Greenlam Industries Limited has informed the Exchange about General Updates
GREENLAM · price
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Greenlam Industries reported FY25 consolidated revenue of INR 2,569.3 Cr, up 11.4% YoY, but PAT fell sharply by 50.5% to INR 68.3 Cr from INR 138 Cr. EBITDA declined 6.8% to INR 274.6 Cr with margins contracting 210 bps to 10.7%. Q4FY25 was particularly weak with PAT down 96.4% YoY to just INR 1.5 Cr, hit by chipboard startup costs and a forex loss of INR 4.3 Cr. The newly commissioned chipboard plant (started Jan 23, 2025) posted a Q4 EBITDA loss of INR 11.8 Cr. Segment-wise, Laminates EBITDA margin fell to 13.7% (from 16.6%), while Plywood revenue grew 46.9% QoQ and Engineered Doors achieved operating breakeven. Net debt rose to INR 989.3 Cr from INR 834 Cr, pushing Net Debt/Equity to 0.88x. ROCE dropped to 8.6% (11.0% ex-chipboard: 12.4%) and ROE fell to 6.1%.
Despite topline growth, profitability has been significantly impacted by chipboard ramp-up costs, margin pressure in core laminates, and higher interest/depreciation. Investors should view the sharp PAT decline and rising debt as negatives, though management is positioning for long-term growth through capacity expansion. Near-term margin recovery is uncertain.