Greenply Industries (GREENPLY) Q4 24/25 earnings summary

Executive summary

• Achieved highest-ever consolidated quarterly revenue of ₹649 crore in Q4 FY25, up 8.2% year-over-year, and full-year consolidated revenue of ₹2,488 crore, up 14.1% year-over-year.

• Core EBITDA for Q4 FY25 was ₹68 crore, up 18.1% year-over-year, with margin at 10.5%; full-year core EBITDA grew 27.2% to ₹238 crore.

• PAT for Q4 FY25 was ₹17 crore, impacted by one-off losses in overseas JVs and forex MTM loss; full-year PAT was ₹92 crore, up 7.6% year-over-year.

• Audited standalone and consolidated financial results for FY25 were approved and published, with unmodified opinions from auditors.

• The business operates in two segments: Plywood and allied products, and Medium Density Fibreboard (MDF) and allied products.

Financial highlights

• Q4 FY25 consolidated revenue: ₹649 crore (up 8.2% YoY); FY25: ₹2,488 crore (up 14.1% YoY).

• Core EBITDA Q4: ₹68 crore (up 18.1% YoY, margin 10.5%); FY25: ₹238 crore (up 27.2%, margin 9.6%).

• PAT Q4: ₹17 crore (down 48.9% YoY); FY25: ₹92 crore (up 7.6% YoY).

• Net debt stood at ₹464 crore with a debt-equity ratio of 0.57 as of March 2025.

• Standalone revenue for FY25 was ₹190,113.07 lakhs; consolidated net profit for FY25 was ₹9,172.37 lakhs.

Outlook and guidance

• Targeting double-digit consolidated revenue growth in FY26, with equal contribution from plywood and MDF.

• EBITDA margin guidance: 10%+ for plywood, 16%+ for MDF.

• Expecting significant inventory reduction in plywood by September and improved working capital cycle.

• MDF utilization expected to rise from 74% to 87-88% in FY26, with capacity expansion planned.

• Board recommended a dividend of ₹0.50 per equity share for FY25, subject to shareholder approval.