Greenpanel Industries Ltd
NSE:GREENPANEL
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Greenpanel Industries Ltd
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Greenpanel Industries Ltd
Greenpanel Industries Ltd. engages in the manufacture of wood panel. The company is headquartered in Kolkata, West Bengal. The company went IPO on 2019-10-23. The firm manufactures plain and pre-laminated medium density fiberboards (MDF) boards. The company also produces plywood, doors and veneers to service domestic and international customers. The Company’s products categories include club grade, medium density fibreboard, flooring, plywood & blockboard, veneers and doors. The firm operates through two segments: Plywood and allied products and Medium density fibreboards and allied products. The Company’s plywood and blockboard products include Greenpanel moisture-resistant (MR) Grade Plywood, Greenpanel Marine Grade plywood (Boiling Waterproof), Greenpanel Club Plywood and Greenpanel Boiling Waterproof (BWP) Grade Blockboard. Greenpanel Veneers are offered in three product ranges: teak veneer, natural wood veneer and spectrum wood veneer.
Greenpanel Industries Ltd. engages in the manufacture of wood panel. The company is headquartered in Kolkata, West Bengal. The company went IPO on 2019-10-23. The firm manufactures plain and pre-laminated medium density fiberboards (MDF) boards. The company also produces plywood, doors and veneers to service domestic and international customers. The Company’s products categories include club grade, medium density fibreboard, flooring, plywood & blockboard, veneers and doors. The firm operates through two segments: Plywood and allied products and Medium density fibreboards and allied products. The Company’s plywood and blockboard products include Greenpanel moisture-resistant (MR) Grade Plywood, Greenpanel Marine Grade plywood (Boiling Waterproof), Greenpanel Club Plywood and Greenpanel Boiling Waterproof (BWP) Grade Blockboard. Greenpanel Veneers are offered in three product ranges: teak veneer, natural wood veneer and spectrum wood veneer.
Revenue Growth: Greenpanel's Q3 total revenues rose by 11.4% year-on-year to INR 398.8 crores, supported by strong MDF volumes.
MDF Volume Surge: Domestic MDF volumes increased 19% YoY and exports grew 8.3% YoY, leading to total MDF volume growth of 17.1% for the quarter.
Margins: Gross and operating EBITDA margins improved both sequentially and year-on-year, with operating EBITDA at INR 44.3 crores (11.2% margin), aided by cost optimization and subsidies.
Pricing Pressure: Domestic MDF realization declined 1.4% sequentially due to post-Diwali discounting, especially in OEM sales.
Guidance Maintained: Management reaffirmed its full-year FY '26 guidance for mid- to high-teen MDF volume growth and high single-digit to early double-digit EBITDA margins.
Subsidy Recognition: One-time power subsidy of INR 8.5 crores was recognized in Q3, positively impacting margins.
Market Conditions: Imports remain muted due to competitive domestic pricing and stricter QCO standards, with no expected near-term price hikes.
New Plant Utilization: The new Andhra Pradesh plant is operating at approximately 60% utilization, with all three plants EBITDA positive.
