Target: ₹296CMP: ₹242.45Greenlam Industries’ (GRLM) Q1-FY27 consolidated revenues grew 18 per cent y-o-y to ₹800 crore, 3 per cent above EE, with Laminate revenues up 7 per cent y-o-y (-9 per cent q-o-q), led by higher realisations while Laminate volumes fell 6 per cent y-o-y. business posted healthy recovery, with revenues up 20 per cent y-o-y, while Chipboard facility continued to ramp-up. Gross Margin came at 52.9 per cent (-17 bps y-o-y/+134 bps q-o-q, 39 bps above EE) led by price hikes across divisions. for forex, EBITDAM grew 206 bps y-o-y (-234 bps q-o-q) to 10.2 per cent due to operating leverage gains. The Chipboard facility turned EBITDA positive while the plywood and AP segment EBITDA losses narrowed y-o-y in Q1-FY27.