Hold Greenply Industries: target of Rs 200: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Greenply Industries

Greenply Industries (GIL) is one of the leading players in the plywood business in India. It has a distribution network of 2,350+dealers/authorised stockists pan-India. It is foraying into the MDF boards business with greenfield manufacturing at Vadodara, Gujarat of 800 CBM/day (capex of ~Rs 585-590 crore) with revenue potential of ~Rs 700-750 crore per annum, to be commissioned by Q4FY23.

Outlook

We maintain our HOLD rating on the company, given modest plywood growth likely in the near term. We also await how the key growth trigger of MDF plays out amid risk of supply glut. We value GIL at Rs 200/share (at 20x FY24E P/E).

For all recommendations report, click here

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Greenply Industries - 090822 - ic