GREENPANEL
Greenpanel Industries share price & financials
- Price
- ₹195.21
- Market cap
- ₹2.1k Cr
- Sector
- Consumer Durables
- Calls analysed
- 7
Greenpanel Industries Limited Q1 FY27
What went well
- Retail MDF revenue grew by ~20% YoY, demonstrating focus on sustainable revenue streams.
- Domestic MDF volumes grew by 12% YoY, consistent for the last four quarters.
- Combined revenues grew by 8.5% YoY to INR 350 crore.
What to watch
- Exports reduced to zero in the quarter due to geopolitical developments in the Middle East and high freight costs.
- OEM sales degrew by 14% YoY, impacted by cost volatility and competitive pricing.
What Greenpanel Industries Limited does
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
Guidance record · Q1 FY27
what the last two calls moved 14 tracked 5 delivered 2 missed 7 open- EPCG Incentive Recognition at risk said Q4 FY25 Promised: Rs. 51 crore over FY26 and FY27 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.
- MDF Volume Growth (FY27) on track said Q4 FY26 Promised: With the market or better than the market 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.
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 6.6%, net profit up 103.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 337 | 359 | 375 | 328 | 396 +18% | 416 +16% | 399 +7% | 350 +7% |
| EBITDA | 30 | 17 | 48 | -16 | 25 −17% | 41 +135% | 30 −38% | 30 +289% |
| Net profit | 19 | 9 | 29 | -35 | -6 −133% | 10 +20% | 1 −95% | 1 +104% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −43.7% 1Y
1Y: ₹272.8 on 10 Sept 2025 → ₹153.6. High ₹322.15 (11 Sept 2025), low ₹153.6 (11 Sept 2026).
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.
Financials, as filed
Revenue fell 4.8% a year over 3 years, FY23 to FY26. Operating margin narrowed to 5.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.8k Cr | ₹1.6k Cr | ₹1.4k Cr | ₹1.5k Cr |
| Operating profit | ₹411 Cr | ₹246 Cr | ₹131 Cr | ₹80 Cr |
| Operating margin | 23.0% | 15.7% | 9.1% | 5.2% |
| Interest | ₹18 Cr | ₹12 Cr | ₹7 Cr | ₹37 Cr |
| Depreciation | ₹69 Cr | ₹73 Cr | ₹77 Cr | ₹101 Cr |
| Net profit | ₹229 Cr | ₹135 Cr | ₹72 Cr | ₹-29 Cr |
| Net margin | 12.9% | 8.6% | 5.0% | -1.9% |
| Cash from operations | ₹339 Cr | ₹135 Cr | ₹78 Cr | ₹111 Cr |
| Free cash flow | ₹253 Cr | ₹-210 Cr | ₹-109 Cr | ₹73 Cr |
| ROCE | 27.0% | 13.0% | 4.0% | 0.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹12 Cr | ₹12 Cr | ₹12 Cr | ₹12 Cr | ₹12 Cr | ₹12 Cr |
| Reserves | ₹761 Cr | ₹975 Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.4k Cr | ₹1.3k Cr |
| Borrowings | ₹459 Cr | ₹292 Cr | ₹228 Cr | ₹296 Cr | ₹413 Cr | ₹370 Cr |
| Other liabilities | ₹243 Cr | ₹285 Cr | ₹276 Cr | ₹278 Cr | ₹338 Cr | ₹321 Cr |
| Total liabilities | ₹1.5k Cr | ₹1.6k Cr | ₹1.7k Cr | ₹1.9k Cr | ₹2.1k Cr | ₹2.0k Cr |
| Fixed assets | ₹1.0k Cr | ₹1.0k Cr | ₹992 Cr | ₹982 Cr | ₹1.6k Cr | ₹1.4k Cr |
| Capital work in progress | ₹4 Cr | ₹0 Cr | ₹5 Cr | ₹313 Cr | ₹11 Cr | ₹20 Cr |
| Investments | ₹52 Cr | ₹52 Cr | ₹22 Cr | ₹98 Cr | ₹121 Cr | ₹0 Cr |
| Other assets | ₹376 Cr | ₹502 Cr | ₹686 Cr | ₹498 Cr | ₹445 Cr | ₹602 Cr |
| Total assets | ₹1.5k Cr | ₹1.6k Cr | ₹1.7k Cr | ₹1.9k Cr | ₹2.1k Cr | ₹2.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +0.83 pp while FIIs trimmed −0.70 pp. The shareholder count shrank 11% to 86,784.
- Promoters
- 53.3%
- FIIs
- 0.9%
- DIIs
- 28.5%
- Public
- 17.3%
Since Jun 2025
- Public +0.83 pp
- FIIs −0.70 pp
- DIIs −0.27 pp
How it drifted, 12 quarters
Over this window DIIs went from 22.8% to 28.5% — +5.7 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 53.1%, FIIs 4.4%, DIIs 22.8%, Government 0.1%, Public 19.6%.Dec '23: Promoters 53.1%, FIIs 3.2%, DIIs 24.5%, Government 0.1%, Public 19.1%.Mar '24: Promoters 53.1%, FIIs 3.0%, DIIs 25.8%, Government 0.1%, Public 18.0%.Jun '24: Promoters 53.1%, FIIs 2.1%, DIIs 26.8%, Public 18.0%.Sep '24: Promoters 53.1%, FIIs 2.7%, DIIs 27.7%, Public 16.5%.Dec '24: Promoters 53.1%, FIIs 3.0%, DIIs 28.5%, Public 15.4%.Mar '25: Promoters 53.1%, FIIs 2.9%, DIIs 28.6%, Public 15.3%.Jun '25: Promoters 53.1%, FIIs 1.6%, DIIs 28.8%, Public 16.5%.Sep '25: Promoters 53.1%, FIIs 1.4%, DIIs 29.6%, Public 15.9%.Dec '25: Promoters 53.1%, FIIs 1.1%, DIIs 28.4%, Public 17.3%.Mar '26: Promoters 53.1%, FIIs 1.1%, DIIs 28.4%, Public 17.4%.Jun '26: Promoters 53.3%, FIIs 0.9%, DIIs 28.5%, Public 17.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Bajaj Life Insurance Limited Insurer newly disclosed 1.40% held
- Tata Flexi Cap Fund Mutual fund newly disclosed 1.25% held
- Kotak Mahindra Trustee Co Ltd A/C Kotak Consumption Fund Mutual fund +0.35 pp 3.45% held
- Sundaram Mutual Fund A/C Sundaram Small Cap Fund Mutual fund +0.16 pp 2.14% held
- Shobhan Mittal +0.13 pp 13.72% held
- Bandhan Value Fund Mutual fund +0.06 pp 7.11% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Greenpanel Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Prime Holdings Pvt. Ltd. | 39.24% | unchanged |
| Shobhan Mittal | 13.72% | +0.13 pp |
| Bandhan Value Fund Mutual fund | 7.11% | +0.06 pp |
| ICICI Prudential Flexicap Fund Mutual fund | 3.56% | unchanged |
| HDFC Mutual Fund - HDFC Mid-Cap Fund Mutual fund | 3.48% | unchanged |
| Kotak Mahindra Trustee Co Ltd A/C Kotak Consumption Fund Mutual fund | 3.45% | +0.35 pp |
| Franklin India Small Cap Fund Mutual fund | 2.86% | unchanged |
| Sundaram Mutual Fund A/C Sundaram Small Cap Fund Mutual fund | 2.14% | +0.16 pp |
| Bajaj Life Insurance Limited Insurer | 1.40% | newly disclosed |
| Tata Flexi Cap Fund Mutual fund | 1.25% | newly disclosed |
| Bluesky Projects Pvt. Ltd. | 0.31% | unchanged |
| Niranjan Infrastructure Pvt. Ltd. | 0.00% | unchanged |
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 Aug 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹13 Cr
- 1 schemes
- Biggest holder
- Nippon India Value Fund
- ₹13 Cr · 0.1% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| 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 Aug 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- -43%
- vs est. average cost
- Held by funds
- ₹13 Cr
- 1 schemes · ≈ 0.76% of the company
Shares held by these funds −90%
Aug '23 8.33 L shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Greenpanel Industries Limited
Guides on how to read this kind of business and the numbers that matter.