1. Chipboard ramp-up - The Naidupeta particle board plant hit 61% utilization in Q1 FY27, up from 30% a year ago, and turned EBITDA positive for the first time with ₹3.4 crore profit versus a ₹10 crore loss. Management targets \~70% utilization for FY27 and 18-20% margins at full capacity by FY29, which would add a second high-margin earnings leg.
2. Laminate capacity expansion - Two new press lines at Naidupeta (₹70 crore capex, 0.2 crore sheets) start commercial production in Q4 FY27, adding \~₹375-450 crore of annual revenue to a business that did ₹2,433 crore in FY26. The brownfield lines need no civil or resin plant, so the capex is just ₹45-50 crore per line and the products are largely for European markets.
3. Plywood break-even - The Tindivanam plant (1.89 crore sq m capacity) narrowed its EBITDA loss to ₹5 crore in Q1 FY27 from ₹9 crore, with utilization at 39% vs 28% a year ago. Management expects break-even at the EBITDA level in FY27 and ₹20 per sq m EBITDA (8-8.5% margin) once utilization reaches 80-90%.
4. International deepening - International revenue grew 13.4% in FY26 to ₹1,335.5 crore, 43.8% of total, with laminate exports at 53.7% of laminate revenue. The company added subsidiaries in Germany, Spain, Egypt and Bangladesh, plus warehouses in Italy and Germany, which have already cut delivery cycles.
5. Brand consolidation - The company cut from four brands to two - Greenlam for laminates and MFC, Mikasa for plywood, veneers, flooring and doors - with the Mikasa portfolio having a potential of nearly ₹1,000 crore across categories. This simplifies marketing spend and lets the company convert awareness into preference, as management puts it.
6. Laminate margin expansion - Laminate EBITDA margin before forex rose 210 bps YoY to 15.9% in FY26, with Q1 FY27 gross margin up 70 bps to 55.3%. Management maintains 15-16% margin guidance for FY27, helped by value-added products now close to 50% of laminate sales.