Greenply Industries LimitedQ2 FY27 Results & Financial Update
Greenply Industries Limited: Q2 FY27 consolidated results and company financials – revenue ₹799.69 Cr, PAT ₹42.73 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Greenply Industries Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Greenply Industries Limited registered consolidated revenue of Rs 799.7 crore for the quarter ended September 30, 2026, marking an increase of 10.3% sequentially compared to Rs 724.9 crore in Q1 FY27 and a 16.1% year-on-year expansion over Q2 FY26. Total income for Q2 FY27 stood at Rs 803.17 crore.
Profitability metrics showed broad sequential gains, with profit before tax (PBT) reaching Rs 56.90 crore—up 15.1% from Rs 49.46 crore in the preceding quarter. Net profit after tax (PAT) rose 13.6% quarter-on-quarter to Rs 42.73 crore compared to Rs 37.61 crore in Q1 FY27, while basic earnings per share advanced to Rs 3.42 from Rs 3.01.
The plywood business (comprising standalone operations and subsidiaries) generated revenue of Rs 625.7 crore in Q2 FY27, representing a 15.5% year-on-year increase. Sales volume in the segment reached 23.0 million square meters (MSM), up 6.1% over Q2 FY26. Realization per square meter stood at Rs 264, while segment core EBITDA expanded to Rs 62.9 crore with a margin of 10.05%.
The MDF business reported revenue of Rs 173.9 crore for Q2 FY27, reflecting an 18.4% increase over the corresponding period of the previous year. Sales volume for MDF reached 54,605 cubic meters (CBM), growing 16.1% year-on-year, with realizations averaging Rs 31,816 per CBM. Core EBITDA for the MDF division—excluding foreign exchange losses—stood at Rs 26.4 crore, translating to a core EBITDA margin of 15.2%.
Consolidated debt positioning as of September 30, 2026, showed gross debt of Rs 577 crore (comprising Rs 176 crore in the plywood business and Rs 401 crore in the MDF business) and net debt of Rs 544 crore against equity of Rs 969 crore, resulting in a net debt-to-equity ratio of 0.56 times. Annualized working capital days stood at 43 days.
Management highlighted steady execution across operating verticals in line with guidance, supported by ongoing brand investments, product mix improvements in MDF, and sustainability initiatives such as the VCS-validated agroforestry project.
01 · Business model
What does Greenply Industries do?
Greenply Industries Limited operates as one of India's leading interior infrastructure brands, with over four decades of experience manufacturing wood-based panels and allied items. Its product portfolio spans plywood, medium-density fiberboard (MDF), blockboards, decorative veneers, flush doors, PVC and WPC boards, and functional furniture fittings.
The company maintains a manufacturing footprint distributed across strategic domestic locations, including plants in Bamanbore (Gujarat), Sandila (Uttar Pradesh), Kriparampur (West Bengal), and Tizit (Nagaland), alongside an MDF manufacturing base in Vadodara (Gujarat).
Go-to-market operations rely on an extensive distribution framework covering over 1,100 cities, towns, and villages across 27 states and six union territories. This is serviced by a dealer and authorized stockist network exceeding 3,000 partners and more than 6,000 retail touchpoints.
Greenply also engages in strategic partnerships, including a joint venture with Turkey-based furniture fittings manufacturer Samet for functional hardware, and maintains structured outreach programs for contractors, carpenters, and architects.
02 · Historical context
What shaped the business before this quarter
In FY21, the company launched India's first E-Zero (zero emission) plywood range designed to safeguard indoor air quality.
Greenply received the Great Place to Work certification for three consecutive years from 2020 through 2022.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹799.69 Cr | ₹724.89 Cr |
| Total income | ₹803.17 Cr | ₹726.70 Cr |
| Profit before tax | ₹56.90 Cr | ₹49.46 Cr |
| Profit after tax | ₹42.73 Cr | ₹37.61 Cr |
| EPS | ₹3.42 | ₹3.01 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Plywood and allied products revenue reached Rs 625.7 crore in Q2 FY27, driven by a 6.1% year-on-year volume growth to 23.0 MSM and realizations of Rs 264 per square meter.
MDF business revenue grew 18.4% year-on-year to Rs 173.9 crore, supported by a 16.1% increase in sales volume to 54,605 CBM and average realizations of Rs 31,816 per CBM.
MDF boards contributed Rs 142.4 crore and pre-laminated boards contributed Rs 31.3 crore to the total MDF and allied revenue of Rs 173.7 crore during Q2 FY27.
What drove margins
Consolidated core EBITDA reached Rs 89.2 crore in Q2 FY27, representing an EBITDA margin of 11.2%, which is 300 basis points higher year-on-year compared to 8.2% in Q2 FY26.
Plywood core EBITDA margin improved by 180 basis points year-on-year to 10.05% (Rs 62.9 crore), up from 8.24% in Q2 FY26.
MDF core EBITDA margin before forex loss stood at 15.2% (Rs 26.4 crore) in Q2 FY27, compared to 8.3% in Q2 FY26.
05 · Demand, customers & order book
Where demand is coming from
The company's distribution network spans over 3,000 dealers and authorized stockists, more than 6,000 retail touchpoints, and over 60 physical and virtual branches across India.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
In the Q2 FY27 plywood business, own manufacturing accounted for 60% of volume and 67% of value, while trading products accounted for 40% of volume and 33% of value.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Total operational own manufacturing capacity for plywood and allied products stands at 66.3 million square meters per annum across plants in Bamanbore (20.20 MSM), Sandila (13.50 MSM), Kriparampur (11.00 MSM), and Tizit (8.10 MSM), alongside an ongoing project in Odisha with 13.5 MSM capacity.
MDF manufacturing capacity at Vadodara, Gujarat stands at 300,000 CBM per annum, with a second line (Vadodara Line 2) under work in progress with an additional 210,000 CBM capacity.
Projects, capex and execution
Capital expenditure projects under execution include a plywood manufacturing facility in Odisha with a planned capacity of 13.5 million square meters per annum and Vadodara MDF Line 2 in Gujarat with a planned capacity of 210,000 CBM per annum.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The furniture hardware joint venture with Samet recorded revenue of Rs 14.08 crore for Q2 FY27, with cumulative equity investments by Greenply reaching Rs 105 crore.
The company's VCS-validated agroforestry project in Gujarat and Nagaland transformed over 2,300 hectares, benefiting over 505 farmers and earning 256,688 carbon credits, with plans to scale the green footprint to 12,000 hectares in stage two.
09 · Reported developments
What changed operationally
Consolidated net profit after tax reached Rs 42.7 crore in Q2 FY27, reflecting broad-based operational improvement across core wood panel segments.
Greenply was officially allotted 256,688 carbon credits for its VCS-validated agroforestry initiative spanning Gujarat and Nagaland.
10 · Pressure points & risks
What is not going smoothly
MDF operations absorbed foreign exchange losses on borrowings amounting to Rs 0.81 crore during Q2 FY27.
11 · Items worth noticing
The line items that can distort a quick read
Foreign exchange loss on borrowings of Rs 0.81 crore was factored into the MDF business results for Q2 FY27.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Consolidated annualized working capital days stood at 43 days as of September 30, 2026, compared to 51 days as of September 30, 2025.
Capital allocation & funding
Total gross debt stood at Rs 577 crore as of September 30, 2026 (comprising Rs 176 crore in plywood and Rs 401 crore in MDF). Net debt was Rs 544 crore against equity of Rs 969 crore, resulting in a net debt-to-equity ratio of 0.56 times.
13 · Management guidance & targets
What management is targeting from here
Mr. Sanidhya Mittal, Joint Managing Director, stated that results for the first half were fully in line with guidance, and management remains confident of sustaining growth momentum across both Plywood and MDF through premiumization, product innovation, and value-added product mix.
14 · Beyond the numbers
What changed beyond the numbers
Reported update
Brand and Marketing Campaigns
Greenply undertook extensive promotional activities during Q2 FY27, including brand campaigns for Greenply Gold and MDF, new product launches such as Ecotec Prime, and participation in trade exhibitions such as MATECIA 2026.
15 · Previous-quarter changes
What changed since the previous quarter
Consolidated revenue expanded by 10.3% from Rs 724.9 crore in Q1 FY27 to Rs 799.7 crore in Q2 FY27, while PAT advanced 13.6% from Rs 37.6 crore to Rs 42.7 crore.
16 · Key Q&A
The quarter, answered directly
What does Greenply Industries do?
Greenply Industries Limited operates as one of India's leading interior infrastructure brands, with over four decades of experience manufacturing wood-based panels and allied items. Its product portfolio spans plywood, medium-density fiberboard (MDF), blockboards, decorative veneers, flush doors, PVC and WPC boards, and functional furniture fittings.
What is the clearest takeaway from Q2 FY27?
Greenply Industries Limited registered consolidated revenue of Rs 799.7 crore for the quarter ended September 30, 2026, marking an increase of 10.3% sequentially compared to Rs 724.9 crore in Q1 FY27 and a 16.1% year-on-year expansion over Q2 FY26. Total income for Q2 FY27 stood at Rs 803.17 crore.
What drove revenue or demand?
Plywood and allied products revenue reached Rs 625.7 crore in Q2 FY27, driven by a 6.1% year-on-year volume growth to 23.0 MSM and realizations of Rs 264 per square meter.
What mattered most for margins or profitability?
Consolidated core EBITDA reached Rs 89.2 crore in Q2 FY27, representing an EBITDA margin of 11.2%, which is 300 basis points higher year-on-year compared to 8.2% in Q2 FY26.
What changed operationally beyond the headline numbers?
Total operational own manufacturing capacity for plywood and allied products stands at 66.3 million square meters per annum across plants in Bamanbore (20.20 MSM), Sandila (13.50 MSM), Kriparampur (11.00 MSM), and Tizit (8.10 MSM), alongside an ongoing project in Odisha with 13.5 MSM capacity.
What is management guiding or targeting from here?
Mr. Sanidhya Mittal, Joint Managing Director, stated that results for the first half were fully in line with guidance, and management remains confident of sustaining growth momentum across both Plywood and MDF through premiumization, product innovation, and value-added product mix.
17 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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18 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Odisha Plywood Project Progress: Monitor commissioning milestones and capital expenditure updates for the upcoming plywood manufacturing facility in Odisha.
- 02
Vadodara MDF Line 2 Execution: Track progress on the Vadodara Line 2 MDF expansion project in Gujarat with a planned capacity of 210,000 CBM per annum.
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