Greenlam Industries Reaffirms 18-20% FY26 Revenue Growth Guidance

Greenlam Industries' leadership has expressed strong confidence in its full-year outlook, reaffirming its FY26 revenue growth guidance of 18-20%. Revenue: ₹808 crore Profit After Tax (PAT): ₹32.33 crore EBITDA Margin: 12.9% (in line with the company's 11-12% blended guidance) 1. Core Business & New Ventures: Growth in Q2 was comprehensive. The core Laminates business delivered exceptional performance in volume, value, and margins. The Plywood and Doors segments also recorded very strong growth. 2. New Capacity & Scalability: The new Particle Board business is scaling rapidly, posting 50% quarter-on-quarter growth in Q2 and reaching 36% utilization. Management targets full utilization by the third year, projecting a peak revenue potential of ₹725-750 crore from this segment. 3. Path to Profitability: The company's new Veneer and Flooring businesses successfully achieved breakeven in Q2. The Doors business is reported to be nearing breakeven, while the Plywood business continues to gain market share (45-50% growth) as it scales towards profitability. 1. Export & Domestic Mix: Exports grew 10-12% in Q2, accounting for 45% of total revenue and over 50% of the laminate business. While this 10-12% export growth momentum is expected to continue, the company's overall revenue mix is projected to shift to 60% Domestic and 40% Export by FY27. This change will be driven by the scaling of the new wood-based businesses (Plywood, Particle Board), which are primarily domestic. 2. Future CapEx: To support sustained growth, Greenlam has announced a significant laminate expansion. The company will add two new laminate lines, increasing capacity by 2 million sheets and boards, which are scheduled to be operational by Q4 FY27. 3. Working Capital: Operational efficiency has reached a new benchmark, with the net working capital cycle reduced to 47 days.