Please find enclosed Conference Call Transcript in respect of conference call for Investor and Analysts held on April, 30, 2026.
GREENPLY · price
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Greenply Industries reported its highest ever quarterly consolidated revenue of INR 776.2 crores in Q4 FY26, up 19.6% Y-o-Y, with core EBITDA margin at 12% (330 bps improvement over Q3). Management explicitly stated that Q4 margins represent the 'new norm' going forward, with EBITDA margin sustainability confirmed across both plywood (10.4%) and MDF (17%) segments. Key developments include leadership transition (Manoj Tulsian resigned, Sanidhya Mittal now JMD), complete write-off of Dubai entity (GMEL) exposure at INR 15.16 crores, and planned INR 480-500 crore capex for FY27. Chemical prices surged over 50% due to geopolitical factors, prompting 5-10% price increases from April. FY27 volume growth targets set at 10% for plywood and 25-30% for MDF.
The management's confidence in sustaining Q4 margin levels signals a structural improvement in profitability, likely positive for the stock. However, investors should monitor the INR 480-500 crore capex execution and debt levels (net debt INR 461 crores, debt/equity 0.52, expected to peak at 0.7-0.72 during FY27 capex phase).