Greenpanel Industries Ltd(GREENPANEL)

NSE: GREENPANELBSE: 542857

₹ 130.9-0.46%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,605 crWebsite: www.greenpanel.comUpdated: 24 Oct 2026

About

Greenpanel Industries Ltd manufactures Medium Density Fibreboard (MDF) and plywood in India, with MDF accounting for 91.4% of FY26 segment revenue of ₹1,406.68 crore. The company operates three MDF production lines across two plants and sells through a branded retail and OEM channel network. FY26 consolidated revenue was ₹1,502.2 crore.^[1][2][3]

Business segments

MDF and allied products: 91.4% of segment revenue (₹1,406.68 crore) in FY26, up 16.5 percentage points from FY20, reflecting the shift from plywood to MDF over the period.^[1]
Plywood and allied products: 8.6% of segment revenue (₹132.69 crore) in FY26, down 16.5 percentage points from FY20.^[1]

Products and brands

MDF portfolio includes standard MDF, pre-laminated MDF, High Density With Resin (HDWR) boards, flooring, Fire Retardant MDF (FRMDF), Thin MDF, HDWR doors, and Boil Black BWP HDF launched in Q3FY26.^[2][4][5]
High-value products (pre-lam, HDWR, flooring, high-density) comprised 43% of MDF volumes and 55% of MDF value in FY26.^[2]
In Q3FY26, Greenpanel launched India's strongest, toughest and heaviest Boiling Water Proof HDF, extending its premium MDF range.^[4]

Operations and capacity

Three MDF production lines in operation: two existing lines plus Line 3 at the new Andhra Pradesh plant commissioned in FY25, all three treated as fungible capacity.^[5][4]
MDF capacity utilisation was 51% in Q1FY27 (+4 ppt YoY), 60% in Q4FY26, and 56% for full-year FY26 (vs. 65% in FY25).^[6][2]
Plywood capacity utilisation was 56% in Q1FY27 (+14 ppt YoY).^[6]
Chemicals constitute 40 - 45% of raw material cost; timber is the other major input, with the company having shifted to a multi-species sourcing approach to stabilise costs.^[2]

Key operating numbers

MDF domestic volume: 99,747 CBM in Q1FY27 (-2.3% total YoY but domestic +12% YoY); retail MDF specifically grew ~20% YoY in Q1FY27.^[6]
MDF domestic realisation: ₹31,758/CBM in Q1FY27 (+7.4% YoY); blended realisation was ₹27,654/CBM for full-year FY26 (-3.6% YoY).^[6][2]
Plywood volume: 1.3 mn sqm in Q1FY27 (+10.4% YoY); full-year FY26 volumes were near flat (-1% YoY) after a Q4FY26 recovery of +18% YoY.^[6][2]
Gross margin: 52.7% in Q1FY27 (+570 bps YoY); 48.2% for full-year FY26 (+130 bps YoY).^[6][2]
MDF operating EBITDA margin: 10.3% in Q1FY27 (+590 bps YoY), recovering from 4.4% in Q1FY26; full-year FY26 operating EBITDA margin was 8.8%.^[6][2]
Cash conversion cycle: 42 days in Q1FY27 (-5 days vs Q1FY26); 38 days for full-year FY26.^[6][2]

Customers and distribution

Sales split between retail (branded) and OEM channels; OEM volumes declined 14% YoY in Q1FY27 while retail MDF grew ~20% YoY, with management shifting strategy to price at par with peers rather than at a premium.^[6]
Export volumes collapsed to zero in Q1FY27 (from 13,060 CBM in Q1FY26) as container freight to the Middle East surged to $5,500 - $6,000 per container from a prior norm of $400 - $500.^[6]
Full-year FY26 export volumes were 65,778 CBM vs 71,181 CBM in FY25 (-7.6% YoY), with March 2026 seeing zero exports following the onset of Middle East conflict.^[2]
MDF imports collapsed to ~1,000 CBM/month in Q2FY26 from ~20,000 CBM/month averaged in H2FY25 following BIS certification requirements taking effect.^[5]

Balance sheet and capex

Net debt: ₹141 crore in Q1FY27, down from ₹156 crore at 31-Mar-26 and ₹233 crore at 30-Jun-25; gross debt reduced to ₹317 crore from ₹353 crore at the start of Q1FY27.^[6]
No growth capex on MDF planned for the next 18 - 24 months from Q1FY27; maintenance capex only at ₹20 - 30 crore per annum.^[6][2]
Plywood capacity expansion under evaluation: minimal-investment machinery addition at existing facility targeting +30 - 40% production volume, contingent on achieving full utilisation of current plywood capacity.^[6]

Recent developments

From Q1FY27: management announced a strategic shift to price MDF at par with all peers (including Century) rather than at a premium, prioritising volume and capacity utilisation over margin protection.^[6]
From April 2026: ~15% MDF price hikes were implemented following chemical cost escalation tied to Middle East conflict, but were largely rolled back by July 2026 as competition reduced prices from May onwards.^[6]
As of Q1FY27, chemical costs remain 4 - 5% above pre-war levels and are volatile on a daily basis, creating uncertainty for cost management and pricing decisions.^[6]
Channel partners moved to hand-to-mouth ordering in Q1FY27 due to repeated price rollbacks, suppressing volume throughput beyond the underlying demand signal.^[6]
EPCG benefit of ~₹26 crore remaining to be recognised in FY27 if exports resume, or may spill to FY28.^[2]

Market Cap

₹1,605 Cr

High / Low

₹310 / 130

Stock P/E

27.0

Price / Book

2.9

Book Value

₹111

EPS

₹-2.4

No. of Shares

12.26 Cr

ROCE

-0.4%

ROE

-2.1%

OPM

-0.4%

Debt / Equity

0.26

Sales

₹1,539 Cr

Net Profit

₹-29 Cr

Promoter holding

54.3%

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Greenpanel Industries Ltd(GREENPANEL)

About

Business segments

Products and brands

Operations and capacity

Key operating numbers

Customers and distribution

Balance sheet and capex

Recent developments

Signal history

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