Greenply Industries Shares in Focus: IT Raid Concluded on March 02

Greenply Industries Ltd has informed stock exchanges that the Income Tax Department has concluded its search and seizure operations on March 2, 2026, bringing to an end the action that began on February 26.

Search Conducted at Offices, Plants and Residences

In its regulatory filing, the company said the tax authorities carried out searches at its registered office and certain other premises, including one of its manufacturing units and a facility operated by Greenply Sandila Pvt. Ltd., its wholly owned subsidiary. The department also conducted search and seizure proceedings at the residence of the company’s promoter, as well as a few senior executives.

Full Cooperation, No Operational Disruption

Greenply stated that it extended complete cooperation during the proceedings and provided all clarifications and information sought by the authorities.

The company added that its business operations continue without any disruption despite the action. However, it noted that the financial impact, if any, cannot be quantified at this stage. According to the filing, the search and seizure operations were undertaken under the provisions of the Income Tax Act, 1961.

Greenply Q3FY26 Earnings Highlights

Greenply Industries Ltd posted a 9.6% year-on-year increase in consolidated revenue, which rose to ₹673.4 crore.

The company’s MDF division delivered a strong performance, with revenue climbing 12.9% YoY to ₹151.9 crore. Volumes grew 14.5% to 48,383 cubic metres (CBM), although average realisations dipped marginally by 1.5% compared to the previous year.

The plywood segment generated revenue of ₹521.7 crore, reflecting a 9% YoY rise. Volumes expanded 12.6% to 20.5 million square metres (MSM), indicating healthy demand momentum.

At the operating level, consolidated EBITDA increased 9% YoY to ₹58.9 crore. However, EBITDA margins remained largely unchanged on a yearly basis at 8.7%.

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