Greenply Industries Ltd — Q4 FY26

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.