Greenply Industries Ltd (GREENPLY) AI Stock Analysis

• Market Cap: ₹23.98B
• Dividend Yield: 0.19%
• Average Volume (3M): 7.86K
• Price to Earnings (P/E): 58.3
• Beta (1Y): 1.39
• Revenue Growth: 4.40%
• EPS Growth: -20.15%
• Country: IN
• Employees: 2,612
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Paper, Lumber & Forest Products
• EPS (TTM): 1.33
• Shares Outstanding: 124,887,794
• 10 Day Avg. Volume: 3,700
• 30 Day Avg. Volume: 7,857
• PEG Ratio: 1.29
• Price to Book (P/B): 4.42
• Price to Sales (P/S): 1.44
• P/FCF Ratio: 25.22
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹248.00
• Price Target Upside: -9.06% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 8.03
• Revenue Forecast (FY): ₹26.71B

• Rating: 59 Neutral
• Price Target: ₹199.00 ▼(-27.03% Downside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 03/10/26

The score is supported primarily by strong financial performance—particularly improved cash generation and solid revenue growth—offset by weak technical conditions (downtrend and bearish momentum) and a relatively expensive valuation (high P/E with minimal dividend yield).

Positive Factors

Revenue & Margin Improvement

Sustained double-digit revenue growth with a rising net margin demonstrates improving top-line momentum and operational leverage. Over the next 2-6 months this supports reinvestment into distribution and premium SKUs, allowing the company to expand higher-margin mix and absorb cost volatility.

Improving Cash Generation

Conversion of earnings into cash has strengthened materially, with positive free cash flow and strong OCF/NI. This durable cash generation improves funding for capex, working capital, and deleveraging, reducing dependence on external financing and enhancing long-term financial flexibility.

Brand & Distribution Strength

A well-established brand and extensive dealer network create durable channel advantage and repeat demand for interior products. This distribution reach supports scale economics, faster new-product rollouts, and premiumization—sustaining revenue and margin resilience across cycles.

Negative Factors

Rising Debt Levels

Elevated and rising debt increases interest burden and reduces financial flexibility. If cash generation weakens or input costs rise, servicing higher leverage could force cutbacks in capex or marketing, constraining growth initiatives and increasing refinancing risk over the medium term.

Low Net Margin & High Non-Cash Charges

Modest net margins leave limited buffer against raw-material cycles and pricing pressure. High depreciation/amortization suggests heavy fixed-asset intensity or past capex, which can depress cash margins and imply future capex to modernize plants, pressuring free cash flow if sales slow.

EPS Contraction / Earnings Volatility

Material negative EPS growth indicates earnings volatility and potential margin compression. Persistent EPS declines can limit reinvestment, weigh on stakeholder confidence, and constrain strategic moves, making the business more sensitive to cyclical demand swings in construction and interiors.

Greenply Industries Ltd Business Overview & Revenue Model

Company Description

Greenply Industries Limited, an interior infrastructure company, manufactures, markets, trades in, and distributes plywood and allied products in India and internationally. The company provides plywood and block boards, decorative veneers, flush doors, wood floors, and PVC foam boards. It markets its products through a network of distributors, dealers, and retailers. The company was formerly known as Mittal Laminates Private Limited and changed its name to Greenply Industries Limited in 1995. Greenply Industries Limited was incorporated in 1990 and is headquartered in Kolkata, India.

How the Company Makes Money

Greenply Industries generates revenue primarily through the sale of its plywood, laminates, and MDF products. The company's revenue model is built on both domestic sales and exports, with a significant portion of its earnings coming from the construction and interior design industries. Key revenue streams include retail sales through a network of dealers and distributors, direct sales to contractors and builders, and partnerships with various furniture manufacturers. Additionally, the company benefits from brand recognition and customer loyalty, which contribute to repeat business. Strategic collaborations with architects and designers also enhance market reach and drive sales, further solidifying its position in the industry.

Greenply Industries Ltd Financial Statement Overview

Summary

Solid operating picture driven by strong revenue growth (+14.38% YoY) and improving net margin (3.68%). Cash flow is a key strength with free cash flow turning positive (INR 1,416.23m) and strong operating cash conversion (OCF/NI 2.39). Balance sheet is generally stable (D/E 0.64, equity ratio 41.43%), but rising debt levels are a risk to monitor.

Income Statement

Greenply Industries Ltd has shown strong revenue growth, with the latest annual revenue at INR 24,875.81 million, up from INR 21,746.17 million the previous year, marking a 14.38% growth. The company maintains a healthy gross profit margin of approximately 40.34%, and its net profit margin improved to 3.68%. However, the EBIT margin is notably higher than the EBITDA margin due to the high depreciation and amortization expense, indicating room for optimizing operational efficiency.

Balance Sheet

The company has a manageable debt-to-equity ratio of 0.64, suggesting moderate leverage. Return on Equity (ROE) stands at about 11.33%, reflecting efficient use of equity to generate profits. The equity ratio, calculated at 41.43%, indicates a stable financial structure with adequate equity backing. However, the total debt level has increased, which could pose risks if not managed prudently.

Cash Flow

Free cash flow turned positive in the latest year at INR 1,416.23 million from a negative position the prior year, showing significant improvement. The operating cash flow to net income ratio is 2.39, indicating robust cash generation relative to net earnings. With an improving cash flow position, the company is well-placed to fund its operations and growth initiatives, though historical volatility in free cash flow growth suggests a need for consistent cash management.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	25.53B	24.88B	21.75B	16.59B	15.57B	11.62B
Gross Profit	9.36B	10.03B	7.69B	5.90B	6.09B	4.67B
EBITDA	2.41B	2.38B	2.14B	1.91B	1.60B	1.19B
Net Income	853.58M	916.32M	699.60M	914.32M	947.26M	609.12M
Balance Sheet
Total Assets	18.85B	19.52B	16.64B	16.81B	11.59B	9.15B
Cash, Cash Equivalents and Short-Term Investments	151.75M	246.71M	223.12M	313.54M	722.46M	1.28B
Total Debt	5.42B	5.15B	5.57B	7.01B	3.09B	2.03B
Total Liabilities	10.38B	11.43B	9.54B	10.37B	6.21B	4.78B
Stockholders Equity	8.47B	8.09B	7.09B	6.44B	5.38B	4.37B
Cash Flow
Free Cash Flow	101.98M	1.42B	-877.26M	-3.53B	-1.40B	2.05B
Operating Cash Flow	658.98M	2.19B	460.06M	621.69M	916.09M	2.28B
Investing Cash Flow	-477.81M	-1.47B	-1.43B	-4.09B	-1.29B	-1.25B
Financing Cash Flow	-237.79M	-829.00M	471.07M	3.18B	804.29M	-921.62M

Greenply Industries Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 272.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GREENPLY, the sentiment is Negative. The current price of 272.7 is above the 20-day moving average (MA) of 205.36, above the 50-day MA of 221.66, and below the 200-day MA of 281.60, indicating a bearish trend. The MACD of -9.26 indicates Negative momentum. The RSI at 35.95 is Neutral, neither overbought nor oversold. The STOCH value of 48.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:GREENPLY.

Greenply Industries Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
JAICORPLTD	61 Neutral	₹17.98B	33.05	―	4.22%	―	―
GREENPLY	59 Neutral	₹23.98B	58.33	―	0.19%	4.40%	-20.15%
CENTURYPLY	55 Neutral	₹144.15B	72.08	―	0.12%	16.88%	6.77%
SFL	54 Neutral	₹56.07B	30.61	―	―	4.98%	-62.09%
RAJESHEXPO	52 Neutral	₹27.89B	18.97	―	―	112.02%	244.77%
GOENKA	41 Neutral	₹266.28M	-23.75	―	―	―	―

Greenply Industries Ltd Corporate Events

Greenply discloses tax department search and seizure at offices and plants

Greenply Industries Ltd has disclosed that the Income Tax Department conducted a search and seizure operation at its registered office, certain other locations, a manufacturing unit, and the plant of its wholly owned subsidiary Greenply Sandila Private Ltd, as well as at the residences of a promoter and some executives. The action, carried out under the Income Tax Act, began on 26 February 2026 and concluded late on 2 March 2026, with the company stating it fully cooperated and supplied all requested documents.

Management said business operations continued without disruption during the proceedings and that there is currently no quantifiable estimate of any financial impact from the tax department’s action. The company has committed to ongoing regulatory disclosures under SEBI listing rules, leaving investors and other stakeholders awaiting further clarity on potential outcomes of the investigation and any implications for Greenply’s finances or governance.

Greenply Publishes Q3 FY26 Earnings Call Transcript for Investors

Greenply Industries Limited has released the transcript of its Q3 FY26 earnings conference call held on 5 February 2026, where senior management discussed the company’s financial performance for the quarter and nine months ended 31 December 2025 with investors and analysts. By making the full transcript publicly available on its investor website and notifying stock exchanges, the company is reinforcing its disclosure practices and transparency for shareholders, analysts and other stakeholders seeking detailed insights into its recent results and strategic commentary.

Greenply Schedules Q3 & 9M FY26 Earnings Call for Investors and Analysts

Greenply Industries Ltd has announced the schedule of its Q3 and nine-month FY26 earnings group conference call with investors and analysts, to be held on February 5, 2026 at 12:00 PM IST. Senior management, including the Joint Managing Directors and the CFO, will discuss the company’s operational and financial performance, with the company emphasizing that no unpublished price sensitive information will be shared and that the event is being conducted in compliance with disclosure regulations, reinforcing its commitment to transparent investor communication.

Greenply Industries Wins Favorable Tax Litigation Outcome

Greenply Industries Limited has received a favorable order from the Commissioner of Income Tax (Appeals) regarding a tax litigation related to excise duty exemption for the financial year 2012-13. This decision resulted in an income-tax refund and interest, which was shared with Greenpanel Industries Limited as per a prior agreement. The Income-tax Department’s appeal against this order was dismissed by the ITAT, Guwahati Bench, thereby upholding the favorable ruling for Greenply.