Greenply Industries Q3 Results: Revenue grows 10%, margin improves by 50 bps sequentially

Greenply Industries reported a steady operating performance for the December quarter, supported by volume growth and margin expansion across its core businesses.

Its net profit stood at Rs 14.3 crore for the quarter ended December 31.

Consolidated performance

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On a consolidated basis, Greenply’s revenue rose 9.6 per cent year on year to Rs 673.4 crore in Q3 FY26. Core EBITDA stood at Rs 58.9 crore, with margins improving to 8.7 per cent from 8.2 per cent in the previous quarter, a sequential expansion of 50 basis points. Profit after tax came in at Rs 14.3 crore.

Plywood business

Revenue from the plywood and allied products segment increased 8.9 per cent year on year to Rs 521.7 crore. Realisation per square metre declined 4.9 per cent to Rs 244, reflecting a change in product mix. Core EBITDA was Rs 43.6 crore, with margins inching up to 8.4 per cent from 8.2 per cent in the September quarter. Net profit from the segment stood at Rs 21.7 crore.

MDF business

The MDF business reported revenue of Rs 152.0 crore, up 11.7 per cent year on year. Realisation per cubic metre was Rs 31,385. Core EBITDA, excluding forex loss, rose to Rs 15.4 crore, with margins expanding sharply to 10.1 per cent from 8.3 per cent in the previous quarter, a 180 basis point improvement. Net profit from the MDF segment was Rs 0.4 crore.

Greenply Samet joint venture

The Greenply Samet joint venture reported total revenue of Rs 13.38 crore at the entity level. Greenply’s share of PAT was a loss of Rs 7.7 crore, reflecting its 50 per cent stake. The company said the JV saw a quarter-on-quarter revenue growth of 18 per cent.

Management commentary and outlook

Manoj Tulsian, joint managing director and chief executive officer, said the company remains on track with its volume growth guidance. He attributed the performance to a strategic push in the mid-premium brand Ecotec, which delivered 12.5 per cent year-on-year volume growth.

On the MDF business, Tulsian said the company faced initial challenges in the first two months of the quarter following capacity expansion, which weighed on sales momentum. He added that revenue is expected to improve substantially in the coming quarters, with MDF margins targeted to reach around 16 per cent.

The management also highlighted the announcement of a new MDF facility in Vadodara, marking the start of a fresh capex cycle aimed at supporting long-term growth.