Greenply Industries financials and balance sheet

NSE: GREENPLYBSE: 526797Consumer DurablesSmall Cap

₹284.80₹4.90 (1.69%)BSE ₹284.95

Share price at the NSE close on 23 Oct 2026. Previous close ₹289.70.

52-week range of traded prices to 23 Oct 2026

₹176.42Low, 30 Mar 2026₹334.40High, 22 Jul 2026

Next results date: the board meets on 29 Oct 2026 to consider: financial results.

Market cap: ₹3,557 Cr973rd largest listed
P/E: 36.1
P/E without one-offs: 30.2
P/B: 4.0
Dividend yield: 0.18%
ROE: 11.6%
ROE without one-offs: 13.8%
ROCE: 15.9%
Debt to equity: 0.55
Volume, NSE: 1,25,15051.8% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Greenply Industries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.4% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty. From the year to Mar 2020, part of the business was demerged on 12 Jul 2019, and figures before the change include the part that left. From the year to Mar 2024, the company's revenue for that year, ₹2,180 Cr, differs from its quarters added, ₹2,304 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue2,739
Materials and goods−1,627
Employee costs−351
Other expenses−490
Operating profit271
Depreciation−65
Other income+19
One-off items−15
Finance costs−55
Profit before tax155
Tax−35
Joint ventures−29
Net profit90

What the company owns

Plant, investments and other assets₹1,162 Cr
Receivables₹407 Cr
Inventory₹364 Cr
Cash and bank₹28 Cr

What pays for it: net worth and liabilities

Net worth₹895 Cr
Borrowings₹489 Cr
Owed to suppliers₹452 Cr
Other liabilities₹125 Cr

Greenply Industries business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Greenply Industries segment results by quarter

Revenue by segment

₹2,740 CrTotal

Plywood and allied products₹2,105 Cr76.8% of total
Medium density fibreboards and allied products₹635 Cr23.2% of total

Profit by segment

Plywood and allied products₹166 Cr76.2% of total
Medium density fibreboards and allied products₹52 Cr23.8% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Plywood and allied products
Revenue, ₹ crore
1,509
1,563
1,846
1,812
1,959
2,105
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
151
135
143
150
154
166
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Medium density fibreboards and allied products
Revenue, ₹ crore
457
0
0
368
530
635
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
27
−2
−1
9
33
52
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,972	–	–	1,563	1,846	2,180	2,489	2,740
Company revenue, as in its results	1,972	1,420	1,165	1,563	1,846	2,180	2,488	2,739
Revenue	1,509	–	–	1,563	1,846	1,812	1,959	2,105
Revenue growth	–	–	–	–	18.1%	−1.8%	8.1%	7.5%
Profit	151	–	–	135	143	150	154	166
Profit growth	–	–	–	–	5.5%	5.2%	2.6%	7.4%
Margin	10.0%	–	–	8.7%	7.7%	8.3%	7.9%	7.9%
Return on capital	–	–	–	37.7%	33.3%	33.8%	33.1%	31.1%
Assets	–	–	–	951	1,056	935	1,125	1,133
Liabilities	–	–	–	593	628	490	659	601
Capital employed	–	–	–	359	428	444	465	532
Revenue	457	–	–	0	0	368	530	635
Revenue growth	–	–	–	–	–	–	44.0%	19.7%
Profit	27	–	–	−2	−1	9	33	52
Profit growth	–	–	–	–	–	–	248.6%	56.4%
Margin	6.0%	–	–	–	–	2.6%	6.2%	8.1%
Return on capital	–	–	–	−1.1%	−0.6%	3.8%	13.1%	17.4%
Assets	–	–	–	173	616	709	734	760
Liabilities	–	–	–	28	408	463	483	463
Capital employed	–	–	–	146	208	246	251	297
Revenue	7	–	–	–	–	–	–	–
Profit	−6	–	–	–	–	–	–	–
Margin	−91.3%	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Greenply Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 10 Jun	Mar 2020Filed 29 Jun	Mar 2021Filed 14 Jun	Mar 2022Filed 17 May	Mar 2023Filed 30 May	Mar 2024Filed 5 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 28 Apr
Revenue from operations	1,778	1,737	1,972	1,420	1,165	1,563	1,846	2,180	2,488	2,739
	1,537	1,506	1,751	1,265	1,049	1,413	1,677	1,993	2,250	2,469
Materials and goods bought	883	895	1,072	835	684	935	1,127	1,316	1,484	1,627
Employee costs	–	–	236	163	149	193	243	279	316	351
Other expenses	–	–	443	266	215	284	307	399	450	490
Operating profit before depreciation	241	231	221	156	117	150	169	187	238	271
Operating margin	13.6%	13.3%	11.2%	11.0%	10.0%	9.6%	9.2%	8.6%	9.6%	9.9%
Materials, % of revenue	–	–	54.4%	58.8%	58.7%	59.8%	61.0%	60.3%	59.7%	59.4%
Employee costs, % of revenue	–	–	12.0%	11.5%	12.8%	12.4%	13.2%	12.8%	12.7%	12.8%
Other expenses, % of revenue	–	–	22.5%	18.8%	18.5%	18.2%	16.6%	18.3%	18.1%	17.9%
Depreciation and amortisation	51	50	75	26	23	26	36	55	60	65
Operating profit after depreciation	190	181	146	130	94	124	133	132	178	206
Other income	10	2	13	2	7	10	15	14	16	19
Finance costs	19	11	43	21	17	12	26	43	43	55
Profit before one-off items and tax	181	172	115	111	84	122	122	103	151	169
One-off items	0	0	0	−50	0	0	10	14	0	−15
Profit before tax	181	172	115	61	84	122	131	116	151	155
	56	54	11	13	20	30	19	30	25	35
Current tax	–	41	24	19	16	31	14	35	27	35
Deferred tax	–	13	−13	−6	4	−1	5	−5	−2	0
Share of profit of joint ventures and associates	–	−8	5	0	−2	3	−21	−1	−34	−29
Profit from discontinued businesses	–	–	–	–	–	–	–	−15	–	–
	125	111	109	47	61	95	91	70	92	90
Belonging to the company's shareholders	125	111	109	47	61	95	91	70	92	90
Belonging to outside owners of subsidiaries	–	–	0	–	–	–	–	0	–	0
Other comprehensive income	–	–	−1	1	2	−1	3	1	7	1
Total comprehensive income	–	–	108	49	63	93	94	71	98	91
Net margin	7.1%	6.4%	5.5%	3.3%	5.2%	6.1%	5.0%	–	3.7%	3.3%
Net margin without joint ventures and associates	–	6.8%	5.3%	3.4%	5.4%	5.9%	6.1%	–	5.1%	4.4%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Net margin is left blank for the year to Mar 2024: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 10 Jun	Mar 2020Filed 29 Jun	Mar 2021Filed 14 Jun	Mar 2022Filed 17 May	Mar 2023Filed 30 May	Mar 2024Filed 5 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 28 Apr
	976	378	437	538	644	710	809	895
	976	378	437	538	644	709	809	895
Share capital	12	12	12	12	12	12	12	12
Reserves	964	366	424	526	632	697	796	882
Belonging to outside owners of subsidiaries	0	–	–	–	0	0	0	1
	725	237	157	292	663	525	488	489
Repayable after a year	540	58	72	143	515	391	372	369
Repayable within a year	185	179	85	149	148	133	116	120
	721	512	392	459	490	539	744	669
Trade payables	301	232	204	216	243	333	535	452
Other financial liabilities	171	54	62	48	73	48	67	57
Other liabilities	35	18	25	28	19	21	21	27
Provisions	4	30	16	17	7	2	3	12
Tax owed	0	–	0	–	0	0	1	1
	634	72	86	162	547	416	400	397
Other financial liabilities	22	9	9	13	24	15	15	12
Provisions	13	5	5	6	7	9	11	14
Deferred tax	13	–	0	–	1	1	1	2
Total assets	2,331	962	915	1,159	1,681	1,664	1,952	1,962
	1,547	381	373	610	1,028	972	1,029	1,101
Plant in use, after depreciation	1,382	308	307	342	449	846	838	889
Plant being built	20	5	6	110	513	12	44	50
Intangible assets	7	7	1	11	10	19	19	19
Intangible assets being developed	1	–	0	–	0	0	0	–
Investments	0	2	3	4	5	5	6	6
Stakes in joint ventures and associates	23	22	19	22	1	38	61	49
Loans given	15	2	1	0	1	1	1	1
Other financial assets	40	0	3	8	10	3	2	8
Deferred tax	0	10	6	7	3	7	10	10
Other assets	58	25	25	106	37	40	48	71
	784	582	542	549	653	692	923	861
Inventories	304	177	179	226	278	348	518	364
Trade receivables	339	357	194	186	229	249	323	407
Cash and cash equivalents	39	10	18	63	31	22	11	27
Other bank balances	0	0	110	10	0	0	14	0
Loans given	1	3	4	1	1	1	2	2
Other financial assets	18	–	11	9	6	14	7	11
Tax paid in advance	0	12	0	–	0	0	0	–
Other assets	83	23	26	55	107	57	49	49
Net debt	686	227	29	219	632	502	464	461

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 14 Jun	Mar 2022Filed 17 May	Mar 2023Filed 30 May	Mar 2024Filed 5 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 28 Apr
	228	92	62	111	219	247
	243	124	67	149	250	279
	124	−44	−120	−65	−13	−14
Receivables	164	19	−42	−64	−76	−86
Inventories	−2	−46	−53	−152	−170	153
Payables	−27	0	29	128	200	−77
Other working capital	−11	−17	−55	23	33	−5
Tax paid	−15	−32	−4	−38	−29	−32
Capital spending	23	222	415	134	77	157
Free cash flow	205	−131	−352	−23	142	90
	−125	−129	−409	−143	−147	−152
Plant and property sold	5	3	3	11	4	2
Interest received	3	5	1	1	2	0
	−92	80	318	46	−83	−78
Borrowings raised	51	125	412	196	38	73
Borrowings repaid	−122	−28	−48	−75	−76	−87
Interest paid	−14	−11	−37	−65	−40	−52
Lease payments	−2	−2	−5	−4	−5	−6
Dividends paid	5	5	6	6	6	6
Shares bought back	0	0	0	0	0	0
Shares issued	0	1	0	0	0	0
Net change in cash	11	43	−29	14	−11	16

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Greenply Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 10 Jun	Mar 2020Filed 29 Jun	Mar 2021Filed 14 Jun	Mar 2022Filed 17 May	Mar 2023Filed 30 May	Mar 2024Filed 5 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 28 Apr
Earnings per share	₹10.29	₹9.02	₹8.90	₹3.85	₹4.97	₹7.72	₹7.44	₹5.67	₹7.39	₹7.19
Diluted earnings per share	₹10.29	₹9.02	₹8.90	₹3.85	₹4.97	₹7.72	₹7.37	₹5.61	₹7.34	₹7.18
Dividend per share	₹0.60	₹0.60	₹0.40	₹0.40	₹0.40	₹0.50	₹0.50	₹0.50	₹0.50	₹0.50
Book value per share	–	–	₹79.62	₹30.82	₹35.61	₹43.89	₹52.40	₹57.35	₹64.76	₹71.64
Dividend payout	5.9%	6.7%	4.5%	10.4%	8.1%	6.5%	6.7%	8.8%	6.8%	7.0%
Shareholder yield	–	–	–	–	0.2%	0.1%	0.4%	0.2%	0.2%	0.3%
Market cap at the year end (₹ crore)	3,422	3,740	1,915	994	2,091	2,697	1,707	2,860	3,574	2,252

Ratios

Consolidated, years to March.Greenply Industries PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 10 Jun	Mar 2020Filed 29 Jun	Mar 2021Filed 14 Jun	Mar 2022Filed 17 May	Mar 2023Filed 30 May	Mar 2024Filed 5 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 28 Apr
Revenue growth	7.3%	–	–	–	−18.0%	34.1%	18.1%	–	14.1%	10.1%
Operating profit growth	−0.7%	−4.2%	−4.2%	–	−25.0%	28.7%	12.5%	–	27.2%	13.8%
Net profit growth	−1.8%	−11.8%	−1.4%	–	28.9%	55.5%	−3.5%	−23.5%	31.1%	−2.1%
Earnings per share growth	−2.7%	−12.3%	−1.3%	–	29.1%	55.3%	−3.6%	−23.8%	30.3%	−2.7%
	–	–	11.2%	7.0%	15.0%	19.4%	15.5%	10.3%	12.1%	10.5%
	–	–	–	−4.2 pts	8.0 pts	4.5 pts	−4.0 pts	−5.1 pts	1.7 pts	−1.6 pts
From the net margin	–	–	–	−4.5 pts	4.0 pts	2.4 pts	−3.6 pts	–	–	−1.4 pts
From asset turnover	–	–	–	0.1 pts	4.8 pts	3.7 pts	−2.2 pts	–	–	0.2 pts
From borrowing	–	–	–	0.1 pts	−0.8 pts	−1.6 pts	1.8 pts	–	–	−0.4 pts
Return on capital employed	–	–	8.6%	21.1%	15.8%	15.0%	10.1%	10.7%	13.7%	14.9%
Cash conversion	–	–	–	–	374.0%	96.7%	68.0%	158.5%	238.4%	275.0%
Interest cover	10.1	15.9	3.4	6.2	5.6	10.4	5.1	3.1	4.1	3.7
Debt to equity	–	–	0.74	0.63	0.36	0.54	1.03	0.74	0.60	0.55
Receivable days	–	–	63	92	61	44	45	42	47	54
Inventory days	–	–	103	77	96	88	90	96	127	82
Payable days	–	–	103	101	109	84	79	92	132	101
Cash conversion cycle, days	–	–	64	68	47	47	57	46	43	35
Working capital days	–	–	39	61	33	39	55	44	40	38
Asset turnover	–	–	0.85	0.86	1.24	1.51	1.30	1.30	1.38	1.40
Assets per rupee of net worth	–	–	2.39	2.43	2.30	2.13	2.40	2.47	2.38	2.30
Sales per rupee of plant	–	–	1.43	4.62	3.80	4.57	4.11	2.58	2.97	3.08
Capital spending to depreciation	–	–	–	–	0.98	8.61	11.37	2.45	1.28	2.43
Plant being built, % of plant in use	–	–	1.4%	1.7%	2.0%	32.1%	114.4%	1.5%	5.3%	5.6%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2020: between the two periods the company demerged a business, so the two are on different bases and the change is not worked out. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2024 and Mar 2025: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth and operating profit growth are left blank for the year to Mar 2024: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 4.6%
Cash from operations against operating profit: 91.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	5.2%	18.6%	14.1%
Profit growth, yearly rate	−3.5%	8.0%	−0.7%
Return on equity, average	–	13.6%	11.0%
Return on capital employed, average	–	12.9%	13.1%
Operating margin, average	10.6%	9.4%	9.3%
Net margin, average	5.1%	4.5%	3.5%
Asset turnover, average	–	1.38	1.36
Cash conversion cycle, days, average	–	45	41
Interest cover, average	6.8	5.3	3.6
Debt to equity, average	–	0.69	0.63

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	730	576	247
Cash from investing	−980	−442	−152
Cash from financing	283	−115	−78
Capital spending	1,005	368	157
Dividends paid	30	19	6
Shares bought back	0	0	0
Shares issued for cash	1	0	0
Borrowings raised	844	307	73
Borrowings repaid	314	238	87

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	5	3	5	7	6
Altman Z-scorePublished threshold 1.81	–	–	2.53	3.40	5.10	5.07	3.04	4.12	4.16	3.76
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.74	−1.51	−1.95	−2.74	−2.34	−2.50
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−4.50	12.78	30.83	6.09	1.11	−0.26
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.54	1.03	1.55	2.29
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	33.08	−27.65	−37.96	4.59	−9.24	15.72	15.78
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−19.64	19.31	−10.81	2.93	8.15	36.10	−39.25
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−4.72	0.19	1.74	2.67	−1.91	−0.63	0.15
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	0.28	1.80	3.59	0.03	0.85	0.43
Effective tax ratePublished threshold 17.16 per cent	30.82	31.16	9.47	21.97	24.44	24.73	14.60	25.58	16.75	22.94
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−1.53	11.85	−6.72	−2.75	2.46

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
9 Jul 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-Letter of credit	CARE A1+Review, Re-affirm		5
9 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE AA-Review, Re-affirm	Stable	118
9 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based/Non-fund-based-LT/ST	CARE AA- / CARE A1+Review, Re-affirm	Stable	62
9 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based/Non-fund-based-Short Term	CARE A1+Review, Re-affirm		20
9 Jul 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A1+Review, Re-affirm		112
9 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE AA-Review, Re-affirm	Stable	30
18 Dec 2025	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		15
18 Dec 2025	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA-; IND A1+Review, Re-affirm	Stable	170

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.