Greenply margin improves, but remains below sector median
Revenue grew faster than expenses QoQ, yet operating margin was 5.53 percentage points below the Consumer Discretionary peer median.
Filed 29 Oct 2026, 16:01 IST · after market close · Greenply Industries Ltd (GREENPLY)
Key takeaways
- Standalone revenue rose +19.03% QoQ, while operating margin expanded by 2.02 percentage points to 7.09%.
- Standalone net profit increased +47.89% QoQ even as interest expense rose +80.56%.
- Other income contributed 22.38% of pre-tax profit, making earnings quality an important consideration this quarter.
Price around the results
Q2 revenue momentum lifted standalone profit
Greenply’s standalone revenue rose +19.03% QoQ to Rs 591.58 cr, while expenses grew +16.49% to Rs 549.62 cr. That operating leverage lifted operating profit by +66.57% and net profit by +47.89% to Rs 31.47 cr. EPS increased +48.24% QoQ to Rs 2.52.
Margin expanded despite higher interest costs
Expenses grew slower than revenue, helping operating margin widen by 2.02 percentage points QoQ to 7.09%. Interest expense increased +80.56%, partly offsetting the operating improvement, while the tax rate rose by 0.52 percentage points rather than flattering profit. Other income represented 22.38% of pre-tax profit, so reported earnings included a meaningful non-operating contribution.
Margin trails 96 reported sector peers
Greenply’s 7.09% operating margin was 5.53 percentage points below the 12.62% median for the 96 Consumer Discretionary peers that had reported the same quarter. Management said Odisha plywood capacity of 13.5 million square metres per annum remains work in progress, and that a second Vadodara MDF line with annual capacity of 210,000 CBM is being added. The presentation also said the company launched Ecotec Prime for value-conscious consumers and has an ESG focus.
Results were filed after market close
The standalone results were filed at 16:01 IST on 29 October, after market close. The filing therefore does not include a post-results trading response.
Q2FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹592 cr | ₹497 cr | +19.03% |
| Other income | ₹9 cr | ₹11 cr | -11.31% |
| Expenses | ₹550 cr | ₹472 cr | +16.49% |
| Operating profit | ₹42 cr | ₹25 cr | +66.57% |
| Operating margin (%) | 7.09% | 5.07% | — |
| Interest | ₹3 cr | ₹1 cr | +80.56% |
| Depreciation | ₹6 cr | ₹6 cr | +7.87% |
| Profit before tax | ₹42 cr | ₹28 cr | +48.91% |
| Tax | ₹11 cr | ₹7 cr | +52.08% |
| Net profit | ₹31 cr | ₹21 cr | +47.89% |
| EPS (₹) | ₹2.52 | ₹1.70 | +48.24% |
Operating margin of 7.09% compares with a Consumer Discretionary sector median of 12.62% across 96 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Expansion
- The company lists Odisha plywood capacity of 13.5 million square metres per annum as work in progress.
- The company is adding a second MDF line at Vadodara with annual capacity of 210,000 CBM.
New products
- The company launched Ecotec Prime as a new product focused on value-conscious consumers.
New initiatives
- The company’s strategic outlook includes a focus on ESG.
What to watch
- Whether standalone operating margin holds above 7.09%.
- Whether interest expense growth moderates from +80.56% QoQ.
- Progress on the 13.5 million square metre Odisha plywood project and the 210,000 CBM Vadodara MDF line.