Greenply Industries (GREENPLY) Q1 26/27 earnings summary

Executive summary

• Achieved consolidated revenue of INR 724.9 crore (₹72,488.64 lakhs) in Q1 FY27, up 20.7% year-over-year and down 6.6% sequentially from Q4 FY26.

• Core EBITDA rose 27.1% YoY to INR 78.3 crore, with margin improving by 50 bps to 10.8%.

• Profit after tax increased 32.2% YoY to INR 37.6 crore, with consolidated net profit at ₹3,761.10 lakhs.

• Continued focus on sustainability initiatives, including the 'One Sheet, One Tree' campaign and ongoing expansion projects.

• Strategic focus on product innovation, ESG, automation, and expanding manufacturing base.

Financial highlights

• Plywood segment revenue was INR 526.6 crore, with 13.8% volume growth and 16% value growth year-over-year.

• MDF segment revenue was INR 195.7 crore, with 32.8% value and 24.7% volume growth year-over-year.

• Furniture and fittings JV reported sales of INR 13.61 crore and a PAT loss share of INR 5.74 crore.

• PAT margin at 5.2% in Q1 FY27, up from 4.7% YoY.

• Earnings per share (consolidated, basic and diluted) for Q1 FY27 was ₹3.01, up from ₹2.28 in Q1 FY26.

Outlook and guidance

• Targeting 10% volume growth in plywood and 25%-30% in MDF for the full year.

• Confident in achieving 10% EBITDA margin in plywood as utilization and sales improve.

• MDF EBITDA margin expected to sustain at 16%-17%, with potential to reach 18% as new capacity comes online.

• Management highlighted the impact of new labour codes and geopolitical factors in the Middle East, with provisions made for related losses.

• Multi-pronged approach to leverage emerging opportunities in the evolving market.