Greenlam Industr Q1 FY27 Results (NSE: GREENLAM)
Signal: Margin expansion
The read
The key inflection is consolidated margin recovery to 10.8% from 7.0% in Q1FY26 alongside 18.2% revenue growth, but the trajectory is uneven: standalone revenue grew only 4.8%, standalone EBITDA fell 7.1%, and raw-material intensity rose 170bps YoY, making subsidiary and panel execution the central determinant of whether the group recovery persists.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹796.7 Cr | 18.2% | N/A |
| EBIT | ₹50.41 Cr | 341.8% | N/A |
| Net profit | ₹21.31 Cr | 238.7% | N/A |
| EPS | ₹0.83 | 33.9% | N/A |
| EBIT margin | 10.8% |
P&L walk
Consolidated revenue was ₹796.70 crore, +18.2% YoY, while EBITDA was ₹85.81 crore, +84.4%, and EBITDA margin expanded to 10.8%; the recovery was led by the panel business and subsidiary contribution rather than the parent standalone operation.
Segments
Laminates remained the main earnings engine with ₹596.10 crore revenue and ₹104.44 crore result, while Panel & Allied Products was the fastest-growing unit at ₹94.60 crore revenue, up 205.2% YoY, but remained loss-making at ₹3.06 crore; the consolidated recovery therefore sits largely in subsidiaries and panels, versus standalone PAT declining 8.9%.
Key positives
- Consolidated revenue reached ₹796.70 crore, up 18.2% YoY, while EBITDA rose 84.4% to ₹85.81 crore and EBITDA margin expanded to 10.8%.
- Panel & Allied Products revenue grew 205.2% YoY to ₹94.60 crore, indicating a meaningful new growth vector despite a ₹3.06 crore segment loss.
- Naidupeta expansion adds 2.0 Mn sheets/boards per annum of laminate capacity, with commercial production expected by Q4FY27.
- Finance costs declined 9.2% YoY to ₹10.09 crore on a standalone basis.
Key concerns
- Standalone gross margin fell 173bps YoY to 50.6% as raw-material costs increased to 49.4% of revenue from 47.7%, with the filing not disclosing the cause.
- Standalone EBITDA fell 7.1% YoY to ₹59.53 crore despite 4.8% revenue growth, showing weak parent-level operating conversion.
- Plywood & Allied Products remained loss-making at ₹3.40 crore of segment result on ₹106.00 crore revenue, while Panel & Allied Products also reported a ₹3.06 crore loss.
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