Greenply's Q2FY26 profitability was below expectations. Revenue grew 8% YoY to Rs6.9bn, driven by robust growth in MDF segment. EBITDA decreased by 2% YoY to Rs568mn, with EBITDA margin contracting by 75bps YoY to 8.2%, dragged down by planned shutdown for MDF expansion, a higher contribution of midpremium plywood and liquidation of slow moving MDF inventory at high discounts. PAT declined by 9% YoY to Rs160mn. Net debt decreased by Rs280mn to Rs5.1bn, driven by liquidation of excess inventories, and is expected to reduce further in H2. The management attributed margin contraction to one off event and expects a strong rebound in volumes and margins in H2FY26. We cut...