Greenply first-half capex reaches Rs 133.98 crore, borrowing rises

Greenply Industries Limited spent Rs 133.98 crore on property, plant and equipment and capital work-in-progress in the six months ended 30 September 2026, compared with Rs 55.70 crore a year earlier. Greenply’s current borrowings rose to Rs 213.16 crore from Rs 120.05 crore at 31 March 2026 as investing and working-capital cash needs increased.

How much did Greenply spend on capital expenditure?

Greenply spent Rs 133.98 crore on acquiring property, plant and equipment and capital work-in-progress in the six months ended 30 September 2026. That was Rs 78.28 crore higher than the Rs 55.70 crore reported for the corresponding six months ended 30 September 2025, according to the consolidated cash-flow statement.

The acquisition line combines property, plant and equipment with capital work-in-progress, or CWIP. The filing does not provide a split of the Rs 133.98 crore outflow by plant, project, product category or operating segment, so it identifies the scale of investment rather than the allocation of that spending.

Greenply’s total investing outflow was Rs 147.20 crore in the latest half year, up from Rs 47.78 crore a year earlier. The 2026-27 outflow also included Rs 12.77 crore for acquiring investments and Rs 1.13 crore invested in bank fixed deposits maturing after more than three months; the prior-year period included Rs 4.26 crore of proceeds from investment sales.

What changed in Greenply’s asset base?

Greenply’s CWIP increased to Rs 86.71 crore at 30 September 2026 from Rs 50.05 crore at 31 March 2026. The Rs 36.66 crore increase means a portion of the investment recorded in the half year remained under development at the reporting date.

Property, plant and equipment increased by Rs 10.60 crore over the same six months to Rs 866.07 crore. Balance-sheet movements need not match cash acquisition spending because depreciation, disposals, reclassifications and other accounting entries can affect carrying values, but the simultaneous rise in CWIP and asset spending is disclosed in the statements.

Right-of-use assets increased to Rs 73.86 crore from Rs 33.40 crore, while intangible assets declined by Rs 25.29 lakh to Rs 18.32 crore. Total non-current assets rose to Rs 1,235.69 crore at 30 September from Rs 1,100.63 crore at 31 March, and consolidated total assets increased to Rs 2,177.44 crore from Rs 1,961.65 crore.

How did Greenply finance its cash requirements?

Greenply generated Rs 86.39 crore of net operating cash in the six months ended 30 September 2026, but its Rs 147.20 crore investing outflow exceeded that sum. Financing activities produced a net cash inflow of Rs 64.26 crore, compared with a net financing outflow of Rs 23.78 crore in the corresponding prior-year period.

Net proceeds from current borrowings were Rs 79.20 crore during the latest six months, compared with Rs 11.31 crore a year earlier. The balance-sheet value of current borrowings was Rs 213.16 crore at 30 September 2026, an increase of Rs 93.11 crore from Rs 120.05 crore at 31 March 2026.

Non-current borrowings declined to Rs 363.78 crore at 30 September from Rs 369.10 crore at 31 March. Greenply received Rs 52.33 crore from non-current borrowings and repaid Rs 40.66 crore during the half year, while interest payments were Rs 16.18 crore and dividend payments were Rs 6.25 crore.

How much working capital did Greenply absorb?

Greenply’s working-capital movements reduced cash by Rs 67.78 crore in the six months ended 30 September 2026. Cash generated from operations before working-capital changes was Rs 172.36 crore, which fell to Rs 104.58 crore after those movements and before net income-tax payments of Rs 18.19 crore.

Inventory absorbed Rs 40.35 crore of cash, whereas it released Rs 118.36 crore in the corresponding 2025 period. Other current assets and loans used Rs 22.09 crore, and trade receivables used Rs 15.81 crore; increases in trade payables of Rs 5.14 crore and other current financial liabilities of Rs 13.85 crore partly offset those cash uses.

At 30 September, inventories stood at Rs 404.78 crore, up from Rs 364.44 crore at 31 March, while trade receivables rose to Rs 421.58 crore from Rs 407.01 crore. Other current assets increased to Rs 71.53 crore from Rs 49.01 crore, and total current liabilities rose to Rs 781.86 crore from Rs 669.39 crore.

Which businesses generated Greenply’s first-half revenue?

Greenply reported revenue from operations of Rs 1,524.57 crore for the six months ended 30 September 2026, up from Rs 1,289.39 crore a year earlier. Profit before tax increased to Rs 106.36 crore from Rs 59.49 crore, while profit for the period rose to Rs 80.34 crore from Rs 44.44 crore.

Plywood and allied products generated Rs 1,157.23 crore of first-half segment revenue, compared with Rs 995.53 crore in the prior-year half. Medium-density fibreboards and allied products generated Rs 369.56 crore, up from Rs 294.17 crore, meaning both disclosed operating segments recorded higher revenue.

Plywood and allied products had segment assets of Rs 1,225.35 crore at 30 September 2026, while medium-density fibreboards and allied products had Rs 879.26 crore. First-half finance costs declined to Rs 18.60 crore from Rs 32.00 crore; the filing says these costs include foreign-exchange effects on long-term borrowings for the medium-density fibreboard plant, with a Rs 8.50 lakh effect in the latest half year.

Conclusion

Greenply’s first-half statements show a substantially higher cash investment cycle, with Rs 133.98 crore spent on property, plant and equipment and CWIP, compared with Rs 55.70 crore a year earlier. Higher operating cash generation of Rs 86.39 crore did not cover the Rs 147.20 crore investing outflow, while inventory and other working-capital movements also used cash and current borrowings increased.

The next disclosure will show whether the Rs 86.71 crore of CWIP at 30 September 2026 is transferred into completed operating assets and how the Rs 213.16 crore current-borrowing balance changes. Greenply did not disclose a capital-expenditure target, project completion timetable or separate funding plan for the remainder of 2026-27.