Overview

Detailed Summary

Greenpanel Industries Limited is India's largest manufacturer of wood panels, including MDF, plywood, and decorative veneers. It operates state-of-the-art manufacturing plants in Uttarakhand and Andhra Pradesh.
The company has reported a robust 19% year-on-year growth in domestic MDF volumes and an 8.3% increase in export volumes for Q3 FY26. This has contributed to an overall MDF volume growth of 17.1% for the quarter.
Despite competitive pressures and a slight decline in realization due to discounting strategies, the company achieved a year-on-year revenue growth of 11.4%, demonstrating resilience and strategic focus.
Greenpanel’s recent capacity expansion in Andhra Pradesh further solidifies its market position as the largest MDF manufacturer in Asia, with enhanced production capabilities and a focus on meeting future demand.

Sector: Plywood Boards/Laminates
Industry: Decoratives - Wood-based
Market Cap: 2,401 Cr
Volatility: Moderate Risk
P/E Ratio: 16.9
Industry P/E: 38.8
PEG Ratio: 1.5
P/B Ratio: 1.8
52W High: 335.05
52W Low: 193.05

Sales CAGR

1Y: -12.09%
3Y: -4.03%
5Y: 10.80%
10Y: —

Profit CAGR

1Y: -44.38%
3Y: -32.39%
5Y: 34.80%
10Y: —

ROE

TTM: 10.83%
3Y: 11.20%
5Y: 13.19%
10Y: —

ROCE

TTM: 12.11%
3Y: 12.11%
5Y: 14.88%
10Y: —

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
GREENPANEL	196.90	2,401 Cr	16.93	1.82	0.15	10.83	12.11	7.55
GREENPLY	189.00	2,373 Cr	31.35	2.80	0.26	10.08	12.05	4.00
STANLEY	146.20	834 Cr	35.84	1.79	0.00	6.98	7.59	2.73
ORIRAIL	114.05	765 Cr	21.39	1.94	0.08	7.45	10.99	4.92
RUSHIL	15.76	465 Cr	10.51	0.75	0.62	2.20	5.15	0.70
TRANSTEEL	141.05	312 Cr	22.46	2.94	0.00	15.08	17.90	7.92
SPITZE	203.45	307 Cr	63.38	8.67	0.00	16.00	18.92	11.21

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Sales	424	470	464	457	420	441	386	399	386	397
Expenses	313	332	332	341	328	365	320	330	325	345
Operating Profit	111	138	132	117	92	76	66	69	60	51
OPM %	26.18	29.32	28.35	25.52	21.90	17.27	17.04	17.33	15.63	12.93
Other Income	2.28	3.67	7.25	14	-4.05	8.52	6.37	6.80	1.31	7.39
Interest	1.33	3.39	2.63	1.79	11	3.24	3.96	1.91	6.22	0.17
Depreciation	18	18	18	18	18	17	18	19	18	18
Profit Before Tax	94	120	118	110	58	64	50	55	37	40
Tax %	32.61	32.72	34.19	34.38	35.60	-7.15	25.45	26.09	7.56	26.00
Net Profit	63	81	78	72	38	69	37	41	35	30
EPS in Rs	5.14	6.57	6.33	5.91	3.06	5.62	3.04	3.34	2.82	2.43

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	0.00	599	877	1,021	1,625	1,783	1,567	1,567
Expenses	0.05	522	739	817	1,195	1,366	1,321	1,321
Operating Profit	-0.05	77	138	203	430	417	246	246
OPM %	—	12.91	15.72	19.92	26.49	23.36	15.73	15.73
Other Income	0.00	13	-8.60	3.45	8.96	25	22	22
Interest	0.00	25	48	37	17	19	12	12
Depreciation	0.00	53	69	69	73	72	73	73
Profit Before Tax	-0.05	12	12	101	349	351	183	183
Tax %	0.00	-179.17	-23.49	31.85	31.09	26.91	22.10	22.11
Net Profit	-0.05	35	14	69	240	257	143	143
EPS in Rs	—	—	1.19	5.60	19.61	20.92	11.63	11.63
Dividend Payout %	0.00	0.00	0.00	0.00	7.65	7.17	12.89	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	0.10	12	12	12	12	12	12
Reserves	-0.05	633	649	718	939	1,182	1,305
Borrowings	0.00	505	508	372	316	228	296
Other Liabilities	0.00	307	296	353	275	283	278
Total Liabilities	0.05	1,458	1,466	1,455	1,542	1,705	1,891
Fixed Assets	0.00	1,137	1,111	1,074	1,038	992	982
CWIP	0.00	3.79	5.69	3.58	0.00	4.89	313
Investments	0.00	0.00	0.00	0.00	0.00	0.00	98
Other Assets	0.05	317	349	377	504	708	498
Total Assets	0.05	1,458	1,466	1,455	1,542	1,705	1,891

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity	-0.05	17	100	155	366	337	135
Cash from Investing Activity	0.00	-99	-22	-11	-136	-248	-158
Cash from Financing Activity	0.10	102	-86	-142	-185	-134	50
Net Cash Flow	0.05	20	-8.31	1.82	44	-44	27

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	53.10%	53.10%	53.13%	53.13%	53.13%	53.13%	53.13%	53.13%	53.13%	53.13%	53.13%	53.13%
FIIs	4.43%	4.30%	4.41%	3.22%	3.00%	2.13%	2.70%	3.00%	2.93%	1.65%	1.36%	1.09%
DIIs	21.18%	21.60%	22.89%	24.59%	25.89%	26.81%	27.71%	28.46%	28.62%	28.77%	29.63%	28.45%
Public	21.29%	21.00%	19.57%	19.06%	17.98%	17.93%	16.47%	15.41%	15.32%	16.46%	15.88%	17.33%
Total Shareholders	1,17,341	1,21,296	1,22,316	1,22,776	1,23,718	1,21,220	1,08,642	98,171	96,587	97,162	93,762	91,305

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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