Greenply Industries (GREENPLY) Q3 25/26 earnings summary

Executive summary

• Achieved consolidated Q3 FY26 revenue of INR 673.4 crore, up 9.6% year-over-year, and nine-month revenue of INR 1,962.8 crore, up 6.7% year-over-year.

• Double-digit year-over-year volume growth in both plywood and MDF segments in Q3 FY26, with continued momentum expected in Q4.

• Profit after tax for Q3 FY26 declined 41.2% YoY to INR 14.3 crore, impacted by one-time labor law implementation costs.

• Strategic focus on brand communication, distribution depth, product innovation, and manufacturing expansion to drive growth.

• Board approved INR 425 crore CapEx for a second MDF line at Vadodara (700 CBM/day), expected to commission in Q2 FY28.

Financial highlights

• Q3 FY26 consolidated core EBITDA at INR 58.9 crore, margin of 8.7% (up 50 bps YoY).

• Nine-month core EBITDA at INR 177.3 crore, up 4.5% YoY; margin at 9% (down 20 bps YoY).

• PAT for Q3 FY26 was INR 14.3 crore, down 41.2% YoY, with 9M FY26 PAT at INR 58.8 crore, down 21.8% YoY.

• Net debt at INR 528 crore as of Dec 2025, with debt-to-equity expected to remain within 0.5-0.6x by year-end.

• Exceptional items in Q3 FY26 included a one-time labor law impact of INR 3.85 crore.

Outlook and guidance

• Confident of sustaining double-digit volume growth in plywood and MDF in Q4 FY26 and beyond.

• MDF sales expected to grow over 20% YoY in Q4 FY26, with margin rebound to 16%+ targeted.

• Plywood division targeting mid-teen volume growth, supported by improved supply chain and distribution.

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

• MDF capacity expansion of 600-700 CBM/day targeted for completion in Q2 FY28.