Greenply Industries Ltd(GREENPLY)

NSE: GREENPLYBSE: 526797

₹ 291.55+2.32%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 3,642 crNext results: 29 Oct 2026Website: www.greenply.comUpdated: 24 Oct 2026

About

Greenply Industries Ltd is one of India's leading manufacturers of plywood and medium density fibreboards (MDF), selling under the Greenply and Ecotec brands. It operates plywood plants across India and an MDF facility at Vadodara, and is expanding into HDF flooring, PVC/WPC doors, and furniture hardware.^[1][2][3]

Business segments

Plywood and allied products: ₹2,104.63 crores revenue, 76.8% of consolidated revenue, EBIT margin 7.9% in FY26.^[2]
MDF and allied products: ₹635.13 crores revenue, 23.2% of consolidated revenue, EBIT margin 8.1% in FY26.^[2]
Furniture hardware joint venture (Greenply Samet) is a separate affiliate outside the two reported segments; it achieved ₹13.61 crores revenue in Q1 FY27 with continuing PAT losses.^[3]

Products and brands

Plywood is sold under the flagship Greenply brand and the mid-segment Ecotec brand, the latter targeting approximately ₹100/sqm price points.^[4]
MDF product mix includes plain MDF boards and pre-laminated MDF boards; pre-lam boards revenue grew 61.3% YoY to ₹42.9 crores in Q1 FY27, while plain MDF boards grew 25.1% YoY to ₹150.9 crores.^[3]
HDF flooring manufacturing commenced commercial production on 20 July 2026, targeting realization of approximately ₹60,000 - 70,000/CBM vs ₹24,000 - 25,000/CBM for plain MDF board.^[3]
PVC and WPC doors and door frames plant commenced commercial production in April 2026, with installed capacity of 6 million kgs/year for doors and 3 million kgs/year for door frames.^[5]
Furniture hardware is sold through the Greenply Samet JV; the range includes hinges and fittings, approximately 60% of JV turnover sourced from imports.^[3]

Manufacturing operations

MDF plant at Vadodara expanded from 800 CBM/day to 1,000 CBM/day during Q2 FY26; a second 700 CBM/day line (2,10,000 CBM/annum) is under construction at the same site.^[6][3]
Plywood manufacturing mix: manufacturing share of plywood volume rose to 66% in Q3 FY26 from 57% in Q3 FY25, with the balance sourced via trading.^[4]
ContiRoll pressing technology (global-standard higher-moisture pressing) has been fully implemented in two of four plywood factories; the remaining two are targeted for completion in H1 FY27.^[3]
A greenfield plywood plant in Odisha with 13.5 million sqm capacity is under construction at approximately ₹130 crores total cost, targeted for commissioning in Q4 FY27.^[5][3]
Subsidiaries include Greenply Sandila Pvt. Ltd., Greenply Speciality Panels Private Limited, Greenply Industries (Myanmar) Private Limited, and Greenply Global Trading Pte. Ltd.^[7]

Key operating numbers

Plywood volume: 19.4 MSM in Q1 FY27 (+13.8% YoY); 22.8 MSM in Q4 FY26 (+15.6% YoY); full-year FY26 volume growth was 8.3% YoY.^[3][5]
Plywood realization: ₹265/sqm in Q1 FY27 (+3.8% YoY); ₹254/sqm in Q4 FY26 (+0.1% YoY).^[3][5]
Plywood plant utilization: 92 - 93% in Q1 FY27, constrained by election-related labor disruption; Q4 FY26 run rate was 98 - 99%.^[3]
MDF volume: 57,805 CBM in Q1 FY27 (+24.7% YoY); 62,021 CBM in Q4 FY26 (+45.3% YoY); full-year FY26 MDF revenue ₹635.6 crores (+19.9% YoY).^[3][5]
MDF realization: ₹33,525/CBM in Q1 FY27 (+5.5% YoY, +9.9% QoQ), following an industry price hike of approximately 15% of which Greenply passed on an effective 7 - 9%.^[3]
Consolidated core EBITDA margin: 10.8% in Q1 FY27 (+50 bps YoY); 12.0% in Q4 FY26 (+150 bps YoY); 9.9% for full-year FY26 (+30 bps YoY).^[3][5]

Distribution and customers

BIS implementation has reduced MDF and plywood imports to approximately 3 - 4% of prior-year levels, benefiting organized branded players.^[6]
Furniture hardware JV (Greenply Samet) active dealer base reached 559 dealers by March 2026, up from 472 at December 2025 and from 225+ a year earlier.^[5][4]
Plywood volume growth attributed primarily to organized players gaining share from the unorganized segment post-COVID, accelerated by resin/chemical price spikes that disrupted smaller unorganized players.^[3][5]
Greenply's Middle East contingent liability reduced to ₹10 crores (USD 1 million) as of 31 December 2025, down from USD 6.1 million at the time of the earlier divestment.^[4]

Expansion and capex

Second MDF line at Vadodara: 700 CBM/day capacity, ₹425 crores total capex (approximately ₹300 crores in FY27 and ₹125 crores in FY28), targeting commercial operations in Q2 FY28 with revenue potential of ₹600 crores.^[4][5]
Greenfield Odisha plywood plant: 13.5 million sqm capacity, approximately ₹130 crores total cost, targeted for Q4 FY27 commissioning; construction on track.^[3][5]
Total FY27 capex guidance approximately ₹500 crores: ₹300 crores for MDF Line 2 (GSPPL), ₹100 crores for Odisha plywood (GSPL), ₹47 crores for GIL standalone, plus Samet JV funding.^[3]
Net debt guided to peak at ₹710 - 730 crores (0.75x net D/E) by March 2027 during MDF Line 2 construction, declining below 0.7x within six months thereafter.^[3]
Furniture hardware JV Phase 2 domestic manufacturing capex targeted for completion by end of FY27/start of FY28; JV losses expected to reach zero by approximately mid-FY28.^[3]

Recent developments

HDF flooring line at Vadodara commenced commercial production on 20 July 2026; revenue to be reported within MDF segment numbers from end of July 2026.^[3]
PVC/WPC door and door-frame manufacturing plant commenced commercial production in April 2026 at 6 million kgs/year (doors) and 3 million kgs/year (door frames) installed capacity.^[5]
MDF capacity expanded from 800 to 1,000 CBM/day during Q2 FY26; post-expansion, MDF utilization targeted at 80 - 82% for FY27 ahead of Line 2 ramp.^[6][3]
Consolidated net debt stood at ₹533 crores at Q1 FY27 end (net D/E 0.57x), up from ₹461 crores at March 2026 (0.52x) as capex spending increased.^[3][5]
Final dividend of Re. 0.50 per share (50%) recommended for FY26.^[7]

Market Cap

₹3,642 Cr

High / Low

₹333 / 178

Stock P/E

35.7

Price / Book

3.9

Book Value

₹72

EPS

₹7.2

No. of Shares

12.49 Cr

ROCE

14.4%

ROE

10.5%

OPM

8.1%

Debt / Equity

0.55

Sales

₹2,739 Cr

Net Profit

₹90 Cr

Promoter holding

51.9%

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Greenply Industries Ltd(GREENPLY)

About

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Products and brands

Manufacturing operations

Key operating numbers

Distribution and customers

Expansion and capex

Recent developments

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