Greenply Q1 FY27: revenue up 20.7%, guides 10% plywood margin, MDF EBITDA at 17.3%
GREENPLY · price
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Greenply Q1 FY27 revenue rose 20.7% YoY to INR 724.9 crores; core EBITDA margin up 50 bps to 10.8%. Plywood revenue grew 16% on 13.8% volume growth; MDF revenue jumped 32.8% with EBITDA margin at 17.3%. FY27 guidance retained: 10% plywood and 25-30% MDF volume growth, 10% plywood EBITDA margin, 16-17% MDF EBITDA margin. New HDF flooring line commenced July 20. CFO outlined capex of around 500 crores for FY27 with peak debt of 710-730 crores by March 2027 at 0.75x debt-equity. Furniture JV losses continued.
Positive read with double-digit volume growth across segments and clear margin and debt roadmap. Watch raw material costs and furniture JV losses.