Greenlam Industries Limited panel revenue doubles, loss narrows

Greenlam Industries Limited reported Rs 106.99 crore of panel and allied products revenue for the quarter ended September 30, 2026, more than double the Rs 47.79 crore reported a year earlier, while its segment loss before tax and interest narrowed to Rs 1.98 crore from Rs 22.48 crore.

How fast did Greenlam’s panel-products revenue grow?

Greenlam’s panel and allied products revenue rose by Rs 59.20 crore year on year to Rs 106.99 crore in the quarter ended September 30, 2026. The segment had reported Rs 47.79 crore in the quarter ended September 30, 2025, and Rs 94.60 crore in the quarter ended June 30, 2026.

For the half-year ended September 30, 2026, panel and allied products revenue was Rs 201.59 crore, compared with Rs 78.78 crore in the corresponding half-year of 2025. The six-month revenue was also close to the segment’s Rs 212.76 crore revenue for the full year ended March 31, 2026.

Panel and allied products contributed Rs 106.99 crore of Greenlam’s consolidated revenue from operations of Rs 875.18 crore in the September 2026 quarter. Laminates and allied products remained the largest segment at Rs 658.01 crore, while plywood and allied products recorded Rs 110.18 crore, leaving panel revenue slightly below plywood revenue.

Did Greenlam’s panel segment become profitable?

Greenlam’s panel and allied products segment was not profitable in the September 2026 quarter because it reported a Rs 1.98 crore loss before tax and interest. That was a Rs 20.50 crore reduction from the Rs 22.48 crore loss in the September 2025 quarter and a Rs 1.08 crore improvement from the Rs 3.06 crore loss in the June 2026 quarter.

For the half-year ended September 30, 2026, the panel segment recorded a Rs 5.04 crore loss before tax and interest, against a Rs 56.65 crore loss a year earlier. The disclosed measure is a segment result before tax and interest, so it is separate from Greenlam’s consolidated profit for the period.

The other reported segments produced different outcomes in the September 2026 quarter. Laminates and allied products generated a Rs 100.05 crore segment result before tax and interest, down from Rs 139.83 crore a year earlier, while plywood and allied products reduced its loss by Rs 4.79 crore from the prior-year quarter. Total segment result declined to Rs 98.02 crore from Rs 112.51 crore.

How did Greenlam’s consolidated results change?

Greenlam’s consolidated revenue from operations increased to Rs 875.18 crore in the quarter ended September 30, 2026 from Rs 808.26 crore a year earlier, but profit before tax fell to Rs 36.25 crore from Rs 46.12 crore. Profit for the period similarly declined to Rs 24.48 crore from Rs 31.77 crore.

Sequentially, consolidated revenue rose from Rs 796.70 crore in the quarter ended June 30, 2026 to Rs 875.18 crore in the September quarter. Profit before tax increased from Rs 30.93 crore to Rs 36.25 crore, while profit for the period rose from Rs 21.24 crore to Rs 24.48 crore.

For the half-year ended September 30, 2026, consolidated revenue reached Rs 1,671.88 crore, compared with Rs 1,482.05 crore in the prior-year half-year. Profit before tax increased to Rs 67.18 crore from Rs 31.64 crore, profit for the period rose to Rs 45.72 crore from Rs 16.06 crore, and finance costs declined to Rs 39.15 crore from Rs 49.88 crore.

What do Greenlam’s panel assets and liabilities show?

Greenlam’s panel and allied products segment had assets of Rs 829.15 crore at September 30, 2026, compared with Rs 861.37 crore a year earlier and Rs 834.97 crore at June 30, 2026. Its reported capital employed was Rs 768.77 crore, below Rs 781.87 crore at September 30, 2025.

Panel segment liabilities were Rs 60.38 crore at September 30, 2026, down from Rs 79.50 crore a year earlier and Rs 70.89 crore at June 30, 2026. The filing reports the difference between the segment’s Rs 829.15 crore assets and Rs 60.38 crore liabilities as Rs 768.77 crore of capital employed.

At the consolidated level, Greenlam’s assets were Rs 2,982.10 crore at September 30, 2026, compared with Rs 3,004.14 crore at March 31, 2026. Non-current borrowings declined to Rs 595.33 crore from Rs 707.24 crore, while current borrowings increased to Rs 397.00 crore from Rs 339.36 crore; the filing does not allocate these borrowings to individual segments.

What is Greenlam planning next?

Greenlam has disclosed a brownfield expansion of laminate manufacturing capacity by 2.0 million sheets or boards a year at the Naidupeta plant in Andhra Pradesh. The project is being executed by wholly owned subsidiary Greenlam Limited, with major equipment ordered and civil work on machine foundations started.

Management said the Naidupeta project was on schedule to begin commercial production in the fourth quarter of financial year 2027. The project concerns laminate capacity rather than panel and allied products, and the filing does not state an expected effect on the panel segment’s Rs 201.59 crore half-year revenue or Rs 5.04 crore half-year loss.

Greenlam’s un-audited results for the quarter and half-year ended September 30, 2026 were reviewed by the audit committee and approved by the board on November 5, 2026. The filing states that the statutory auditors carried out a limited review under Regulation 33 of the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements Regulations, 2015.

Conclusion

Greenlam’s September 2026 filing shows that panel and allied products achieved a substantial revenue increase while sharply reducing its segment loss. Revenue reached Rs 106.99 crore in the quarter, compared with Rs 47.79 crore a year earlier, while the loss before tax and interest fell to Rs 1.98 crore from Rs 22.48 crore. However, the segment remained loss-making and consolidated quarterly profit was lower than in the prior-year quarter.

The next disclosed milestone is commercial production from the 2.0 million sheets or boards annual laminate expansion at Naidupeta, which management expects in the fourth quarter of financial year 2027. Before then, the key reported measures to track are whether panel revenue remains near the Rs 201.59 crore half-year level and whether the segment moves beyond its Rs 5.04 crore half-year loss before tax and interest.