Greenply Industries , a leading player in the wood-based panel products industry, has announced a significant upgrade to its Medium Density Fiberboard (MDF) manufacturing facility in Vadodara. The company has successfully restarted operations at the plant with an enhanced production capacity, marking a notable milestone in its operational efficiency.

Capacity Enhancement

The Vadodara MDF plant has undergone a substantial improvement in its daily production capabilities. Greenply Industries reports that the facility's output has increased from 800 CBM (cubic meters) to 1000 CBM per day. This upgrade represents an impressive 25% boost in the plant's manufacturing capacity.

Strategic Implications

This capacity enhancement is likely to strengthen Greenply Industries' position in the competitive MDF market. Medium Density Fiberboard is a crucial component in the furniture and interior design industries, known for its versatility and cost-effectiveness. By increasing its production capabilities, Greenply is poised to meet growing market demands more efficiently.

Operational Restart

The news of the plant's restart with improved capacity suggests that Greenply Industries may have temporarily halted operations for the upgrade process. The successful recommencement of manufacturing activities indicates the company's commitment to modernizing its facilities and optimizing production processes.

Industry Impact

As one of India's prominent manufacturers of wood-based panel products, Greenply Industries' move to enhance its MDF production capacity could have ripple effects across the industry. This development may potentially influence market dynamics, particularly in terms of supply and competitive positioning within the MDF segment.

The strategic expansion of production capacity at the Vadodara plant underscores Greenply Industries' focus on growth and operational excellence. As the company leverages its increased manufacturing capabilities, stakeholders will be keen to observe the impact on its market share and financial performance in the coming quarters.

Greenply Industries Limited , a leading manufacturer of plywood and allied products, has announced significant organizational changes and financial results for the first quarter of fiscal year 2026. The company's board meeting on July 29, 2025, resulted in key decisions and appointments that are expected to strengthen its financial management and strategic positioning.

New CFO Appointment

The board has approved the appointment of Mr. Sanjiv Keshri as the Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the company, effective July 29, 2025. Mr. Keshri, a qualified Chartered Accountant from the 2002 batch, brings 23 years of total experience to the role, including over 7 years in CFO and leadership positions. His expertise spans fundraising, treasury management, project finance, investor relations, mergers & acquisitions, and corporate finance.

In addition to his role as CFO, Mr. Keshri has been authorized as the "Determining Person" for assessing the materiality of events or information under SEBI regulations. He has also been appointed as the Chief Investor Relations Officer, replacing Mr. Nitinkumar Dagdulal Kalani.

Q1 FY26 Financial Performance

Greenply Industries reported its consolidated financial results for the quarter ended June 30, 2025:

• Revenue from operations stood at Rs 601.00 crores, marking a 2.9% year-on-year growth.
• Core EBITDA was Rs 62.00 crores, with an EBITDA margin of 10.3%, showing a 40 basis points improvement from the same quarter last year.
• Profit After Tax (PAT) reached Rs 28.00 crores, compared to Rs 33.00 crores in Q1 FY25. However, it's worth noting that the previous year's PAT included an income tax refund of Rs 11.90 crores.

Segment Performance

Corporate Guarantee for Subsidiary

The board has approved the issuance of a corporate guarantee of up to Rs 26.50 crores in favor of a bank for credit facilities to be availed by Greenply Speciality Panels Pvt. Ltd., a wholly-owned subsidiary of the company. This guarantee is intended to support capital expenditure for PVC products. The company stated that this would be disclosed as a contingent liability in its financial statements, with no expected impact on Greenply Industries as the subsidiary's financials are consolidated with the parent company.

Risk Management Committee Reconstitution

The board has also approved the reconstitution of its Risk Management Committee. The new committee composition includes Mr. Manoj Tulsian as Chairman, along with Mr. Sanidhya Mittal, Mr. Adika Ratna Sekhar, and the newly appointed CFO, Mr. Sanjiv Keshri.

Strategic Moves

In a strategic move, Greenply Industries transferred 30% of its shareholding in Greenply Middle East Limited (GMEL), Dubai, to an existing shareholder for a consideration of Rs 4.26 crores (USD 491,774) on June 24, 2025. This transaction resulted in a gain of Rs 4.43 crores, reported as an exceptional item in the Q1 FY26 results.

Commenting on the company's performance, Mr. Manoj Tulsian, JMD & CEO of Greenply Industries Ltd., said, "While the plywood business growth in Q1 was below our expectations due to demand and liquidity challenges, we've seen a decent recovery starting July. We remain confident about the latter part of the year, supported by favorable industry tailwinds such as BIS Implementation and softening timber prices."

These developments reflect Greenply Industries' efforts to strengthen its financial management, optimize its corporate structure, and position itself for future growth in the competitive interior infrastructure market.