Greenply Q1 PAT at Rs 280 Million, Revenue Grows 2.9% YoY

30 Jul 2025 CW Team

Greenply Industries Limited, one of India’s leading manufacturers of plywood, MDF, and allied products, announced its consolidated financial results for the quarter ended 30 June 2025. The company reported revenue of Rs 6.01 billion, up 2.9 per cent year-on-year, with profit after tax at Rs 280 million.

The plywood business generated Rs 4.54 billion in revenue, growing by 0.4 per cent year-on-year. Though volumes declined by 3.1 per cent, realisations improved by 4.1 per cent to Rs 255 per square metre. Core EBITDA from the segment stood at Rs 360 million, translating to a margin of 7.9 per cent — an improvement of 10 basis points year-on-year. Net profit from the plywood business was Rs 205 million.

The MDF segment performed strongly, with revenue rising 11.7 per cent year-on-year to Rs 1.47 billion. Realisations improved by 3.1 per cent to Rs 31,763 per CBM. Core EBITDA, excluding forex losses, was Rs 256 million, with the margin rising to 17.4 per cent compared to 15 per cent in Q4 FY25. The MDF business recorded a net profit of Rs 80 million.

The Greenply-Samet joint venture posted Rs 65 million in revenue, with a proportional loss of Rs 54 million for Greenply.

Consolidated EBITDA rose 6.4 per cent year-on-year to Rs 620 million, with margins improving to 10.3 per cent.

Commenting on the results, Mr. Manoj Tulsian, JMD & CEO, noted that while plywood demand was weaker than expected in Q1 due to liquidity pressures, a recovery has started from July, aided by easing monetary policy. He expressed optimism for H2 FY26, supported by favourable sector tailwinds such as BIS implementation and softening timber prices.

He added that Greenply remains confident of meeting its double-digit volume growth and 16 per cent-plus margin guidance for the MDF segment in FY26 and expects encouraging performance from the furniture fittings joint venture going forward.

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