Greenply Industries Limited (GREENPLY)

Consumer Durables · Consumer Durables · NSE · Updated 15 July 2026

₹316.25 ↑ 3.86% (1Y)

🎯 Key Takeaways

Greenply Industries is in a growth phase driven by margin expansion and strategic capex, transitioning from a mature consumer durables player to one actively reinvesting for volume-led competitiveness. Management is focused on sustaining margin gains through operational efficiency and targeted investments, particularly in high-margin segments like MDF and plywood, while maintaining a disciplined capital structure.
Revenue declined 4.1% QoQ to ₹614 in Q3FY25.
⚠️ The one-time INR15.16 crore impairment for Dubai operations highlights exposure to international ventures that may not be performing as expected, posi

Market Cap

₹3,176

P/E Ratio

30.4

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Greenply Industries is in a growth phase driven by margin expansion and strategic capex, transitioning from a mature consumer durables player to one actively reinvesting for volume-led competitiveness. Management is focused on sustaining margin gains through operational efficiency and targeted investments, particularly in high-margin segments like MDF and plywood, while maintaining a disciplined capital structure. The company has demonstrated consistent top-line growth and improving profitability, supported by volume leverage and cost pass-through mechanisms.

📰 What's Happening

In Q4 FY26, Greenply reported consolidated revenue of INR2,739 crores, up 10.1% YoY, with core EBITDA margin expanding 150 basis points to 12%, driven by volume growth and margin improvement in plywood (10.4%) and MDF (17%). The company recognized a one-time INR15.16 crore impairment for Dubai operations but maintained strong operational performance. Capex of INR425 crores is planned for FY27 to enhance competitiveness, particularly in MDF expansion. Management highlighted sustainable margin growth and indicated that debt/equity is expected to peak at 0.7-0.72 in FY27 before reverting to 0.5-0.6. Board-level changes included the reappointment of Independent Director Vinita Bajoria for five years until 2031 and the approval of a Rs 15 crore equity infusion into Greenply Samet Private Limited for CAPEX and working capital. Additionally, the board approved a corporate guarantee of up to INR130 crores for subsidiary Greenply Speciality Panels' bank facilities to support MDF plant expansion, valid for 12 months from the Capex Letter of Credit issuance.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	469	476	608	621	600	584	640	614
Operating Profit	57	31	55	74	66	64	60	57
OPM %	10.1%	6.3%	8.4%	9.2%	9.6%	9.9%	9.0%	8.8%
Net Profit	11	1	14	27	28	33	18	24
EPS	₹0.90	₹0.07	₹1.13	₹2.17	₹2.29	₹2.68	₹1.42	₹1.96

Revenue has shown a clear upward trend over the past four quarters, growing from INR469 crores in Q4FY23 to INR614 crores in Q3FY25, with YoY growth accelerating to 10.1% in FY26, indicating strengthening demand. Operating performance has improved significantly, with OPM expanding from 6.3% in Q1FY24 to 9.9% in Q1FY25, and further to 12% in Q4FY26, reflecting operational efficiency and margin discipline. Net profit has risen from INR11 crores in Q4FY23 to INR24 crores in Q3FY25, supported by volume leverage and cost management. EPS has also shown stability and growth, rising from INR0.90 in Q4FY23 to INR1.96 in Q3FY25, underscoring improving profitability per share. These trends align with management's narrative of sustainable growth driven by operational improvements and strategic investments.

🔮 Management Outlook & What's Next

Management expects core EBITDA margins to sustain at current levels, particularly in MDF where margins have improved to 17%, and anticipates further improvement in plywood margins through volume growth and technology implementation. Capex of INR425 crores is planned for FY27 to enhance competitiveness and support expansion, especially in the MDF segment. Management projects that debt/equity will peak at 0.7-0.72 in FY27 before gradually reverting to a target range of 0.5-0.6, indicating a disciplined approach to capital structure despite increased investment. They also emphasized sustainable margin growth supported by volume leverage and cost pass-through mechanisms, reinforcing confidence in long-term profitability.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Consumer Durables

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Titan Company Limited	3.70 L Cr	77.6	34.3%	41.0%	0.88
Asian Paints Limited	2.50 L Cr	65.0	26.0%	19.8%	0.04
LG Electronics India Limited	1.07 L Cr	—	—	—	—
Havells India Limited	75,873	54.2	—	—	—
Dixon Technologies (India) Limited	66,754	75.9	—	—	—
Berger Paints (I) Limited	62,200	54.5	—	—	—
Voltas Limited	40,722	56.8	—	—	—
Kalyan Jewellers India Limited	36,461	54.6	—	—	—
Blue Star Limited	34,091	61.2	—	—	—
Amber Enterprises India Limited	29,854	164.3	8.4%	4.1%	0.62

🔗 Peer Stock Analyses

TITAN ASIANPAINT LGEINDIA HAVELLS DIXON

⚠️ Risk Factors

1. The one-time INR15.16 crore impairment for Dubai operations highlights exposure to international ventures that may not be performing as expected, posing execution and market risks. 2. The planned INR425 crore capex for FY27 could strain liquidity if execution falters or demand softens, especially given the projected debt/equity peak of 0.7-0.72. 3. Margin gains are tied to volume growth and cost pass-through, which are vulnerable to raw material price volatility and competitive pressures in the plywood and MDF segments. 4. The corporate guarantee for subsidiary debt adds contingent liability, which could become material if Greenply Speciality Panels faces financial distress.

📋 Recent Filings

🧠 Analyst's Read

Greenply Industries is executing a disciplined growth strategy with improving margins and strategic capex, supported by strong volume trends and operational efficiency. Investors should monitor the pace of MDF expansion, the success of capex deployment, and how quickly the company can normalize leverage below 0.6x. The sustainability of margin gains and management's ability to deliver on growth commitments will be key watchpoints in the coming quarters.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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