Greenlam Industries is entering a new phase of growth after several years of investment in manufacturing capacity, product categories, and distribution. With major projects now operational, management is focusing on improving utilization levels and monetizing these investments.
The company crossed ₹3,000 crore in consolidated revenue during FY26, recording growth of more than 18 percent, and expects to maintain a similar pace in FY27.
Focus Shifts From Expansion to Monetization
Over the past four years, Greenlam expanded capacity, entered the plywood and chipboard segments, strengthened its international network, and invested in branding and product development.
With most facilities now operational, FY27 is expected to be a year of execution rather than large-scale expansion. Apart from an already announced laminate capacity addition, the company does not plan major greenfield projects and will instead focus on improving returns from existing assets.
Management is targeting 18-20 percent revenue growth in FY27 despite geopolitical uncertainties and volatility in raw material prices.
Laminates Remain the Main Earnings Driver
The laminate business continues to be Greenlam’s largest and most profitable segment.
During FY26:
- Laminate revenue exceeded ₹2,433 crore.
- Segment EBITDA approached ₹400 crore.
- Capacity utilization stood at 86 percent.
The company said it continued gaining market share in both domestic and international markets and expects the segment to deliver annual growth of around 10-12 percent while maintaining profitability.
Greenlam’s presence in more than 120 countries, broad product portfolio, and extensive distribution network continue to support growth.
New Laminate Capacity Under Development
To support future demand, the company is adding two laminate production lines at its Andhra Pradesh facility.
The new lines are expected to become operational by the end of FY27 and will primarily serve export markets and growing international demand.
Management said brownfield expansion opportunities at Andhra Pradesh and Gujarat are sufficient for the next phase of growth and do not require a new manufacturing plant.
Chipboard Emerging as a Growth Engine
Among the newer businesses, chipboard is expected to become an important contributor over the long term.
The company said it has already emerged among the leading players in the segment within its first year of operations.
During the fourth quarter of FY26:
- The chipboard plant achieved nearly 50 percent utilization, its highest level since commissioning.
Management expects utilization to improve further during FY27 and is targeting EBITDA breakeven in the current financial year.
Demand is expected to benefit from rising adoption of:
- Engineered furniture.
- Modular kitchens.
- Wardrobes.
- Commercial fit-outs.
- Factory-made furniture solutions.
Greenlam is also working to improve the chipboard product mix.
The company has introduced:
- HMR (High Moisture Resistant) boards.
- Pre-laminated products.
- Matching edge bands.
- Decorative finishes and textures.
Management expects these value-added offerings to improve realizations and profitability over time.
Plywood Business Moves Closer to Breakeven
The plywood segment is also showing progress.
Management said the business continues to gain market share in the premium category and deepen its presence in regions where it currently operates.
Although Greenlam does not yet have nationwide coverage, higher utilization and broader distribution are expected to support growth and gradually improve profitability.
Brand Consolidation and Exports Add Growth Levers
The company recently consolidated its portfolio under two brands:
- Greenlam
- Mikasa
Management believes the move will strengthen brand recall, improve distribution efficiency, and create operating leverage across categories.
Exports remain another long-term growth driver. Greenlam operates in more than 120 countries and maintains warehouses in Germany and Italy, helping it expand its presence despite slower growth in mature markets.
Outlook
Greenlam Industries is entering what management describes as a monetization phase after several years of expansion.
While laminates continue to anchor earnings, increasing utilization in chipboard and plywood, premium product launches, and additional laminate capacity are expected to provide multiple growth engines.
Management expects revenue to grow by 18-20 percent in FY27, with newer businesses gradually becoming meaningful contributors to profitability.
About the Company
Greenlam Industries is a building materials company engaged in laminates, plywood, chipboard, and decorative surface products. The company exports to more than 120 countries and operates manufacturing facilities across India.
TL;DR
Greenlam Industries expects 18-20% revenue growth in FY27 as it focuses on improving utilization and profitability. While laminates remain the main earnings driver, chipboard and plywood are expected to emerge as additional growth engines.
AI Summary
- Greenlam crossed ₹3,000 crore revenue in FY26.
- Management expects 18-20% growth in FY27.
- Laminate revenue exceeded ₹2,433 crore with 86% utilization.
- Chipboard utilization reached nearly 50% in Q4 FY26.
- Plywood and premium products are expected to support future profitability.
