Aug 011, 2025: Greenlam Industries Limited, among the world’s top 3 laminate manufacturers with its flagship brands Greenlam Laminates, NewMika Laminates, Mikasa Decowood Veneers (formerly Decowood Veneers), Mikasa Floors, Mikasa Doors & Frames, MikasaPly and Greenlam MFC, announced its unaudited consolidated financial results for the first quarter of the financial year 2025-26.
Greenlam Industries Consolidated Results, Q1FY26:
For the first quarter ended on June 30, 2025, consolidated net revenues from operations witnessed a growth of 11.4%, at Rs. 673.8 crores, as compared to Rs. 604.7 crores in the corresponding quarter of the previous financial year. The domestic business witnessed a growth of 22.2% led by all the categories including chipboard. The operating profits, before net forex fluctuations of Rs. 10.6 crores, reported at Rs. 54.7 crores as compared to Rs. 64.0 crores in the corresponding quarter last year. The company reported a net loss of Rs. 15.7 crores for the current quarter on account of higher interest and depreciation for chipboard business which started operations in last quarter and had first full quarter of operations in the current year and notional loss of Rs. 18.8 crores on account of EUR denominated loan for chipboard project due to adverse movement of EURINR during the quarter.
Speaking about the results Mr. Saurabh Mittal, Managing Director and Chief Executive Officer, Greenlam Industries Ltd. said, “The first quarter of FY 2025-26 has started on a strong note, with continued momentum and a decent revenue growth of 11.4% year-on-year. Traditionally, a leaner period compared to the preceding quarter, Q1FY26 stood out with revenue nearly at par with Q4FY25. Our domestic business grew by 22.2% YoY, driven by healthy performance across all segments including chipboard, which had its first full quarter of operations. While our international business remained flat, we see steady traction ahead.
Gross margins improved by 110 basis points and stood at 53.1%, supported by broadly stable raw material costs and a welcome softening in timber prices. Operating profits, before accounting for net forex fluctuations of Rs. 10.6 crores, stood at Rs. 54.7 crores—lower by 14.5%—largely due to the initial operating losses in our chipboard business as capacity ramp-up is still underway. Consequently, EBITDA margins came in at 8.1%, lower by 250 bps.
We reported a net loss of Rs. 15.7 crores for the quarter, attributed primarily to notional loss of Rs. 18.8 crores account of EUR denominated loan for chipboard project due to adverse movement of EURINR during the quarter and higher interest costs and depreciation from the chipboard division, which operated fully for the first time this quarter and. However, our net working capital discipline remains intact, with Q1FY26 at 59 days versus 65 days in Q1FY25, reflecting our consistent operational prudence even amidst recent capacity expansions. Net debt stood at Rs. 1039.6 crores at quarter end.
We have successfully stabilised the chipboard production lines, and the product—both plain and pre laminated—is receiving positive feedback from the market. Encouragingly, our efforts to explore export opportunities in this segment have also begun to show results.
Last quarter, we took a strategic step by transitioning our Decowood Veneers brand to Mikasa Decowood Veneers, unifying our wood panel offerings—plywood, veneers, flooring, and doors—under the trusted ‘Mikasa’ brand family. This consolidation strengthens our market position and enables us to offer a holistic, lifestyle-driven product ecosystem to customers globally.
At Greenlam, our unwavering focus is on delivering excellence through innovation. We remain committed to introducing technologically advanced, industry-first products that empower our customers to create more inspiring and elevated spaces.“