Greenply Industries Ltd. share price target

Consolidated Q3 revenue grew 24% YoY backed by 11% increase in plywood volumes and 7% rise in price realisation for India operations

It is foraying into the MDF boards business with greenfield manufacturing set-up at Vadodara, Gujarat of 800 CBM/day (capex of ~| 555 crore) with revenue potential of ~| 600-650 crore per annum at its peak utilisation...

It is foraying into the MDF boards business with greenfield manufacturing set-up at Vadodara, Gujarat of 800 CBM/day (capex of ~| 555 crore) with revenue potential of ~| 600-650 crore per annum at its peak utilisation Q2FY22 Results: GIL reported a strong Q2FY22 performance on favourable base. Topline at | 432.4 crore, was up 46.3% YoY on a benign base (Q2FY21 had ~ 22% YoY decline). It was driven by 57.8% growth in plywood revenues...

Consolidated Q1 revenue grew 97% YoY backed by a 98% upswing in India business

It is foraying into the MDF boards business with greenfield manufacturing set-up at Vadodara, Gujarat of 800 CBM/day (capex of ~| 548 crore) with revenue potential of ~| 600 crore per annum at its peak utilisation...

GIL's stricter working capital control and cost has brought about a strength in balance sheet. The continued demand from Europe and newer areas will hold the key for Gabon, going ahead, albeit the management has guided for muted H1FY22 given logistic issues. Furthermore, while plywood will witness decent growth on a benign base, GIL's relative market share and traction thereafter will be key for further rerating after sharp run up in share price. We maintain HOLD with a revised target price of | 230/share (22x...

GIL reported Q4FY21 consolidated revenue growth of 15% YoY backed by a 21% uptick in India business

Key takeaways from our interaction with the management of Greenply Industries (GIL).

GIL's stricter working capital control and cost has imparted strength to the balance sheet. We raise our FY21, FY22 earnings by 6%, 26%, respectively. The continued demand from Europe and newer areas will hold the key for Gabon, going ahead. Furthermore, while plywood is expected to grow handsomely on a benign base, GIL's relative market share, traction thereafter will be key for further rerating after sharp run up in share price of ~72% in last three months. We roll over to FY23 and maintain HOLD with a...

Greenply Industries' (GIL) consolidated Q3FY21 revenue dipped 2% YoY, bettering our estimate of a 6% drop.