Greenply Industries Limited , a key player in the plywood and wood panel industry, has reported further expansion in its promoter group shareholding through recent open market transactions in December 2025.

Latest December 2025 Acquisition

Shakuntala Safeinvest Private Limited (formerly known as Showan Investment Private Limited) and its persons acting in concert acquired 35,300 equity shares through open market purchases on December 23-24, 2025. This acquisition involved multiple promoter group entities including Rajesh Mittal, Sanidhya Mittal, and associated companies.

Updated Shareholding Pattern

Following the December acquisition, the promoter group's shareholding structure has been updated:

Previous Transactions History

Prior to the December acquisition, Karuna Investment Pvt. Ltd. and its persons acting in concert had acquired equity shares in November 2025, which increased the promoter group's total shareholding from 51.69% to 51.71%. Subsequently, another acquisition of 23,000 equity shares occurred on December 2-3, 2025, further strengthening the promoter group's position.

Company's Equity Structure

Greenply Industries' total equity capital stands at 12,48,87,795 shares with a face value of Re. 1 each. This figure includes a recent allotment of 7,000 equity shares under the Greenply Employee Stock Option Plan 2020, which was made to certain employees on November 4, 2025.

Additional Share Information

Out of the total equity shares:

• 44,035 shares have been transferred to the Investor Education and Protection Fund
• The voting rights on these shares remain frozen until claimed by the rightful owners
• While calculating total voting rights, the voting rights of shares in the Investor Education and Protection Fund have not been excluded

Market Implications

The consistent increase in promoter holding through multiple acquisitions may be viewed positively by the market as it signals the promoter group's sustained confidence in the company's prospects. The promoter group's shareholding has now reached 51.80%, demonstrating continued commitment to the company's growth trajectory.

Greenply Industries has achieved another significant victory in tax litigation, with the Income Tax Appellate Tribunal (ITAT) Guwahati Bench dismissing an appeal by the Income Tax Department. This latest development adds to the company's previous success at the Gauhati High Court, demonstrating consistent judicial support for its tax positions.

Latest ITAT Victory

The ITAT Guwahati Bench has upheld a favorable order from the Commissioner of Income Tax (Appeals) regarding excise duty exemption treatment for the financial year 2012-13. The tribunal's decision, dated December 15, 2025, dismissed the Income Tax Department's appeal filed on June 21, 2024.

Financial Impact of ITAT Ruling

Previous High Court Success

Earlier, the Gauhati High Court had dismissed an Income Tax Department appeal on March 4, 2025, reducing the company's tax liability from ₹184.41 crore to nil for the financial year 2013-14. This ruling followed a favorable ITAT order from June 21, 2022.

Comparison of Tax Cases

Demerger Impact and Sharing Arrangement

Due to the Composite Scheme of Arrangement between Greenply Industries Limited and Greenpanel Industries Limited, 50% of the refund amount from the FY 2012-13 case has been shared with Greenpanel Industries Limited. This arrangement, formalized through an agreement dated January 24, 2020, reflects the period when the exemption was received prior to the demerger.

Strategic Implications

These consecutive victories establish Greenply Industries' strong position in tax litigation involving excise duty exemptions. The company's consistent success across different judicial forums - from CIT(A) to ITAT and High Court - validates its tax treatment approach and provides clarity for similar future cases.

Company's Regulatory Compliance

Greenply Industries has maintained transparent communication with stakeholders through regular regulatory filings under SEBI LODR Regulations. The company's proactive disclosure of tax litigation updates demonstrates its commitment to corporate governance and investor transparency.