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Greenply Industries Management Guidance Tracker

8 forward-looking guidance items tracked across 2 quarters.

Margins

Q3 FY26MDF margin recovery to 16%+ in Q4 FY26Active

Management expects MDF EBITDA margin to rebound to 16%+ in Q4 FY26, driven by record January production and stable operations.

Revenue

Q3 FY26MDF Q4 FY26 sales growth >20% YoYActive

MDF sales expected to grow more than 20% YoY in Q4 FY26, supported by improved margins.

Capex

Q3 FY26Second MDF line capex of ₹425 crore, commissioning by Q2 FY28Tracked

Board approved ₹425 crore (incl. GST) for a 700 CBM/day MDF line at Vadodara, expected commercial production by Q2 FY28.

Q4 FY26Capex of ~₹480 crore in FY27Tracked

Includes ~₹300 crore for new MDF plant, ~₹130 crore for Odisha plywood facility, and ~₹50 crore for technology upgrades.

Other

Q3 FY26Debt-to-equity ratio within 0.5-0.6x by year-endActive

Despite new capex, management expects debt-to-equity ratio to remain within 0.5-0.6x by end of FY26.

Q4 FY26Debt-equity to peak at 0.7-0.72 then revert to 0.5-0.6Tracked

Net debt-equity may rise to 0.7-0.72 during peak capex but will return to guided range within a year.

Growth

Q4 FY26Plywood volume growth target of 10% for FY27Active

Management targets 10% volume growth in plywood for FY27, backed by strong brand equity and market share gains.

Q4 FY26MDF volume growth target of 25-30% for FY27Active

Management expects 25-30% volume growth in MDF, capitalizing on rising demand and capacity utilization.