Greenply Industries Limited has informed the Exchange about Transcript
GREENPLY · price
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Greenply reported Q1 FY26 consolidated revenue of INR601 crores, up 2.9% YoY, with core EBITDA of INR62 crores (up 6.4%) and margin improving to 10.3% from 9.9%. Plywood segment saw a 3.1% volume decline but 4.1% realization growth to INR255/sqm, with EBITDA margin at 7.9%. MDF business performed strongly with revenue of INR147.3 crores, EBITDA margin jumping to 17.4% from 15%, and management reaffirmed double-digit volume growth and 16%+ margin guidance for FY26. The Furniture and Fittings JV (hardware) posted a small INR6.5 crore revenue with a INR5.4 crore loss share. Net debt rose to INR538 crores due to inventory buildup (plywood imports and pre-shutdown MDF stock), expected to normalize by end of H1. Capex guidance for FY26 is INR100-140 crores. The Vadodara MDF plant is expanding 25% in August 2025, and HDF flooring production starts September 2025. Stake in Greenply Middle East was reduced from 49% to 19%, cutting contingent liability from INR50 crores to INR32 crores.
Mixed quarter for shareholders: Plywood volume growth looks difficult to achieve in double-digits, which may pressure near-term sentiment, but strong MDF margins and clear debt reduction roadmap (net debt to 0.5x by year-end) provide support. New growth avenues in hardware, PVC, and HDF flooring are positive long-term, but hardware losses of INR15-20 crores expected for FY26. Watch for inventory liquidation in Q2 and recovery in July demand.