Greenlam Industries Ltd

New CHRO appointment

• Nishit Bansal appointed Chief HR Officer, Senior Management, effective 22 September 2026.
• Term: full-time employee; no fixed tenure specified.
• Profile: 20+ years HR leadership; B.Tech CS; MBA HRM & Corporate Governance.

Rating actions

• Rating Agency: CARE Ratings.
• Long Term Bank facilities Rs 169.02 cr: CARE AA-; Stable; Outlook revised from Negative; Reaffirmed.
• Long Term/Short Term Bank Facilities Rs 327.50 cr: CARE AA-; Stable / CARE A1+; Reaffirmed.
• Short Term Bank facilities Rs 310.00 cr: CARE A1+; Reaffirmed.
• Outlook revised from Negative for long-term and combined facilities.

Rating details

• Long-term facilities increased to Rs 169.02 cr from Rs 71.52 cr; CARE AA-; Stable; outlook revised from Negative.
• Long-term/short-term facilities Rs 327.50 cr; enhanced from 277.50; CARE AA-; Stable / CARE A1+; outlook revised from Negative.
• Short-term facilities Rs 310 cr; CARE A1+; reaffirmed.
• Rating agency: CARE Ratings.

Meeting Details

• Date: September 3, 2026.
• Type and mode: group investor meeting, physical in Delhi.
• Event: Phillip Capital – Market Marvel Conference 2026.
• Key participants: company officials (roles not specified).
• Purpose: investor interaction at an analyst/institutional meeting.
• Outcome: discussions based on public info; no unpublished price-sensitive information shared.

Meeting Details

• Date & time: 03 September 2026, 11:30 am onwards
• Type & mode: One-on-One/Group Meeting; physical in Delhi
• Organiser: Phillip Capital - Market Marvel Conference 2026
• Place: Delhi
• Participants: Company officials attending (roles not specified)
• Purpose: Discuss publicly available information; no unpublished price sensitive information

Meeting Details

• Date & time: 03 September 2026, 11:30 am onwards
• Nature of meeting: One-on-One/Group; mode: physical in Delhi
• Organiser: Phillip Capital - Market Marvel Conference 2026
• Place: Delhi

Participants

• Attendees: Company officials attending investor conference
• Representative: Company Secretary & Senior Vice President-Legal

Purpose

• Purpose: Analyst/Institutional Investor Meet; discussions based on publicly available information

Additional Notes

• Discussions will be based on publicly available information; no price sensitive information will be shared

Financial Performance

• Net revenue: ₹797 crore in Q1 FY27, up 18% YoY.
• EBITDA before forex: ₹81 crore; EBITDA margin before forex: 10.2%.
• Gross margin: 52.9%; versus 53.1% in the prior period.
• Forex losses: ₹1 crore (vs ₹11 crore last year).
• Net profit: ₹21 crore (vs a ₹15.5 crore loss in Q1 FY26).
• Laminate revenue: ₹596 crore; volumes 4.62 million sheets; capacity 80%.
• Laminate realization: ₹1,240 per sheet; EBITDA margin: 13.9% before forex.
• Plywood & Allied revenue: ₹106 crore; EBITDA before forex: ₹-5 crore; capacity 39%.
• Panel & Allied (Chipboard) revenue: ₹95 crore; EBITDA before forex: ₹3.4 crore; capacity 61%.
• Working capital cycle: 56 days, improved by 3 days.
• Net debt: ₹934 crore as of June.
• Export shipments postponed: around ₹25–₹30 crore to next quarters due to container/vessel shortages.
• Export-related cost pressure from West Asia; freight and input costs volatile.

Operating Update

• Laminate: production 4.9 million sheets; volumes 4.62 million; realization ₹1,240/sheet.
• Plywood: production 1.83 million sqm; sales 1.66 million sqm; realization ₹276/sqm.
• Chipboard: revenue ₹95 crore; volumes 41,418 cbm; realization ₹22,764 per cbm.
• Chipboard EBITDA before forex: ₹3.4 crore; utilization 61%.
• HMR premium category launched; aiming to expand premium mix in chipboard.
• International business performing well; cost controls aiding margin resilience.

Balance Sheet and Cash Flow

• Net debt at ₹934 crore as of June.
• Working capital cycle improved to 56 days (3 days better YoY).

Projects and Capex

• FY27 capex guidance: ₹130–₹135 crore; includes laminate expansion of ₹70 crore.
• Laminate press lines: 2 new lines on track; commercial production by Q4 FY27.
• No large capacity additions planned in FY27; focus on optimizing existing assets.

Outlook and Guidance

• Laminate revenue growth forecast: 10–12% for FY27.
• Laminate EBITDA margin guidance: ~15–16%.
• Plywood EBITDA breakeven expected this year (FY27).
• Debt-reduction target: ~₹100 crore in FY27; ~₹150 crore in FY28 (subject to cash flow).
• Middle East share ~6–7% of business; domestic demand remains stable.
• Export volatility and raw-material price moves may impact quarterly performance.

Q&A Highlights

• Container/vessel shortages causing export delays; 25–30 crore export moved to current quarter; future impact uncertain.
• Laminate capacity expansion seen as earnings accretive; no major capex beyond planned laminate line.
• Prelaminated chipboard mix around 61% utilization; annual average target ~70%; potential 18–20% EBITDA at full capacity.
• Plywood: EBITDA breakeven targeted in FY27; pan-India expansion underway; South-focused to West/Central expansion.
• Debt trajectory tied to repayment schedules; cash flow used for debt reduction after required capex.
• Raw-material price volatility driven by chemicals; management expects pass-through to customers.

Risks and Watchpoints

• Volatility in input prices (chemicals), currencies, and freight; West Asia disruptions.
• Export delays could impact quarterly revenue realization; timing risk to shipments.
• Raw-material cost pass-through effectiveness remains uncertain amid market volatility.
• Progress on plywood break-even depends on regional demand and cost dynamics.