Greenlam Industries (GREENLAM) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 revenue grew 17.3% YoY to INR 706.3 crore, with nine-month consolidated revenue at INR 2,188.42 crore, reflecting broad-based performance across domestic and international segments.

• Gross margin improved to 55.6% in Q3, driven by pricing discipline and stable raw material costs.

• EBITDA margin declined due to higher operating costs, exceptional wage code losses, and increased depreciation and interest from new plant capitalizations.

• Net loss for Q3 FY26 was INR 0.6 crore, with nine-month consolidated net profit at INR 66.88 crore, impacted by forex fluctuations and higher costs.

• Brand architecture streamlined to focus on Greenlam and Mikasa, consolidating product lines for operational efficiency and marketing.

Financial highlights

• Q3 consolidated revenue: INR 706.37 crore (up 17.3% YoY); nine months: INR 2,188.42 crore (up 15.9% YoY).

• Q3 gross margin: 55.6% (up 60 bps YoY); gross profit at INR 392.5 crore.

• Q3 EBITDA before forex/exceptional: INR 65.2 crore; margin down 170 bps YoY.

• Q3 net loss: INR 0.6 crore; nine-month consolidated net profit: INR 66.88 crore.

• Working capital cycle improved by 9 days to 58 days; net debt at INR 1,010 crore as of December 31.

Outlook and guidance

• FY26 revenue growth guidance of 18-20% maintained, with possible slight downside depending on Q4 performance.

• Brownfield expansion at Naidupeta plant on track, with commercial production expected by Q4 FY27.

• Plywood and chipboard segments expected to reach EBITDA break-even in the next year.

• Q4 expected to be stronger, with anticipated bounce-back in profitability and revenue across divisions.

• Strategic brand consolidation expected to enhance customer experience and reinforce market leadership.