Greenply Industries Limited – Investor Presentation Summary

Key Operational Highlights

  • Plywood sales volume: 23.0 MSM in Q2 FY27 (6.1% YoY growth), 42.40 MSM in H1 FY27 (9.2% YoY growth)
  • Plywood realization: ₹264/Sqm in Q2 FY27 (9.0% YoY growth), ₹264/Sqm in H1 FY27 (6.6% YoY growth)
  • MDF sales volume: 54,605 CBM in Q2 FY27 (16.1% YoY growth), 1,12,411 CBM in H1 FY27 (20.4% YoY growth)
  • MDF realization: ₹31,816/CBM in Q2 FY27 (2.1% YoY growth), ₹32,694/CBM in H1 FY27 (3.9% YoY growth)

Key drivers of operational performance: Volume growth across both businesses, improved realizations, and product mix optimization

Segment-wise Performance

Plywood Business (Standalone + Subsidiaries):

  • Q2 FY27 Revenue: ₹625.7 crore (15.5% YoY growth)
  • H1 FY27 Revenue: ₹1,152.3 crore (15.7% YoY growth)
  • Q2 FY27 Core EBITDA: ₹62.9 crore (40.8% YoY growth)
  • H1 FY27 Core EBITDA: ₹107.3 crore (33.1% YoY growth)
  • Core EBITDA Margin: 10.05% in Q2 FY27 (+180 bps YoY), 9.31% in H1 FY27 (+120 bps YoY)

MDF Business:

  • Q2 FY27 Revenue: ₹173.9 crore (18.4% YoY growth)
  • H1 FY27 Revenue: ₹369.6 crore (25.6% YoY growth)
  • Q2 FY27 Core EBITDA: ₹26.4 crore (117.7% YoY growth)
  • H1 FY27 Core EBITDA: ₹60.2 crore (59.7% YoY growth)
  • Core EBITDA Margin: 15.2% in Q2 FY27 (+690 bps YoY), 16.3% in H1 FY27 (+350 bps YoY)

Explanation of significant changes in segment performance: Plywood growth driven by volume increase and better realizations; MDF growth driven by strong volume performance and margin expansion

Financial Highlights

Q2 FY27 Consolidated:

  • Revenue: ₹799.7 crore (16.1% YoY growth)
  • Core EBITDA: ₹89.2 crore (57.2% YoY growth)
  • Core EBITDA Margin: 11.2% (+300 bps YoY)
  • PAT: ₹42.7 crore (167.3% YoY growth)

H1 FY27 Consolidated:

  • Revenue: ₹1,524.6 crore (18.2% YoY growth)
  • Core EBITDA: ₹167.5 crore (41.5% YoY growth)
  • Core EBITDA Margin: 11.0% (+180 bps YoY)
  • PAT: ₹80.3 crore (80.8% YoY growth)

Drivers of financial performance: Higher revenue growth, improved operational efficiencies, better product mix, and margin expansion across both businesses

Key Risks: Raw material price fluctuations, foreign exchange volatility (MDF business had forex loss of ₹0.81 crore in Q2 FY27)

Balance Sheet Snapshot

  • Net Debt: ₹544 crore (as of September 2026)
  • Equity: ₹969 crore
  • Net Debt/Equity: 0.56x
  • Working Capital Days: 43 days (calculated on annualized basis)

Financial Health Insights: Stable debt position with manageable leverage, improved working capital efficiency (8 days reduction YoY)

Capex & Cash Flow Health

  • Capital Expenditure: Ongoing expansion with Odisha plywood unit (13.5 Mn SQM pa capacity) and Vadodara MDF Line 2 (2,10,000 CBM/Annum capacity) in progress
  • Investment Rationale: Capacity expansion to capture growing market demand, technology upgrades for product enhancement

Strategic & R&D Initiatives

Investments in Innovation: New product launches including Greenply Gold and Ecotec Prime with enhanced features like termite protection, waterproofing, and fire-grade protection

Expected impact on growth: Strengthened market positioning through product differentiation and warranty offerings (20-year warranty for MDF)

Strategic Rationale: Expanding product portfolio to address different consumer segments, enhancing brand trust through innovative technology

Management Commentary & Growth Outlook

Strategic Outlook: Multi-pronged approach to leverage emerging opportunities in the new normal, focusing on brand building, product innovation, and market expansion

FY Guidance: Not explicitly provided in the presentation

Risks and Opportunities: Market growth in building materials sector, raw material price fluctuations, competitive landscape

Corporate Overview

Manufacturing Capacities:

  • Plywood & Allied: 66.3 Mn SQM pa across 5 locations (Bamanbore, Sandila, Kriparampur, Tizit, Odisha)
  • MDF: 3,00,000 CBM/Annum at Vadodara, with additional 2,10,000 CBM/Annum capacity under construction

Major Institutional Shareholders: Mirae Mutual Fund (11.22%), HDFC Mutual Fund (6.35%), Tata Mutual Fund (5.77%), Canara Robeco Mutual Fund (2.62%), Bandhan Mutual Fund (2.11%)

Marketing Activities

Recent Initiatives: Participation in India's biggest trade exhibition (MATECIA 2026), brand campaigns for Greenply Gold and Ecotec Prime, contractor and trade community engagement programs, architect outreach programs

Awards & Recognition: Multiple industry awards mentioned but not specified in the presentation