Greenply Industries (GREENPLY) Q2 25/26 earnings summary

Executive summary

• Achieved consolidated Q2 revenue of INR 688.6 crore, up 7.5% YoY, and H1 revenue of INR 1289.4 crore, up 5.3% YoY.

• Core EBITDA for Q2 was INR 56.8 crore (margin 8.2%), and H1 EBITDA was INR 118.4 crore (margin 9.2%).

• PAT for Q2 declined 9% YoY to INR 16 crore, with H1 PAT at INR 44.4 crore, down 12.4% YoY, impacted by lower margins and higher losses from equity-accounted investees.

• Focused marketing on premium and value segments, with strong traction for Ecotec and increased MDF advertising.

• Standalone and consolidated unaudited financial results for the quarter and half year ended 30 September 2025 were approved and reviewed, with no material misstatements noted by auditors.

Financial highlights

• Q2 core EBITDA margin declined by 80 bps YoY to 8.2%, but improved 30 bps sequentially from Q1.

• H1 PBT before exceptional items was INR 83 crore, up 15% YoY; PAT for H1 was INR 44.4 crore.

• Net debt at quarter-end stood at INR 510 crore; debt-equity ratio expected to remain around 0.5.

• Gross profit margin for H1 FY26 at 39.9%.

• Standalone revenue from operations for Q2 FY26 was ₹52,104.91 lakhs, up from ₹50,177.88 lakhs in Q2 FY25; consolidated revenue was ₹68,857.48 lakhs, up from ₹64,047.76 lakhs year-over-year.

Outlook and guidance

• H2 expected to see double-digit volume growth and margin rebound in MDF, targeting 16%+ margin.

• Plywood segment guidance for H2: 10%+ volume growth, margin improvement, with potential to reach 10% margin if growth exceeds 15%.

• Full-year MDF margin expected at 14.5%-15%, plywood at 8.5%-8.7%.

• Strategic focus on product innovation, ESG, automation, and expanding manufacturing base to leverage emerging opportunities.

• The business continues to focus on its core segments of plywood and MDF, with ongoing investments and operational improvements.