Greenply Industries Q2 FY27: Revenue up 16.1% to ₹799.7 Cr, MDF capacity expansion planned
Greenply Industries reported Q2 FY27 consolidated revenue of ₹799.7 crore, up 16.1% YoY. Core EBITDA margin expanded to 11.2%. The company announced a ₹125 crore capex for a 15 million sq. meter plywood capacity expansion at Sandila, Lucknow, to be operational by Q4 FY28. It also highlighted carbon credit achievements from its afforestation program.
The reported financial results show significant growth, and the planned capacity expansion is a material development that will impact future revenue and market share. The ESG initiatives also reflect a commitment to sustainability, which is increasingly important for investors.
The company reported strong year-on-year revenue growth and margin expansion in its core segments. The announcement of capacity expansion and positive ESG initiatives further contribute to a positive outlook.
Greenply Industries Limited announced its financial and operating performance for the second quarter and first half of FY27. The company reported a consolidated revenue of ₹799.7 crore for Q2 FY27, marking a 16.1% year-on-year increase. Consolidated core EBITDA stood at ₹89.2 crore, with a core EBITDA margin of 11.2%, an expansion of 300 basis points year-on-year.
For the half-year ended September 30, 2026, consolidated revenue reached ₹1,524.6 crore, an 18.2% year-on-year increase. Consolidated core EBITDA was ₹167.5 crore, with a core EBITDA margin of 11%, showing an 180 basis points year-on-year growth.
The Plywood segment reported a volume growth of 6.1% and a revenue growth of 15.5% year-on-year in Q2 FY27, reaching ₹625.7 crore. The core EBITDA margin for the segment was 10.05%, an increase of 180 basis points year-on-year.
The MDF business achieved a quarterly revenue of ₹173.9 crore, with a volume growth of 18.4% year-on-year. However, realisations declined due to the rollback of price hikes. The EBITDA margin for the MDF segment stood at 15.2% for the quarter.
Greenply announced an expansion of its plywood manufacturing capacity at its Sandila, Lucknow location. The proposed new capacity will be 15 million square meters with a budgeted capex of ₹125 crore, expected to commence commercial production in Q4 FY28. This expansion will increase the total plywood capacity to 81.3 million square meters starting Q4 FY28.
The company also highlighted its ESG initiatives, including one of India's largest private sector afforestation programs, which has resulted in the allotment of 2,56,688 carbon credits. The company plans to expand this program to 12,000 hectares.
Looking ahead, Greenply expects to maintain its guidance for the plywood segment and anticipates achieving a full-year volume growth of approximately 20% for the MDF segment, while maintaining core EBITDA margins in the range of 15% to 16%. The company is also progressing with its new MDF facility at Vadodara and a greenfield manufacturing facility at Odisha.
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