Greenpanel Industries (GREENPANEL) Q2 26/27 earnings summary

Executive summary

• Q2FY27 revenue was ₹407.3 crore, up 4.6% YoY; operating EBITDA was ₹30.4 crore, and reported PAT was a loss of ₹0.6 crore.

• Financial-statement revenue from operations was ₹41,170.88 lakh in Q2; the net loss narrowed to ₹63.60 lakh from ₹611.86 lakh a year earlier.

• H1 revenue was ₹757.2 crore, up 6.3% YoY; operating EBITDA rose 21.2% to ₹63.9 crore, and reported PAT was ₹0.6 crore.

• Retail MDF sales reached a quarterly record; 1H retail MDF volumes grew 19%, while OEM and export volumes declined.

• Management expects mid-teen MDF volume growth and H2 recovery; export pipeline strengthened, though freight disruption and oversupply remain constraints.

Financial highlights

• Q2FY27 revenue was ₹407.3 crore, up 4.6% YoY and 16.4% QoQ; H1 revenue was ₹757.2 crore, up 6.3% YoY.

• Q2 operating EBITDA was ₹30.4 crore, down 23.5% YoY; H1 operating EBITDA was ₹63.9 crore, up 21.2% YoY.

• Reported Q2 PBT was a loss of ₹1.5 crore and PAT a loss of ₹0.6 crore; H1 reported PAT was ₹0.6 crore.

• Financial-statement Q2 revenue from operations was ₹41,170.88 lakh; Q2 PBT was a loss of ₹149.35 lakh, versus a loss of ₹887.30 lakh a year earlier.

• Q2 gross margin was 48.2%, up 0.5 percentage points YoY but down 4.5 points QoQ; H1 gross margin was 50.3%, up 2.9 points YoY.

Outlook and guidance

• Management targets mid-teen MDF volume growth for FY27 and expects to recover H1 OEM and export volume shortfalls in H2.

• Domestic MDF demand is expected to sustain 15%-17% CAGR; the Furniture (Quality Control) Order, 2025 is expected to support wood-panel demand.

• Q2 monthly trends improved, pre-festive indicators were supportive, and the export order pipeline as of October 1 exceeded total Q2 sales.

• Strategy is to use available capacity to grow volumes while improving operating efficiency and managing input-price escalation.

• Management aims for double-digit MDF margins in upcoming quarters; early-teen margins were described as achievable if volume growth reaches 15%.