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Revenue
₹673.4 Cr
verified against source
Revenue YoY
9.6%
reported change
EBITDA
₹58.9 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Greenply reported Q3 FY26 consolidated revenue of ₹673.4 crore (+9.6% YoY) and core EBITDA of ₹58.9 crore (margin 8.7%, +50bps YoY). Plywood volume grew 12.5% YoY driven by the Ecotech brand push and distribution improvements, though realizations fell 4.9% YoY to ₹244/sqm. MDF volume grew 14.5% YoY but margins were hit by production glitches in Oct-Nov, coming in at 10.1% vs. guided 16%; management expects a rebound to 16%+ in Q4 with January production at record levels. A new 700 CBM/day MDF line (₹425 crore capex) was approved for Vadodara, commissioning by Q2 FY28. The Odisha plywood plant is on track for Q4 FY27. Risks: MDF oversupply and price competition could delay margin recovery; the furniture JV continues to incur losses, with profitability only expected by FY28.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects MDF EBITDA margin to rebound to 16%+ in Q4 FY26, driven by record January production and stable operations.
- MDF sales expected to grow more than 20% YoY in Q4 FY26, supported by improved margins.
- Board approved ₹425 crore (incl. GST) for a 700 CBM/day MDF line at Vadodara, expected commercial production by Q2 FY28.
- Despite new capex, management expects debt-to-equity ratio to remain within 0.5-0.6x by end of FY26.
Risks flagged
- Industry MDF capacity additions may outpace demand growth, pressuring margins and returns. Management acknowledged this but remains confident in long-term value.
- Q3 MDF margin of 10.1% missed the 16% guidance due to production issues. While management expects Q4 recovery, any further operational glitches could delay.
- JV reported PAT loss of ₹15 crore in Q3, with profitability only expected by FY28. Higher marketing spend and import costs are weighing.
- Realization fell 4.9% YoY due to mix shift to mid-value products. If this trend persists, it could pressure plywood margins despite volume growth.
Key quotes
- We are on track having delivered double-digit year-on-year growth in quarter 3 FY26 both in plywood and MDF.
- With operations now fully stabilized and running efficiently, we expect a strong rebound and are confident of achieving our margin guidance in the coming quarters including quarter 4 FY26.
- We are going to run our existing line in the future only to make thick boards and we're going to run the new line only to make thin boards. That way we'll be able to churn out maximum capacity from each line.
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