India · Delayed Price · Currency is INR Greenply Industries Earnings Call Transcripts
Fiscal Year 2027
-
Q1 FY 2027 saw 20.7% revenue growth and double-digit volume gains in both plywood and MDF, with margins expanding and new capacity coming online. CapEx and debt remain within guidance, and the company targets strong volume and margin growth for the year.
Fiscal Year 2026
-
Strong double-digit growth in revenue and EBITDA was achieved across segments in FY 2026, with robust margin expansion and record quarterly revenue. Leadership transition, one-time impairment, and significant CapEx initiatives were key highlights, while guidance remains optimistic for FY 2027.
-
Q3 FY 2026 saw double-digit volume growth in plywood and MDF, with revenue up 9.6% year-over-year and core EBITDA margin improving to 8.7%. Major CapEx in MDF and plywood is underway, funded by internal accruals, with net debt expected to remain manageable.
-
Q2 revenue grew 7.5% YoY to INR 688.6 crore, with MDF and plywood segments both expanding. MDF margins dipped due to one-offs but are expected to rebound to 16%+ in H2, while plywood targets 10%+ volume growth and margin improvement. CapEx for the year is projected at INR 155-160 crore.
-
Q1 FY26 revenue grew 2.9% year-over-year to INR 601 crores, with core EBITDA up 6.4% and improved margins. MDF segment outperformed with strong sales and margin gains, while plywood saw volume decline but better realizations. Net debt rose due to inventory build-up, but is expected to normalize by H1 end.
Fiscal Year 2025
-
Q4 FY25 saw record revenue and strong EBITDA growth, with full-year margins improving across segments. Guidance for FY26 includes double-digit revenue growth, higher MDF utilization, and margin expansion, while inventory and debt levels are set to decline.
-
Q3 FY25 saw 5.6% YoY revenue growth and improved margins, despite MDF plant shutdown and high raw material costs. Regulatory changes and new capacity investments are expected to benefit organized players, with plywood and MDF volume growth targeted at 7%+ and ~50% for FY25.
-
Revenue and EBITDA grew strongly year-over-year, with Q2 FY25 revenue up 12.8% and H1 up 22.7%. Margins improved despite forex and JV losses, while raw material inflation and CapEx will push debt higher by year-end. Guidance for plywood and MDF growth is maintained.
-
Q1 FY25 saw 35.7% revenue growth and a doubling of EBITDA, with strong gains in MDF margins and a reduction in net debt. Value-added products and operational efficiencies drove profitability, while raw material costs and industry price competition remain key risks.