Greenply Industr Q1 FY27 Results (NSE: GREENPLY)
Signal: Steady quarter
The read
Consolidated revenue growth accelerated to 20.7% YoY (from 9.6% in Q3FY26 and 7.7% in Q2FY26), driven by MDF (+32.8%) and plywood (+16.0%); core EBITDA margin expanded 30bps to 10.8% — 2nd consecutive quarter of margin expansion after Q4FY26's 400bps jump — confirming margin trajectory inflection; PAT grew 38.1% YoY with no exceptional items.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹724.94 Cr | 20.7% | N/A |
| EBIT | ₹68.06 Cr | 45.5% | |
| Net profit | ₹37.61 Cr | 38.1% | |
| EPS | ₹3.04 | 38.2% | |
| EBIT margin | 10.8% |
P&L walk
Revenue ₹7,249.4 Mn (+20.7% YoY) driven by strong MDF (+32.8%) and plywood (+16.0%) sales; EBITDA margin improved 30bps to 10.8% on operating leverage and MDF margin expansion; PAT ₹376.1 Mn (+38.1% YoY) tracked operating profit growth with no exceptional items.
Segments
MDF segment is the growth engine: revenue +32.8% YoY (₹1,957.0 Mn), segment result +73.5% (₹339.2 Mn), core EBITDA margin 17.3%; plywood segment revenue +16.0% YoY (₹5,266.0 Mn), result +25.7% (₹372.2 Mn), core EBITDA margin 8.4% — both segments expanded margins YoY.
Key positives
- Consolidated revenue growth of 20.7% YoY, accelerating from prior quarters
- MDF volume growth of 24.7% YoY with core EBITDA margin expanding to 17.3% from ~13.3% a year ago
- Plywood core EBITDA margin improved 50bps YoY to 8.4% despite raw material cost headwinds
- PAT grew 38.1% YoY, outpacing revenue growth due to operating leverage and stable finance costs
- 2nd consecutive quarter of margin expansion (consolidated EBITDA margin +30bps YoY)
- Joint venture Greenply Samet revenue doubled YoY (₹13.61 Cr)
Key concerns
- Gross margin (COGS as % of revenue) compressed 40bps YoY on consolidated basis due to raw material cost inflation
- Consolidated profit before tax of ₹89.9 Mn was reduced by ₹418.8 Mn of unallocable expenditure, masking segment profitability
- Standalone gross margin compressed 60bps YoY, indicating input cost pressure in plywood business
Research and educational content only. Not investment advice.