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Greenply Industries Results: Latest Quarterly Results & Analysis

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Greenply Industries Ltd. 04 Nov 2025 14:14 PM
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Q2FY26 Quarterly Result Announced for Greenply Industries Ltd.

Forest Products company Greenply Industries announced Q2FY26 results

  • Q2FY26 Consolidated revenue at Rs 688.6 crore, a growth of 7.5% YoY.
  • Plywood Business volume grew by 7.2% YoY in Q2FY26: Core EBITDA margin at 8.2%.
  • MDF Revenue of Rs 146.8 crore; Core EBITDA margin at 8.3%.

Manoj Tulsian, JMD & CEO, Greenply Industries, said: “We have witnessed demand recovery in the plywood segment starting from Q2FY26 and we remain optimistic about sustaining this positive momentum through the second half of the year.

We aspire to achieve our guidance of double-digit volume growth in H2FY26 in plywood segment supported by the recovery trend that gained traction from Q2FY26, and margins would be better in H2 compared to H1FY26.

In our MDF business, we successfully expanded our manufacturing capacity from 800 CBM per day to 1,000 CBM per day. Production during the quarter was temporarily impacted due to the expansionrelated shutdown, resulting in lower-than-expected sales and moderate margins of 8.3% in Q2FY26. With operations now fully normalized, we are confident of a strong rebound in the second half and expect to return to double-digit margin levels as well as volume growth consistent with our earlier guidance.

Our JV Greenply Samet revenue is ramping up well witnessing a QoQ growth of 74%, achieving revenues of Rs 11.3 crore during this quarter.”

Result PDF

Result PDF

Forest Products company Greenply Industries announced Q1FY26 results

Consolidated Financial Highlights:

  • Revenue at Rs 601 crore, grew by 2.9% on YoY basis
  • Core EBITDA was Rs 62 crore, EBITDA margin of 10.3 % and a YoY growth of 6.4%
  • PAT at Rs 28 crore.

Segment Financial Highlights:

  • Plywood Business – Q1FY26
    • Revenue Plywood & allied products at Rs 454 crore, grew by 0.4% on YoY basis
    • Core EBITDA at Rs 36.0 crore: EBITDA margin of 7.9%. The margin improved on a YoY basis by 10 bps.
    • Net profit was Rs 20.5 crore.
  • MDF Business – Q1FY26
    • Revenue at Rs 147.3 crore grew by 11.7% on YoY basis.
    • Core EBITDA without forex loss was Rs 25.6 crore; EBITDA margin at 17.4% as compared to 15.0% in Q4FY25.
    • Net profit was Rs 8.0 crore.
  • Greenply Samet JV – Q1FY26
    • Revenue at Rs 6.5 crore (100%)
    • PAT loss of Rs 5.4 crore (50%)

Manoj Tulsian, JMD & CEO, Greenply Industries, said “The growth in the plywood business for the first quarter was not as per our expectations as we continued to face demand and liquidity challenges, however we have seen a decent recovery starting July supported by easing monetary policy. Also, we remain confident towards the later part of the year supported by favorable industry tailwinds such as BIS Implementation and softening in timber prices.

Our Plywood EBITDA Margin stood at 7.9% in Q1FY26 with an improvement in realization of 4.1% on YoY basis.

In the MDF business, our margins stood at 17.4% in Q1FY26 with a volume growth of 8.5% YoY. we remain confident in meeting our double-digit Volume and 16 margin guidance in FY26.

We are also confident that our furniture fittings joint venture will deliver an encouraging revenue number in the upcoming year”

Result PDF

Forest Products company Greenply Industries announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Q4 Consolidated revenue at Rs 649 crore, a growth of 8.2% YoY
  • Plywood Business Volume grew by 4.9% YoY in Q4FY25; Core EBITDA margin at 9.2%
  • MDF Revenue of 135.6 Crs; Core EBITDA margin at 15%
  • Core EBITDA was Rs 68 crore, EBITDA margin of 10.5 % and a YoY growth of 18.1%
  • PAT at Rs 17 crore.

FY25 Financial Highlights:

  • Revenue at Rs 2,488 crore, grew by 14.1% on YoY basis
  • Core EBITDA was Rs 238 crore, EBITDA margin of 9.6% and a YoY growth of 27.2%
  • PAT at Rs 92 crore.

Commenting on the performance for Q4FY25, Manoj Tulsian, JMD & CEO, Greenply Industries said: “The growth in the plywood business for the fourth quarter was satisfactory in a challenging market scenario. Margins improved to 9.2% in Q4FY25 despite higher brand promotion expenditure. In FY’26 we aim to achieve an EBITDA margin of 10% plus.

In the MDF business, our margins improved to 15% in Q4 FY’25 and we are confident of achieving 16% plus margin in FY’26 with a further increase in volume sales.

We are also confident that our furniture fittings joint venture will deliver an encouraging revenue number in the upcoming year.

All the three segments are at the cusp of an exciting phase as we steer through an environment which is positive for local manufacturing with the onset of BIS norms”

Result PDF

Forest Products company Greenply Industries announced Q3FY25 results

  • Revenue at Rs 614 crore, grew by 5.6% on YoY basis.
  • Core EBITDA was Rs 54 crore, EBITDA margin of 8.8 % and a YoY growth of 7.2%.
  • PAT at Rs 24 crore.

Manoj Tulsian, JMD & CEO, Greenply Industries, said: “We have been consistently seeing growth in our plywood business for last few years, but the Q3 numbers have been lower than the trend seen recently. We are confident that it will rebound in Q4 and also believe in improving margin in Q4 to about 10%.

In the MDF business, we faced an unforeseen plant shutdown in the quarter due to equipment failure. In the fourth quarter we believe that the revenue will be substantially better and margins to be stronger at about 16%.

We have received all the equipments, and the production has started at our furniture fittings JV. We are hopeful of building a reasonable revenue number in Q4."

Result PDF

Forest Products company Greenply Industries announced Q2FY25 results

  • Revenue at Rs 640.5 crore, grew by 12.8% on YoY basis.
  • Core EBITDA was Rs 57.6 crores, EBITDA margin of 9.0% and a YoY growth of 19.6%.
  • PAT at Rs 17.6 crore. The PAT was negatively impacted due to MTM loss of Rs 4.6 crore, share of loss from our furniture & fittings JV amounting to Rs 3.5 crore and share of loss of Rs 0.9 crore from our Middle East associate.

Manoj Tulsian, JMD & CEO, Greenply Industries said: “We have been consistently seeing growth in our plywood business for last few years, however, pressure on margins continues to persist due to high raw material costs and product mix change. We are continuously working on means & methods to improve our margins.

In the MDF business, our revenue de-grew on a QoQ basis due to the plant shutdown and power cuts in Gujarat. We are confident of delivering much better performance in the second half and hence achieving our guidance of revenue growth of 50% on a full year basis.

Our Furniture & Fittings JV is likely to see full phase 1 product range manufacturing from November’24 as we have successfully installed all the equipment and completed trial production.”

Result PDF

Forest products company Greenply Industries announced Q1FY25 results:

  • Revenue at Rs 583.9 crore, grew by 35.7% on YoY basis
  • Adjusted Core EBITDA was Rs 58.1 crore, EBITDA margin of 10.0% and a YoY growth of 101.6%
  • PAT at Rs 33.2 crore including impact of income tax refund pertaining to earlier years and interest there on of Rs 11.9 crore
  • Plywood Business:
    • Sales volume of 17.7 MSM, grew by 8.6% on YoY basis
    • Realisation of Rs 245 per SQM, declined by 1.4% on YoY basis
    • Revenue Plywood & allied products at Rs 433 crore, grew by 7.1% on YoY basis
    • Adjusted Core EBITDA at Rs 35.7 crore: EBITDA margin of 7.9%. The margin declined on a YoY basis by 70 bps due increase in raw material prices
  • MDF Business
    • Sales volume of 42,724 CBM grew by 605% YoY
    • Realisation of Rs 30,817 per CBM improvement of 8% YoY
    • Revenue at Rs 131.7 crore, grew by 661% on YoY basis
    • Core EBITDA without forex loss was at Rs 22.0 crore with EBITDA margin of 16.6% as compared to 14.1% in Q4 FY24.
    • Net Profit was Rs 4.3 crore as compared to Net loss of Rs 14.8 crore in Q1FY24

Commenting on the performance for Q1FY25,  Manoj Tulsian, JMD & CEO, Greenply Industries Ltd. said "The plywood business volumes grew by 8.6% in the first quarter in-spite of negative impact of union elections in Q1FY25 and margins remained under pressure due to increase in raw material prices.

In the MDF business, we continued to focus on value added products and as a result our realisation per CBM improved by 7.6% in the quarter as compared to previous quarter. We continue to focus on operating efficiencies in the business."

Result PDF

Forest Products company Greenply Industries announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue at Rs 599.8 crore, grew by 40.4% on YoY basis
  • Adjusted Core EBITDA was Rs 59.4 crore, EBITDA margin of 9.9% and a YoY growth of 22.8%
  • PAT was at Rs 32.5 crore, grew by 96.6% on YoY basis. The PAT includes profit of Rs 4.5 crore on sale of 51% stake in GMEL

Plywood Business:

  • Sales volume of 18.8 MSM, grew by 10.5% on YoY basis
  • Realisation of Rs 244 per SQM, declined by 0.8% on YoY basis
  • Revenue at Rs 468 crore, grew by 9.4% on YoY basis
  • Adjusted Core EBITDA was at Rs 40.1 crore; EBITDA margin of 8.6%. The margin declined on a yoy basis by 290 bps due to increase in raw material prices and higher advertisement expenses. The EBITDA margin, however, improved by 60bps on a Q-o-Q basis.

MDF Business:

  • Sales volume of 45,764 CBM
  • Realisation of Rs 28,640 per CBM
  • Revenue was at Rs 131.1 crore
  • Core EBITDA without forex loss was at Rs 18.7 crore with EBITDA margin of 14.1% as compared to 13.5% in Q3 FY24.
  • Net Profit was Rs 2.4 crore as compared to Net Loss for the previous quarter of Rs. 0.2 crore

FY24 Financial Highlights:

  • Revenue at Rs 2,179.9 crore, grew by 31.1% on YoY basis
  • Adjusted Core EBITDA was Rs 190.6 crore; with margin of 8.7% and a YoY growth of 12.6%.
  • PAT was at Rs 85.2 crore.

Plywood Business:

  • Sales volume of 71.9 MSM, grew by 8.6% on YoY basis
  • Realisation of Rs 247 per SQM, grew by 0.4% on YoY basis
  • Revenue at Rs 1,812 crore, grew by 8.9% on YoY basis
  • Adjusted Core EBITDA was at Rs 150.3 crore; EBITDA margin of 8.3%. The margin declined on a YoY basis to 8.3% from 10.4% in 12M FY23 mainly due to higher advertisement expenses and
  • increase in raw material prices.

MDF Business:

  • Sales volume of 1,24,772 CBM
  • Realisation of Rs 29,279 per CBM
  • Revenue was at Rs 365.3 crore
  • Core EBITDA (without forex loss) was at Rs 40.4 crore with EBITDA margin of 11.0%.
  • Net loss in this first year of operations was at Rs 15.8 crore.

Commenting on the performance for Q4 FY24, Manoj Tulsian, JMD & CEO, Greenply Industries Ltd. said “The growth in the plywood business for the fourth quarter was in-line with our expectations however margins remained under pressure as a result of high raw material prices and substantial increase in advertisement spend. We have achieved our full year growth target.

In the MDF business, we delivered a PAT positive performance in the third full operating quarter since the commencement of this business. We have exceeded our overall full year guidance of 100 thousand CBM in volume by a wide margin and have successfully established ourselves as a dependable player in the MDF segment of the wood panel industry. During the quarter we continued to focus on building a strong product portfolio and introduced a few value-added products. Going forward we are confident of achieving better margin profile in this business.”

Result PDF

Forest Products company Greenply Industries announced Q3FY24 & 9MFY24 results:

  • Consolidated Q3FY24:
    • Revenue at Rs 1,704.7 crore, grew by 23.8% on a YoY basis
    • Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 3.5 crore) was Rs 143.1 crore; with a margin of 8.4% and a YoY growth of 7.3%. The EBITDA was negatively impacted due to the weaker performance of the Gabon business and the start-up phase for our MDF business.
    • PAT at Rs 41.6 crore, declined by 48.2% on a YoY basis.
  • Consolidated 9MFY24:
    • Revenue at Rs 620.8 crore, grew by 45.0% on a YoY basis
    • Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 0.3 crore) was Rs 57.1 crore; with a margin of 9.2% and a YoY growth of 56.5%
    • PAT was at Rs 26.9 crore, declined by 25.5% on a YoY basis. The PAT includes the impact of the reversal of interest provision of Rs. 8.9 crore as stated above. Similarly, Q3 FY23 includes exceptional gains of Rs 9.6 crore and tax refunds pertaining to earlier years of Rs 18.4 crore.

Commenting on the performance for Q3FY24, Manoj Tulsian, JMD & CEO, Greenply Industries, said, “The growth in the plywood business for the third quarter was in line with our expectations however margins continued to be under pressure as a result of continued high raw material prices. We also continued our advertisement campaign in the current quarter after our association with Jr NTR. Our volume growth in the plywood was in line with our expectations and we are confident of achieving our full-year growth target.

In the MDF business, we exceeded our volume expectations and as a result, we delivered a strong revenue for the second full operating quarter since our existence in this business. We are very confident that exceed our overall full-year guidance of 100 thousand CBM in volume. During the quarter we continued to focus on building a strong product portfolio and introduced a few value-added products. The margins for MDF business in the quarter on a comparable basis were stable although we started marketing and promotional activities, and invested in trial runs for the value-added products while our cost of raw materials cost was higher than those in the previous quarter. Going forward we are fairly confident of achieving a better margin profile in this business.”

 

Result PDF

Forest Products company Greenply Industries announced Q1FY24 results:

  • Revenue at Rs 476.1 crore, grew by 5.0% on a YoY basis
  • Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 1.8 crore) was Rs 31.6 crore; declined by 28.4% on a YoY basis with a margin of 6.6%
  • Profit after tax (PAT) was at Rs 0.8 crore

Commenting on the performance for Q1FY24, Manoj Tulsian, JMD & CEO, Greenply Industries said, “In the last quarter, we have successfully started commercial operations of our MDF facility. Our product response has been satisfactory across regions and from all consumer types. Initially, we started with the launch of plain products, and we will keep introducing more value-added products, which will improve our financial performance.

In the plywood business, the volume growth was soft, however, we expect the volumes to rebound in the second half of the financial year. At the same time, our realizations have improved and helped us to offset the raw material price increase”

 

Result PDF

Forest products company Greenply Industries announced Q3FY23 results:

  • Plywood Business– Q3FY23
    • Revenue at Rs 405.4 crore, grew by 8.7% on YoY basis
    • Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 4.0 crores) was Rs 41.6 crore; grew by 1.6% on  basis with margin of 10.3%
    • Profit after tax (PAT) was at Rs 49.7 crore (including exceptional gains of Rs 9.6 crore and tax refunds pertaining to earlier years of Rs 18.4 crore in Q3FY23)
    • Sales volume was 16.0 MSM; a growth of 2.4% on YoY basis
  • Plywood Business – 9MFY23
    • Revenue at Rs 1,236.1 crore, grew by 28.4% on YoY basis
    • Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 11.9 crore) was Rs 123.9 crore; grew by 24.7% on YoY basis with margin of 10.0%
    • Profit after tax (PAT) was at Rs 95.8 crore (including exceptional gains of Rs 9.6 crore and tax refunds pertaining to earlier years of Rs 18.4 crore in Q3FY23)
    • Sales volume was 49.2 MSM; a growth of 21.7% on YoY basis
  • Consolidated – Q3 FY23
    • Revenue at Rs 428.2 crore, grew by 1.7% on YoY basis
    • Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 4.0 crores) was Rs 36.5 crores; declined by 20.3% on YoY basis with margin of 8.5%
    • Profit after tax (PAT) was at Rs 36.0 crore (including exceptional gains of Rs 9.6 crore and tax refunds pertaining to earlier years of Rs 18.4 crore in Q3FY23)
  • Consolidated – 9M FY23
    • Revenue at Rs 1,376.5 crores, grew by 23.5% on YoY basis
    • Adjusted Core EBITDA (excluding non-cash ESOP cost of Rs 11.9 crore) was Rs 133.4 crore; grew by 16.3% on YoYbasis with margin of 9.7%
    • Profit after tax (PAT) was at Rs 80.4 crore (including exceptional gains of Rs 9.6 crore and tax refunds pertaining to earlier years of Rs 18.4 crore in Q3FY23)
    • Net debt was at Rs 555.7 crore and net debt-equity ratio was at 0.89 times

Commenting on the performance for Q3 FY23, Mr. Manoj Tulsian, JMD & CEO, Greenply Industries Ltd. said

“The quarter posed difficulties due to the extended holiday season and sluggish demand. On the raw material front, we have seen some relief as chemical prices have come down from the peak, while the cost of timber remains on the high side. The outlook looks favourable with respite in demand from December 2022 onwards.

Our MDF unit at Vadodara, Gujarat is advancing well and we are working tirelessly to start trial run in this quarter. The unit will help us tap into the under-serviced western market and benefit the company with improved product diversification. Team building for this segment is nearly done and we are developing measures to establish robust marketing and distribution strategies. We believe our ongoing strategic efforts and resilience to remain focused on our goals will unfold greater growth opportunities in the long-term.”

 

Result PDF

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