Greenpanel Industries LimitedQ1 FY27 Results & Financial Update
Greenpanel Industries Limited: Q1 FY27 standalone results and company financials – revenue ₹349.81 Cr, PAT ₹1.23 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
Find an answer
Ask this result
Chart · Market context
Greenpanel Industries price & chart
Market price₹140.40
1Y return—Price return
Loading market chart…
TradingView Lightweight Charts™ · Copyright © 2025 TradingView, Inc.TradingView
Market chartPrice chart temporarily unavailableThe price chart could not be loaded right now. The reported financial results remain available above.
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
Quarterly Results AnalysisExplore Greenpanel Industries Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Greenpanel Industries Limited recorded standalone revenue from operations of Rs. 349.81 crore for the quarter ended June 30, 2026 (Q1 FY27), accompanied by a total income of Rs. 352.42 crore.
The company experienced zero export sales during Q1 FY27 due to geopolitical developments and the ongoing conflict in the Middle East originating in March 2026, forcing a complete pivot in volume salience toward domestic markets.
Despite the absence of export revenues, domestic MDF sales volumes expanded by 12% year-on-year to 99,747 CBM, driven primarily by strong ~20% retail growth that offset a 14% contraction in OEM shipments.
Gross margins improved significantly to 52.7% during the quarter, supported by timely price realizations, lower year-on-year timber costs, enhanced energy efficiency in production, and utilization of low-cost finished and semi-finished inventory carried forward from Q4 FY26.
Operating EBITDA improved to Rs. 33.5 crore (9.6% of sales) compared to Rs. 13.0 crore (4.0% of sales) in Q1 FY26, absorbing higher marketing expenditures incurred on television advertisements, trade exhibitions like Bharat Buildcon 2026, and dealer activations.
Reported EBITDA stood at Rs. 32.5 crore after accounting for a Rs. 1.0 crore exceptional foreign exchange loss on Euro-denominated borrowings associated with the new MDF plant.
Net debt contracted further to Rs. 141 crore as of June 30, 2026, reflecting a reduction of Rs. 15 crore compared to March 31, 2026, and an improvement from Rs. 233 crore at June 30, 2025.
01 · Business model
What does Greenpanel Industries do?
Greenpanel Industries Limited operates as India's largest wood panel manufacturer, specialising in the production of Medium Density Fibreboard (MDF), plywood, allied wood products, and flooring solutions.
The company's primary revenue engine is its MDF manufacturing segment, which commands significant domestic distribution through retail and OEM channels while maintaining export linkages.
Greenpanel markets its offerings extensively across India via a robust network of authorized dealers, trade partners, and direct institutional touchpoints, supported by widespread marketing and branding campaigns.
The operational model relies heavily on large-scale automated manufacturing facilities, efficient raw material timber sourcing, and responsive pricing adjustments to manage chemical and energy input costs.
02 · Historical context
What shaped the business before this quarter
Export operations were impacted starting March 2026 due to the ongoing war in the Middle East, leading to zero export sales during Q1 FY27.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹349.81 Cr |
| Total income | ₹352.42 Cr |
| Profit before tax | ₹2.13 Cr |
| Profit after tax | ₹1.23 Cr |
| EPS | ₹0.10 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Domestic MDF sales volumes rose 12% year-on-year to 99,747 CBM in Q1 FY27, powered by a ~20% surge in retail demand which compensated for a 14% decline in OEM volumes.
Blended MDF realisations increased by 11.4% year-on-year to Rs. 31,758 per CBM, while domestic MDF realisations rose 7.4% year-on-year to Rs. 31,758 per CBM.
Plywood net sales grew 5.5% year-on-year to Rs. 33.2 crore, with sales volume rising 10.4% to 1.3 million square metres despite a 4.4% drop in average realisations to Rs. 255 per square metre caused by product mix shifts.
Export volumes dropped 100% to zero during Q1 FY27 as a result of the Middle East conflict beginning in March 2026, completely eliminating export revenue contributions for the quarter.
MDF domestic sales volumes grew 12.0% year-on-year to 99,747 CBM in Q1 FY27, with retail channels expanding by approximately 20% year-on-year, though OEM channels contracted by 14% due to cost volatility.
Blended MDF realisations rose 11.4% year-on-year to INR 31,758 per CBM, reflecting timely implementation of price hikes following chemical cost increases.
Plywood sales volumes increased by 10.4% year-on-year to 1.3 million square metres, contributing to segment revenue growth despite a 4.4% reduction in average realisations to INR 255 per square metre caused by product mix shifts.
What drove margins
Gross margin expanded by 570 basis points year-on-year to 52.7% (Rs. 184.6 crore), aided by timely implementation of price hikes following chemical cost escalations and lower year-on-year timber input costs.
Production efficiencies, particularly regarding power and fuel usage, alongside the availability of low-cost finished goods and semi-finished goods inventory from Q4 FY26, supported profitability.
Operating EBITDA margin reached 9.6% (and MDF segment operating EBITDA margin reached 10.3%) despite elevated marketing outlays toward television ads, trade exhibitions, and dealer network expansions.
Gross margin improved by 570 basis points year-on-year to 52.7% in Q1 FY27, aided by lower timber costs compared to the previous year, improved production efficiencies in power and fuel, and the availability of lower-cost finished and semi-finished goods inventory from Q4.
Operating EBITDA margin rose to 9.6% of total sales compared to 4.0% in Q1 FY26, driven by gross margin gains and timely price hikes that offset chemical cost escalation, even as marketing expenditures increased for television advertising and trade exhibitions.
05 · Demand, customers & order book
Where demand is coming from
Retail MDF demand remained resilient with ~20% year-on-year growth, whereas OEM demand contracted by 14% due to cost volatility impacting buyer volumes.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Net sales rose 8.8% year-on-year to Rs. 316.8 crore. Production increased 8.0% to 113,394 CBM with capacity utilisation rising to 51% against an annual capacity of 891,000 CBM.
Net sales rose to Rs. 33.2 crore with EBITDA margin expanding by 2.1 percentage points to 2.7%. Production increased 35.0% to 1.3 million square metres and capacity utilisation rose to 56% against an annual capacity of 9 million square metres.
MDF net sales reached INR 316.8 crore with an operating EBITDA margin of 10.3%. Production stood at 113,394 CBM on an annual capacity of 891,000 CBM, resulting in a capacity utilisation rate of 51%.
Plywood net sales reached INR 33.2 crore with an EBITDA margin of 2.7%. Production output was 1.3 million square metres against an annual capacity of 9 million square metres, achieving a capacity utilisation of 56%.
Geography and market mix
With export markets halted entirely due to geopolitical conflicts in the Middle East, the company directed 100% of its MDF sales volumes into the domestic market.
Export volumes dropped to zero during Q1 FY27 from 13,060 CBM in Q1 FY26 due to geopolitical disruptions in the Middle East.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
MDF capacity utilisation stood at 51% for Q1 FY27 based on production of 113,394 CBM against an installed annual capacity of 891,000 CBM.
Plywood capacity utilisation improved to 56% during Q1 FY27 on production of 1.3 million square metres against an annual capacity of 9 million square metres.
Plywood production increased 35.0% year-on-year to 1.3 million square metres, lifting capacity utilisation to 56%.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company executed extensive marketing initiatives during the quarter, including high-impact television integrations across six news channels, showcase presence at the Bharat Buildcon 2026 trade exhibition, and widespread digital and dealer branding activations.
The company increased promotional outlays during the quarter, integrating brand presence across six national news channels with prime-time sponsorships, trade publications, and participation in the Bharat Buildcon 2026 trade exhibition.
Initiated broad dealer brandings, in-shop displays, wall paintings, contractor meets, and a newly revamped website that generated significant digital impressions and qualified leads.
09 · Reported developments
What changed operationally
Gross margin expanded by 570 basis points year-on-year to 52.7%, driven by successful pricing actions and lower timber expenses.
Net debt decreased by Rs. 15 crore sequentially to Rs. 141 crore, reflecting healthy liquidity and cash generation.
Domestic MDF volumes grew 12% year-on-year, gross margins expanded by 570 basis points to 52.7%, and operating EBITDA margins improved to 9.6%.
10 · Pressure points & risks
What is not going smoothly
OEM customer salience experienced a 14% year-on-year volume contraction due to cost volatility.
OEM MDF volumes declined by 14% year-on-year due to cost volatility affecting customer production schedules.
11 · Items worth noticing
The line items that can distort a quick read
Reported EBITDA includes an exceptional foreign exchange loss of Rs. 1.0 crore on Euro-denominated borrowings for the new MDF plant.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
The Cash Conversion Cycle (CCC) stood at 42 days as of June 30, 2026, slightly higher than 38 days as of March 31, 2026, due to monsoon seasonality, but improved compared to 47 days as of June 30, 2025.
The cash conversion cycle (working capital days) increased slightly to 42 days as of June 30, 2026, compared to 38 days as of March 31, 2026, factoring in monsoon seasonality, but remained lower than the 47 days recorded in Q1 FY25.
Capital allocation & funding
Reported net debt stood at Rs. 141 crore as of June 30, 2026, marking a reduction of Rs. 15 crore over March 31, 2026 (Rs. 156 crore) and Rs. 92 crore over June 30, 2025 (Rs. 233 crore).
ICRA recently reaffirmed credit ratings for the company's working capital facilities at A+.
Reported net debt decreased to INR 141 crore as of June 30, 2026, compared to INR 156 crore as of March 31, 2026, and INR 233 crore as of June 30, 2025.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Digital and Media Campaigns
Greenpanel launched a revamped corporate website during Q1 FY27, generating over 25,000 website visits, 1.7 lakh search impressions, and 59,000 page views alongside active social media follower expansions.
Reported update
Brand Recognitions
The company was recognized as one of the Most Trusted Brands 2026-27 by Team Marksmen Daily and featured among the Top 10 Wooden Flooring Brands by Silicon Homes Magazine.
14 · Previous-quarter changes
What changed since the previous quarter
Standalone revenue moderated by 10.6% sequentially from Rs. 391.4 crore in Q4 FY26 to Rs. 349.81 crore in Q1 FY27, while PAT adjusted to Rs. 1.23 crore from Rs. 1.4 crore in Q4 FY26.
Net debt reduced from INR 156 crore at March 31, 2026, to INR 141 crore at June 30, 2026.
15 · Key Q&A
The quarter, answered directly
What does Greenpanel Industries do?
Greenpanel Industries Limited operates as India's largest wood panel manufacturer, specialising in the production of Medium Density Fibreboard (MDF), plywood, allied wood products, and flooring solutions.
What is the clearest takeaway from Q1 FY27?
Greenpanel Industries Limited recorded standalone revenue from operations of Rs. 349.81 crore for the quarter ended June 30, 2026 (Q1 FY27), accompanied by a total income of Rs. 352.42 crore.
What drove revenue or demand?
Domestic MDF sales volumes rose 12% year-on-year to 99,747 CBM in Q1 FY27, powered by a ~20% surge in retail demand which compensated for a 14% decline in OEM volumes.
What mattered most for margins or profitability?
Gross margin expanded by 570 basis points year-on-year to 52.7% (Rs. 184.6 crore), aided by timely implementation of price hikes following chemical cost escalations and lower year-on-year timber input costs.
What changed operationally beyond the headline numbers?
MDF capacity utilisation stood at 51% for Q1 FY27 based on production of 113,394 CBM against an installed annual capacity of 891,000 CBM.
What are the main pressure points disclosed for the quarter?
OEM customer salience experienced a 14% year-on-year volume contraction due to cost volatility.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
Scenario revenue / income₹0 cr
Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Geopolitical Developments and Export Recovery: Monitor potential resumption of export shipments to the Middle East subject to normalization of geopolitical stability.
- 02
Domestic Retail and OEM Demand Trends: Track ongoing recovery in OEM demand alongside the sustainability of robust retail volume growth and margin stability.
- 03
Capacity Utilisation Trajectory: Track capacity utilisation rates across MDF and plywood facilities as monsoon-affected seasonal working capital cycles normalise.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.