Greenply Industries (GREENPLY) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue rose 16.1% YoY to ₹79,968.60 lakh; Core EBITDA was ₹89.2 crore, up 57.2%, at an 11.2% margin, up 300 bps.

• Q2 profit for the period reached ₹4,272.66 lakh, up 167.3% YoY; H1 revenue was ₹1,52,457.24 lakh and profit ₹8,033.76 lakh.

• Premium launches and product mix supported plywood value growth and margins; MDF volumes faced production interruptions and margins price pressure.

• Statutory auditors issued unmodified limited review conclusions on standalone and consolidated results.

Financial highlights

• H1 FY27 Core EBITDA reached ₹167.5 crore, up 41.5%, at an 11.0% margin, up 180 bps YoY.

• Q2 profit before tax and exceptional items was ₹56.9 crore, up 144.1% YoY; H1 was ₹106.4 crore, up 93.2%.

• Consolidated H1 operating cash flow was ₹8,639.46 lakh, versus ₹6,589.82 lakh in H1 FY26.

• Consolidated depreciation and finance costs were ₹28.7 crore in Q2, up 12.5% YoY, and ₹54.3 crore in H1, up 7.6%.

Outlook and guidance

• Plywood guidance was maintained; FY27 volume growth target is over 10%, with H2 EBITDA margin of 10%+ and quarterly revenue above ₹600 crore supporting sustained double-digit margins.

• MDF FY27 guidance is 20% volume growth and 15%-16% Core EBITDA margin; Q3 and Q4 volume targets are 63,000 CBM each.

• MDF EBITDA per CBM is expected to remain above ₹5,000; management sees 15%-16% margins holding through next year and long-term ROCE potential above 18%.

• HDF flooring began commercial production in July 2026; initial revenue expectation is ₹2-3 crore monthly, at realization above ₹75,000 per cubic meter.

• Near-term plywood and allied-products demand is expected to exceed capacity; Sandila expansion completion is targeted by Q4 FY28.