Greenply Industries Ltdrevenue +16.1%, core EBITDA margin 11.2%, MDF guide revised

Greenply Industries' Q2 FY27 call, held on 30 October 2026, reported consolidated revenue of ₹799.7 crore, up 16.1%, and core EBITDA of ₹89.2 crore, an 11.2% margin up 300 basis points.

Plywood revenue rose 15.5% to ₹625.7 crore on 6.1% volume growth with a core margin of 10.05%, while plants ran above 100% utilisation. MDF revenue was ₹173.9 crore at a 15.2% margin, but volume was hit by monsoon and maintenance and price hikes were rolled back, so FY27 MDF volume guidance was revised to about 20%. Greenply announced a 15 million square metre plywood expansion at Sandila for ₹125 crore due in Q4 FY28, an Odisha plywood plant due in Q4 FY27 and a Vadodara MDF line due in Q2 FY28, and agreed to cut its stake in the SAMET furniture fittings JV to 19% by 5 January. Net debt was ₹544 crore, 0.56 times equity. Management kept plywood guidance of over 10% volume growth and a 10% plus margin in H2.