How has been the historical performance of Greenply Industr?

Nov 28 2025 10:38 PM IST

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Greenply Industries has shown consistent growth in net sales and profits, with net sales increasing from 1,165.34 Cr in Mar'21 to 2,487.58 Cr in Mar'25, and operating profit rising from 123.47 Cr to 254.15 Cr in the same period, despite slight fluctuations in profit after tax. Total assets and liabilities have also grown significantly, reflecting the company's resilience and overall positive financial performance.

Revenue and Profit Growth

Greenply Industr’s net sales have shown a robust upward trend, increasing from approximately ₹1,412 crores in March 2019 to ₹2,488 crores by March 2025. This represents a compound growth over six years, with notable acceleration post-2021. The total operating income mirrors this growth, reflecting the company’s expanding market presence and sales volume.

Operating profit before depreciation and interest (PBDIT) excluding other income rose from ₹144 crores in 2019 to ₹238 crores in 2025, indicating improved operational efficiency. Including other income, operating profit increased to ₹254 crores in the latest fiscal year. Profit before tax also climbed from ₹106 crores in 2019 to ₹151 crores in 2025, despite some volatility in intermediate years.

Consolidated net profit exhibited a positive trend, rising from ₹80 crores in 2019 to ₹92 crores in 2025, with a peak of ₹94 crores in 2022. Earnings per share (EPS) followed a similar pattern, reaching ₹7.34 in 2025 compared to ₹6.5 in 2019. However, the profit after tax margin has seen some compression, standing at 3.7% in 2025 compared to over 5% in earlier years, reflecting increased costs or competitive pressures.

Cost Structure and Margins

The company’s raw material costs and purchase of finished goods have increased in line with sales growth, reaching ₹983 crores and ₹579 crores respectively in 2025. Employee costs have also risen steadily, reflecting workforce expansion and inflationary pressures. Other expenses have grown from ₹264 crores in 2019 to ₹450 crores in 2025.

Operating profit margins excluding other income have fluctuated between 8.5% and 11%, with a slight decline to 9.55% in 2025. Gross profit margins have similarly varied, dipping to 8.5% in the latest year from a peak above 10% in 2023. These margin trends suggest the company faces cost pressures despite revenue growth.

Balance Sheet and Financial Position

Greenply Industr’s total assets have nearly doubled from ₹909 crores in 2019 to ₹1,943 crores in 2025, driven by investments in fixed assets and working capital. Net block of fixed assets increased significantly, indicating capital expenditure to support growth. Reserves and shareholder funds have also expanded, with net worth rising from ₹437 crores to over ₹809 crores in the same period.

Long-term borrowings have increased notably, reaching ₹435 crores in 2025 from ₹72 crores in 2021, reflecting the company’s reliance on debt to finance expansion. Current liabilities have also grown, with trade payables and short-term borrowings rising in recent years. Despite this, the company’s book value per share has improved steadily, reaching ₹64.75 in 2025 from ₹35.61 in 2021.

Cash Flow Trends

Operating cash flow has generally improved, with ₹218 crores generated in 2025 compared to ₹57 crores in 2020. However, investing activities have consistently resulted in cash outflows, reflecting ongoing capital expenditure and acquisitions. Financing cash flows have been mixed, with repayments and borrowings fluctuating year to year. The net cash position remains modest, with closing cash and equivalents at ₹10 crores in 2025.

Summary and Outlook

Over the past six years, Greenply Industr has demonstrated consistent revenue growth and expanding profitability, supported by strategic investments in assets and working capital. While margins have experienced some pressure, the company’s ability to increase shareholder funds and maintain positive operating cash flows indicates financial resilience. The rise in borrowings suggests a focus on growth, which may require careful management to sustain profitability and liquidity.

Investors analysing Greenply Industr should consider both its solid historical performance and the evolving cost structure, alongside sector dynamics and competitive landscape. The company’s improving book value per share and earnings growth provide a positive backdrop, though margin trends and debt levels warrant ongoing attention.

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