Greenply to invest Rs 535 crore in two new plants, targets Rs 4,500 crore revenue by FY28

Greenply Industries, the second-largest interior infrastructure player, is investing Rs 535 crore in two greenfield plants: a plywood unit in Odisha and an MDF unit in Vadodara. The company expects to nearly double its revenue to Rs 4,500 crore by FY28 from Rs 2,400 crore in FY26, according to joint managing director Sanidhya Mittal.

The plywood plant in Koraput, Odisha, with an annual capacity addition of 13.5 million square metres, will be ready in the fourth quarter of this fiscal and employ around 750 people. The MDF unit in Vadodara will add 210,000 cubic metres per annum and is expected to be operational by the second quarter of the next fiscal. Mittal said the new MDF unit will be 100% AI-based, running on self-learning software.

The company will fund the expansion with 35% internal accruals and the rest through debt. Mittal said debt may peak at 0.7x of equity in the short term but will come down to 0.65x within six months of commissioning. The company's current debt-to-equity ratio is 0.57x.