Greenply Industries has submitted an application dated July 28, 2026, to the National Stock Exchange of India Limited (NSE) and BSE Ltd. (BSE) seeking approval for the reclassification of eight members from the Promoter Group Category to the Public Shareholder Category. This procedural step follows the Board’s earlier approval on July 24, 2026, which also included the appointment of Girish Kulkarni as an Independent Director and the amalgamation of its Singapore subsidiaries. The reclassification is required under Regulation 31A(8)(c) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The application seeks no-objection or approval from the exchanges to finalize the status change for entities that hold nil equity shares in the company. The move aims to streamline the company’s shareholding pattern disclosures in compliance with regulatory norms. The Board had previously noted that the outgoing members have undertaken compliance with Regulation 31A(3)(b) and will adhere to Regulation 31A(4) requirements. The reclassification does not involve any transfer of shares or change in the listed entity’s overall shareholding structure.

Reclassification Details

The following eight members of the Promoter Group are seeking reclassification to the Public Shareholder Category. All hold zero equity shares in Greenply Industries Limited.

The submission was signed by Kaushal Kumar Agarwal, Company Secretary and Vice President – Legal at Greenply Industries Limited. The company had earlier intimated the exchanges about this development on July 16, 2026, and July 24, 2026. The final approval from the stock exchanges is necessary to effectuate the change in category as per SEBI Listing Regulations.

Other Board Resolutions

In parallel with the reclassification request, the Board approved the appointment of Girish Kulkarni as an Additional Director designated as an Independent Director, effective July 24, 2026. His tenure is set for five years, subject to shareholder approval. The Nomination and Remuneration Committee recommended his appointment, citing his extensive experience in scaling businesses across Asia.

Additionally, the Board approved the amalgamation of Greenply Holdings Pte. Ltd. with Greenply Global Trading Pte. Ltd. to consolidate its Singapore operations. The transaction is exempt from related-party disclosure requirements under Regulation 23(5) as both entities are wholly owned subsidiaries. No cash consideration is involved in the amalgamation.

Greenply Industries reported a 32% year-on-year increase in consolidated net profit to ₹37.6 crore for the quarter ended June 30, 2026 (Q1FY27), driven by robust top-line growth and improved operational efficiency. Consolidated revenue from operations rose 20.7% to ₹724.9 crore from ₹600.8 crore in the corresponding period of the previous year. The Board of Directors approved the unaudited standalone and consolidated financial results at their meeting held on July 24, 2026, pursuant to Regulation 30 and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The statutory auditors, B S R & Co. LLP, conducted a limited review of the results and issued an unmodified review report. The company’s business operates within two segments: Plywood and allied products, and Medium density fibreboards (MDF) and allied products. The improvement in profitability was supported by a decline in finance costs, which fell to ₹74.88 crore from ₹185.12 crore year-on-year, partly due to foreign exchange gains on long-term borrowings for the MDF plant.

Financial Performance Highlights

Consolidated Core EBITDA expanded to ₹78.3 crore from ₹61.6 crore in Q1FY26, reflecting an EBITDA margin improvement to 10.8%. Standalone net profit also grew significantly, rising to ₹21.28 crore from ₹18.56 crore in the prior year quarter. Standalone revenue from operations increased to ₹496.99 crore from ₹438.22 crore.

Segment-wise Analysis

The Plywood and allied products segment contributed ₹526.6 crore to segment revenue, up 16.0% from ₹453.8 crore in Q1FY26. Volume in the plywood business grew by 13.8% year-on-year, with realization per square meter standing at ₹265. Core EBITDA for this segment was ₹44.5 crore, representing an 8.4% margin, up 50 basis points from 7.9% in the prior year. Net profit for the plywood business was ₹26.6 crore.

The MDF segment saw stronger growth, with revenue rising 32.8% to ₹195.7 crore from ₹147.3 crore. Volume in the MDF business grew by 24.7% year-on-year. Realization per cubic meter was ₹33,525. Core EBITDA without forex loss was ₹33.9 crore, yielding a core EBITDA margin of 17.3%. Net profit for the MDF segment was ₹16.8 crore.

What the Numbers Show

The disproportionate rise in MDF segment revenue (32.8%) compared to the Plywood segment (16.0%) suggests a strategic shift or higher demand for medium-density fibreboards. Additionally, the reduction in finance costs, aided by forex gains, provided a tailwind to bottom-line expansion beyond operational improvements. The joint venture, Greenply Samet Private Limited, doubled its revenue to ₹13.61 crore, although it reported a share of PAT loss of ₹5.7 crore (50% share). Management attributes this to expanding market presence and improving customer acceptance, expecting significant growth in the current fiscal year.

Key Disclosures

Sanidhya Mittal, Joint Managing Director, commented that Greenply remains firmly on track to achieve its full-year guidance. He highlighted the launch of the permanent 'One Sheet, One Tree' initiative, embedding ecological responsibility into the supply chain by planting a tree for every plywood sheet supplied. The consolidated financial results include subsidiaries such as Greenply Holdings Pte. Limited, Greenply Sandila Private Limited, and Greenply Speciality Panels Private Limited. No material misstatements were identified during the limited review process.