Greenlam Q1 FY27: Revenue up 18% to ₹797 Cr, Chipboard turns EBITDA positive
Greenlam Industries reported Q1 FY27 consolidated revenue of ₹797 crores, an 18% YoY increase, with EBITDA at ₹81 crores. The chipboard business turned EBITDA positive for the first time. Laminate revenue grew 7% to ₹596 crores, while Plywood and Allied revenue rose 20% to ₹106 crores. Capex for FY27 is budgeted at ₹130-135 crores.
The results show positive growth and profitability improvements, particularly the turnaround in the chipboard segment. However, the continued impact of external factors like geopolitical conflicts and volatile input prices temper the overall impact to medium.
The company reported strong year-on-year revenue growth and a significant improvement in profitability, with the chipboard segment turning EBITDA positive. Despite external challenges, the overall financial performance and outlook appear positive.
Greenlam Industries Limited reported a strong start to FY27 with consolidated revenue for Q1 increasing by 18% year-on-year to ₹797 crores, alongside an EBITDA of ₹81 crores before forex. The company maintained a gross margin of 53%. A significant development was the chipboard business turning EBITDA positive for the first time, reporting an operating profit of ₹3.4 crores.
The company faced challenges due to West Asia conflicts, leading to volatile input prices, currency rates, and freight costs. This resulted in a postponement of approximately ₹27 crores in export shipments, which are expected to be realized in the current quarter. To manage price increases, Greenlam implemented price hikes in April and May, followed by reductions in June and July, passing on a net 7% to 8% increase primarily for chemicals.
In the laminate segment, revenue grew by 7% to ₹596 crores, with sales volume at 4.62 million sheets and 80% capacity utilization. The Plywood and Allied segment saw revenue growth of 20% to ₹106 crores, with EBITDA losses narrowing to ₹5 crores. The Panel and Allied segment, primarily chipboard, was a standout performer, with revenue growing nearly 200% to ₹95 crores and turning profitable with ₹3.4 crores EBITDA.
Looking ahead to FY27, Greenlam plans to focus on optimizing existing assets, with a budgeted capex of around ₹130-135 crores, including ₹70 crores for laminate expansion. The company expects the plywood segment to break even this year and aims for 70% capacity utilization in the chipboard business.
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