Greenply Industries Limited (GREENPLY) — Financial Results

📢 Key Event
Greenply Industries reported FY26 revenue of INR2,739 crores (+10.1% YoY) and core EBITDA margin of 12% in Q4 FY26, with a 50% dividend recommended.

🔄 What Changed
Core EBITDA margin expanded by 150 basis points YoY to 12% in Q4 FY26; consolidated revenue grew 10.1% YoY to INR2,739 crores; one-time INR15.16 crore impairment recognized for Dubai operations; debt/equity projected to peak at 0.7-0.72 in FY27 before reverting to 0.5-0.6.

🔮 What's Next
Capex of INR425 crores planned for FY27; debt/equity expected to peak at 0.7-0.72 in FY27 then revert to 0.5-0.6 range; MDF margins expected to sustain at current levels; plywood margins to improve with volume growth and technology implementation.

💡 Investor Takeaway
The company is focused on sustaining margin expansion through volume growth and cost efficiency, with strategic capex to enhance competitiveness and returns, while maintaining a disciplined capital structure.

Greenply Industries reported consolidated revenue of INR2,739 crores in FY26, up 10.1% YoY, driven by strong Q4 performance with revenue of INR776.2 crores (+19.6% YoY) and core EBITDA margin expanding to 12% (up 150 basis points). The company recommended a 50% dividend and highlighted sustainable margin growth supported by volume leverage and cost pass-through, particularly in plywood and MDF segments where margins improved to 10.4% and 17% respectively. Capex of INR425 crores is planned for FY27, with debt/equity expected to peak at 0.7-0.72 before reverting to 0.5-0.6. Leadership changes include Manoj Tulsian's advisory role and a new senior sales hire from Pidilite to strengthen marketing strategy.

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