Greenpanel Industries share price & results

Greenpanel Industries Limited· Consumer Durables· Consumer Discretionary

Results to: Jun 2026
Latest analysed call: Q1 FY27
Ownership as of: Sept 2026

India's largest MDF manufacturer; also makes plywood, sold via 1,750+ dealers and exported to 7 countries.

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Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

Metric	Value	Change	Basis	Period	Note
Revenue	350 ₹ crore	+6.6% YoY	Quarterly, as filed	Quarter to Jun 2026	Revenue from operations as filed.
Operating margin	8.5 %	+13.4 pts YoY	Operating profit / revenue	Quarter to Jun 2026	For the quarter; a change is in percentage points.
Net profit	1.2 ₹ crore	—	Quarterly, as filed	Quarter to Jun 2026	Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown.
Return on equity	Unavailable	−12.2 ptsFY Mar 2024 vs FY Mar 2023	Trailing twelve months	TTM · period unavailable	Not in the analysed materials. No older figure is substituted.
Free cash flow margin	Unavailable	−27.7 ptsFY Mar 2024 vs FY Mar 2023	Fiscal year	FY · period unavailable	Not in the analysed materials. No older figure is substituted.
Revenue growth (YoY)	Unavailable	−21.8 ptsFY Mar 2024 vs FY Mar 2023	Trailing twelve months	TTM · period unavailable	Not in the analysed materials. No older figure is substituted.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Jun 2026

Guidance

What management said, and what became of it

5 of 7 judged targets kept · 7 open · verdicts reflect calls analysed to Q1 FY27.

Greenpanel Industries Limited management guidance track record on Inve: 14 targets tracked across analysed earnings calls (5 achieved, 2 missed, 7 open).

Target	Original wording	Said	Latest call	Verdict
EPCG Incentive Recognition	Rs. 51 crore over FY26 and FY27 Call transcript, Q4 FY25 · 22 May 2025	Q4 FY25	Q1 FY27:Exports reduced to zero in the quarter due to geopolitical issues, making the realization of the remaining INR 26 crore benefit, which is linked to export obligations, highly unlikely within the FY27 timeframe. Call transcript, Q1 FY27 · 11 Aug 2026	At Risk
MDF Volume Growth (FY27)	With the market or better than the market Call transcript, Q4 FY26 · 22 May 2026	Q4 FY26	Q1 FY27:Domestic MDF volume grew 12% YoY, in line with the 'early double-digits' market growth expectation. However, management acknowledged a need to regain market share via a new price-competitive strategy, suggesting they may have underperformed peers. Call transcript, Q1 FY27 · 11 Aug 2026	On Track

Source: Inve Guidance Tracker for Greenpanel Industries Limited · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

2 of Greenpanel Industries Limited's 14 targets were missed. See which ones, and which are quietly gone. The 2 above are the free sample; 12 more targets are in the full ledger.

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Price

₹133.99 +2.38% · +₹3.12

Last close 27 Oct 2026 · NSE · INR · Source: Inve

Performance −55.0% 1Y

1Y: ₹297.45 on 24 Oct 2025 → ₹133.99. High ₹301.5 (27 Oct 2025), low ₹130.87 (26 Oct 2026).

Previous close: ₹130.87
Market cap: ₹1.6k Cr
52-week range: ₹130.87 – ₹301.5
One year: −55.56%

Overview

Symbol: NSE:GREENPANEL
Sector: Consumer Durables
Industry: Consumer Discretionary
Exchange: NSE
Currency: INR

What Greenpanel Industries Limited does

Based on the company's own presentations, annual report and earnings calls.

Greenpanel Industries manufactures medium-density fibreboard (MDF) and plywood, engineered wood panels used by furniture makers, interior fit-out businesses and carpenters as substitutes for solid wood. It operates two integrated manufacturing plants — in Rudrapur, Uttarakhand (MDF plus plywood) and Chittoor/Srikalahasti, Andhra Pradesh (MDF, including a newly added thin-MDF line) — and earns revenue by selling both plain and value-added boards (pre-laminated, moisture/fire-resistant grades, doors) through a pan-India dealer and distributor network as well as exports. Products are sold under company brands such as BoilBlack and marketed through a dedicated dealer loyalty app.

Segments

MDF
Plywood

Manufacturing plants: 2 (Rudrapur, Uttarakhand; Chittoor/Srikalahasti, Andhra Pradesh)
Installed MDF capacity: 8,91,000 CBM per annum
Installed plywood capacity: 9 million sqm per annum
Market position: India's largest MDF manufacturer; ~21% share of India's MDF production capacity
Branches: 7 branches across India
Dealers / distributors: 1,753

Headquarters Gurgaon, HaryanaEmployees 1,698 (FY2024-25 (as of March 3) Company website

How the price took the results

close before → close after

Q1 FY27: −3.4%; 11 Aug
Q4 FY26: +7.9%; 22 May
Q3 FY26: +4.6%; 30 Jan
Q2 FY26: −2.2%; 10 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Guidance

What management said, and what became of it

5 of 7 judged targets kept · 7 open · verdicts reflect calls analysed to Q1 FY27.

Greenpanel Industries Limited management guidance track record on Inve: 14 targets tracked across analysed earnings calls (5 achieved, 2 missed, 7 open).

Target	Original wording	Said	Latest call	Verdict
EPCG Incentive Recognition	Rs. 51 crore over FY26 and FY27 Call transcript, Q4 FY25 · 22 May 2025	Q4 FY25	Q1 FY27:Exports reduced to zero in the quarter due to geopolitical issues, making the realization of the remaining INR 26 crore benefit, which is linked to export obligations, highly unlikely within the FY27 timeframe. Call transcript, Q1 FY27 · 11 Aug 2026	At Risk
MDF Volume Growth (FY27)	With the market or better than the market Call transcript, Q4 FY26 · 22 May 2026	Q4 FY26	Q1 FY27:Domestic MDF volume grew 12% YoY, in line with the 'early double-digits' market growth expectation. However, management acknowledged a need to regain market share via a new price-competitive strategy, suggesting they may have underperformed peers. Call transcript, Q1 FY27 · 11 Aug 2026	On Track

Source: Inve Guidance Tracker for Greenpanel Industries Limited · to Q1 FY27

The full ledger

Open Greenpanel Industries Limited’s full ledger

A free account opens 5 company ledgers a month. All 14 tracked commitments, with each call’s wording and source.

Browse the register

Latest analysed call: Q1 FY27, 11 Aug 2026. 7 calls analysed.

Call summaries

Q1 FY27 — 11 Aug 2026

Greenpanel Industries Limited Q1 FY27

Greenpanel Industries Limited reported a mixed Q1 FY27, with strong retail MDF growth and overall revenue increase, but faced significant headwinds from geopolitical events leading to zero exports and a 14% decline in OEM sales. Despite these challenges, the company improved its MDF operating EBITDA margin and reduced gross debt. However, high cost volatility and competitive pressures led to price rollbacks and management withholding full-year guidance due to uncertainties.

Read the full call

Q4 FY26 — 22 May 2026

Greenpanel Inds. Q4 FY26

Greenpanel Industries reported strong volume growth in MDF and plywood for Q4 and FY26, driven by new product launches and market engagement. However, profitability was significantly impacted by adverse FX movements, initial plant inefficiencies, and higher interest/depreciation, leading to negative PBT and PAT. The company implemented a 15% price hike to counter rising chemical costs but faces market discounting and uncertain demand due to geopolitical factors, leading to cautious guidance for FY27.

Read the full call

Q3 FY26 — 30 Jan 2026

Greenpanel Inds. Q3 FY26

Greenpanel Industries Limited reported a robust Q3 FY26 with total revenues growing 11.4% year-on-year to INR 398.8 crore, driven by strong MDF volume growth of 17.1%. Despite a tepid retail market and discounting pressures leading to a 1.4% sequential decline in domestic realization, the company achieved higher gross margins of almost 50% and operating EBITDA margins of 11.2%. Raw material costs are stabilizing, and all production lines are EBITDA positive, though the plywood business remains a concern.

Read the full call

Summaries of each call, in Inve’s own words; the transcript is not reproduced. Not investment advice.

Every analysed call

Greenpanel Industries Limited earnings calls (GREENPANEL)

Fundamentals

Ratios, each with its period

Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2019 to Mar 2024).

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
28.00 days 29.00 days 28.00 days 9.00 days 9.00 days 7.00 days

How it is calculated. Reported receivable days from the annual accounts.
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
191.00 days 143.00 days 118.00 days 90.00 days 75.00 days 107.00 days

How it is calculated. Reported inventory days, using material cost / cost of goods sold.
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
116.00 days 112.00 days 102.00 days 75.00 days 54.00 days 58.00 days

How it is calculated. Reported payable days, using material cost / cost of goods sold.
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
103.00 days 60.00 days 43.00 days 25.00 days 29.00 days 55.00 days

How it is calculated. Reported debtor days plus inventory days less payable days.
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-4.00 days 3.00 days -1.00 days -11.00 days 5.00 days 20.00 days

How it is calculated. Reported net working capital days from the annual accounts.
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
— — — — — —

How it is calculated. Market capitalisation from the current stock record.

Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
28.00 days	29.00 days	28.00 days	9.00 days	9.00 days	7.00 days

Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
191.00 days	143.00 days	118.00 days	90.00 days	75.00 days	107.00 days

Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
116.00 days	112.00 days	102.00 days	75.00 days	54.00 days	58.00 days

Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
103.00 days	60.00 days	43.00 days	25.00 days	29.00 days	55.00 days

Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
-4.00 days	3.00 days	-1.00 days	-11.00 days	5.00 days	20.00 days

Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
—	—	—	—	—	—

A dash means inputs are missing or too old, the ratio does not apply, or the value is outside the supported range. FY uses the reported fiscal period; TTM the latest twelve months; valuations use the current market cap with the chosen earnings period. Screen Indian stocks on these ratios →

Financials

What the filings say

Net profit, year on year: +104% (quarter to jun 2026 against jun 2025).

In ₹ crore. Oldest period first.

Line item	Sept 2024	Dec 2024	Mar 2025	Jun 2025	Sept 2025	Dec 2025	Mar 2026	Jun 2026
Sales	337	359	375	328	396	416	399	350
Expenses	307	342	327	344	371	375	369	320
Operating profit	30	17	48	-16	25	41	30	30
Operating margin	8.9%	4.8%	12.8%	−4.8%	6.3%	9.8%	7.5%	8.5%
Other income	6	7	4	3	3	3	5	3
Interest	3	-1	2	10	11	7	9	6
Depreciation	19	19	20	25	26	25	25	25
Profit before tax	13	5	30	-47	-9	11	1	2
Tax rate	−38.1%	−63.3%	1.1%	−26.9%	−31.0%	10.6%	−30.5%	42.3%
Net profit	19	9	29	-35	-6	10	1	1
EPS (₹ per share)	1.51	0.69	2.40	-2.82	-0.50	0.84	0.11	0.10

Source: Inve data · income statement, quarterly · to Jun 2026

In ₹ crore. Oldest period first.

Line item	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales	1,783	1,567	1,436	1,539
Expenses	1,372	1,321	1,305	1,460
Operating profit	411	246	131	80
Other income	-6	22	23	15
Interest	18	12	7	37
Depreciation	69	73	77	101
Profit before tax	317	183	70	-44
Net profit	229	135	72	-29

Source: Inve data · income statement, annual · to Mar 2026

In ₹ crore. Oldest period first.

Line item	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	12	12	12	12	12	12
Reserves	761	975	1,189	1,305	1,373	1,344
Borrowings	459	292	228	296	413	370
Other liabilities	243	285	276	278	338	321
Total liabilities	1,475	1,564	1,705	1,891	2,136	2,047
Fixed assets	1,043	1,009	992	982	1,559	1,425
Capital work in progress	4	0	5	313	11	20
Investments	52	52	22	98	121	0
Other assets	376	502	686	498	445	602
Total assets	1,475	1,564	1,705	1,891	2,136	2,047

Source: Inve data · balance sheet · to Mar 2026

In ₹ crore. Oldest period first.

Line item	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operations	211	360	339	135	78	111
Cash from investing	-77	-137	-254	-156	-166	17
Cash from financing	-131	-180	-131	50	82	-115
Net cash flow	3	43	-45	29	-6	12
Free cash flow	192	326	253	-210	-109	73

Source: Inve data · cash flow · to Mar 2026

In days and %. Oldest period first.

Line item	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor days	28	9	9	7	11	21
Inventory days	118	90	75	107	98	89
Days payable	104	81	54	58	51	55
Cash conversion cycle	42	19	29	55	58	54
Working capital days	-1	-12	5	20	9	20
Return on capital employed	12.0%	29.0%	27.0%	13.0%	4.0%	0.0%
Dividend payout	0.0%	8.0%	8.0%	14.0%	5.0%	−21.0%

Source: Inve data · annual ratios · to Mar 2026

Where revenue comes from

The businesses behind the company’s reported revenue.

Reporting basis Reporting period

Medium density fibreboards and allied products contributes 90.5% of reported segment revenue.

Quarter ended 30 Jun 2026 · Standalone

Medium density fibreboards and allied products 90.5%

₹316.64 crore
Plywood and allied products 9.5%

₹33.17 crore

Reported business segments for quarter ended 30 Jun 2026
Business segment	Revenue · ₹ crore	Share
Medium density fibreboards and allied products	316.64	90.5%
Plywood and allied products	33.17	9.5%

Share = segment revenue ÷ total segment revenue, before intersegment adjustments.

How these numbers add up

Total segment revenue: ₹349.81 crore
Intersegment adjustment: ₹0.00 crore
Net segment revenue: ₹349.81 crore

Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.

Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.

Ownership

Who owns it

Promoters hold 54.31% as of Sept 2026; institutions cut 2.89 pts since Jun 2026.

Promoters +1.05 pts 54.31%
Foreign institutions +0.09 pts 1.03%
Domestic institutions −2.98 pts 25.51%
Government 0.00 pts 0.00%
Public +1.84 pts 19.13%

86,238 shareholders on the register.

Source: Exchange shareholding filings · to Sept 2026 · 8 filings held

Who was buying across the market this quarter

Who bought this quarter

since Jun 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

Mutual fund +1.16 pp 3.30% held
+0.80 pp 14.52% held
Mutual fund +0.43 pp 7.54% held
+0.15 pp 39.39% held
+0.10 pp 0.41% held

The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Sep 2026 filing

Every holder of Greenpanel Industries Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.

Holder	Stake	Change
	39.39%	+0.15 pp
	14.52%	+0.80 pp
Mutual fund	7.54%	+0.43 pp
Mutual fund	3.56%	unchanged
Mutual fund	3.45%	unchanged
Mutual fund	3.30%	+1.16 pp
Mutual fund	1.67%	−1.19 pp
Insurer	1.40%	unchanged
Mutual fund	1.05%	−0.20 pp
	0.41%	+0.10 pp
Mutual fund	—	off the list

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in GREENPANEL

Filings to Sep 2026

0 new, 0 added, 1 trimmed, 0 sold out — net −21.00 L shares (−53.4%).

Held by funds: ₹29 Cr; 2 schemes
Biggest holder: HDFC Mid Cap Fund; ₹16 Cr · 0.0% of that fund

Scheme	Holding	Last month	Held since
HDFC Mid Cap Fund HDFC Mutual Fund	₹16 Cr	−21.00 L	Dec '22
Nippon India Value Fund Nippon India Mutual Fund	₹13 Cr	held	May '23

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Sep 2026

0 added, 1 trimmed — net −21.00 L shares (−53.4%)

Funds are sitting on: -61%; vs est. average cost
Held by funds: ₹29 Cr; 2 schemes · ≈ 1.5% of the company
Biggest holder: HDFC Mid Cap Fund; ₹16 Cr · 0.0% of that fund

Shares held by these funds −78%

Oct '23 18.33 L shares Sep '26

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