GREENLAMGreenlam Industries Ltd.
Greenlam Industries Q2 FY27 Results: Consolidated Net Profit ₹24.48 Crore on Total Income of ₹882 Crore
- Earnings
- Laminates and plywood
Reviewed byKeshav SehgalBlacklitt Research
Greenlam Industries (NSE: GREENLAM) reported consolidated total income of ₹882.05 crore and net profit of ₹24.48 crore for the quarter ended 30 Sep 2026, it said in a filing on 05 Nov 2026. Standalone total income was ₹677.14 crore and standalone net profit ₹39.08 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹882.05 crore, up 9.0% YoY and 9.9% QoQ
- Net profit and EPS: ₹24.48 crore, down 22.9% YoY and up 15.3% QoQ; basic EPS ₹0.99
- Finance costs: ₹14.31 crore, against ₹3.88 crore a year earlier and a negative ₹32.37 crore in Q1 FY27
Standalone
The company on its own, without its subsidiaries
- Total income: ₹677.14 crore, up 3.0% YoY and 15.4% QoQ
- Net profit and EPS: ₹39.08 crore, down 16.2% YoY and up 81.9% QoQ; basic EPS ₹1.49, not annualised
- Finance costs: ₹32.29 crore, up 21.8% YoY from ₹26.51 crore
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 882.05 | 809.48 | +9.0% | 802.66 | +9.9% | |
| Revenue from operations | 875.18 | 808.26 | +8.3% | 796.70 | +9.9% |
| Other income | 6.87 | 1.22 | +463.1% | 5.96 | +15.3% |
| 24.48 | 31.77 | -22.9% | 21.24 | +15.3% | |
| Profit before tax | 36.25 | 46.12 | -21.4% | 30.93 | +17.2% |
| Finance costs | 14.31 | 3.88 | +268.8% | -32.37 | n/a |
| Depreciation | 19.67 | 23.99 | -18.0% | 19.48 | +1.0% |
| Tax expense | 11.72 | 14.35 | -18.3% | 9.69 | +20.9% |
| Net profit margin | 2.78% | 3.92% | -1.15 pp | 2.65% | +0.13 pp |
| EPS, basic (₹) | 0.99 | 1.73 | -42.8% | 0.34 | +191.2% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated profit fell faster than income. Net profit dropped 22.9% a year earlier while total income rose 9.0%, and profit before tax fell 21.4%.
Other income rose to ₹6.87 crore from ₹1.22 crore a year earlier and is 19.0% of profit before tax of ₹36.25 crore. Finance costs of ₹14.31 crore are 1.6% of total income, against ₹3.88 crore in the same quarter last year. The quarter before shows finance costs of minus ₹32.37 crore, so the quarter-on-quarter comparison on this line is not meaningful.
The statement notes a foreign exchange loss of ₹0.12 crore in consolidated results on an External Commercial Borrowing for imported plant and machinery for the Chipboard project, classified under finance costs. The notes do not say why finance costs moved as they did between quarters.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 677.14 | 657.29 | +3.0% | 587.01 | +15.4% | |
| Revenue from operations | 668.70 | 652.97 | +2.4% | 584.41 | +14.4% |
| Other income | 8.44 | 4.32 | +95.4% | 2.60 | +224.6% |
| 39.08 | 46.62 | -16.2% | 21.49 | +81.9% | |
| Profit before tax | 49.29 | 61.49 | -19.8% | 30.13 | +63.6% |
| Finance costs | 32.29 | 26.51 | +21.8% | 26.63 | +21.3% |
| Depreciation | 19.28 | 20.08 | -4.0% | 20.09 | -4.0% |
| Tax expense | 10.24 | 14.87 | -31.1% | 8.62 | +18.8% |
| Net profit margin | 5.77% | 7.09% | -1.32 pp | 3.66% | +2.11 pp |
| EPS, basic (₹) | 1.49 | 1.80 | -17.2% | 0.88 | +69.3% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit fell 16.2% from a year earlier, while total income rose 3.0% and profit before tax fell 19.8%. Revenue from operations grew 2.4%, and other income rose 95.4% to ₹8.44 crore, which is 17.1% of profit before tax of ₹49.29 crore.
Finance costs of ₹32.29 crore are 4.8% of total income, up 21.8% from ₹26.51 crore a year earlier. Tax expense fell 31.1% to ₹10.24 crore, which is 20.8% of profit before tax. Net profit rose 81.9% from the quarter before, when profit before tax was ₹30.13 crore.
Consolidated net profit of ₹24.48 crore is ₹14.60 crore lower than standalone net profit of ₹39.08 crore for the same quarter. The notes say that the Naidupeta brownfield expansion of laminate capacity of 2.0 million sheets/boards per annum, by Greenlam Limited, is on schedule, with order placed for major equipment and civil works started, and is expected to commence commercial production by Q4 FY27. The notes do not give the cost or the expected revenue effect of this expansion.
The statutory auditors, S S Kothari Mehta and Co LLP, carried out a limited review of both sets of results with an unmodified conclusion. Their review also covered 15 subsidiaries, with total revenues of ₹199.57 crore and a net loss after tax of ₹2.46 crore for the quarter.
Inference
The filing reports the results as approved by the Board on 05 Nov 2026 and reviewed by the statutory auditors without modification. It sets out the consolidated foreign exchange loss on the Chipboard borrowing and the timing of the Naidupeta expansion.
The filing does not give a dividend, and it does not say why finance costs moved between quarters or what the Naidupeta expansion will add to revenue. Those are the open points for a reader.
Filed with BSE on . Reference: Original filing (PDF)
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