NSE: GREENPANEL · BSE: 542857 · ISIN INE08ZM01014
Greenpanel Industries Limited stock analysis
Greenpanel Industries Limited ranks #2271 in the TickerSutra evidence-ranked universe with a score of 47/100 and 93% data confidence. The latest captured fundamentals show ROCE of -0.4%, quarterly sales growth of 6.6% and quarterly profit growth of 103.5%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.27×
- Strong CFO/EBITDA of 1.39×
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹1,624cr | ₹421cr | ₹233cr | 26.0% |
| 2023 | ₹1,783cr | ₹413cr | ₹230cr | 23.0% |
| 2024 | ₹1,567cr | ₹246cr | ₹135cr | 16.0% |
| 2025 | ₹1,436cr | ₹131cr | ₹72cr | 9.0% |
| 2026 | ₹1,539cr | ₹80cr | ₹-29cr | 5.0% |
| TTM | ₹1,561cr | ₹125cr | ₹7cr | 8.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Greenpanel Industries Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
RoutineTrading WindowNSE · 26 Sept 2026Greenpanel Industries Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
MANAGEMENT COMMENTARY
Signals from filed documents
2024 Expanded product portfolio with the launch of FIREX, an advanced Fir e-Retardant Plywood; Won 4 awards at The Abbys for the TVC ‘Unshakeable Strength’ (1 silver and 3 bronze). 2026 Strengthened market leadership with around 21% installed MDF capacity in India; Expanded the value-added portfolio with new pr oduct launches and crossed 7,000 dealer and sub-dealer touchpoints across the country. 2025 Commenced a new
Or you see challenges because of the competition in the market that the margin may not go back to the double-digit level even over the next couple of... Shobhan Mittal: Again, it is all a matter of volumes and operating leverage coming into play. With the slight, even with slighter, slightest of the improvements in volumes and capacity utilizations, margins would go up substantially.
BoilBLACK™ reflects our continued focus on developing differentiated, application-led products capable of delivering stronger value realisations and expanding premium product offerings. Fire Retardant MDF (FRMDF) Addressing Evolving Safety Requirements We further strengthened our specialised product portfolio with the launch of Fire Retardant MDF (FRMDF), catering to applications where enhanced fire performance and s
And I would say this pricing pressure or demand pressure will remain this financial year, and we should see hopefully start seeing some improvements coming the next financial year. And last question is, I understand that the price hikes have been completely rolled back, but due to say raw material cost coming off, is it possible for you to maintain the margin which we did in this this current quarter? Shobhan Mittal:
Got listed as a separate company on NSE and BSE. Delivered 370% growth in net profit despite COVID-led disruptions, underscoring strong resilience, margin expansion, and financial discipline. Became a USD 1 Billion company (in terms of market capitalisation); Launched FRMDF with advanced fire-r etardant chemicals & Class 1 fire rating.
And that is how, the current scenario is competitively. And I would say this pricing pressure or demand pressure will remain this financial year, and we should see hopefully start seeing some improvements coming the next financial year. And last question is, I understand that the price hikes have been completely rolled back, but due to say raw material cost coming off, is it possible for you to maintain the margin wh
Maintaining Financial Discipline Maintaining balance sheet strength and working capital discipline remained important priorities amidst a volatile operating environment. Focused efforts toward inventory optimisation, cash flow management and tighter operating controls supported improved liquidity and gradual deleveraging during FY26. Advancing Sustainable and Responsible Growth Sustainability continues to remain inte
Shubhi Gupta: Thank you so much for the opportunity. My first question is, since we have seen such a drop in exports due to this ongoing war, do we plan to diversify into other international markets to mitigate all of this? Shobhan Mittal: Shubhi, we are looking at alternate options for exports.
And if we simply bring up our volume utilization, I think we should be at much better margin points than our competition. And sir, lastly, do we have any growth capex plan over the next, say, 18 to 24 month period? Shobhan Mittal: At this point of time, on the MDF side, for the next 18 to 24 months, we do not need to do any capital expenditure, barring some maintenance expenditure.
The Road Ahead The long-term outlook for the Indian MDF industry continues to remain positive, supported by favourable demand fundamentals and increasing penetration of engineered wood products. Regulatory measures such as BIS implementation and furniture quality norms are expected to support further formalisation of the sector, benefiting organised and compliant manufacturers. In addition, the industry demand-supply
Capacity overhang and pricing pressure Recent MDF capacity additions across the industry outpaced near-term demand growth, resulting in heightened competitive intensity and pricing pressure across the sector during much of FY26. Import inventory correction Elevated MDF imports ahead of BIS implementation led to inventory build-up across distribution channels. This delayed fresh procurement during the initial part of
Shobhan Mittal: Also, there was a delay on our competitors' part in implementing the price increase. We were very disciplined in implementing the price increase from the very first point where, where we had decided to. However, the others had accumulated large orders on old prices and continued to supply in the market, which also resulted in us losing some volume, but that was also a result of that.
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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