Downgrades

We reiterate our BUY rating with a target price of Rs 722/share, implying a 10% upside from current levels.

Strong volume-driven revenue growth, as realisation stays soft 3% YoY due to aggressive push in key markets

Quarterly Update Q4FY25

Black & White

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%.

Q4FY25 revenue grew 11% YoY as a strong volume of 14% was offset by 3% fall in realisation, on weak pricing in key operating regions

Beats EBITDA estimate on unexpected sharp improvement in MDF gross margin, despite weak realisations and higher timber prices

4QFY25 came in at the upper end of guidance. 15.6% YoY CC revenue organic growth in FY25 top quadrant performance

MOFS continued its steady performance in Q4FY25 amid volatile markets and despite impact of the new F&O regulations, with operating PAT at Rs5.2bn (+4% YoY; -1% QoQ). However, treasury loss of Rs7.43bn resulted in reported consolidated loss (including OCI) of Rs2.2bn.