MDF margin recovery to 16%+ in Q4 FY26
Management expects MDF EBITDA margin to rebound to 16%+ in Q4 FY26, driven by record January production and stable operations.
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Greenply Industries · forward-looking guidance across the available source record.
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MDF Q4 FY26 sales growth >20% YoY
MDF sales expected to grow more than 20% YoY in Q4 FY26, supported by improved margins.
Second MDF line capex of ₹425 crore, commissioning by Q2 FY28
Board approved ₹425 crore (incl. GST) for a 700 CBM/day MDF line at Vadodara, expected commercial production by Q2 FY28.
Debt-to-equity ratio within 0.5-0.6x by year-end
Despite new capex, management expects debt-to-equity ratio to remain within 0.5-0.6x by end of FY26.
Plywood volume growth target of 10% for FY27
Management targets 10% volume growth in plywood for FY27, backed by strong brand equity and market share gains.
MDF volume growth target of 25-30% for FY27
Management expects 25-30% volume growth in MDF, capitalizing on rising demand and capacity utilization.
Capex of ~₹480 crore in FY27
Includes ~₹300 crore for new MDF plant, ~₹130 crore for Odisha plywood facility, and ~₹50 crore for technology upgrades.
Debt-equity to peak at 0.7-0.72 then revert to 0.5-0.6
Net debt-equity may rise to 0.7-0.72 during peak capex but will return to guided range within a year.