At a Glance
Greenply Industries has been nailing the plywood game since the ’90s, now boasting a 26% share in India’s organized market. But while the boardrooms are expanding, the balance sheet looks like it’s been sanded down a bit too much. Is this stock a solid panel or a termite-infested trap?
🧻 1. TL;DR — Is Greenply Still Solid?
- 🪜 Sales CAGR (5Y): 12%, but profits grew only ~2%
- 💸 FY25 PAT: ₹92 Cr (up from ₹70 Cr in FY24)
- 🔺 Operating margins flatlined at 8%
- 🧾 EPS: ₹7.34; P/E: 43x 😬
- 🧃 ROE: 12% = decent, not juicy
- 📉 Stock return last 1Y = just 3%
- 👨💼 EVP – Digital Officer resigned in June 2025
- 🚨 Subsidiary hit with ₹19 Cr tax notice (company says “no material impact”)
🧱 2. What’s in the Greenply Toolbox?
| Product | Description |
|---|---|
| Plywood & Blockboards | Core business – large part of revenue |
| Decorative Veneers | Premium segment targeting interiors |
| Flush Doors | Growing demand in real estate |
| Film-faced Ply | Used in construction scaffolding |
| PVC Boards | New-age products, smaller contribution |
WhileGreenpanelfocuses more on MDF, Greenply remains the classic plywood & veneer play — but innovation remains thin.
🧾 3. The 5-Year Financial Story — Pressed and Laminated
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 1,165 | 1,563 | 1,663 | 2,180 | 2,488 |
| EBITDA (₹ Cr) | 115 | 150 | 133 | 185 | 204 |
| PAT (₹ Cr) | 61 | 95 | 91 | 70 | 92 |
| EPS (₹) | 4.97 | 7.73 | 7.44 | 5.66 | 7.34 |
| ROCE (%) | 15% | 18% | 11% | 11% | 12% |
| Debt (₹ Cr) | 203 | 309 | 695 | 549 | 515 |
📌 Note: FY23 was a margin dip year. FY24 and FY25 showed some EBITDA recovery, but not breakout growth.
📉 4. Quarterly Performance — Veneered Recovery or Wobbly Wood?
| Quarter | Revenue (₹ Cr) | OPM % | PAT (₹ Cr) |
|---|---|---|---|
| Q1 FY25 | 584 | 9% | 33 |
| Q2 FY25 | 640 | 8% | 18 |
| Q3 FY25 | 614 | 9% | 24 |
| Q4 FY25 | 649 | 7% | 17 |
✅ Stable topline❌ Fluctuating margins and no operating leverage showing yet
🚨
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