NSE: GREENPANEL · BSE: 542857
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Medium density fibreboards and allied products (91%), Plywood and allied products (9%). Asset-heavy wood panel manufacturer exposed to chemical and timber input cost cycles
Exhibit 1: Financial summary, FY20–FY24 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|
| Revenue | 877 | 1,021 | 1,625 | 1,783 | 1,567 |
| EBITDA (ex other income) | 127 | 203 | 430 | 423 | 246 |
| margin % | 14.5 | 19.9 | 26.5 | 23.7 | 15.7 |
| Owners' profit | 14 | 69 | 240 | 257 | 143 |
| EPS, as reported (₹) | 1.18 | 5.61 | 19.61 | 20.92 | 11.64 |
| ROE % · ROCE % | 2.2 · 5.1 | 9.4 · 11.8 | 25.3 · 29.7 | 21.5 · 25.2 | 10.8 · 11.6 |
| Debt / equity (x) | 0.77 | 0.51 | 0.30 | 0.16 | 0.20 |
| Cash from operations | — | 155 | 366 | 337 | 135 |
| Capex | — | (21) | (35) | (81) | (347) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY23 | Q2 FY23 | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 464 | 457 | 420 | 441 | 386 | 399 | 386 | 397 |
| Profit before tax | 118 | 110 | 58 | 64 | 50 | 55 | 37 | 40 |
| Net profit | 78 | 72 | 38 | 69 | 37 | 41 | 35 | 30 |
| EPS (₹) | 6.33 | 5.91 | 3.06 | 5.62 | 3.04 | 3.34 | 2.82 | 2.43 |
Exhibit 3: Segment revenue, FY24
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Medium density fibreboards and allied products | 1,405 | 89.6 |
| Plywood and allied products | 162 | 10.4 |
| Total, before eliminations | 1,567 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CENTURY PLYBOARDS (I) LTD | 14,264 | 49.0 | 5.42 | 24.4 | 10.2 | 11.0 | 20.4 | 12.7 |
| STYLAM INDUSTRIES LIMITED | 5,335 | 30.6 | 5.95 | 24.0 | 10.1 | 13.0 | 18.9 | 16.8 |
| GREENLAM INDUSTRIES LTD. | 5,193 | 55.8 | 4.40 | 19.0 | 4.8 | 4.5 | 20.5 | 10.0 |
| GREENPLY INDUSTRIES LTD | 3,314 | 26.4 | 3.42 | 14.0 | 8.3 | 8.5 | 18.6 | 11.2 |
| GREENPANEL INDUSTRIES LTD ◆ | 1,735 | 12.2 | 1.32 | 8.0 | 10.8 | 10.9 | — | 12.9 |
| RUSHIL DECOR LIMITED | 568 | 20.6 | 0.86 | 11.8 | 1.8 | 1.6 | — | 9.6 |
| ARCHIDPLY IND. LTD | 185 | 11.1 | 1.49 | 8.6 | 9.6 | 7.6 | — | 5.7 |
| ECOBOARD INDUSTRIES LTD. | 157 | — | 6.95 | — | (44.7) | (43.3) | — | (26.2) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.2 | 25.2 | 2 of 10 | 89% |
| P/B | 1.3 | 3.0 | 4 of 13 | 75% |
| ROCE | 10.9 | 4.5 | 3 of 13 | 83% |
| ROE | 10.8 | 4.8 | 1 of 13 | 100% |
| Debt / Equity | 0.2 | 0.4 | 2 of 13 | 92% |
| EBITDA margin | 12.9 | 7.2 | 2 of 13 | 92% |
| Revenue growth | (10.2) | 16.1 | 12 of 13 | 8% |
| Profit growth | (56.8) | 3.8 | 10 of 13 | 25% |
| Market cap | 1735 | 185 | 5 of 13 | 67% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Nov 2026 · Q2 revenue rises 4.6%, but operating margin falls to 7.5% | investor communications | medium | — | — |
| 5 Nov 2026 · CSO and senior management officer Prakash Tripathi leaves Greenpanel | management changes | medium | — | — |
| 3 Nov 2026 · Newspaper publication of September 2026 quarter and half-year results | compliance | minimal | — | — |
| 2 Nov 2026 · Investor call audio recording uploaded for September 2026 results | investor communications | low | — | — |
| 2 Nov 2026 · Q2FY27 revenue rises 4.6%, but operating EBITDA margin falls to 7.5% | investor communications | medium | — | — |
| 2 Nov 2026 · Standalone Sep 2026 quarter revenue rises 17.7%, but profit after tax turns to loss | results | high | — | — |
| 2 Nov 2026 · Revenue up 17.7% in September 2026 quarter, but profit after tax turns to loss | results | high | — | — |
| 27 Oct 2026 · Greenpanel sets investor call for Q2 and H1 FY27 results | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 15 Oct 2026 · Greenpanel Industries: Chief Sales Officer resigns | management changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.