Greenply Industries delivered strong Q4 performance with consolidated net profit surging 87% year-on-year to ₹31 crore, even as the company navigated significant leadership changes and reported annual losses. The Board convened on April 28, 2026, under Regulation 30 to address multiple key agenda items including leadership changes, director re-appointment, dividend recommendation, and record date fixation for FY26.

Q4 Financial Performance

The company demonstrated robust quarterly performance with consolidated revenue growing 20% year-on-year to ₹780 crore compared to ₹650 crore in Q4 of the previous year. EBITDA for the quarter reached ₹93.2 crore versus ₹68.1 crore, reflecting improved operational efficiency. The EBITDA margin expanded to 12.00% from 10.49% in the corresponding quarter last year.

CEO Resignation

The Board accepted the resignation of Manoj Tulsian from his position as Joint Managing Director & Chief Executive Officer. Tulsian had submitted his resignation on March 14, 2026, citing personal reasons. The resignation becomes effective at the close of business hours on April 30, 2026. In his resignation letter addressed to the Chairman cum Managing Director, Tulsian expressed gratitude for the opportunity to serve on the Board and contribute to the company's growth and governance.

Annual Financial Performance

Despite strong quarterly results, the company reported audited standalone financial results for FY26 showing a net loss of ₹50.47 crore compared to a loss of ₹36.04 crore in the previous year. Total income for the year stood at ₹2,05,996.09 lakh, while total expenses reached ₹1,93,944.05 lakh. The Board recommended a dividend of Re 0.50 per equity share (50% of face value) for the year ended March 31, 2026, subject to shareholder approval.

Director Re-appointment and Exceptional Items

The Board approved the re-appointment of Ms. Vinita Bajoria (DIN: 02412990) as Independent Director for a further period of five consecutive years, effective from September 15, 2026, to September 14, 2031, subject to member approval. The company recognized exceptional items totaling ₹1,976.63 lakh during the year, including provisions for New Labour Codes impact and impairment losses on investments and advances. On a consolidated basis, the company reported a net profit of ₹3,100.47 lakh for FY26 compared to ₹8,977.98 lakh in the previous year.

Regulatory Compliance

The company has fulfilled its regulatory obligations by publishing the audited financial results in Business Standard (English) and Aajkal (Bengali) newspapers on April 29, 2026. Company Secretary Kaushal Kumar Agarwal confirmed the newspaper publication compliance to BSE and NSE exchanges on April 30, 2026, ensuring adherence to SEBI listing requirements under Regulation 33 and 47 of the LODR Regulations.

Greenply Industries Limited has set ambitious growth targets following its exceptional Q4FY26 performance, with management expecting 25-30% growth in MDF volume by 2027. The company has also declared double-digit margins in the plywood segment as the new standard, reflecting strong operational efficiency and market positioning.

Management Outlook and Strategic Targets

During the recent concall update, Greenply Industries management outlined clear growth expectations for the MDF business segment, targeting substantial volume expansion over the next fiscal period. The company's confidence stems from successful capacity expansion and strong market demand trends.

Record Q4FY26 Financial Performance

The company achieved its highest ever quarterly consolidated revenue of ₹776.20 crores in Q4FY26, marking a 19.60% year-on-year increase. This exceptional performance provides the foundation for management's optimistic growth projections.

The company's core EBITDA reached ₹93.20 crores in Q4FY26, representing a substantial 37% year-on-year increase. The EBITDA margin expanded significantly to 12.00% compared to 8.70% in the previous quarter, marking an improvement of 330 basis points.

Business Segment Performance Analysis

The Plywood business delivered strong performance with revenue of ₹588.50 crores, representing a 14.60% year-on-year increase. Volume growth of 15.60% demonstrates strong market demand and effective business execution, supporting management's declaration of double-digit margins as the new standard.

The MDF business segment showed exceptional growth momentum with revenue reaching ₹189.40 crores, marking a 39.60% year-on-year increase. Volume growth of 45.30% reflects successful capacity expansion and supports the management's ambitious 25-30% growth target by 2027.

Full Year FY26 Consolidated Results

For the complete financial year FY26, Greenply Industries maintained strong growth momentum with consolidated revenue of ₹2,739.00 crores, representing a 10.10% year-on-year increase, establishing a solid foundation for future growth initiatives.