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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹776.2 Cr
verified against source
Revenue YoY
19.6%
reported change
EBITDA
₹93.2 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Greenply delivered a strong Q4 FY26 with consolidated revenue of ₹776.2 crore (+19.6% YoY) and core EBITDA margin of 12% (+150 bps YoY), driven by record MDF volumes (62,000 CBM, +45.3% YoY) and plywood volume growth of 15.6% YoY. The MDF segment achieved 17% EBITDA margin on operating leverage, while plywood margins improved to 10.4% (+120 bps YoY). Management guided for 10% volume growth in plywood and 25-30% in MDF for FY27, with margins sustained by price hikes (5-10% in MDF, 4-5% in plywood) and cost controls. A one-time exceptional impairment of ₹15.16 crore related to Dubai assets was taken. Risks include raw material cost volatility (chemicals up 50%) and the ongoing income tax investigation, though no demand has been raised.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets 10% volume growth in plywood for FY27, backed by strong brand equity and market share gains.
- Management expects 25-30% volume growth in MDF, capitalizing on rising demand and capacity utilization.
- Includes ~₹300 crore for new MDF plant, ~₹130 crore for Odisha plywood facility, and ~₹50 crore for technology upgrades.
- Net debt-equity may rise to 0.7-0.72 during peak capex but will return to guided range within a year.
Risks flagged
- Chemical prices surged over 50% due to geopolitical issues, impacting MDF costs. While stabilized, further increases could pressure margins.
- A search operation was conducted by income tax authorities; no demand has been raised yet, but uncertainty remains.
- The furniture and fittings JV reported a PAT loss of ₹13 crore in Q4, with break-even expected only by mid-FY28.
- Receivable days rose from 47 to 54 due to growing OEM business, which may pressure working capital if not managed.
Key quotes
- We have set a volume 10% growth target for plywood backed by our strong brand equity in MDF. We are capitalizing on rising demand and confident in delivering 25 to 30% volume growth despite the competitive landscape.
- I think these margins are sustainable and you are absolutely right that this margin was achieved before the price rise.
- With this all the potential liability on invested equity, corporate guarantees and other types of loan advances have been totally provided for in the books.
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