Greenply September-quarter profit rises to Rs 42.7266 crore

Greenply Industries Limited reported consolidated profit of Rs 42.7266 crore for the three months ended 30 September 2026, compared with Rs 15.9822 crore a year earlier. Revenue from operations reached Rs 799.686 crore, while both plywood and medium density fibreboards businesses recorded higher segment results than in the corresponding quarter of 2025.

How much did Greenply's September-quarter profit increase?

Greenply's consolidated profit rose to Rs 42.7266 crore in the three months ended 30 September 2026, from Rs 15.9822 crore in the corresponding quarter ended 30 September 2025. Profit was also above Rs 37.611 crore reported for the previous three months ended 30 June 2026.

Profit before tax was Rs 56.9019 crore in the September 2026 quarter, compared with Rs 23.3078 crore a year earlier and Rs 49.4553 crore in the June 2026 quarter. Tax expense totalled Rs 14.1753 crore, against Rs 7.3256 crore in the year-earlier quarter and Rs 11.8443 crore in the preceding quarter.

Profit before the share of loss of equity-accounted investees, exceptional items and tax increased to Rs 63.2238 crore from Rs 29.1863 crore a year earlier. The share of loss of equity-accounted investees was Rs 6.3219 crore in the latest quarter, compared with Rs 5.8785 crore in September 2025.

Basic and diluted earnings per equity share were each Rs 3.42 for the September 2026 quarter, annualised as stated in the filing. In the corresponding quarter of 2025, basic earnings per share were Rs 1.28 and diluted earnings per share were Rs 1.27.

What drove Greenply's September-quarter revenue growth?

Greenply's revenue from operations rose to Rs 799.686 crore in the quarter ended 30 September 2026, from Rs 688.5748 crore a year earlier and Rs 724.8864 crore in the preceding quarter. Total income, including other income of Rs 3.4887 crore, was Rs 803.1747 crore, compared with Rs 690.3273 crore in September 2025.

Plywood and allied products generated segment revenue of Rs 626.1361 crore, compared with Rs 541.6911 crore a year earlier and Rs 531.0901 crore in the June 2026 quarter. Medium density fibreboards and allied products, referred to as MDF, reported revenue of Rs 173.8959 crore, up from Rs 146.8875 crore a year earlier but below Rs 195.6654 crore in the prior quarter.

Total segment revenue before eliminations was Rs 800.032 crore in the latest quarter, against Rs 688.5786 crore in September 2025. Inter-segment revenue was Rs 0.346 crore, compared with Rs 0.0038 crore a year earlier and Rs 1.8691 crore in the June 2026 quarter.

How did Greenply's plywood and MDF earnings change?

Greenply's plywood and allied products segment result was Rs 54.6512 crore in the September 2026 quarter, up from Rs 38.8607 crore in the corresponding quarter of 2025 and Rs 37.3326 crore in the preceding quarter. The segment's revenue was Rs 626.1361 crore, making it the larger of the two reported businesses by quarterly revenue and segment result.

MDF and allied products reported a segment result of Rs 20.1514 crore, compared with Rs 4.3233 crore a year earlier. However, the result was below Rs 26.1397 crore reported in the three months ended 30 June 2026, alongside the sequential decline in MDF revenue from Rs 195.6654 crore to Rs 173.8959 crore.

Combined segment result increased to Rs 74.8026 crore from Rs 43.184 crore a year earlier and Rs 63.4723 crore in the preceding quarter. Finance costs were Rs 11.1151 crore, lower than Rs 13.4914 crore a year earlier but above Rs 7.4877 crore in the June 2026 quarter, while other unallocable expenditure net of unallocable income was Rs 0.4637 crore.

What were Greenply's first-half results and cash flows?

Greenply reported profit of Rs 80.3376 crore for the six months ended 30 September 2026, compared with Rs 44.4398 crore in the corresponding six months of 2025. Revenue from operations for the current six-month period was Rs 1,524.5724 crore, against Rs 1,289.3867 crore a year earlier, while profit before tax was Rs 106.3572 crore versus Rs 59.485 crore.

Plywood segment revenue for the six-month period was Rs 1,157.2262 crore, compared with Rs 995.5257 crore a year earlier, and its segment result was Rs 91.9838 crore versus Rs 71.1826 crore. MDF revenue rose to Rs 369.5613 crore from Rs 294.1739 crore, while its segment result increased to Rs 46.2911 crore from Rs 20.2001 crore.

Net cash generated from operating activities was Rs 86.3946 crore in the six months ended 30 September 2026, compared with Rs 65.8982 crore in the prior-year period. Investing activities used Rs 147.1981 crore, including Rs 133.9777 crore for property, plant and equipment and capital work-in-progress, while financing activities generated Rs 64.2615 crore.

What changed in Greenply's balance sheet?

Greenply's total assets were Rs 2,177.436 crore at 30 September 2026, compared with Rs 1,961.6542 crore at 31 March 2026. Plywood segment assets were Rs 1,225.3531 crore and MDF segment assets were Rs 879.2645 crore, compared with Rs 1,133.3917 crore and Rs 760.2093 crore respectively at the March year-end.

Total liabilities rose to Rs 1,207.921 crore at 30 September 2026 from Rs 1,066.2825 crore at 31 March 2026. Current borrowings increased to Rs 213.1622 crore from Rs 120.0512 crore, while non-current borrowings declined to Rs 363.778 crore from Rs 369.1025 crore; total equity was Rs 969.515 crore, compared with Rs 895.3717 crore.

How was Greenply's September-quarter result reviewed?

Greenply's board approved the consolidated results for the quarter and six months ended 30 September 2026 on 29 October 2026. The filing says the audit committee reviewed and recommended the results on the same date.

The statutory auditors issued an unmodified limited-review report on the consolidated results for the September quarter and first half. The report states that nothing came to the auditors' attention to suggest that the financial results did not disclose the required information or contained a material misstatement.

Conclusion

Greenply's September-quarter result combined higher revenue with year-on-year increases in both disclosed segment results, lifting consolidated profit to Rs 42.7266 crore from Rs 15.9822 crore. Plywood contributed the larger segment result at Rs 54.6512 crore, while MDF's result rose to Rs 20.1514 crore from Rs 4.3233 crore a year earlier.

The next comparison will show whether MDF revenue and segment result recover from their June-to-September declines, when revenue fell from Rs 195.6654 crore to Rs 173.8959 crore and segment result fell from Rs 26.1397 crore to Rs 20.1514 crore. Greenply also disclosed Rs 0.8108 crore of foreign-exchange fluctuation loss in finance costs for long-term borrowings for the MDF plant during the latest quarter.