Greenply Industries (GREENPLY) Q3 25/26 earnings summary

Executive summary

• Achieved double-digit year-over-year volume growth in both plywood and MDF segments in Q3 FY26, with consolidated revenue rising to INR 673.4 crore and continued momentum expected.

• Core EBITDA for Q3 FY26 was INR 58.9 crore, with a margin of 8.7%, while PAT declined 41.2% YoY to INR 14.3 crore due to one-time labor law costs.

• Major capacity expansion initiatives in MDF and plywood are underway, including a new MDF line at Vadodara and investment in a subsidiary for MDF expansion.

• Three-brand communication strategy and focus on mid-value products have driven consistent growth and improved product visibility.

• Board approved INR 425 crore investment for a second MDF line at Vadodara, with up to INR 125 crore invested in Greenply Speciality Panels Private Limited.

Financial highlights

• Q3 FY26 consolidated revenue reached INR 673.4 crore, up 9.6% year-over-year; nine-month FY26 revenue was INR 1,962.8 crore, up 6.7% YoY.

• Core EBITDA for Q3 FY26 was INR 58.9 crore, margin 8.7%; nine-month core EBITDA was INR 177.3 crore, up 4.5% YoY.

• PAT for Q3 FY26 was INR 14.3 crore, down 41.2% YoY, impacted by one-time labor law costs; nine-month PAT was INR 58.8 crore, down 21.8% YoY.

• PBT before exceptional items for nine months was INR 117 crore, a 13% increase YoY.

• Earnings per share (basic) for Q3 FY26 was INR 1.15, down from INR 1.96 in Q3 FY25.

Outlook and guidance

• Management expects to sustain double-digit volume growth in plywood and MDF, with mid-teen growth targeted for plywood.

• Q4 FY26 MDF sales expected to grow over 20% YoY, with margin recovery anticipated.

• Odisha plywood facility expected to commission in Q4 FY27, with total investment of INR 130 crore.

• New MDF line at Vadodara to be commissioned in 15 months, commercial operations in 18 months (Q2 FY28), expanding capacity by 600-700 CBM/day.

• Strategic focus on product innovation, ESG, automation, and expanding manufacturing base.