Financial Performance Overview
Greenply Industries Limited reported consolidated financial results for FY 2025-26 with revenue growth of 10.1% to ₹2,739 crore (₹273,903 lakhs) from ₹2,488 crore in FY25. However, profit after tax declined by 8.98% to ₹90 crore (₹8,978 lakhs) compared to ₹92 crore in the previous year. The company achieved EBITDA of ₹271 crore, representing 13.8% growth with margins improving 30 basis points to 9.9%. Earnings per share stood at ₹7.1 compared to ₹7.3 in FY25.
Operational and Strategic Developments
The company expanded its MDF capacity to 1,000 CBM per day and announced a significant ₹425 crore investment for an additional 700 CBM capacity at its Vadodara facility, expected to be commissioned by FY28 with estimated revenue potential of ₹600 crore. Greenply maintained its strong market position with 22% share in the organized plywood market and is targeting ₹4,000 crore revenue by FY27-28 through a ₹575 crore capital investment program. The company also completed the acquisition of an additional 50% stake in Greenply Global Trading Pte. Limited, making it a wholly-owned subsidiary, while transferring 30% stake in Greenwud Panel Limited.
Corporate Governance and Leadership
The Board recommended a final dividend of 50% (₹0.50 per equity share) and re-appointed Mr. Rajesh Mittal as Chairman cum Managing Director for a five-year term effective January 1, 2026. Ms. Vinita Bajoria was recommended for re-appointment as Independent Director for a second term. The board composition includes 6 directors with 2 executive promoter directors, 1 executive non-promoter director, and 3 independent directors, maintaining full compliance with SEBI Listing Regulations.
Subsidiaries and Joint Ventures Performance
Material subsidiaries include Greenply Speciality Panels Private Limited (₹635.66 crore turnover, ₹17.83 crore PAT), Greenply Sandila Private Limited (₹289.58 crore turnover, ₹18.52 crore PAT), and Alishan Panels Private Limited (67% subsidiary, ₹73.81 crore turnover). The furniture hardware joint venture, Greenply Samet Private Limited, reported a loss share of ₹25.4 crore for Greenply despite expanding distribution to 559 active dealers and commencing export operations in June 2025.
Auditor Qualifications and Regulatory Compliance
Auditors reported qualifications regarding internal financial controls, noting that audit trail features were not enabled at the application layer for the Holding Company and two subsidiaries. CARO 2020 unfavourable remarks were cited for four entities. The Income Tax Department conducted a search and seizure operation from February 26 to March 2, 2026, though no assessment order, notice of demand or penalty order was received as of the report date. Exceptional items of ₹15.16 crore included provisions for impairments related to international operations.
Sustainability and Market Position
Greenply demonstrated strong environmental commitment by planting over 90 million saplings across 1.1 lakh acres with a target to plant 100 million trees by 2028. The company operates with multiple certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and various BIS certifications. With presence across 1,100+ cities and a distribution network of 3,000+ dealers and 6,000+ retail touchpoints, Greenply maintains credit ratings of AA- (India Ratings) and CARE AA (CARE Ratings).