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.

Greenply Industries , a leading player in India's interior infrastructure sector, has announced its financial results for the first quarter, along with ambitious growth targets set by its leadership.

Q1 Financial Highlights

Greenply Industries reported a consolidated revenue of Rs 601.00 crores for Q1, marking a 2.9% year-on-year growth. The company's core EBITDA stood at Rs 62.00 crores, with a margin of 10.3%, showing a slight improvement from 9.9% in the same quarter last year.

Key financial metrics for Q1 include:

Segment Performance

Plywood Business

The plywood segment faced challenges, with volume degrowth of 3.1% year-on-year. However, the segment maintained a core EBITDA margin of 7.9%, showing resilience in a tough market environment.

MDF Business

The Medium Density Fiberboard (MDF) division showed strong performance:

• Revenue: Rs 147.30 crores, up 11.7% year-on-year
• Core EBITDA margin: 17.4%, improving from 15.0% in the previous quarter

Management's Outlook

Mr. Manoj Tulsian, JMD & CEO of Greenply Industries, expressed confidence in the company's future performance despite facing demand and liquidity challenges in the plywood business during Q1. He stated, "We have seen a decent recovery starting July supported by easing monetary policy. Also, we remain confident towards the later part of the year supported by favorable industry tailwinds such as BIS Implementation and softening in timber prices."

Growth Targets

The company's leadership has set ambitious targets:

1. Double-digit volume growth
2. EBITDA margin exceeding 16%

These targets reflect the management's optimism about the company's potential to capitalize on market opportunities and improve operational efficiency.

Strategic Developments

Greenply Industries has made several strategic moves to strengthen its market position:

1. Appointment of New CFO: Mr. Sanjiv Keshri has been appointed as the Chief Financial Officer and Key Managerial Personnel.

2. Corporate Guarantee: The company approved the issuance of a corporate guarantee of up to Rs 26.50 crores for credit facilities to be availed by its wholly-owned subsidiary, Greenply Speciality Panels Pvt. Ltd.

3. Divestment: Greenply completed the transfer of 30% shareholding in Greenply Middle East Limited (GMEL) to an existing shareholder, resulting in a gain of Rs 443.34 lakhs.

4. Joint Venture Performance: The Greenply Samet JV, focusing on furniture fittings, reported revenue of Rs 6.50 crores for Q1, with expectations of growth in the upcoming year.

Conclusion

While Greenply Industries faced some headwinds in Q1, particularly in its plywood segment, the company's diversified portfolio and strategic initiatives position it for potential growth. The management's confident outlook and ambitious targets suggest a focus on leveraging market opportunities and improving operational performance across segments.

Investors and industry observers will be watching closely to see if Greenply can achieve its double-digit volume growth and margin improvement goals in the face of ongoing market challenges and evolving industry dynamics.