Greenply Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Greenply Industries Ltd filed with BSE on 04 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Greenply reported consolidated Q4 FY'26 revenue of Rs 776.2 crores, up 19.6% year-on-year, with core EBITDA margin improving to 12%, an expansion of 330 basis points over the previous quarter. Management disclosed the resignation of JMD and CEO Manoj Tulsian, an income tax search and seizure operation at company premises in late February 2026, and an exceptional item of Rs 15.16 crores relating to impairments on the Dubai entity GMEL. The company also detailed raw material cost pressures from geopolitical disruption, price hikes taken in plywood and MDF, and progress on capex projects including a new PVC/WPC plant, MDF facility and plywood facility.
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Numbers mentioned
Consolidated revenue: INR776.2 crores (Q4 FY '26)
p. 4
“We are proud to report our highest ever consolidated quarterly revenue of INR776.2 crores, which is a growth of 19.6% on a Y-o-Y basis.”
Sanidhya Mittal, page 4 of the filed PDF · View the filing
Core EBITDA margin: 12% (Q4 FY '26)
p. 4
“Our consolidated core EBITDA for the quarter was INR93.2 crores with a core EBITDA margin of 12% compared to 10.5% in Q4 FY '25, an increase of 150 bps.”
Sanidhya Mittal, page 4 of the filed PDF · View the filing
Consolidated revenue: INR2,739 crores (FY '26)
p. 4
“On a 12-month basis, our consolidated revenue was INR2,739 crores, which is a growth of 10.1% on a Y-o-Y basis.”
Sanidhya Mittal, page 4 of the filed PDF · View the filing
Consolidated core EBITDA: INR270.5 crores (FY '26)
p. 4
“Our consolidated core EBITDA was INR270.5 crores, which is a growth of 13.8% on a Y-o-Y basis.”
Sanidhya Mittal, page 4 of the filed PDF · View the filing
PBT: INR186 crores (FY '26)
p. 5
“PBT, before the losses on equity, accounted investee foreign exchange gain/loss as an adjustment to finance costs and exceptional items, is at INR186 crores for 12-month FY '26, which is a 21% Y-o-Y growth as against PBT of INR153 crores in 12-month FY '25.”
Sanidhya Mittal, page 5 of the filed PDF · View the filing
Plywood revenue: INR588.5 crores (Q4 FY '26)
p. 5
“In the Plywood segment, we have achieved volume growth of 15.6% on a Y-o-Y basis in Q4 FY '26 with a revenue of INR588.5 crores, value growth of 14.6% on a Y-o-Y basis, in line with the growth expectation.”
Sanidhya Mittal, page 5 of the filed PDF · View the filing
Plywood core EBITDA margin: 10.4% (Q4 FY '26)
p. 5
“On the margin front, our core EBITDA margin stood at 10.4% for Q4 FY '26, an improvement of 120 basis points on a Y-o-Y basis.”
Sanidhya Mittal, page 5 of the filed PDF · View the filing
MDF revenue: INR189.4 crores (Q4 FY '26)
p. 5
“We have achieved our highest ever quarterly revenue of INR189.4 crores with a volume reaching to 62,000 CBM.”
Sanidhya Mittal, page 5 of the filed PDF · View the filing
MDF margin: 17% (Q4 FY '26)
p. 5
“Margins for the quarter stood at 17%, supported by higher sales and operating leverage.”
Sanidhya Mittal, page 5 of the filed PDF · View the filing
MDF revenue: INR635.6 crores (FY '26)
p. 5
“For the full year, we have achieved a revenue of INR635.6 crores, reflecting a Y-o-Y growth of 19.9% with margin at 13.4%.”
Sanidhya Mittal, page 5 of the filed PDF · View the filing
Consolidated net debt: INR461 crores (Q4 FY '26 end)
p. 5
“Despite the growth capex undertaken, our consolidated net debt stood at INR461 crores at the end of the current quarter.”
Sanidhya Mittal, page 5 of the filed PDF · View the filing
Debt-to-equity ratio: 0.52 (Q4 FY '26 end)
p. 5
“Our debt-to-equity ratio remains at 0.52, in line with our guided range of 0.5 to 0.6 for the year, even after the announcement and execution of the planned capex.”
Sanidhya Mittal, page 5 of the filed PDF · View the filing
Dividend: INR0.50 per equity share (FY '26)
p. 5
“The Board of Directors has recommended a dividend at the rate 50%, which means INR0.50 per equity share for the year ended 31st March 2026, which is subject to the approval of shareholders of the company at the Annual General Meeting.”
Sanidhya Mittal, page 5 of the filed PDF · View the filing
Exceptional item (Dubai/GMEL impairment): INR15.16 crores (Q4 FY '26)
p. 4
“We have disclosed a total of INR15.16 crores as an exceptional item representing impairments to our investment, financial guarantees, and advances to GMEL.”
Sanidhya Mittal, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Plywood volume growth — 10% · FY '27
stated firmly by Sanidhya Mittal
p. 5
“We have set a volume 10% growth target for plywood backed by our strong brand equity.”
Sanidhya Mittal, page 5 of the filed PDF · View the filing
MDF volume growth — 25% to 30% · FY '27
stated conditionally by Sanidhya Mittal
p. 6
“In MDF, we are capitalizing on rising demand and confident in delivering 25% to 30% volume growth.”
Sanidhya Mittal, page 6 of the filed PDF · View the filing
Debt-to-equity ratio — 0.7 to 0.72 peak, then back to 0.5-0.6 · next 1-2 years
stated firmly by Sanidhya Mittal
p. 7
“So, 0.7, 0.72 is the peak we want to go to and then again come back to the 0.5 level.”
Sanidhya Mittal, page 7 of the filed PDF · View the filing
MDF EBITDA margin — 17%
stated firmly by Sanidhya Mittal
p. 12
“On MDF, we are not worried about the margins. I think 17% is something we can sustain because whatever cost has increased, we've already passed on and in the increased passed-on cost, I think we are still able to do the volumes that the company requires to do.”
Sanidhya Mittal, page 12 of the filed PDF · View the filing
Plywood EBITDA margin — H2 FY '27
stated conditionally by Sanidhya Mittal
p. 12
“And on plywood also, I think this margin can easily sustain, provided we are able to achieve the desired volume growth that we have targeted.”
Sanidhya Mittal, page 12 of the filed PDF · View the filing
MDF capex — INR425 crores · FY '27 and FY '28
stated firmly by Sanidhya Mittal
p. 10
“I think INR425 crores was only on the MDF segment, out of which I think almost close to INR300 crores would be in the current FY and INR125 crores would be in the next FY.”
Sanidhya Mittal, page 10 of the filed PDF · View the filing
Effective tax rate — around 22% · FY '27
stated firmly by Sanjiv Keshri
p. 13
“So, the effective tax rate is around 22% because we have in the Greenply, on the standalone, the tax rate is 22% and in our subsidiary companies, the tax rate is around 17%.”
Sanjiv Keshri, page 13 of the filed PDF · View the filing
Furniture fittings JV breakeven — middle of next year
stated as an aspiration by Sanidhya Mittal
p. 15
“I think the year after this, somewhere in the middle of the year, we should reach a situation where the business starts breaking even.”
Sanidhya Mittal, page 15 of the filed PDF · View the filing
WPC/PVC line peak revenue — INR75 crores to INR80 crores
stated as an aspiration by Sanidhya Mittal
p. 16
“Around INR75 crores to INR80 crores is the peak revenue we can achieve in the given capex.”
Sanidhya Mittal, page 16 of the filed PDF · View the filing
MDF ROC — 18% to 20%
stated as an aspiration by Sanidhya Mittal
p. 19
“I think anything between 18%, 20%, if we are in that range, I think we are very lucky and we are well-placed.”
Sanidhya Mittal, page 19 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said MDF margins are sustainable due to operating leverage and cost pass-through, and plywood margins are sustainable if volume growth is maintained, with further improvement possible once new technology is implemented.
Answered by Sanidhya Mittal
Asked by Pankaj Tibrewal: Are the MDF and plywood margins sustainable going forward given they were achieved before price hikes?
p. 6
“So, on the MDF front, I think these margins are sustainable, and you are absolutely right that this margin was achieved before the price rise.”
Sanidhya Mittal, page 6 of the filed PDF · View the filing
Management partially agreed there was some overstocking in the second half of March but attributed most growth to a shift from unorganized to organized players.
Answered by Sanidhya Mittal
Asked by Keshav Lahoti: Was Q4 volume growth boosted by channel inventory stocking ahead of price hikes?
p. 8
“Yes, there might be a little bit of the growth because of overstocking also and the stocking only happened in the second half of March.”
Sanidhya Mittal, page 8 of the filed PDF · View the filing
Management explained past volatility was due to the line extension disrupting production in two quarters and product mix changes, and said volatility should not continue going forward.
Answered by Sanidhya Mittal
Asked by Utkarsh Nopany: Why has MDF gross margin been volatile over the last several quarters?
p. 9
“I don't think it is going to be volatile going forward. In the past, if you see the last financial year, 2 quarters out of the 4 quarters, the plant was not fully operational.”
Sanidhya Mittal, page 9 of the filed PDF · View the filing
Management said existing hierarchies are in place across functions and a full-time replacement will be considered only if needed, with no urgency.
Answered by Sanidhya Mittal
Asked by Ritesh Shah: How should the management transition following Manoj Tulsian's exit be viewed?
p. 11
“So as far as the growth going forward is concerned, I think the team is already in place. Team will run the show.”
Sanidhya Mittal, page 11 of the filed PDF · View the filing
Management attributed the increase partly to record revenue and partly to growth in the OEM/B2B business, which carries higher debtor days though payments remain protected via LCs.
Answered by Sanidhya Mittal
Asked by Ritesh Shah: Why have receivable days increased year-on-year?
p. 12
“It is a mix and our OEM business is also now growing drastically. Even though the payments are protected in terms of LC and other instruments, but the debtor days are much higher there to achieve growth.”
Sanidhya Mittal, page 12 of the filed PDF · View the filing
Management estimated MDF industry growth at 15-20% and plywood growth at 3-4%, with Greenply's MDF market share at about 7% currently, rising toward 8-8.5% at peak capacity.
Answered by Sanidhya Mittal
Asked by Sneha Talreja: What is the industry growth rate and Greenply's market share in plywood and MDF?
p. 14
“I think industry growth in MDF would be 15% to 20% annualized growth.”
Sanidhya Mittal, page 14 of the filed PDF · View the filing
Management said there is no change in the standard credit policy outside of channel finance partnerships, though OEM strategic focus does carry higher debtor days.
Answered by Sanidhya Mittal
Asked by Aasim: Has the company changed its credit policy or extended credit days to push growth, especially for OEMs?
p. 16
“No, I don't think we're doing any such thing. We are for the channel, the only policy we have is our standard credit policy in both businesses, MDF and plywood.”
Sanidhya Mittal, page 16 of the filed PDF · View the filing
Management said current 17-18% EBITDA margins do not yet yield attractive ROCs on a short view but should look justified over a 3-7 year horizon, with 18-20% ROC being a good outcome.
Answered by Sanidhya Mittal
Asked by Nikunj Gala: What steady-state ROC does management aspire to at peak MDF utilization?
p. 19
“So, I think I've answered this question in the past also. So, in today's time, even at 17%, 18% EBITDA, the ROCs are not very attractive.”
Sanidhya Mittal, page 19 of the filed PDF · View the filing
Risks flagged
Sharp increase in chemical import prices due to geopolitical situation
p. 4
“During the early part of the quarter, the evolving geopolitical situation posed challenges in sourcing chemicals, leading to a sharp increase in prices by over 50%.”
Sanidhya Mittal, page 4 of the filed PDF · View the filing
Elevated fuel charges and war risk insurance premiums raising logistics costs
p. 4
“Additionally, elevated fuel charges and war risk insurance premiums have created a volatile and a high-cost environment for logistics.”
Sanidhya Mittal, page 4 of the filed PDF · View the filing
Income tax search and seizure operation at company premises
p. 3
“a search and seizure operation was conducted by income tax department at certain business premises of the company from 26th February 2026 to 2nd March '26.”
Sanidhya Mittal, page 3 of the filed PDF · View the filing
Impairment of Dubai entity exposure due to geopolitical environment
p. 4
“In light of the prevailing geopolitical environment, which has adversely impacted the recoverability of certain assets, we have chosen to take a conservative approach.”
Sanidhya Mittal, page 4 of the filed PDF · View the filing
Suppliers demanding advance payment disrupting smaller competitors, also affecting the industry
p. 15
“I think suppliers have blackmailed organizations for material. Importers said that if you don't advance today and lock the price at this minute, you will not get the material.”
Sanidhya Mittal, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.