GREENPLY Q2 FY27 Guidance vs Delivery (GREENPLY Management Mirror)

H1 FY27 Net Debt-to-Equity Stable at 0.56x, Better Than Peak 0.7x-0.75x Trajectory Guided in Mar'26 Qtr

In Sep'26 Qtr, consolidated net debt stood at Rs. 544 crores, translating to a net debt-to-equity ratio of 0.56x. In the Mar'26 Qtr concall, management had guided that the debt-to-equity ratio would peak at 0.70 to 0.72 over the next year during peak capex execution before deleveraging back to 0.50 to 0.55 in the subsequent year; in Jun'26 Qtr, this was revised to a peak of 0.75x by 31st Mar'27. The Sep'26 Qtr reported ratio of 0.56x remains well within the guided peak range of 0.7x to 0.75x. Management expects leverage to moderate below 0.7x within six months of reaching its peak, supported by expanding operating cash flows.