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Greenply’s consolidated topline for Q1FY27 stood at ₹724.9 crore

ICICIdirect Research 27 Jul 2026 DISCLAIMER

News: Greenply’s consolidated topline for Q1FY27 stood at ₹724.9 crore, up 20.7% YoY. MDF revenues stood at ₹195.7 crore, up 32.9% YoY. MDF sales volumes of 57,805 CBM was up 24.7% YoY, with realization of ₹33,525 per CBM, up 5.6% YoY. The plywood volumes were up 12.8% YoY to 19.4 MSM with revenues at ₹531.1 crore, up 17.03% YoY. On the profitability front, consolidated EBITDA grew 27.1% YoY to ₹78.3 crore, with margins expanding 55 bps to 10.8%, driven by margin improvement in Plywood (+45 bps to 8.4%) however MDF margins declined (-6 bps to 17.3%). Despite being affected by the share of loss from equity accounted investees of ₹5.7 crore specifically from Greenply Samet JV, PAT surged 32.3% YoY to ₹37.6 crore, reflecting strong operational leverage and underlying business momentum.

View: With no delay in the ongoing capacity expansion plans and the Q1FY27 revenue growth YoY supports the guidance given by the management for FY27 of 10% volume growth in plywood and 25%-30% volume growth in MDF segment for FY27. For EBITDA margins, it reiterated the guidance of 10% for Ply and 16-17% for MDF. The company has transferred its cost increases to the consumers and with higher capacity utilization we expect the consolidated margins for FY27 to improve over FY26 driven by higher share of MDF to the revenue mix.

Impact: Positive

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