GREENPLY

Greenply Industries share price & financials

Pan-India manufacturer of plywood, MDF and interior wood-panel products sold via a dealer network.

Price: ₹291.67
Market cap: ₹3.5k Cr
Sector: Consumer Durables
Calls analysed: 7

Latest concall · Q1 FY27 · call held 24 Jul 2026

Greenply Industries Limited Q1 FY27

Consolidated Revenue ₹724.9 cr +21%

What went well

Consolidated revenue increased by a robust 20.7% Y-o-Y to INR 724.9 crores.
Consolidated core EBITDA margin expanded by 50 basis points Y-o-Y to 10.8%.
Achieved double-digit volume growth in both segments: Plywood at 13.8% Y-o-Y and MDF at 24.7% Y-o-Y.

What to watch

Elevated imported chemical prices due to geopolitical tensions necessitated price increases across the industry.
Plywood EBITDA margins were impacted by lower utilization (92-93% vs 98-99% in Q4 FY26) due to labor availability and election-related disruptions.

Read the full call →

What Greenply Industries Limited does

Greenply Industries manufactures plywood, blockboard, decorative veneers, flush doors and MDF (medium density fibreboard) boards for residential, commercial and industrial interiors, sold under brands such as Greenply Club, Green Platinum and Greenply Gold Plywood through a pan-India dealer-distributor network. Plywood and allied products are manufactured at facilities in Gujarat, Uttar Pradesh, West Bengal and Nagaland, with a new unit under construction in Odisha, while MDF is manufactured at Vadodara, Gujarat. The company has also entered furniture hardware (hinges, slides, lift-up door systems) through the Greenply Samet joint venture, and has commissioned a new PVC and WPC plant for doors and door frames.

Segments

Plywood & Allied Products
MDF (Medium Density Fibreboard)
Furniture & Fittings (JV)

Plywood manufacturing capacity: 66.3 Mn sqm per annum (incl. Odisha unit under construction)
MDF manufacturing capacity: 3,00,000 CBM per annum (Vadodara, Gujarat)
Plywood manufacturing locations: Bamanbore (Gujarat), Sandila (Uttar Pradesh), Kriparampur (West Bengal), Tizit (Nagaland); Odisha unit under construction
Dealer-distribution network: 3,000+ dealers
Cities, towns & villages serviced: 1,100+
Total workforce (employees & workers): 5,841

Founded 1990Headquarters Kolkata, West Bengal, IndiaEmployees 5,841 (2025-03-31) Company website

Guidance record · Q1 FY27

what the last two calls moved 25 tracked 4 delivered 5 missed 16 open

Consolidated Revenue Growth FY26 delivered said Q4 FY25 Promised: double-digit revenue growth on a consolidated basis for FY26 Q1 FY27: FY26 is complete. The final growth of 10.1% confirms the target was achieved.
Plywood EBITDA Margin missed said Q3 FY25 Promised: 10% plus by Q4 FY25 Q1 FY27: Target period has long passed. This promise remains missed.
Samet JV Turnover FY27 at risk said Q2 FY26 Promised: For that full year next year (FY27), we are targeting INR100 crores. Q1 FY27: Q1 FY27 sales were INR 13.61 cr. Annualizing this to ~INR 54.4 cr puts the INR 100 cr target at significant risk. New vague guidance of INR 120-150 cr for 'FY27 and FY28' was given.

All 25 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 20.6%, net profit up 35.7% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	640	614	649	601	689 +8%	673 +10%	776 +20%	725 +21%
Expenses	587	564	602	548	638	622	690	652
EBITDA	53	51	46	52	51 −4%	51 +0%	87 +89%	73 +40%
Margin	8%	8%	7%	9%	7%	8%	11%	10%
Other income	2	3	6	18	2	-3	-13	2
Interest	14	5	13	19	13	10	13	7
Depreciation	15	15	15	15	16	17	17	17
Profit before tax	26	33	24	36	23 −12%	22 −33%	44 +83%	49 +36%
Tax rate	32%	27%	32%	21%	31%	35%	29%	24%
Net profit	18	24	17	28	16 −11%	14 −42%	31 +82%	38 +36%
EPS	1.42	1.96	1.32	2.28	1.28	1.15	2.46	3.00

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −1.2% 1Y

1Y: ₹293.75 on 10 Sept 2025 → ₹290.25. High ₹329.65 (22 Jul 2026), low ₹180.31 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: −7.2%; 24 Jul
Q4 FY26: −6.0%; 30 Apr
Q3 FY26: −1.3%; 5 Feb
Q2 FY26: −2.7%; 4 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 14.9% a year over 3 years, FY23 to FY26. Operating margin widened to 8.8%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹1.8k Cr	₹2.2k Cr	₹2.5k Cr	₹2.7k Cr
Operating profit	₹146 Cr	₹182 Cr	₹203 Cr	₹241 Cr
Operating margin	8.1%	8.3%	8.2%	8.8%
Interest	₹21 Cr	₹44 Cr	₹42 Cr	₹55 Cr
Depreciation	₹35 Cr	₹55 Cr	₹60 Cr	₹65 Cr
Net profit	₹92 Cr	₹70 Cr	₹92 Cr	₹89 Cr
Net margin	5.1%	3.2%	3.7%	3.2%
ROCE	11.0%	11.0%	12.0%	14.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹12 Cr	₹12 Cr	₹12 Cr	₹12 Cr	₹12 Cr	₹12 Cr
Reserves	₹424 Cr	₹526 Cr	₹632 Cr	₹697 Cr	₹834 Cr	₹882 Cr
Borrowings	₹203 Cr	₹309 Cr	₹695 Cr	₹549 Cr	₹542 Cr	₹515 Cr
Other liabilities	₹275 Cr	₹311 Cr	₹341 Cr	₹405 Cr	₹496 Cr	₹550 Cr
Total liabilities	₹915 Cr	₹1.2k Cr	₹1.7k Cr	₹1.7k Cr	₹1.9k Cr	₹2.0k Cr
Fixed assets	₹308 Cr	₹353 Cr	₹459 Cr	₹865 Cr	₹886 Cr	₹907 Cr
Capital work in progress	₹6 Cr	₹110 Cr	₹513 Cr	₹12 Cr	₹25 Cr	₹50 Cr
Investments	₹23 Cr	₹26 Cr	₹6 Cr	₹43 Cr	₹65 Cr	₹55 Cr
Other assets	₹578 Cr	₹671 Cr	₹702 Cr	₹742 Cr	₹909 Cr	₹948 Cr
Total assets	₹915 Cr	₹1.2k Cr	₹1.7k Cr	₹1.7k Cr	₹1.9k Cr	₹2.0k Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Mutual funds in GREENPLY

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds: ₹124 Cr; 4 schemes
Biggest holder: SBI Contra Fund; ₹39 Cr · 0.1% of that fund

Scheme	Holding	Last month	Held since
SBI Contra Fund SBI Mutual Fund	₹39 Cr	held	Aug '21
HDFC Retirement Savings Fund - Equity Plan HDFC Mutual Fund	₹36 Cr	held	Dec '22
HDFC Multi Cap Fund HDFC Mutual Fund	₹35 Cr	held	Dec '22
HDFC Equity Savings Fund HDFC Mutual Fund	₹14 Cr	held	Dec '22

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on: +81%; vs est. average cost
Held by funds: ₹124 Cr; 4 schemes · ≈ 3.6% of the company
Biggest holder: SBI Contra Fund; ₹39 Cr · 0.1% of that fund

Shares held by these funds −67%

Aug '23 43.27 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹290, this stock must grow earnings at 22% every year for 7 years. Our analysis caps realistic growth at ~-4%. At that growth it is worth ₹75 — downside of 74%.

Growth the price implies: 21.7% a year; for 7 years, fading to 4%
It has actually compounded at: -3.4% a year; net profit, FY23–FY26 · EPS -3.6%
The gap: 0.3 pp; -74% downside if it only repeats history

Price today ₹290.25 Value at the reference growth ₹75.05

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Greenply Industries Limited

Guides on how to read this kind of business and the numbers that matter.