Greenply Industries Limited submitted an analyst presentation containing its unaudited financial results for the first quarter of fiscal year 2027, ended June 30, 2026.

Key Financial Performance (Consolidated)

  • Revenue: ₹724.9 crores in Q1 FY27, compared to ₹600.8 crores in Q1 FY26 (20.7% YoY increase) and ₹776.2 crores in Q4 FY26 (6.6% QoQ decrease).
  • Core EBITDA: ₹78.3 crores in Q1 FY27, compared to ₹61.6 crores in Q1 FY26 (27.1% YoY increase) and ₹93.2 crores in Q4 FY26 (16.0% QoQ decrease).
  • Core EBITDA Margin: 10.8% in Q1 FY27, compared to 10.3% in Q1 FY26 (+50 bps) and 12.0% in Q4 FY26 (-120 bps).
  • Profit Before Tax (PBT): ₹49.5 crores in Q1 FY27, compared to ₹36.2 crores in Q1 FY26 (36.7% YoY increase) and ₹43.8 crores in Q4 FY26 (12.8% QoQ increase). PBT before exceptional items was ₹49.5 Cr for Q1 FY27.
  • Profit After Tax (PAT): ₹37.6 crores in Q1 FY27, compared to ₹28.5 crores in Q1 FY26 (32.2% YoY increase) and ₹31.0 crores in Q4 FY26 (21.3% QoQ increase). Q4 FY26 PAT was negatively impacted by exceptional items of ₹15.2 crores.
  • Other Income: ₹1.8 crores in Q1 FY27, down 86.2% YoY from ₹13.2 crores.
  • Share of Loss from Equity Accounted Investees: ₹5.7 crores loss in Q1 FY27, an improvement from a ₹9.1 crores loss in Q1 FY26.
  • Foreign Exchange Gain/(Loss): Gain of ₹0.7 crores in Q1 FY27, a significant improvement from a loss of ₹8.9 crores in Q1 FY26.
  • Tax Expense: ₹11.8 crores in Q1 FY27, up 53.4% YoY from ₹7.7 crores.

Debt and Capital Structure (Consolidated)

  • Gross Debt: ₹554 crores as of June 2026, up from ₹489 crores in March 2026 and ₹543 crores in June 2025.
  • Ply Business Debt: ₹180 crores (June '26) vs. ₹120 crores (Mar '26) and ₹138 crores (Jun '25).
  • MDF Business Debt: ₹374 crores (June '26) vs. ₹369 crores (Mar '26) and ₹405 crores (Jun '25).
  • Net Debt: ₹533 crores as of June 2026, up from ₹461 crores in March 2026 and down from ₹538 crores in June 2025.
  • Equity: ₹932 crores as of June 2026, up from ₹895 crores in March 2026 and ₹837 crores in June 2025.
  • Net Debt/Equity Ratio: 0.57x (June '26) vs. 0.52x (Mar '26) and 0.64x (Jun '25).
  • Working Capital Days: 42 days (June '26), improved from 43 days (Mar '26) and 58 days (Jun '25). Calculated on an annualized basis.

India Plywood Business Performance (Standalone + Subsidiaries)

  • Sales Volume: 19.4 Million Square Meters (MSM) in Q1 FY27, up 13.8% YoY from 17.1 MSM.
  • Realization: ₹265 per square meter in Q1 FY27, up 3.8% YoY from ₹255.
  • Revenue: ₹526.6 crores in Q1 FY27, up 16.0% YoY from ₹453.8 crores.
  • Plywood & Allied Products: ₹513.2 crores.
  • Other Products (PVC/WPC doors, wallcovers, veneers): ₹13.4 crores.
  • Core EBITDA: ₹44.5 crores in Q1 FY27, up 23.5% YoY from ₹36.0 crores.
  • Core EBITDA Margin: 8.4% in Q1 FY27, vs. 7.9% in Q1 FY26 (+50 bps) and 10.4% in Q4 FY26 (-200 bps).
  • PAT: ₹26.6 crores in Q1 FY27, up 29.9% YoY from ₹20.5 crores. PAT before exceptional items was ₹26.6 Cr.

India MDF Business Performance

  • Sales Volume: 57,805 Cubic Meters (CBM) in Q1 FY27, up 24.7% YoY from 46,350 CBM.
  • Realization: ₹33,525 per CBM in Q1 FY27, up 5.5% YoY from ₹31,763.
  • Revenue: ₹195.7 crores in Q1 FY27, up 32.8% YoY from ₹147.3 crores.
  • MDF & Allied Products: ₹193.8 crores.
  • Miscellaneous Revenue: ₹1.9 crores.
  • Revenue by Category:
  • MDF Boards: ₹150.9 crores (up 25.1% YoY).
  • Pre-Lam Boards: ₹42.9 crores (up 61.3% YoY).
  • Core EBITDA: ₹33.9 crores in Q1 FY27, up 32.2% YoY from ₹25.6 crores.
  • Core EBITDA Margin: 17.3% in Q1 FY27, vs. 17.4% in Q1 FY26 (-10 bps) and 17.0% in Q4 FY26 (+30 bps).
  • PAT without Forex: ₹16.1 crores in Q1 FY27, vs. ₹16.9 crores in Q1 FY26.
  • Reported PAT: ₹16.8 crores in Q1 FY27, up 109.2% YoY from ₹8.0 crores, aided by a forex gain of ₹0.7 crores on borrowings.

Joint Venture Update (Greenply Samet - Furniture Hardware)

  • Equity Investment by GIL: ₹105 crores to date.
  • Q1 FY27 JV Revenue: ₹13.61 crores (100%).
  • Share of PAT Loss for GIL: ₹5.7 crores (50% share) in Q1 FY27.
  • Dealer Network: 127 new dealers appointed in Q1 FY27; total active dealers stood at 686 as of June 2026.

Corporate Overview and Strategic Updates

  • Manufacturing Capacities:
  • Plywood & Allied: Total capacity of 66.3 Mn SQM per annum across facilities in Gujarat, Uttar Pradesh, West Bengal, and Nagaland. A new facility in Odisha (13.5 Mn SQM) is a work in progress.
  • MDF: Current capacity of 3,00,000 CBM per annum in Vadodara. A second line in Vadodara (2,10,000 CBM) is a work in progress.
  • Major Institutional Shareholders (as of 30th June 2026): Mirae Mutual Fund (12.75%), HDFC Mutual Fund (7.17%), Tata Mutual Fund (5.77%), Canara Robeco Mutual Fund (2.62%), Bandhan Mutual Fund (2.11%), Aditya Birla Mutual Fund (1.12%), SBI Contra Fund (1.08%).
  • Marketing Strategy: The presentation outlines a multi-pronged marketing approach targeting premium consumers, mass buyers, and the institutional/OEM segment with differentiated campaigns for its Green, Ecotec, and MDF brands.