Greenpanel Industries (GREENPANEL) Q4 24/25 earnings summary

Executive summary

• Q4 FY25 saw a 25% year-on-year decline in MDF domestic sales volumes and a 12% drop in plywood volumes, while export volumes for MDF rose 34% on a low base.

• Commercial production began at the new MDF expansion project in Andhra Pradesh, with capacity utilization expected to ramp up over the next 3-4 quarters.

• The company maintained leadership in the Indian wood panel industry, focusing on MDF and plywood segments and expanding distribution and value-added products.

• Audited financial results for FY25 were approved with an unmodified audit opinion from statutory auditors.

Financial highlights

• Q4 FY25 net sales were INR 338.94 crore, down from INR 396.08 crore year-on-year; FY25 revenue was ₹143,576.86 lakhs, down from ₹156,703.90 lakhs in FY24.

• MDF sales value fell 15.3% to INR 305.17 crore, contributing 90% of the top line; plywood net sales down 5.3% YoY.

• Q4 MDF EBITDA margin was 16.3%, aided by INR 35 crore EPCG scheme incentives; plywood EBITDA margin was 12.1%.

• Q4 post-tax profit was INR 29.39 crore, down 1% year-on-year; FY25 post-tax profit was INR 72.11 crore, down 49% year-on-year.

• EPS for FY25 was ₹5.88, down from ₹11.03 in FY24.

Outlook and guidance

• The new MDF line at Andhra Pradesh, commissioned in March 2025, will increase production capacity by 231,000 cubic meters per annum.

• Expecting 11-12% volume growth from existing MDF lines and 72,000 cubic meters from the new line, targeting 30% overall volume growth in FY26.

• Margins for MDF (excluding EPCG) guided at ~12% and plywood at 7-8% for FY26; wood prices expected to fall 5-7% in FY26, supporting margin recovery.

• Emphasis on widening distribution, increasing value-added products, and expanding plantations.