Greenlam Industries Limited has filed its Business Responsibility and Sustainability Report (BRSR) for the financial year 2025-26 with BSE Limited and National Stock Exchange of India Limited. The filing, submitted by Prakash Kumar Biswal, Company Secretary and Senior Vice President – Legal, discloses the company's environmental, social, and governance (ESG) performance. The report covers the period from April 01, 2025, to March 31, 2026, and includes data on a consolidated basis at the manufacturing subsidiaries level.

The company reported a turnover of ₹3046.1 crores and a net worth of ₹1179.1 crores for the financial year. Greenlam Industries identified several material responsible business conduct issues, including occupational health and safety, greenhouse gas emissions, and sustainable sourcing. The company has set a goal to achieve Net Zero for Scope 1 and Scope 2 emissions in manufacturing operations by 2030.

Operational and Financial Metrics

The BRSR provides detailed insights into the company's operations and workforce. Greenlam Industries has 5 manufacturing plants and 23 offices nationally, alongside 22 international offices. The company serves 28 states and 8 union territories in India and exports to over 120 countries, with exports contributing 43.8% to the total turnover.

Workforce Statistics

As of March 31, 2026, the company had a total workforce of 8,792, comprising 2,756 employees and 6,036 workers. The permanent employee count stood at 2,740, while permanent workers numbered 740. The Board of Directors consists of 8 members, with female representation at 25%. The report also details that 100% of permanent employees and workers are covered by health and accident insurance.

Environmental Performance

Greenlam Industries disclosed its environmental impact metrics, including total Scope 1 emissions of 87,154.1 metric tonnes of CO2 equivalent and total Scope 2 emissions of 63,640.4 metric tonnes of CO2 equivalent. The company reported air emissions data, noting a reduction in SOx and Particulate Matter due to complete fuel burning and the installation of high-capacity wet scrubbers. The company operates boilers on biofuels at several units and increased its renewable electricity sourcing from 1 MW to 11 MW during the year.

The report confirms that the company is compliant with all applicable environmental laws and regulations in India as of March 31, 2026. It also highlights that 92% of timber procured for Plywood and Chipboard production is sourced through agroforestry.

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).