GREENPANEL INDUSTRIES LTD

Manufactures and sells medium density fibreboard (MDF) and plywood, with MDF and allied products contributing 91.4% of segment revenue at INR 1,406.68 crore in FY26 and plywood and allied products contributing 8.6% at INR 132.69 crore. The MDF business serves furniture, interior and construction applications, with domestic MDF volumes growing 16.9% in FY26 and a high-value product mix at 43% by volume and 55% by value; new products include HDWR doors, thin MDF, fire-retardant MDF and Boil Black HDF. The company runs 9 manufacturing facilities across India at 60% capacity utilisation, leaving headroom for organic volume growth, and is adding approximately 400,000 cubic metres of new industry capacity (MP and AP plants) in H2 FY27. Raw materials are the largest cost at 50.1% of revenue, with chemicals alone accounting for 40-45% of raw material cost, prompting a 15% industry-wide price hike taken in two phases. Total revenue reached INR 1,539.37 crore in FY26; operational EBITDA margin was 8.8%, though reported EBITDA margin fell to 6.12% after a INR 49 crore FX loss on Euro borrowings. Distribution reaches carpenters, contractors and sub-dealers through 21,000+ trade engagements and the MITR 2.0 loyalty app with 18,000+ active users, and the business recorded a DSO of 21 days.