Greenply Industries Limited
BSE: 526797 | NSE: GREENPLY
Sector: Consumer Durables | Industry: Plywood Boards/ Laminates
01
ABOUT COMPANY
Greenply Industries Limited (hereinafter as “Greenply“ or “The Company”) was incorporated on 28th November, 1990. The company was initially established as Green Timber Industries Private Limited in 1984. The company’s growth was led by Mr. Rajesh Mittal, often referred to as the ‘plywood manufacturing baron of India’. In 1994, Greenply underwent a strategic change by merging with Mittal Laminates Limited, which expanded its product range and market share.
Greenply is one of the leading manufacturer of integrated interior infrastructure solutions. It offers products such as Plywood and allied products (including blockboards, flush doors and specialty plywood for railways and automobiles), Medium Density Fibreboard (MDF) and Furniture hardware which offers premium slide systems, hinges and lift-up mechanisms through its joint venture with Samet. Grennply caters to customers such as OEM, trade customers (i.e. the dealers/distributers, super stockist and wholesaler in the supply chain who have a crucial role in distributing Company’s products to end-users or consumers), end-users and other customers (such as builders, contractors along with government departments).
| Particulars | FY25 |
|---|---|
| Enterprise Value (₹ Crore) | 4,061 |
| EV/EBITDA | 17 |
| P/E | 39 |
| Revenue Growth % YoY | 14.1% |
| Gross Margin | 40.3% |
| EBITDA Margin | 9.6% |
| Net Margin | 3.7% |
Overview
| Location | Number of plants | Number of offices | Total |
| National | 3 | 60 | 63 |
| International | 0 | 0 | 0 |
| Locations | Number |
| National (No. of States) | 28 |
| International (No. of Countries) | 1 |
| Category | Location | State | Entity Type |
| Plywood and Allied Products | Tizit | Nagaland | Wholly Owned Subsidiary |
| Plywood and Allied Products | Kriparampur | West Bengal | Wholly Owned Subsidiary |
| Plywood and Allied Products | Sandila | Uttar Pradesh | Wholly Owned Subsidiary |
| Plywood and Allied Products | Bamanbore | Gujarat | – |
| MDF Manufacturing Facility | Sherpura | Gujarat | Wholly Owned Subsidiary |
| Furniture and Fittings (Joint Venture) | Vadodara | Gujarat | Joint Venture |
| Category | Details / Count | Description |
| Registered Office | 1 | Located at Madgul Lounge, Kolkata, West Bengal |
| Branch Offices | 60 | Spread across 1,100+ cities, towns, and villages in 28 states |
| Manufacturing Units | 5 Operating | Includes three units under the parent company and two managed as subsidiaries/JVs |
| Distribution Network | 3,000+ Dealers | A robust nationwide network supporting pan-India reach |
| State | Facility Location | Principal Product(s) | Annual Capacity | Ownership / Status |
| Gujarat | Bamanbore | Plywood and Allied Products | 20.20 Mn SqM | Operational |
| Sherpura, Vadodara | MDF and Allied Products | 2,40,000 CBM | Wholly Owned Subsidiary | |
| Sherpura, Vadodara | Furniture Hardware Products | – | Joint Venture (Greenply Samet) | |
| Uttar Pradesh | Sandila, Hardoi | Plywood and Allied Products | 13.50 Mn SqM | Wholly Owned Subsidiary |
| West Bengal | Kriparampur | Plywood and Allied Products | 11.00 Mn SqM | Operational |
| Nagaland | Tizit | Plywood and Allied Products | 8.10 Mn SqM | Operational |
| Odisha | Semiliguda | Plywood and Allied Products | 13.5 MSM | Proposed / Expansion |
Brands
| Brands | Portfolio | Applications | Utility |
| Green | A premium range of zero-emission, structural-grade plywood that is fire- and water-resistant, manufactured using advanced Penta Tech and a 4-press process | Safe modern interiors | High-strength, emission-safe panels |
| Ecotec | Value-for-money product range with 10-point quality checks | Cost-effective projects | Value-focused durability |
| Optima G | Range of plywood and doors with guaranteed performance | Long-term interior use | Consistent performance |
| Green Ndure | Lead-free PVC/WPC boards that are waterproof and fire-retardant | Multi-sector fit-outs | Eco-safe, quick-fix solutions |
| Woodcrest | Veneers crafted from European forests for luxury finish | Aesthetic living spaces | Natural elegance and finish |
| Greenply MDF | AI-powered, precision boards across multiple variants including HDMR and zero-emission MDF | Interior and exterior paneling | Technological superiority |
| Club Crests | Premium laminates with niche-inspired finishes | Designer-led environments | Bespoke craftsmanship |
02
Earning Calls Summary
Q1 FY 2027
Q1 Revenue Up 20.7%; MDF Margins at 17.3% on Operating Leverage
Management opened noting encouraging demand momentum continued through the first quarter, delivering double-digit volume growth in both segments in line with guidance. The company launched its "One Sheet, One Tree" campaign as a long-term sustainability commitment. Ongoing geopolitical tensions resulted in elevated imported chemical prices, necessitating price increases across the industry.
Q1 FY27 REVENUE GROWTH
20.7% YoY to ₹724.9 crores
MDF EBITDA MARGIN
17.3% (supported by higher sales and operating leverage)
PLYWOOD VOLUME GROWTH
13.8% YoY (revenue ₹526.6 crores, 8.4% margin)
Key Takeaway: Q1 FY27 consolidated revenue grew 20.7% YoY to ₹724.9 crores with core EBITDA of ₹78.3 crores (10.8% margin, up 50 bps YoY). Plywood volume grew 13.8% YoY with revenue of ₹526.6 crores (8.4% margin), while MDF revenue grew 32.8% YoY to ₹195.7 crores with margins at 17.3%. The company's new flooring manufacturing line commenced commercial production on July 20, 2026.
Concall Notes
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