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Sustained pricing pressure from domestic competition
View Risks →Greenpanel Industries Limited — Q3 FY26
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%).
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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.
ग्रीनपैनल ने तीसरी तिमाही में 398.8 करोड़ रुपये की कमाई की, जो पिछले साल से 11.4% ज्यादा है। इसकी वजह MDF (एक तरह का लकड़ी का बोर्ड) की बिक्री में 17.1% का उछाल है। घरेलू बाजार में 19% और निर्यात में 8.3% की बढ़ोतरी हुई। कंपनी का मुनाफा (EBITDA) 11.2% रहा, जो पिछली तिमाही से बेहतर है। इसमें 8.5 करोड़ रुपये की एकमुश्त बिजली सब्सिडी भी शामिल है। हालांकि, घरेलू बिक्री मूल्य में 1.4% की गिरावट आई क्योंकि दिवाली के बाद छूट दी गई और OEM (दूसरी कंपनियों के लिए बने उत्पाद) की बिक्री बढ़ी। कंपनी को उम्मीद है कि MDF की बिक्री में सालाना 15-19% और मुनाफा 7-10% (विदेशी मुद्रा के असर को छोड़कर) रहेगा। लेकिन घरेलू प्रतिस्पर्धा और लकड़ी की कीमतों में उतार-चढ़ाव से जोखिम है।
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MDF Volume Growth
17.1%
+17.1% YoY
Total MDF volumes grew 17.1% YoY, with domestic up 19% and exports up 8.3%.
Domestic Realization Change
-1.4%
-1.4% QoQ
Domestic realizations fell 1.4% sequentially due to discounting and product mix shift.
Gross Margin
50%
Expanded QoQ
Gross margins reached ~50% in Q3, supported by lower raw material costs.
OEM Share of Domestic MDF
25%
+2pp YoY
OEM sales now constitute 25% of domestic MDF volumes, up from ~23% last year.
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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-off...
Management noted that discounting pressures from competitors returned post-Diwali, and they had to offer more discounts, especially to OEMs.
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