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Swing Capital

Greenply Industries Ltd

NSE: GREENPLY BSE: 526797

Established in 1990, [1] Greenply Industries Limited is amongst the leading plywood manufacturers in India with a 26% share of the organized market. Greenply offers a wide range of panel products including plywood, block boards, decorative veneers, doors, and film-faced plywood, among others. [2]

₹251
52W: ₹176 — ₹352
PE 36.1 · Book ₹71.9 · +249% vs book
Market Cap₹3,139 Cr
Stock P/E36.1Price to Earnings
ROCE14.1%Return on Capital
ROE10.1%Return on Equity
Div. Yield0.2%Face Value ₹1

Strengths

  • +Company is almost debt free.

Weaknesses

  • −Company has a low return on equity of 12.1% over last 3 years.
  • −Dividend payout has been low at 7.02% of profits over last 3 years

Shareholding Pattern

Promoters51.9%
FIIs4.19%
DIIs31.83%
Public12.1%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters52.01%52.01%51.66%▼0.451.69%▲0.051.69%51.69%51.8%▲0.151.9%▲0.1
FIIs4.91%5.6%▲0.75.76%▲0.25.42%▼0.34.52%▼0.94.49%▼0.04.35%▼0.14.19%▼0.2
DIIs30.33%30.66%▲0.330.91%▲0.331.05%▲0.132.41%▲1.432.41%32.12%▼0.331.83%▼0.3
Public12.75%11.73%▼1.011.69%▼0.011.85%▲0.211.38%▼0.511.42%▲0.011.74%▲0.312.1%▲0.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales442454439502462498438521501563
Expenses415425419472436467417497473518
Operating Profit27292030263121242744
OPM %6%6%5%6%6%6%5%5%5%8%
Net Profit27253026242519181819
EPS ₹2.2222.392.111.9521.491.461.441.51

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,022Cr, up 6.4% YoY. OPM at 6%.

Debt Position

Borrowings at ₹53Cr. Debt-to-equity ratio: 0.06x. Healthy balance sheet.

Capex Cycle

CWIP at ₹7Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 31.83% (-0.58pp change). FIIs: 4.19% (+2.04pp change). Promoters hold 51.9%.

Margin & Efficiency

ROCE declining from 16% (Mar 2015) to 14% (Mar 2026). Working capital days: 39.

Valuation

PE 36.1x with 14.1% ROCE. Price is 249% above book value of ₹71.9. Dividend yield: 0.2%.

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