.