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Revenue
₹398.8 Cr
verification pending
Revenue YoY
11.4%
reported change
EBITDA
₹44.3 Cr
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Greenpanel reported Q3 FY26 revenue of ₹398.8 crore, up 11.4% YoY, driven by 17.1% MDF volume growth (domestic +19%, export +8.3%). EBITDA margin improved to 11.2% (MDF 11.9%, plywood 1.4%) aided by gross margin expansion to ~50% and a one-time power subsidy of ₹8.5 crore. Domestic realizations fell 1.4% QoQ due to post-Diwali discounting and a shift toward OEM sales (now 25% of domestic MDF). Management maintained FY26 guidance of mid-to-high teen MDF volume growth and high single-digit to early double-digit EBITDA margins (ex-FX). Risks include sustained pricing pressure from domestic competition and timber cost volatility from seasonal disruptions.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated the revised guidance for full-year FY26: MDF volume growth in the mid-to-high teens, with operating EBITDA (ex-FX and one-offs) in high single-digit to early double-digit range.
- The new QCO standards have been implemented, which are more stringent than BIS standards and should further restrict imports.
Risks flagged
- Management noted that discounting pressures from competitors returned post-Diwali, and they had to offer more discounts, especially to OEMs. No price increases are foreseen in the near term.
- Timber costs, which were declining, spiked in late November due to severe winter in the north and heavy rainfall in the south. Although costs are easing from January, volatility remains a risk.
- Exports are used as a filler to absorb fixed costs, but they typically carry lower margins. While the weak rupee helps, any downturn in export demand could impact overall profitability.
Key quotes
- Today we are not in a position to pick and choose what we sell and who we sell to. At the moment the focus because of surplus capacity both at the company level and in the market is to capture any demand that is available.
- If you look at my domestic realization it was down one and a 1.4. If you look at my export realization it was also down incidentally by the same proportion sequentially.
- In my opinion with proper utilization proper product mix, you know, teams is very much possible up to 20%.
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