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Greenpanel Industries Q2 FY27 results: net loss narrows to ₹0.64 crore, revenue up 4.0%
Greenpanel Industries Limited reported standalone Q2 FY27 revenue of ₹411.71 crore, up 4.0% from Q2 FY26, while EBITDA rose to ₹27.75 crore and the margin edged up to 6.7%. The company nevertheless reported a net loss of ₹0.64 crore, against a net loss of ₹6.12 crore a year earlier, after a net loss of ₹1.49 crore before tax; the figures cover July–September 2026.
Key points
- Standalone Q2 FY27 revenue was ₹411.71 crore, up 4.0% from Q2 FY26 and 17.7% from Q1 FY27.
- EBITDA was ₹27.75 crore, up 12.0% from Q2 FY26, while the EBITDA margin rose to 6.7% from 6.3%.
- The company reported a net loss of ₹0.64 crore in Q2 FY27, compared with a net loss of ₹6.12 crore in Q2 FY26 and a net loss of ₹0.64 crore in Q1 FY27.
- H1 FY27 revenue was ₹761.52 crore, up 5.2% from H1 FY26, while profit before tax turned to ₹0.64 crore from a loss of ₹56.27 crore.
- Total assets were ₹2,050.50 crore on 30 September 2026, against ₹2,046.95 crore on 31 March 2026, and borrowings fell to ₹316.29 crore from ₹352.59 crore.
How did Greenpanel Industries perform in Q2 FY27?
Greenpanel Industries’ standalone revenue for Q2 FY27 was ₹411.71 crore, compared with ₹395.97 crore in Q2 FY26 and ₹349.81 crore in Q1 FY27. Total income was ₹414.21 crore, against ₹399.05 crore a year earlier and ₹352.42 crore in the previous quarter. The quarter covered July–September 2026.
EBITDA was ₹27.75 crore, up from ₹24.77 crore in Q2 FY26, while the EBITDA margin was 6.7% against 6.3%. Against Q1 FY27, EBITDA fell from ₹29.90 crore and the margin declined from 8.5% to 6.7%.
The company reported a profit before tax of ₹1.49 crore, compared with a loss of ₹8.87 crore in Q2 FY26 and a profit of ₹2.13 crore in Q1 FY27. Net profit was a loss of ₹0.64 crore, compared with a net loss of ₹6.12 crore a year earlier and a net loss of ₹0.64 crore in Q1 FY27. Basic EPS was negative ₹0.05, against negative ₹0.50 in Q2 FY26 and ₹0.10 in Q1 FY27.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 411.71 | 349.81 | 395.97 | +4.0% | +17.7% |
| Other income | 2.50 | 2.61 | 3.07 | −18.6% | −4.2% |
| Total expenses | 415.70 | 350.29 | 407.92 | +1.9% | +18.7% |
| EBITDA | 27.75 | 29.90 | 24.77 | +12.0% | −7.2% |
| EBITDA margin | 6.7% | 8.5% | 6.3% | +0.4 pp | −1.8 pp |
| Profit before tax | −1.49 | 2.13 | −8.87 | turned to loss | |
| Tax | −0.86 | 0.90 | −2.75 | ||
| Net profit | −0.64 | 1.23 | −6.12 | turned to loss | |
| EPS (₹) | −0.05 | 0.10 | −0.50 | turned to loss |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Greenpanel Industries' costs and profit?
Against Q2 FY26, cost of materials rose to ₹193.58 crore from ₹174.58 crore, employee cost rose to ₹40.88 crore from ₹37.73 crore, and other expenses rose to ₹132.18 crore from ₹129.87 crore. Total expenses increased to ₹415.70 crore from ₹407.92 crore.
Finance costs fell to ₹6.58 crore from ₹10.91 crore, while depreciation fell to ₹25.16 crore from ₹25.81 crore. Other income fell to ₹2.50 crore from ₹3.07 crore. Tax was ₹0.86 crore, compared with ₹2.75 crore a year earlier. No exceptional item was reported.
The company’s investor presentation said price reduction and elevated cost of goods led to margin contraction in the second quarter. Management also identified price correction, high-cost opening inventory and volatile chemical costs as sources of margin pressure.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 193.58 | 174.58 | +19 | +10.9% |
| Employee cost | 40.88 | 37.73 | +3.15 | +8.3% |
| Finance costs | 6.58 | 10.91 | −4.33 | −39.7% |
| Depreciation | 25.16 | 25.81 | −0.65 | −2.5% |
| Other expenses | 132.18 | 129.87 | +2.31 | +1.8% |
| Total expenses | 415.70 | 407.92 | +7.78 | +1.9% |
| Other income | 2.50 | 3.07 | −0.57 | −18.6% |
| Tax | −0.86 | −2.75 | +1.89 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, standalone revenue was ₹761.52 crore, up from ₹724.17 crore in H1 FY26, while total income was ₹766.63 crore against ₹730.66 crore. Profit before tax turned to ₹0.64 crore from a loss of ₹56.27 crore.
H1 FY27 net profit was ₹0.59 crore, compared with a net loss of ₹40.74 crore in H1 FY26. Basic EPS was ₹0.05, against negative ₹3.32. The company’s presentation reported an H1 FY27 operating EBITDA margin of 8.4%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 761.52 | 724.17 | +5.2% |
| Profit before tax | 0.64 | −56.27 | turned to profit |
| Net profit | 0.59 | −40.74 | turned to profit |
| EPS (₹) | 0.05 | −3.32 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
On 30 September 2026, total assets were ₹2,050.50 crore, compared with ₹2,046.95 crore on 31 March 2026. Total equity was ₹1,350.34 crore against ₹1,355.88 crore, while borrowings fell to ₹316.29 crore from ₹352.59 crore and cash rose to ₹47.34 crore from ₹46.30 crore.
Inventories increased to ₹220.83 crore from ₹189.28 crore, trade receivables rose to ₹110.19 crore from ₹88.29 crore, and trade payables rose to ₹167.50 crore from ₹117.79 crore. H1 FY27 operating cash flow was ₹54.36 crore, compared with ₹62.81 crore in H1 FY26; investing cash flow was ₹6.50 crore against ₹10.31 crore, and financing cash flow was negative ₹59.83 crore against negative ₹48.45 crore. Capital expenditure was ₹13.30 crore against ₹24.54 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,050 | 2,047 |
| Total equity | 1,350 | 1,356 |
| Borrowings | 316.29 | 352.59 |
| Cash and equivalents | 47.34 | 46.30 |
| Inventories | 220.83 | 189.28 |
| Trade receivables | 110.19 | 88.29 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 54.36 | 62.81 |
| Cash from investing | 6.50 | 10.31 |
| Cash from financing | −59.83 | −48.45 |
| Capital expenditure | 13.30 | 24.54 |
Source: Company's results filing (XBRL).
How has Greenpanel Industries done over the last 8 quarters?
Revenue rose year-on-year in each of the last five quarters. Across the reported quarters, revenue peaked at ₹416.27 crore in Q3 FY26 and bottomed at ₹328.19 crore in Q1 FY26; Q2 FY27 revenue was ₹411.71 crore.
Net profit peaked at ₹29.39 crore in Q4 FY25 and bottomed at a net loss of ₹34.62 crore in Q1 FY26. Q2 FY27 reported a net loss of ₹0.64 crore, after a net loss of ₹6.12 crore in Q2 FY26 and a net profit of ₹1.23 crore in Q1 FY27.
The EBITDA margin peaked at 12.8% in Q4 FY25 and bottomed at negative 4.8% in Q1 FY26. It was 6.7% in Q2 FY27, below 8.5% in Q1 FY27 but above 6.3% in Q2 FY26.
Which businesses drove the quarter?
Plywood and allied products reported revenue of ₹39.89 crore, up 14.7% from ₹34.79 crore in the year-ago quarter. EBIT was ₹2.61 crore, compared with ₹3.12 crore, and the reported EBIT margin was 6.5%.
Medium density fibreboards and allied products reported revenue of ₹371.82 crore, up 2.9% from ₹361.18 crore in the year-ago quarter. EBIT was ₹31.21 crore, compared with ₹27.32 crore, and the reported EBIT margin was 8.4%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Plywood and allied products | 39.89 | +14.7% | 2.61 | 6.5% |
| Medium density fibreboards and allied products | 371.82 | +2.9% | 31.21 | 8.4% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The Board approved the unaudited financial results for the quarter and half year ended 30 September 2026, along with the limited review report. The Board also approved the appointment of Mr. Saurabh Sinha as Chief Sales Officer and Senior Management Personnel with effect from 2 November 2026. The company’s presentation was filed alongside the results.
What did Greenpanel Industries' management say?
Management said retail MDF sales in Q2 FY27 were the highest ever for Greenpanel in a single quarter, with retail volumes up 17% year-on-year in the quarter and up 19% in H1 FY27. Management maintained its guidance for domestic MDF market volume growth of 15–17% and said the company aimed for mid-teen MDF volume growth in FY27.
Management said it expected 15% volume growth in Q3 FY27 or the following quarter, with Q3 expected to be materially better than Q2 on OEM volumes. It said OEM share was expected to normalise toward 20–25% from 15% in H1 FY27, while the company continued to target a double-digit MDF margin in upcoming quarters.
Management identified risks including Middle East disruption affecting container freight and delivery costs, weak OEM demand after the Q1 price increase, pressure from price correction, high-cost opening inventory and volatile chemical costs, and industry capacity additions of about 8–9 lakh cbm per year over two years. It also referred to new entrant capacity in South India adding volume pressure.
The Chief Financial Officer said: “Price reduction with the cost of goods being a bit elevated optically is what led to margin contraction in quarter two.” The Managing Director said: “So we are hoping quarter three to be a lot better than the quarter two numbers in terms of OEM volumes.”
How did Greenpanel Industries shares react?
By the next day’s close, the stock was up 1.0% from its pre-results close. Earlier results-day moves were negative 2.0% on 8 August 2026, negative 6.4% on 15 May 2026, positive 0.8% on 30 January 2026, positive 0.7% on 10 November 2025, positive 2.4% on 22 May 2025, positive 2.4% on 6 February 2025, positive 1.4% on 28 October 2024 and positive 5.2% on 30 July 2024.
| After the filing | Stock | Plywood Boards/ Laminates median |
|---|---|---|
| 5 minutes | −7.8% | |
| Reaction day | −6.0% | +1.6% |
| Next day | +1.0% | +2.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 8 August 2026 | −2.0% |
| 15 May 2026 | −6.4% |
| 30 January 2026 | +0.8% |
| 10 November 2025 | +0.7% |
| 22 May 2025 | +2.4% |
| 6 February 2025 | +2.4% |
| 28 October 2024 | +1.4% |
| 30 July 2024 | +5.2% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Greenpanel Industries' revenue in Q2 FY27?
Revenue from operations was ₹411.71 crore, up 4.0% from ₹395.97 crore in Q2 FY26 (standalone).
Did Greenpanel Industries make a profit in Q2 FY27?
No. It reported a net loss of ₹0.64 crore, against a net loss of ₹6.12 crore in Q2 FY26.
What was Greenpanel Industries' EPS in Q2 FY27?
Basic loss per share was ₹0.05, against a loss of ₹0.50 in Q2 FY26.
How did Greenpanel Industries shares react to the Q2 FY27 results?
On the reaction day the stock moved −6.0% from the previous close; the median Plywood Boards/ Laminates stock moved +1.6%.
When did Greenpanel Industries announce its Q2 FY27 results?
On 2 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of Financial Results For The Quarter Ended September 30, 2026 (BSE, 26 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting Dated November 2, 2026 (BSE, 2 November 2026) · PDF
- Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 2 November 2026) · PDF
- The earnings call (2 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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