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for Industry - Forest Products
It has MDF boards business with manufacturing at Vadodara, Gujarat of 1000 CBM/day. It is adding capacity in plywood segment at plant in Odisha which will take total capacity to 66.3 Mn SQM/annum. Q2FY26 Performance: Revenues grew 7.5% YoY to 688.6 crore in Q2FY26. The MDF segment revenue at 146.8 crore, was up 15.9% YoY, with volumes of 47,018 CBM (+15.9% YoY) with flat realisation. The plywood segment reported revenue of 541.7 crore, up 5.4% YoY, while volumes up 7.2% YoY to 21.7 MSM. EBITDA stood at 57 crore, with EBITDA margins of 8.2% (down ~75 bps YoY), impacted by lower...
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...
Century Plyboards is undertaking capacity expansions across segments to drive growth. The laminates business has shown early signs of recovery in terms of revenue growth and EBITDA margins, and the company remains optimistic about coming quarters.
Greenply’s Q1 revenue grew 2.9%y/y to Rs6bn. Easing input costs pushed the gross margin up 205bps y/y to 42.8%. Higher employee and other expenses restricted the EBITDA margin improvement to 34bps y/y, to 10.3%. Adj. PAT fell 27.6% y/y to Rs240m.
We initiate coverage of Greenply Industries Ltd (GREENPLY) with a BUY recommendation and TP of 385/share, implying an upside potential of 26% from the CMP.
navigate margin pressures in a competitive environment. The management also shared insights on domestic demand sustainability, the impact of reduction in MDF imports, and GREENP's roadmap to drive volume growth...
More volumes pushed up Stylam’s Q4 FY25 revenue 10.6% y/y to ~Rs2.7bn, though blended realisation were soft. High input costs and product-mix changes pulled gross profit down 7.1% y/y to Rs1.1bn.
incentives of Rs350mn and expect Rs510mn over FY26/27. The company expects MDF/plywood margin of 12%/7-8% in FY26. We had considered consolidated EBITDA margin of 11.8% with 1) steep increase in timber prices, 2) higher OEM vol in the MDF segment, 3) lower domestic volumes, and 4) lower realization with competition in MDF. Timber prices will continue to impact margins in coming quarters. The management has indicated moderation in...
Greenply Industries’ Q4 revenue/gross profit/EBITDA grew 8.2%/16.5%/18.1% y/y to Rs6.5bn/2.7bn/681m. Easing input cost helped the gross margin to inch up 297bps y/y to 41.5%.
Greenpanel Industries’ Q3 revenue/gross profit/EBITDA/PAT fell 6.8%/28%/71/69.3% y/y to Rs3.6bn/1.6bn/173m/85m. The poor showing stemmed from export volumes falling (due to unprofitable orders) while domestic volumes were flat.
Aided by higher offtake overall (up 8.2% y/y to 3.04m sheets) and better blended realisations (up 9.6% y/y to Rs822/sheet), Stylam’s Q3 revenue stepped up 18.6% y/y to Rs2.5bn.
Greenply’s Q3 revenue/gross profit/EBITDA grew 5.6/5.8/7.2% y/y to Rs6.2bn/2.5bn/540m. Adj. PAT was up 26.5% y/y to Rs244m. Despite higher revenue, input cost pressures restricted the gross margin to 40.1%.
Century reported broadly in-line performance for Q1FY2025. Standalone revenue at Rs. 952 crore (up 7.9% y-o-y) was primarily driven by plywood (revenue up 14.9% y-o-y aided by 13.4% y-o-y.
