Greenpanel Industries (GREENPANEL) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 saw a strong operational and financial turnaround, with double-digit topline growth driven by a focus on volume growth, cost optimization, and new product launches.

• Sales and channel engagement initiatives, including a revamped loyalty program and digital outreach, engaged over 13,000 participants and boosted domestic MDF volumes.

• Operational improvements included cost base optimization, organizational restructuring, and raw material mix rationalization.

• Unaudited financial results for the quarter and half year ended September 30, 2025, were reviewed and approved by the Board and Audit Committee; statutory auditors found no material misstatements.

Financial highlights

• Q2 FY26 revenue reached ₹39,597.40 lakhs (₹389.4 Cr), up 17.1% YoY and 20.7% sequentially.

• Domestic MDF volumes grew 30.5% YoY and 26.8% sequentially; plywood volumes declined 5% YoY but rose 18% sequentially.

• Operating EBITDA (excluding FX and one-offs) was ₹3,970 lakhs (10.2% margin); reported EBITDA was ₹2,780 lakhs (7.1% margin) due to FX and other one-offs.

• Net loss after tax for Q2 FY26 was ₹880.43 lakhs, compared to a net profit of ₹1,850.40 lakhs in Q2 FY25, impacted by FX losses and higher finance costs.

• Net debt reduced by ₹60 Cr to ₹173 Cr, with a 17-day reduction in the cash conversion cycle.

Outlook and guidance

• Domestic MDF volume growth for FY26 is expected in the high teens percentage range.

• Operating EBITDA margin (excluding FX and one-offs) is guided at high single-digit to early double-digit for the full year.

• No immediate price hikes are expected; focus remains on volume growth, value-added products, and expanded marketing initiatives.

• Recognition of government subsidies is deferred pending further clarity from authorities; partial subsidy received post-quarter end.