India · Delayed Price · Currency is INR Greenply Industries Earnings Call Transcripts
Fiscal Year 2026
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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.
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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.
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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
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Q4 FY25 saw record revenue and strong EBITDA growth, with full-year margins improving and double-digit growth targeted for FY26. Inventory and debt are set to decline, while regulatory changes and capacity expansions are expected to support future profitability.
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Q3 FY25 saw 5.6% YoY revenue growth and improved margins, despite MDF plant shutdown and higher raw material costs. Regulatory changes and new CapEx are set to benefit organized players, with plywood and MDF volume growth expected to accelerate in FY25.
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Q2 FY25 saw 12.8% revenue growth and 19.6% EBITDA growth year-over-year, with margins improving despite forex and JV losses. Plywood and MDF segments implemented price hikes to offset raw material inflation, and full-year guidance for growth and margins remains intact.
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Q1 FY25 saw 35.7% YOY revenue growth and a doubling of EBITDA margin, driven by improved product mix and operational efficiencies. MDF margins reached 16.6%, with strong guidance for the year, while net debt fell significantly. CapEx and new capacity expansions are underway.