Greenply Industries Reports 7.5% Revenue Growth in Q2 FY26 Amid Margin Pressures

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:

Extended marketing focus to the value segment with the Ecotec brand
Launched the "Kaam Sahi. Daam Sahi." campaign for stronger brand recall in the mid-price category
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.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.76%	-3.54%	-1.47%	+8.13%	-20.45%	+231.63%

Greenply Industries Limited , a leading manufacturer of plywood and allied products, has made several key announcements following its board meeting on November 4, 2025. The company has approved the re-appointment of its Chairman, sanctioned a loan to its subsidiary, and released its financial results for the second quarter of fiscal year 2026.

Re-appointment of Chairman and Managing Director

The Board of Directors has approved the re-appointment of Mr. Rajesh Mittal as Chairman cum Managing Director for a further period of five years, effective from January 1, 2026, subject to shareholder approval. Mr. Mittal, who holds a bachelor's degree in commerce from the University of Dibrugarh, Assam, has been associated with Greenply Industries since its inception and possesses over 37 years of experience in various aspects of the business.

Loan Sanction to Subsidiary

The board has approved a loan of up to Rs 15 crores to Greenply Speciality Panels Private Limited, a wholly-owned subsidiary, for working capital requirements. The loan will be provided in one or more tranches and will be repayable on demand. The interest rate for the loan will be the higher of Greenply Industries Limited's borrowing cost plus 1% or the Repo Rate plus 2%.

Financial Performance for Q2 FY26

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

Particulars	Q2 FY26	Q2 FY25	YoY Change
Revenue from Operations	688.60	640.50	7.5%
Core EBITDA	56.80	57.60	-1.5%
Core EBITDA Margin	8.2%	9.0%	-80 bps
Profit After Tax	16.00	17.60	-9.0%

All figures in Rs crores, except percentages

The company's plywood business volume grew by 7.2% year-on-year in Q2 FY26, with a core EBITDA margin of 8.2%. The MDF (Medium Density Fiberboard) business reported revenue of Rs 146.80 crores, with a core EBITDA margin of 8.3%.

Segment-wise Performance

Plywood and Allied Products

Revenue: Rs 541.70 crores (5.4% YoY increase)
Core EBITDA: Rs 44.60 crores (8.2% margin)

MDF and Allied Products

Revenue: Rs 146.80 crores (16.1% YoY increase)
Core EBITDA: Rs 12.10 crores (8.3% margin)

Mr. Manoj Tulsian, JMD & CEO of Greenply Industries Ltd., commented on the performance, stating, "We have witnessed demand recovery in the plywood segment starting from Q2 FY26 and we remain optimistic about sustaining this positive momentum through the second half of the year." He also noted that the MDF business successfully expanded its manufacturing capacity from 800 CBM per day to 1,000 CBM per day, which temporarily impacted production during the quarter.

The company's joint venture, Greenply Samet, is showing promising growth with a quarter-on-quarter revenue increase of 74%, achieving revenues of Rs 11.30 crore during Q2 FY26.

Greenply Industries continues to focus on its growth strategy, including product portfolio expansion, automation, digitization, and expanding its manufacturing base at diversified locations. The company remains committed to employee engagement and environmental, social, and governance (ESG) initiatives.