Greenply reports 2.9% revenue growth despite plywood decline

Greenply Industries reported consolidated quarterly revenue of INR601 crores for Q1 FY26, up 2.9% year-on-year. Core EBITDA increased 6.4% to INR62 crores with a 10.3% margin.

The plywood segment saw volume decline 3.1% year-on-year, though realizations grew 4.1% to INR255 per sqm. MDF business performed strongly with revenue at INR147.3 crores, up 11.7% year-on-year, and EBITDA margins improving to 17.4%.

Net debt stood at INR538 crores due to inventory buildup, expected to liquidate by H1 FY26.