Greenply Industries Ltd. has informed stock exchanges that the Income Tax department has completed search and seizure operations on March 2, 2026, following an investigation that began on February 26. According to reports from CNBC TV18 and The Hindu BusinessLine, the company's filing stated that the operations were carried out under the Income Tax Act, 1961. The search proceedings encompassed seven distinct locations including the company's registered office, other offices, plant locations, and residences of a promoter and ex-employee.
The comprehensive search operations spanned multiple locations across the company's operations. As reported by CNBC TV18 and The Hindu BusinessLine, the investigations took place at DLF Downtown, Block 3, 1st Floor, DLF Phase 3, Sector 25A, Gurugram, Haryana – 122002, Thapar House, 2nd Floor, 163, S.P. Mukherjee Road, Kolkata - 700026, Plot No. 2, Sector 9, IIE, Pant Nagar, SIDCUL, Rudrapur, Udham Singh Nagar, Uttarakhand – 263153, Survey No. 97/1, 98/1, 99/1, Routhusuramala, Srikalahasti, Thottambedu, Tirupati - 517642, 10, Maulsari Avenue, Westend Green Farms, Rajokri, Southwest Delhi – 110038, Flat No. 2NW, 2nd Floor, 5, Queens Park, Ballygunge, Kolkata – 700019, and Diamond City South, Tower – 4, Flat – 7D/7E, 58, M.G. Road, Karunamoyee, Paschim Putiari, Kolkata - 700041. During the course of the search proceedings, the Income Tax authorities seized certain books of accounts, documents, and digital data from the searched premises.
Despite the search operations, Greenply Industries stated that business operations continue without any disruptions. According to the company's exchange filing reported by CNBC TV18 and The Hindu BusinessLine, the financial impact of these operations is not quantifiable in monetary terms at this point in time. The company has extended its fullest cooperation with authorities and responded to all clarifications and details sought by them. As per the company's disclosure, specific details regarding violations or contraventions cannot be ascertained at this point in time, while the financial impact remains undetermined.
Shares of Greenply Industries ended 5% lower on Monday at ₹209.85 on BSE amid broader market weakness, as reported by CNBC TV18. The stock has declined in six out of the last five trading sessions and 11% in a month, reflecting investor concerns over the ongoing investigation and its potential impact on the company's operations. According to The Hindu BusinessLine, shares ended at ₹203.36 on the NSE on Monday. The company has fulfilled its regulatory obligations by informing both BSE Limited and National Stock Exchange of India Limited about these developments through proper channels and documentation as mandated under SEBI disclosure requirements.
During the December quarter, Greenply Industries delivered mixed performance with topline expansion despite a decline in bottom line. The company reported a net profit of ₹14.3 crore for Q3 FY26, down 41% compared with ₹24.4 crore posted in the same period last year. On a consolidated basis, revenue increased by 9.6% year-on-year to ₹673.4 crore in Q3 FY26. Core EBITDA stood at ₹58.9 crore, while margins expanded to 8.7% from 8.2% in the preceding quarter, marking a sequential improvement of 50 basis points.
