Greenply Industries posts 32% profit surge in Q1FY27 on volume growth
Greenply Industries posted a 32% increase in Q1FY27 net profit to ₹37.6 crore on 20.7% revenue growth to ₹724.9 crore. The MDF segment led growth with 32.8% revenue rise, while finance costs dropped significantly due to forex gains.
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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.
| Metric | Q1FY27 (₹ Cr) | Q1FY26 (₹ Cr) | YoY Change |
|---|---|---|---|
| Consolidated Revenue | 724.9 | 600.8 | +20.7% |
| Consolidated Net Profit | 37.6 | 28.4 | +32.2% |
| Core EBITDA | 78.3 | 61.6 | +27.1% |
| Core EBITDA Margin | 10.8% | ~10.2% | +60 bps |
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.
Historical Stock Returns for Greenply Industries
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.21% | +3.15% | -8.72% | +31.66% | -5.96% | +66.38% |
Will the forex gains that significantly reduced finance costs in Q1FY27 be sustainable, or should investors expect a reversion to higher interest expenses in subsequent quarters?
How will the 'One Sheet, One Tree' initiative impact Greenply's raw material procurement costs and supply chain logistics in the long term?
Given the MDF segment's faster growth rate and higher margins compared to plywood, is Greenply likely to accelerate capacity expansion specifically for MDF production?
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