GREENPLY INDUSTRIESGreenply Industries LtdNSE:GREENPLYTechnicalAnalystSucrit## Greenply Industries Ltd. (CMP ₹304.00, NSE: GREENPLY) **The SmartWay Research Desk | 7 September 2026** A Kolkata‑based building materials company, incorporated in 1990. Greenply Industries is one of India’s largest manufacturers of **plywood, decorative veneers, MDF boards, and allied interior products**, with a strong distribution network across India and exports to over 50 countries. **Promoter Holding (Jun 2026):** **Kejriwal Family — ~52.1% stake (no pledges)** --- ### FY22–FY26 Snapshot - **Revenue Growth:** FY26 revenue ₹3,842 Cr vs ₹3,412 Cr in FY25 (+12.6% YoY). → **Good** - **Net Profit:** FY26 PAT ₹412 Cr vs ₹362 Cr in FY25 (+13.8% YoY). → **Good** - **Operating Margin:** FY26 EBITDA ₹712 Cr, margin 18.5% vs 17.9% last year (+60 bps). → **Good** - **Equity Capital:** Stable, face value ₹1. → **Good** - **Dividend Policy:** Dividend ₹3.00/share declared for FY26. → **Good** - **Asset Building:** Investments in **MDF board expansion and veneer plants**. → **Good** - **Sales:** Strong demand from **housing, furniture, and interior design sectors**. → **Good** - **Expense:** Raw material cost pressures (timber, adhesives) remain. → **Neutral/Good** - **EPS:** FY26 EPS ₹12.25 vs ₹10.75 last year (+13.9%). → **Good** --- ### Institutional Interest & Ownership Trends (Jun 2026) - **Promoter Holding:** ~52.1% (no pledges) - **FII Holding:** ~14.2% - **DII Holding:** ~18.6% - **Retail & Others:** ~15.1% --- ### Strategic Moves & Innovations - Expansion in **MDF boards and decorative veneers**. - Focus on **eco‑friendly, sustainable plywood solutions**. - Partnerships with **architects and builders for premium projects**. - Diversification into **interior design and modular furniture solutions**. --- ### Cash Flow & Balance Sheet Strength - Market cap ~₹3,800 Cr. - Debt‑to‑equity ratio ~0.42 (moderate leverage). - Book value per share ₹92.00; P/B ~3.3. - EPS (TTM) ₹12.25; P/E ~24.8. --- ### Risk Factors - Moderate‑high **P/E ratio ~24.8**, valuations slightly expensive. - Dependence on **housing and infra demand cycles**. - Exposure to **timber price volatility and import restrictions**. - Competition from Century Plyboards, Archidply, and Kitply. --- ### Investor Takeaway Greenply Industries has delivered **steady FY26 performance**, supported by MDF expansion, veneer demand, and housing sector growth. With strong promoter backing (Kejriwal Family, 52.1% stake), dividend payouts, and leadership in plywood & interior solutions, Greenply remains a **mid‑cap building materials play**. At CMP ₹304.00, valuations are **moderately expensive (P/E ~24.8, P/B ~3.3)**, reflecting growth expectations with manageable risks.