Quarter Ended: March 2026

Greenply Industries Ltd – Q4 FY26 Results

NSE

greenply

BSE

526797

Revenue growth supported by both plywood and MDF segments, while operating leverage and cost control drove sharp profitability improvement

key financial highlights

Revenue from Operations:
- Revenue (Q4 FY26): ₹7,762.46 Cr
  - QoQ Change: +15.3%
  - YoY Change: +19.7%
- Previous Quarter (Q3 FY26): ₹6,734.03 Cr
- Previous Year (Q4 FY25): ₹6,487.70 Cr
Profit After Tax (PAT):
- PAT (Q4 FY26): ₹310.05 Cr
  - QoQ Change: +116.3%
  - YoY Change: +86.7%
- Previous Quarter (Q3 FY26): ₹143.35 Cr
- Previous Year (Q4 FY25): ₹166.03 Cr
QoQ Performance
- Revenue Trend: Strong growth
- Profit Trend: Sharp recovery

Margin Analysis

Key Drivers:

Operating leverage from higher volumes
Better product mix (MDF growth)
Controlled raw material cost inflation
Improved cost efficiency

Key Signal: Margins expanded meaningfully as cost growth lagged revenue growth, indicating strong operating discipline

Segment performance

Segment: Plywood & Allied Products

Revenue: ₹5,873.84 Cr

Insights:

Core segment (~75% contribution)
Stable demand and pricing

Segment: MDF & Allied Products

Revenue: ₹1,889.49 Cr

Insights:

Fastest growing segment
Higher margin profile vs plywood

Segment insight

Summary:

Greenply is successfully transitioning toward MDF-led growth, which is structurally higher margin and scalable

Characteristics:

MDF = Growth + Margin driver
Plywood = Stable cash generator
Balanced portfolio improving profitability

Earning quality check

Drivers:

Strong operating cash flow: ₹246.88 Cr
Working capital improvement (inventory reduction)
Lower reliance on non-operating income

Interpretation:

Earnings quality is high, driven by core operations and cash generation

balance sheet Analysis

Total Assets: ₹19,616.54 Cr
Total Liabilities: ₹10,662.83 Cr

Insight:

Strong equity base (~₹8,953 Cr)
Controlled leverage
Improved working capital cycle

key risks

Raw material cost volatility (timber)
Demand slowdown in real estate
Competitive pressure in MDF segment
Capex execution risks

management strategy signals

Focus Area:

MDF capacity expansion
Premium product positioning
Distribution expansion
Brand strengthening

Financial Metrics

Particular	Q4 FY26	Q.O.Q	Y.O.Y
Total Income	₹7,788.71 Crore	+15.3%	+18.9%
PBT	₹438.26 Crore	+99.7%	+79.2%
PAT	₹310.05 Crore	+116.3%	+86.7%

Greenply has delivered a high-quality quarter, with:

Strong revenue growth
Sharp margin expansion
Significant PAT recovery

The company is clearly benefiting from its MDF strategy, making it a margin expansion story rather than just volume growth.

Official Exchange Filing: Greenply Industries Ltd

Quarterly Performance Context

COST OF OPERATIONS AS % OF REVENUE

92%

NET PROFIT AS % OF REVENUE

FISCAL YEAR

2025-2026

AUDIT STATUS

REVIEWED