Greenpanel Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Greenpanel Industries Ltd filed with BSE on 22 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Greenpanel reported Q4 FY26 revenue of INR391 crore, up 15.5% year-on-year, with full year revenue at INR1502 crore, up 7.8%. Consolidated operating EBITDA for the full year was INR132.7 crore or 8.8% of revenues, while reported EBITDA was INR94.2 crore or 6.3% of revenues after currency and one-off impacts, resulting in a full-year PAT of negative INR29.1 crore. Management described a 15% MDF price increase taken in phases to offset chemical cost inflation and said it would refrain from giving formal FY27 volume or margin guidance given uncertainty from the Middle East conflict's impact on supply chains and exports.
Numbers mentioned
Revenue: INR391 crore (Q4 FY26)
p. 3
“On a combined basis, revenues for the quarter grew to INR391 crore, a growth of 15.5% over the last year, while the full year sales were at INR1502 crore, a growth of 7.8% over the last year.”
Shobhan Mittal, page 3 of the filed PDF · View the filing
Consolidated operating EBITDA: INR35.4 crore or 9.1% of revenues (Q4 FY26)
p. 3
“Consolidated operating EBITDA, excluding the impact of currency movement on the Euro borrowing for the new plant and the one-oƯs impacting the results, was INR35.4 crore or 9.1% of revenues in Q4FY26, while the full year number was INR132.7 crore or 8.8% of revenues, again in line with the revised guidance shared in November 2025.”
Shobhan Mittal, page 3 of the filed PDF · View the filing
MDF domestic volume growth: 29.5% year-on-year (Q4 FY26)
p. 3
“we achieved MDF domestic volumes growth of 29.5% year-on-year in quarter 4, while the full year growth was 16.9%.”
Shobhan Mittal, page 3 of the filed PDF · View the filing
Total MDF volume growth: 27.8% year-on-year in Q4, 12.9% for the full year (FY26)
p. 3
“the total MDF volumes for quarter 4 grew by 27.8% year-on-year in the quarter and by 12.9% year-on-year for the full year FY '26.”
Shobhan Mittal, page 3 of the filed PDF · View the filing
MDF realizations: lower by 3.6% (FY26)
p. 3
“MDF realizations were lower by 3.6% over the last year in FY '26.”
Shobhan Mittal, page 3 of the filed PDF · View the filing
Reported EBITDA: INR94.2 crore or 6.3% of revenues (FY26)
p. 4
“Counting these in, our reported EBITDA for the full year was INR94.2 crore or 6.3% of our revenues.”
Himanshu Jindal, page 4 of the filed PDF · View the filing
PBT: negative INR43.8 crore (FY26)
p. 5
“The PBT was negative INR43.8 crore and the PAT was negative INR29.1 crore.”
Himanshu Jindal, page 5 of the filed PDF · View the filing
Net debt: INR156 crore (as of end March 2026)
p. 5
“the reported net debt was INR156 crore at the end of March.”
Himanshu Jindal, page 5 of the filed PDF · View the filing
DSOs: 21 days (FY26)
p. 5
“Our DSOs at 21 days is the best in the wood panel industry and reflects our very strong brand positioning.”
Himanshu Jindal, page 5 of the filed PDF · View the filing
Cash conversion cycle: 38 days (FY26)
p. 5
“Our core cash conversion cycle is at 38 days for the full year, again something which shows our commitment to financial prudence while simultaneously maintaining a double-digit volume growth of our business at the same time.”
Himanshu Jindal, page 5 of the filed PDF · View the filing
MDF price increase: 15%
p. 3
“Like others, we too have announced price increase of 15% to reduce the impact on our margins.”
Shobhan Mittal, page 3 of the filed PDF · View the filing
Capacity utilization: 60% (Q4 FY26)
p. 4
“On our side, we operated at 60% capacity utilization in quarter four FY '26 and thus have a significant headroom available for organic growth next year without any additional material investments.”
Shobhan Mittal, page 4 of the filed PDF · View the filing
EPCG benefit: INR25 odd crore (FY26)
p. 8
“So overall INR25 odd crore have been accounted for as EPCG in the year against 35 which were accounted one shot in quarter four last year.”
Himanshu Jindal, page 8 of the filed PDF · View the filing
Plywood price increase: 6% (Q4 FY26)
p. 14
“We have taken a 6% price increase on plywood starting this quarter.”
Shobhan Mittal, page 14 of the filed PDF · View the filing
Plywood EBITDA margin: 4% (FY26)
p. 13
“We did something like 4%.”
Himanshu Jindal, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
MDF domestic demand growth — early double digit to mid-teens · FY27
stated as an aspiration by Shobhan Mittal
p. 4
“Domestic demand, MDF demand is expected to continue at a healthy pace of early double digit to mid-teens.”
Shobhan Mittal, page 4 of the filed PDF · View the filing
Volume growth strategy — FY27
stated firmly by Shobhan Mittal
p. 4
“what I can share is that we will continue to pursue volume growth as the primary goal this year with a clear intent of retaining increasing our relative market share while trying to maintain or improve our margins over the last year.”
Shobhan Mittal, page 4 of the filed PDF · View the filing
Capex — INR20 crore-INR30 crore · FY27
stated firmly by Himanshu Jindal
p. 11
“So I think it would be something between INR20 crore-INR30 crore, not more at this point in time.”
Himanshu Jindal, page 11 of the filed PDF · View the filing
Timber costs — FY27
stated as an aspiration by Shobhan Mittal
p. 8
“We expect it to remain fairly stable.”
Shobhan Mittal, page 8 of the filed PDF · View the filing
New MDF capacity additions in industry — 400,000 for the full year · FY27
stated conditionally by Himanshu Jindal
p. 7
“I think the total size that we are looking at is 400,000 for the full year.”
Himanshu Jindal, page 7 of the filed PDF · View the filing
EPCG remaining benefit — INR26 odd crore · FY27
stated conditionally by Shobhan Mittal
p. 9
“So, if things geopolitically settle down, we are quite certain that we will be able to get this benefit within the current financial year.”
Shobhan Mittal, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the industry should grow at early double digits to mid-teens and the company aims to grow with or better than the market, but declined to give a formal margin figure given uncertainty.
Answered by Himanshu Jindal
Asked by Keshav Lahoti: What is the FY27 guidance for MDF volume growth and margin?
p. 5
“But, times are a little uncertain, you know, for us to give you a formal figure is becoming a little diƯicult right now.”
Himanshu Jindal, page 5 of the filed PDF · View the filing
Management said the hike covers current cost increases but discounting is already occurring, so the full 15% effect is not yet in place.
Answered by Shobhan Mittal
Asked by Keshav Lahoti: Has the 15% price hike absorbed the entire cost inflation?
p. 5
“Keshav, that has just about absorbed our current cost inflation.”
Shobhan Mittal, page 5 of the filed PDF · View the filing
Management said two new capacities in Madhya Pradesh and AP totaling about 400,000 cubic meters will ramp up gradually.
Answered by Himanshu Jindal
Asked by Praveen Sahay: Can you quantify the new capacity additions coming mid-FY27?
p. 7
“So, there are two capacities that we are aware of which are going to come in in the second half.”
Himanshu Jindal, page 7 of the filed PDF · View the filing
Management said they want to be cautious about giving margin guidance given multiple uncertain variables and would wait for the first quarter to decide.
Answered by Shobhan Mittal
Asked by Sneha: Did management confirm the intent to maintain or improve high single-digit margins?
p. 9
“We want to sit out the first quarter, wait and watch till we give you a definitive guidance on where we will stand.”
Shobhan Mittal, page 9 of the filed PDF · View the filing
Management said there would be no significant capex announcements this year, with focus on volume utilization and balance sheet strengthening.
Answered by Shobhan Mittal
Asked by Utkarsh Nopany: What is the capex guidance for FY27 and FY28?
p. 11
“I would say that in this year, there would definitely be no plans of significant capex announcement.”
Shobhan Mittal, page 11 of the filed PDF · View the filing
Management attributed the rise partly to higher OEM and export sales but said the company remains better than industry norms.
Answered by Himanshu Jindal
Asked by Shruti Mulchandani: Why have debtor days increased from 11 to 21 days?
p. 14
“even at 21 days, we are still far better than the entire industry which operates at a much higher number.”
Himanshu Jindal, page 14 of the filed PDF · View the filing
Risks flagged
Geopolitical conflict in the Middle East disrupting supply chains and export volumes
p. 3
“The ongoing geopolitical situation in the Middle East is the biggest variable at play right now.”
Shobhan Mittal, page 3 of the filed PDF · View the filing
Sharp escalation in chemical costs
p. 3
“Supply chains have been impacted adversely leading to significant escalation on cost front, especially in case of chemicals which is 40% to 45% of our raw material cost.”
Shobhan Mittal, page 3 of the filed PDF · View the filing
Competitive discounting pressuring prices
p. 6
“we are already seeing slight discounting already happening in the market from that 15%.”
Shobhan Mittal, page 6 of the filed PDF · View the filing
Export orders unable to be fulfilled due to freight issues
p. 9
“export businesses completely out of the picture for us at point of time because the freight's not letting us fulfill any kind of export orders.”
Shobhan Mittal, page 9 of the filed PDF · View the filing
Muted demand due to price increases
p. 6
“So, only the critical or the priority projects are actually executing, people who are not in a rush to complete projects or to undertake new projects are sort of holding back on this.”
Shobhan Mittal, page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.