Airo Lam Limited laminates drove Rs 174.20 crore H1 revenue

Airo Lam reported Rs 174.20 crore of laminates and allied-products revenue in the half year ended 30 September 2026, compared with Rs 11.93 crore from plywood and allied products, making laminates its principal reported segment by sales and segment result.

How much revenue did Airo Lam’s laminates segment generate?

Airo Lam’s laminates and allied-products segment generated Rs 91.86 crore of revenue in the quarter ended 30 September 2026 and Rs 174.20 crore in the half year ended that date. Plywood and allied products generated Rs 7.14 crore in the September quarter and Rs 11.93 crore for the half year.

Laminates accounted for about 93.2% of the Rs 186.82 crore total segment revenue reported for the six-month period, including unallocated revenue. Its Rs 174.20 crore half-year revenue was more than 14 times the Rs 11.93 crore contributed by plywood, showing the difference in the disclosed scale of the two operating segments.

Laminates revenue increased by Rs 9.52 crore from Rs 82.34 crore in the preceding quarter to Rs 91.86 crore in the quarter ended 30 September 2026. Plywood revenue also rose, by Rs 2.35 crore from Rs 4.79 crore, although its quarterly contribution remained far below laminates.

The segment disclosure also records Rs 0.70 crore of unallocated revenue in the half year ended 30 September 2026. The table separately presents inter-segment revenue, so its total segment-revenue line should be read as the reported segment total rather than as a substitute for a separately calculated consolidated revenue measure.

Which Airo Lam segment contributed more profit?

Airo Lam’s laminates and allied-products segment reported Rs 8.41 crore of segment result for the half year ended 30 September 2026, against Rs 1.16 crore from plywood and allied products. Laminates therefore contributed about 87.9% of the Rs 9.57 crore combined result of the two operating segments before interest and unallocated expenditure.

In the September 2026 quarter, laminates reported a segment result of Rs 5.22 crore, compared with Rs 3.19 crore in the preceding quarter. Plywood’s result rose to Rs 0.60 crore from Rs 0.56 crore across the same periods, meaning both reported operating segments improved sequentially in rupee terms.

A calculation from the disclosed figures puts laminates’ September-quarter segment-result margin at about 5.7%, compared with about 3.9% in the preceding quarter. Plywood’s equivalent calculation was about 8.5% in the September quarter, versus about 11.6% previously, because revenue rose by more than the segment result.

The combined Rs 9.57 crore segment result was reduced by Rs 2.62 crore of interest and Rs 0.77 crore of other unallocated expenditure net of unallocated income in the half-year disclosure. This produced reported profit before tax of about Rs 6.18 crore, illustrating why segment result and consolidated pre-tax profit are different measures.

How are Airo Lam’s assets and liabilities split by segment?

Airo Lam allocated Rs 211.34 crore of segment assets to laminates and allied products at 30 September 2026, compared with Rs 19.50 crore for plywood and allied products. Laminates represented about 91.6% of the Rs 230.83 crore assets allocated to those two disclosed operating segments.

The laminates asset figure of Rs 211.34 crore was lower than Rs 218.40 crore in the comparative segment-table column, a reduction of Rs 7.07 crore. Plywood assets moved in the other direction, rising to Rs 19.50 crore from Rs 18.63 crore, but the decline in the larger laminates base determined the overall movement.

Laminates and allied products carried Rs 150.28 crore of segment liabilities at 30 September 2026. Plywood and allied products carried Rs 15.91 crore, leaving laminates with the larger share of the liabilities assigned to the company’s reported operating segments.

The filing states that segment liabilities include current and non-current liabilities. It presents the information under Indian Accounting Standard 108, or Ind-AS 108, the operating-segment reporting standard, for the consolidated results for the period ended 30 September 2026.

What limits apply when comparing Airo Lam’s segments?

Airo Lam’s segment result is an operating-segment measure and is not the same as profit before tax. For the half year ended 30 September 2026, the Rs 9.57 crore total segment result was followed by Rs 2.62 crore of interest and Rs 0.77 crore of net unallocated expenditure before the reported pre-tax outcome.

The reporting perimeter changed during the half year: Airolam Asia Pacific Company Limited ceased to be a subsidiary with effect from 30 June 2026 and became an associate thereafter. The filing does not quantify the effect of that change on the Rs 174.20 crore laminates revenue, the Rs 11.93 crore plywood revenue or their respective asset balances.

The statutory auditors conducted a limited review of the unaudited consolidated results for the quarter ended 30 September 2026 and issued an unqualified review conclusion, according to the filing dated 7 November 2026. Airo Lam also stated that it had not discontinued any other operations during the period under review.

The company’s cash-flow statement reported net cash generated from operating activities of Rs 8.28 crore for the period ended 30 September 2026, compared with Rs 6.30 crore in the comparative period. That consolidated cash-flow movement is useful context, but the filing does not allocate operating cash flow between laminates and plywood.

Conclusion

Airo Lam’s September 2026 segment disclosure shows that laminates supplied most of the reported operating scale, with Rs 174.20 crore of half-year revenue, Rs 8.41 crore of segment result and Rs 211.34 crore of assets. Plywood was smaller at Rs 11.93 crore of revenue, Rs 1.16 crore of segment result and Rs 19.50 crore of assets, despite sequential improvement in its September-quarter sales and result.

The next results disclosures will show whether laminates sustains the Rs 91.86 crore quarterly revenue recorded in September 2026 and whether plywood’s revenue increase converts into a larger segment result. Readers should also watch for any quantified effect from Airolam Asia Pacific Company Limited becoming an associate from 30 June 2026, which the current filing does not provide.