In the January–March quarter of FY25 (Q4FY25), the company reported an 8.2% year-on-year (YoY) increase in revenue to Rs 648.77 crore from Rs 599.78 crore. Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 18.1% to Rs 68.07 crore, with margins improving to 10.5% from 9.6%.
Mr Manoj Tulsian, Joint MD & CEO of Greenply Industries, said the company is expanding its plywood manufacturing footprint with a new plant in Odisha, which will boost capacity by around 25% and is expected to be operational in the April–June quarter of 2026 (Q1FY27).
Greenply Industries is targeting double-digit volume growth in 2025-26 (FY26), driven by strong demand for both plywood and medium-density fiberboard (MDF) products.
According to Manoj Tulsian, Joint Managing Director and CEO, most of this growth will come from higher volumes rather than price hikes. “We are not considering price at this point,” he said, adding that the company is focused on expanding market share through increased output.
In the January–March quarter of FY25 (Q4FY25), the company reported an 8.2% year-on-year (YoY) increase in revenue to Rs 648.77 crore from Rs 599.78 crore. Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 18.1% to Rs 68.07 crore, with margins improving to 10.5% from 9.6%. However, profit after tax (PAT) declined 48.9% to Rs 16.6 crore from Rs 32.5 crore a year ago.
The MDF segment is expected to recover after a temporary disruption in Q4 caused by a surge in imports ahead of the Bureau of Indian Standards (BIS) certification rule. Tulsian said imports have now stopped, and excess inventory should clear in the coming months, providing a clean runway for growth.
In the plywood business, the company is confident of crossing 10% EBITDA margins this year, aided by cost cuts, pricing adjustments, and operating leverage. “We have done a lot of corrections... so we are quite confident that a 10% margin plus for the full year is visible,” he said.
MDF capacity utilisation currently stands at 73–74%, and a planned line extension of 200 CBM is expected during the monsoon to minimise disruption. The company has already begun building inventory to support uninterrupted supply during the shutdown.
On working capital, Tulsian acknowledged some delayed dealer payments in Q4 but stressed the importance of financial discipline. “We felt it is better to have this discipline in place,” he said, expressing confidence that liquidity will improve as government project funds flow through the system.
[Published in Ply Reporter's May 2025 Print Issue]