Greenlam Industries reports strong Q2 FY26 revenue and margin growth

Greenlam Industries Limited reported a consolidated net revenue of INR 808 crores for Q2 FY26, an 18.7% increase year-on-year and 20% sequentially. Gross margin reached 54.6%, up 300 basis points from Q2 last year, marking one of the highest gross margins achieved. EBITDA before FOREX fluctuation grew by 32% to INR 107 crores, with EBITDA margin at 13.2%, a 130 basis point improvement year-on-year. Net profit for the quarter stood at INR 31.8 crores.

For the first half of FY26 (H1), consolidated net revenue was INR 1,482 crores, a 15.3% year-on-year increase. Gross margin for H1 improved to 53.9%, while EBITDA before FOREX fluctuation grew 11% to INR 161 crores. The company announced a brownfield expansion of 2 million laminate sheets and boards at its Andhra Pradesh facility, expected to generate INR 375-400 crores in revenue, with commercial production slated for Q4 FY27.

The laminates segment saw revenue grow 10.2% year-on-year to INR 658 crores in Q2, with volumes increasing 7.4%. The plywood business experienced significant growth of 45%-50% in Q2, while the flooring and veneer businesses became EBITDA positive. Working capital days improved to 47 days in Q2, and net debt reduced by INR 45 crores to INR 995 crores as of September 30, 2025.