Greenply Q1: consolidated PAT +32% YoY to ₹37.6 Cr on MDF surge, lower finance costs

Greenply Industries reported Q1 FY27 consolidated revenue of ₹724.9 Cr, up 20.6% YoY (from ₹600.8 Cr) but down 6.6% QoQ off a seasonally stronger Q4 (₹776.2 Cr). Consolidated net profit was ₹37.6 Cr, up 32.2% YoY, with EPS of ₹3.01 vs ₹2.28. The reported YoY figure actually understates the underlying momentum: the year-ago base included a ₹4.4 Cr exceptional gain from the sale of the GMEL (Greenwud Panel) stake, so adjusting for one-offs on both sides, PAT rose roughly 57%.

Profit outran revenue on two levers. The MDF business led growth — segment revenue ₹195.7 Cr (+32.8% YoY) and segment profit ₹26.1 Cr (+64.6%) — while plywood revenue rose 17.0% to ₹531.1 Cr. Below the operating line, consolidated finance costs fell ~60% YoY to ₹7.5 Cr, driven largely by a ₹0.7 Cr forex gain on MDF-plant borrowings versus an ₹8.9 Cr forex loss a year ago; the share of joint-venture losses also narrowed to ₹5.7 Cr from ₹9.1 Cr. Net margin expanded to 5.19% (from 4.63% YoY and 3.98% in Q4), and operating margin of ~10.8% sits above Q4's 10.06% — consistent with management's last-call claim that the strong Q4 EBITDA margin was a sustainable "new base," supported by April price hikes.

The stock went into the print at ₹304.45, up 2.7% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters.

Against guidance, management had targeted FY27 volume growth of ~10% for plywood and 25-30% for MDF; Q1 value growth (plywood +17%, MDF +33%) is on-track to ahead, though these are revenue rather than volume figures and embed the April pricing. No firm quarter-specific Street consensus surfaced (FY27 EPS consensus is ~₹9.54 across 13 analysts). Note the basis divergence: standalone tells a milder story — PAT +15% to ₹21.3 Cr on +13% revenue — so the consolidated +32% is materially flattered by subsidiary MDF profits, lower consolidated finance/forex costs, and the prior-year exceptional-gain base; the two prints are not contradictory. Alongside the results the board declared a ₹0.50 dividend (record date Aug 4); recent months also saw a ₹130 Cr guarantee approved for a subsidiary and a promoter-group reclassification request.