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Dossier · GREENPLY INDUSTRIES LTD · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
Manufactures plywood and medium density fibreboard (MDF) panels for construction and interior applications. Plywood and allied products forms 76.8% of FY26 segment revenue and MDF and allied products forms 23.2%, with MDF carrying materially higher margins — Q1 FY27 EBITDA margin of 17.3% versus 8.4% in plywood. The company employs 1,384 permanent staff and 3,030 workers and operates 60 offices (FY26 BRSR). Capacity is being expanded: a new HDF flooring line commenced commercial production on 20 July 2026 with peak revenue potential of ₹75-80 cr, a second MDF line in Vadodara has been sanctioned, and an Odisha greenfield plywood plant is under construction. Raw materials — chiefly imported chemicals — are the largest cost at 39.9% of FY26 revenue; Middle East-driven chemical price hikes led to effective price increases of 7-9% in MDF and 3-5% in plywood in Q1 FY27. A furniture joint venture (Greenply Samet) doubled its revenue in Q1 FY27 but posted a ₹5.7 cr loss. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Plywood and allied products (77%), Medium density fibreboards and allied products (23%). Cyclical consumer durables with capacity-driven volume dynamics
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY22
FY23
FY24
FY25
FY26
Revenue
1,563
1,846
2,180
2,488
2,739
EBITDA (ex other income)
150
179
200
238
256
margin %
9.6
9.7
9.2
9.6
9.3
Owners' profit
95
91
70
92
90
EPS, as reported (₹)
7.72
7.44
5.67
7.39
7.19
ROE % · ROCE %
17.6 · 19.2
14.2 · 13.2
9.9 · 14.2
11.3 · 16.1
10.0 · 16.2
Debt / equity (x)
0.54
1.03
0.74
0.60
0.55
Cash from operations
92
62
111
219
247
Capex
(222)
(415)
(134)
(77)
(157)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · GREENPLY INDUSTRIES LTD · 29 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ crore
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Revenue
640
614
649
601
689
673
776
725
Profit before tax
30
37
46
45
29
30
50
55
Net profit
18
24
17
28
16
14
31
38
EPS (₹)
1.42
1.96
1.33
2.28
1.28
1.15
2.48
3.01
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Segment revenue, FY26
Segment
Revenue, ₹ crore
Share %
Plywood and allied products
1,651
60.3
Medium density fibreboards and allied products
488
17.8
a) Plywood and allied products
454
16.6
b) Medium density fibreboards and allied products
147
5.4
Total, before eliminations
2,740
100.0
Source: the filed segment block, four quarters summed.
Exhibit 4: Peers — basic industry group, by market cap
Company
M.cap ₹ cr
P/E
P/B
EV/EBITDA
ROE %
ROCE %
Rev CAGR 5y %
EBITDA m. %
CENTURY PLYBOARDS (I) LTD
14,363
49.3
5.46
24.4
10.2
11.0
20.4
12.8
GREENLAM INDUSTRIES LTD.
5,459
58.6
4.63
19.7
4.8
4.5
20.5
10.8
STYLAM INDUSTRIES LIMITED
4,867
28.7
6.03
21.2
18.6
24.6
18.9
21.5
GREENPLY INDUSTRIES LTD ◆
3,698
37.4
4.13
15.2
10.0
12.0
18.6
11.1
GREENPANEL INDUSTRIES LTD
1,613
11.3
1.22
6.9
10.8
10.9
—
14.8
RUSHIL DECOR LIMITED
442
19.1
0.68
9.3
1.0
1.2
—
8.4
ARCHIDPLY IND. LTD
185
14.2
1.65
8.6
7.1
6.2
—
7.5
ECOBOARD INDUSTRIES LTD.
165
—
7.32
—
(44.7)
(43.3)
—
(31.2)
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 5: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
37.4
23.9
7 of 10
33%
P/B
4.1
3.0
8 of 13
42%
ROCE
12.0
4.5
2 of 13
92%
ROE
10.0
4.8
4 of 13
75%
Debt / Equity
0.6
0.4
9 of 13
33%
EBITDA margin
11.1
7.5
4 of 13
75%
Revenue growth
20.6
18.2
6 of 13
58%
Profit growth
32.2
32.2
7 of 13
50%
Market cap
3698
185
4 of 13
75%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · GREENPLY INDUSTRIES LTD · 29 October 2026Page 3 of 3
Exhibit 6: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
22 Oct 2026 · Greenply Industries schedules 2Q and 1HFY27 earnings call for Oct 30
board shareholder meetings
low
—
—
15 Oct 2026 · CGST tax demand of about Rs 2.16 crore plus interest on disallowed ITC
regulatory legal
high
—
—
15 Oct 2026 · Greenply board to review Q2 and H1 FY27 results on Oct 29
results
low
—
—
9 Oct 2026 · Greenply Industries submits Sustainability Report for FY 2025-26
general
low
—
—
6 Oct 2026 · Greenply files quarterly dematerialization certificate under SEBI Regulation 74(5)
compliance
minimal
—
—
5 Oct 2026 · Special window opened for physical share transfer and dematerialisation
11 Sept 2026 · Greenply to attend Anand Rathi conference on September 21
board shareholder meetings
low
—
—
11 Sept 2026 · Board okays corporate guarantee and JV stake dilution to partner Samet
credit debt
medium
—
—
11 Sept 2026 · Greenply board approves INR 200cr guarantee for subsidiary, JV stake to dilute to 19%
credit debt
medium
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
