Greenlam Industries Limited (NSE: GREENLAM; BSE: 538979), one of the world’s top three laminate manufacturers, reported a 17.3% year-on-year increase in consolidated net revenue for the third quarter ended December 31, 2025, reaching ₹706.3 crore. Despite the top-line growth, the company slipped into a marginal net loss of ₹0.6 crore for the quarter, compared to a profit of ₹12.5 crore in the same period last year.
Mixed Financial Results
The company’s performance for the first nine months of FY26 showed a similar trend of rising revenue and compressed profits. Net revenues for 9MFY26 stood at ₹2,188.4 crore, a 15.9% increase over the previous year. However, net profit for the nine-month period plummeted 76.8% to ₹15.5 crore, down from ₹66.9 crore in 9MFY25.
Management attributed the quarterly net loss to several factors, including higher operating costs, foreign exchange fluctuations, and increased interest and depreciation expenses related to the chipboard business that commenced operations last year. Additionally, the quarter was impacted by an exceptional item of ₹6.2 crore due to a one-time provision for gratuity and leave payments following changes in the wage code.
Segment Performance and Margins
The core laminate business grew 8.1% in value terms during Q3, while the plywood and allied products segment, which includes engineered floors and doors, recorded a 9.5% YoY growth. The chipboard business, which began commercial production in early 2025, showed sequential growth of 11.4%.
Gross margins for the quarter expanded by 60 basis points to 55.6%, driven by pricing discipline and stable raw material costs. However, EBITDA margins (before forex fluctuations) contracted to 9.2% from 10.9% a year ago, primarily due to the rise in operating expenses.
Strategic Transformation and Brand Realignment
During the quarter, Greenlam underwent a major brand architecture streamlining to focus on its two flagship brands: Greenlam and Mikasa. A significant milestone included rebranding “NewMika” to “Mikasa Laminates,” bringing the company’s entire surfacing and substrate portfolio Plywood, Veneers, Floors, and Doors under a unified “MIKASA” identity. We believe this consolidation will significantly enhance customer experience and strengthen brand recall.
Operational Highlights
• Exports: Greenlam was recognized as India’s Largest Exporter of Laminates at the Plexconcil Export Awards 2025 for the 16th consecutive year.
• Working Capital: Efficiency improved during the quarter, with working capital days reduced by 9 days to 58 days.
• Debt Position: As of December 31, 2025, the company’s net debt stood at ₹1,010.1 crore.
• Innovation: The company launched a new High Moisture Resistant (HMR) category in chipboards, targeting interior furniture for humid environments.
Greenlam operates five manufacturing facilities in India and maintains a global presence in over 120 countries.