MDF Volume
62,000 CBM
+45.3% YoY
Highest ever quarterly volume, driven by strong demand and operating leverage.
GREENPLY
Other
13 May 2026
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Plywood Volume Growth
15.6%
+15.6% YoY
Volume growth in plywood segment, supported by market share gains from unorganized sector.
MDF EBITDA Margin
17%
+530 bps QoQ
Sharp improvement due to higher volumes and fixed cost absorption.
Net Debt to Equity
0.52x
Flat vs guided range
Debt-equity remains within guided 0.5-0.6 despite significant capex.
Management Guidance
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.
growthMDF volume growth target of 25-30% for FY27
Management expects 25-30% volume growth in MDF, capitalizing on rising demand and capacity utilization.
growthCapex of ~₹480 crore in FY27
Includes ~₹300 crore for new MDF plant, ~₹130 crore for Odisha plywood facility, and ~₹50 crore for technology upgrades.
capexDebt-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.
otherKey Risks
Raw material cost volatility
Chemical prices surged over 50% due to geopolitical issues, impacting MDF costs. While stabilized, further increases could pressure margins.
high · management_commentaryIncome tax investigation
A search operation was conducted by income tax authorities; no demand has been raised yet, but uncertainty remains.
medium · management_commentaryFurniture JV losses
The furniture and fittings JV reported a PAT loss of ₹13 crore in Q4, with break-even expected only by mid-FY28.
medium · data_observationReceivable days increase
Receivable days rose from 47 to 54 due to growing OEM business, which may pressure working capital if not managed.
low · analyst_questionNotable 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.