Greenply Industries Q3FY26: Revenue Grows 9.6% YoY, Net Profit Declines 41.2%
Greenply Industries delivered mixed Q3FY26 results with strong revenue growth of 9.59% YoY driven by both plywood and MDF segments, but profitability was significantly impacted by exceptional items related to new labour codes. The company announced strategic expansion plans including MDF capacity addition and substantial subsidiary investments to support future growth.
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Greenply Industries Limited has announced its Q3FY26 financial results for the quarter ended December 31, 2025, showcasing mixed performance with strong revenue growth offset by declining profitability. The plywood and allied products manufacturer also unveiled significant strategic initiatives including capacity expansion plans and substantial subsidiary investments during its board meeting held on February 4, 2026.
Consolidated Financial Performance
The company's consolidated financial metrics for Q3FY26 demonstrate contrasting trends across key performance indicators compared to the corresponding quarter of the previous year.
| Financial Metric | Q3FY26 | Q3FY25 | Change |
|---|---|---|---|
| Revenue from Operations | 67,340.25 lakhs | 61,445.38 lakhs | +9.59% YoY |
| Total Income | 67,445.09 lakhs | 61,711.44 lakhs | +9.29% YoY |
| EBITDA | 4,336.02 lakhs | 4,160.71 lakhs | +4.21% YoY |
| Net Profit | 1,433.53 lakhs | 2,436.28 lakhs | -41.15% YoY |
| EPS (Basic) | 1.15 rupees | 1.96 rupees | -41.33% YoY |
Segment-wise Revenue Performance
Greenply's business segments showed varied performance during the quarter, with both core divisions contributing to overall revenue growth.
| Business Segment | Q3FY26 Revenue | Q3FY25 Revenue | Growth Rate |
|---|---|---|---|
| Plywood and Allied Products | 52,171.57 lakhs | 47,925.10 lakhs | +8.86% YoY |
| Medium Density Fibreboards | 15,201.09 lakhs | 13,604.19 lakhs | +11.74% YoY |
| Total Segment Revenue | 67,372.66 lakhs | 61,529.29 lakhs | +9.49% YoY |
Strategic Board Decisions
The board meeting on February 4, 2026, resulted in several key strategic announcements that position the company for future growth and operational expansion.
MDF Capacity Expansion
| Expansion Parameter | Details |
|---|---|
| Current Capacity | 1,000 CBM per day |
| Proposed Addition | 600-700 CBM per day |
| Investment Required | Approximately 425 crores |
| Target Completion | Q2 FY2028 |
| Financing Mode | Mix of borrowings and equity/internal accruals |
Subsidiary Investment Approval
The board approved an investment of up to 125 crores in Greenply Speciality Panels Private Limited (GSPPL) through equity share subscription. This investment will support the proposed MDF plant expansion at the Vadodara, Gujarat facility.
Exceptional Items Impact
The company's financial performance was affected by exceptional items totaling 384.60 lakhs during Q3FY26, primarily related to the implementation of New Labour Codes notified by the Government of India in November 2025. These codes consolidate 29 existing labour laws and resulted in incremental compliance costs.
Nine-Month Performance Summary
For the nine months ended December 31, 2025, Greenply reported consolidated revenue of 1,96,278.92 lakhs compared to 1,83,881.13 lakhs in the corresponding period of the previous year, representing a growth of 6.74%. However, net profit for the nine-month period declined to 5,877.51 lakhs from 7,512.02 lakhs in the previous year.
Management Changes
The company also announced the appointment of Mr. Ashok Jaiswar as Senior Vice President - Marketing and Senior Management Personnel, effective February 5, 2026. Jaiswar brings over 25 years of experience in marketing and communications across consumer, automotive, and industrial brands.
Historical Stock Returns for Greenply Industries
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -5.25% | +1.97% | -18.29% | -29.57% | -23.13% | +79.36% |
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