Income Tax department conducts search operations at Greenply Industries

The Income Tax Department has initiated search operations at Greenply Industries Limited. According to sources, the Investigation Department of the Income Tax Department has started searches at the company in connection with alleged tax evasion through bogus billing.

The company is accused of evading taxes by generating or using fake invoices. Greenply Industries has not responded to queries sent by Zee Business so far.

More details are awaited as the searches continue.

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About Greenply Industries

Founded in 1994, Greenply Industries Limited (GIL) is a leading Indian interior infrastructure company, specialising in high-quality plywood, decorative veneers, and Medium Density Fibre (MDF) boards.

Greenply Industries Q3 financial results

For the December quarter, the company reported a net profit of Rs 14.3 crore, supported by volume growth and improved margins. On a consolidated basis, revenue rose 9.6 per cent year-on-year (YoY) to Rs 673.4 crore, while core EBITDA stood at Rs 58.9 crore, with margins expanding to 8.7 per cent from 8.2 per cent in the previous quarter—a sequential improvement of 50 basis points.

Greenply Industries share performance

Despite steady financial performance, Greenply Industries’ stock faced pressure in the market, hitting a 52-week low of Rs 215.05 on February 27, 2026, with an intraday decline of 3.87 per cent. As of 12:30 pm, shares were trading at Rs 221.60 apiece, down 0.94 per cent from the previous close. Over the past two weeks, the stock has declined 2.36 per cent and is down 17.39 per cent year-to-date (YTD), while its 52-week high was Rs 351.55 on July 24, 2025.

General Frequently-Asked Questions (FAQs) on Income Tax Raids

1) What is an Income Tax raid?

An Income Tax raid signifies an action conducted by the Income Tax Department to invade a person's or company's site and confiscate papers, money, or properties that might be related to tax fraud or financial misconduct.

2) Why does the Income Tax Department conduct raids?

The main purpose of raids is to reveal the undisclosed income, check the records, collect the evidence for tax evasion or probe the companies which are suspected of having irregularities in billing, transactions, or financial reporting.

3) Who can be targeted in a tax raid?

Incomes, businesses, or corporations that are considered to be hiding their profit, generating false invoices, or committing tax evasion can be the targets. The linked entities or partners might also be included if there is any proof of their involvement.

4) What happens during a search and seizure operation?

Officials enter the premises, inspect records, documents, and electronic data, and may seize cash, gold, invoices, or other evidence that could be relevant to the investigation.

5) Does a tax raid mean the person/company is guilty?

No. A raid is part of an investigation. It does not automatically imply guilt, but it does indicate that the authorities are examining financial irregularities.

6) How long does a tax raid last?

The time span is contingent on the dimensions of the location and the intricacy of the accounting system. A few hours to a few days is the range.

7) Can the public know about ongoing raids?

Usually, the authorities do not divulge anything to the public until the operation is over. However, it is not uncommon for the media to report on raids once they are either in progress or are already over.

8) What are the consequences if irregularities are found?

In the case of undisclosed income or the issuance of violations, the Income Tax Department has the right to impose fines, ask for the payment of taxes, or take legal action against the individual or the company.

9) Can companies continue business during a raid?

If the conditions are right, the companies can still run their operations, but the tax officials will take control of the documents or the properties temporarily, thus causing an interruption in the regular business activities.

10) How should companies respond to an income tax raid?

Official cooperation, documentation provision upon request, calmness maintenance, and taxation or legal consultation for compliance and legal rights protection are the key measures mentioned.