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 ₹212.77 crore from ₹185.62 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.

Greenply Industries has appointed Girish Kulkarni as an Additional Director designated as an Independent Director for a term of five consecutive years, effective July 24, 2026. The appointment is subject to shareholder approval and aims to strengthen the company’s governance framework with leadership experienced in scaling businesses across Asia. In a separate strategic move, the Board approved the amalgamation of Greenply Holdings Pte. Ltd., Singapore, with Greenply Global Trading Pte. Ltd., Singapore, to consolidate its overseas corporate structure and reduce administrative compliances. The Board also approved the reclassification of eight entities from the Promoter Group to the Public Shareholder Category, reflecting changes in shareholding patterns.

The Board of Directors approved these resolutions at a meeting held on July 24, 2026, in compliance with Regulation 30 and Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Nomination and Remuneration Committee had previously recommended Kulkarni’s appointment. The amalgamation of the Singapore entities is exempt from related-party transaction disclosures under Regulation 23(5) of the SEBI Listing Regulations, as both are wholly owned subsidiaries. The reclassification requests were received on July 15, 2026, and are subject to no-objection from the stock exchanges under Regulation 31A.

Key Board Resolutions

Girish Kulkarni brings over four decades of experience in the Asian insurance and financial sectors. His profile includes roles as Chairman – Asia Pacific (Non-Executive) at Dai-Ichi Life and MD & CEO of Star Union Dai Ichi Life Insurance. He previously contributed to building distribution architectures at SBI Life and held positions at General Motors Finance (GMAC) and Generali Group. Kulkarni is not related to any existing directors and is not debarred from holding office by SEBI or other authorities.

The amalgamation involves Greenply Holdings Pte. Ltd., which engages in investment and wholesale trade of timber products, and Greenply Global Trading Pte. Ltd., formerly Greenply Alkemal (Singapore) Pte. Ltd., which trades commercial veneers and panel products. Post-amalgamation, Greenply Global Trading Pte. Ltd. will become a direct wholly owned subsidiary of Greenply Industries Limited. There will be no change in the listed entity’s shareholding pattern.

Shareholder Reclassification Details

The following members of the Promoter Group have been reclassified to the Public Shareholder Category. All hold nil equity shares in the company.

The outgoing members have undertaken compliance with Regulation 31A(3)(b) and will adhere to Regulation 31A(4) requirements. The Board confirmed that its composition remains compliant with the Companies Act, 2013, and SEBI Listing Regulations, 2015.