Greenply Industries Share: IT department conducts search and seizure operations at the registered office

Synopsis: Shares of a leading plywood manufacturer fell 4.2% after the Income Tax Department conducted search and seizure operations at its office, manufacturing unit, and promoter’s residence. The company operates with 66.3 million sq. m production capacity and maintains an 8% operating margin, reflecting stable operations despite the development.

The shares of the prominent plywood manufacturer plummeted 4.2 percent in today’s trading session after the Income Tax Department commenced search and seizure operations at the registered office and manufacturing unit of the company.

With a market capitalization of Rs 2,589.55 crore, the shares of Greenply Industries Ltd were trading at Rs 207.35 per share, decreasing around 1.19 percent as compared to the previous closing price of Rs 209.85 apiece.

Search and Seizure operations

The shares of Greenply Industries Ltd have seen bearish movement after the Income Tax Department commenced search and seizure operations at the registered office and manufacturing unit of the company, as well as at the manufacturing unit of Greenply Sandila, along with the residence of the promoter and a few executives of the company.

Financials

Looking at the company’s financial performance, revenue rose 10% from ₹614 crore in Q3FY25 to ₹673 crore in Q3FY26, indicating steady growth in operations. However, profitability weakened during the period, as net profit declined sharply by 42% from ₹24 crore to ₹14 crore, reflecting pressure on margins and higher operating costs.

For the period from Dec 2024 to Dec 2025, Greenply Industries Ltd maintained a stable operating performance. Operating profit remained unchanged at Rs 51 crore in both quarters, while operating profit margin (OPM) stayed steady at 8%. Despite revenue growth during the period, margins remained flat, indicating consistent cost management but limited improvement in operational profitability.

Greenply Industries Ltd has a diversified manufacturing footprint across India with a total plywood and allied capacity of 66.3 million sq. meters per annum. Key plants are located in Gujarat, Uttar Pradesh, West Bengal, and Nagaland, while a 13.5 mn sq. m capacity facility in Odisha is under development. The company also operates an MDF plant in Vadodara with 3,00,000 CBM annual capacity.

Greenply Industries Ltd is one of India’s leading interior infrastructure companies, primarily engaged in the manufacturing of plywood, blockboards, decorative veneers, and MDF boards. With a strong distribution network and multiple manufacturing facilities across India, the company focuses on delivering high-quality wood panel products for residential, commercial, and interior applications.

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