Reporting strong results, the EBITDA margins of Greenply industries improved by 150 bps YoY while PAT posted an increment of 178% as JV losses narrowed.
The Consolidated net sales stood at approximately INR 7.76 billion, rising 20% YoY (+15% QoQ). As per the company, the figure was in line with its estimate of INR 7.69bn but above consensus estimate.
MDF sales grew by 39% YoY to INR 1.89 billion slightly below our estimate of INR 1.92 billion. Consolidated EBITDA margin expanded by 150bps YoY to 12% higher than our estimate of 10.8% and consensus estimate of 10.1% while consolidated PAT came reported at INR 462 million, higher than our and consensus estimates INR 369 million and INR 296mn.
Commenting on the financial performance, Sanidhya Mittal, JMD, Greenply Industries, said, "Greenply Industries successfully delivered on its second half of FY26, achieving double-digit year-on-year growth in both volume and value across its business segments. In Q4 FY26, consolidated core EBITDA margins improved to 12.0%, reflecting a strong expansion of 330 basis points over the previous quarter."
"The plywood business delivered a satisfactory performance in Q4, with strong year-on-year volume growth of 15.6% and EBITDA margins of 10.4%...Q4 FY26 marked first fully operational quarter post expansion in our MDF business, enabling us to achieve a strong sales growth of 39.6% while delivering margins in line with our guidance," he added.
The robust quarterly revenue growth signals strong demand in the wood panel market. The significant rise in consolidated quarterly profit suggests improved operational efficiency or a favorable product mix. Nevertheless, the decline in standalone annual profit and the impact of exceptional losses highlight underlying challenges.
As per the company report, Mr. Manoj Tulsian resigns and ceases to be the MD and CEO effective April 30th, 2026. However he will continue as an advisor to the company.
[Published in Ply Reporter's May 2026 Print Issue]