Greenply Industries Limited , a prominent player in the plywood and wood panel industry, has reported a slight increase in its promoter group shareholding. The change comes as a result of recent open market transactions by Karuna Investment Pvt. Ltd., a member of the promoter group.

Shareholding Increase

On November 11, 2025, Karuna Investment Pvt. Ltd. and its persons acting in concert acquired additional equity shares of Greenply Industries through open market transactions. This move has resulted in a marginal increase in the promoter group's total shareholding from 51.69% to 51.71% of the company's total equity share capital.

Transaction Details

The acquisition details are as follows:

Company's Equity Structure

Greenply Industries' total equity share 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

It's worth noting that out of the total equity shares:

• 2,000 shares held by two shareholders are unclaimed and kept in the "Greenply Industries Limited - Unclaimed Suspense Account."
• 37,937 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.

Market Implications

While the increase in promoter holding is marginal, it may be viewed positively by the market as it often signals the promoter group's confidence in the company's prospects. However, investors should conduct their own research and consider various factors before making investment decisions.

Greenply Industries continues to be a significant player in the wood panel industry, and this slight change in shareholding structure adds another dimension to its market presence and corporate governance landscape.

Greenply Industries , a leading player in the Indian wood panel industry, has reported a 7.5% year-on-year revenue growth for Q2 FY26, despite facing margin pressures in its key business segments. The company's performance reflects the ongoing challenges and opportunities in the wood panel market, particularly in the plywood and Medium Density Fiberboard (MDF) sectors.

Financial Highlights

• Consolidated quarterly revenue reached INR 688.60 crores, up 7.5% year-on-year
• Core EBITDA stood at INR 56.80 crores with a margin of 8.2%, down from 9% in the corresponding quarter
• Half-yearly consolidated revenue grew by 5.3% to INR 1,289.40 crores
• H1 FY26 EBITDA increased by 2.5% to INR 118.40 crores, with a margin of 9.2%

Segment Performance

Plywood Segment

• Significant demand observed in mid-value segments
• Average realization per square meter decreased by 3.5% to INR 242.00
• Q2 FY26 core EBITDA margin improved to 8.2% from 7.9% in the previous quarter
• H1 FY26 revenue grew by 3.1% to INR 995.50 crores, with a volume growth of 2.5%

MDF Business

• Q2 FY26 revenue increased by 16.1% to INR 146.80 crores
• Volume grew by 15.9% to 47,018 CBM
• Manufacturing capacity expanded from 800 CBM to 1,000 CBM per day
• Margins temporarily impacted due to expansion-related shutdown and inventory liquidation

Strategic Initiatives and Outlook

Manoj Tulsian, Joint Managing Director and CEO, commented on the company's performance and future prospects: "We have been able to grow over Q1 FY '26 in both our segments. The gradual progress in BIS implementation and steady timber prices continue to provide a favorable environment for organized and branded players like us."

The company has implemented several strategic initiatives:

1. Extended marketing focus to the value segment with the Ecotec brand
2. Launched the "Kaam Sahi. Daam Sahi." campaign for stronger brand recall in the mid-price category
3. Commenced advertising for the fast-growing MDF category

For H2 FY26, Greenply Industries expects:

• Double-digit volume growth in the plywood segment
• Higher double-digit growth in the MDF segment with margins rebounding to 16% plus
• Improved overall performance driven by operational efficiencies and market strategies

Challenges and Opportunities

While the company faces margin pressures due to competitive pricing and raw material costs, it remains optimistic about future growth. The management expects the BIS implementation to benefit organized players and sees potential in the growing MDF market.

Greenply Industries continues to focus on expanding its product portfolio and market presence, with ongoing investments in capacity expansion and marketing initiatives. The company's ability to navigate the competitive landscape while maintaining growth will be crucial for its performance in the coming quarters.