Greenpanel Q2 Revenue Rises 4.6% YoY to ₹407 Cr

Q2FY27 Revenue: ₹407.3 crore, up 4.6% YoY (vs. Q2FY26: ₹389.4 crore) and up 16.4% QoQ (vs. Q1FY27: ₹349.9 crore).
1HFY27 Revenue: ₹757.2 crore, up 6.3% YoY (vs. 1HFY26: ₹712.0 crore).

Operating EBITDA (excludes FX loss on Euro borrowings and other one-offs):
Q2FY27: ₹30.4 crore, down 23.5% YoY and down 9.4% QoQ.
Operating EBITDA Margin: 7.5% in Q2FY27 (vs. 10.2% in Q2FY26 and 9.6% in Q1FY27).
1HFY27: ₹63.9 crore, up 21.2% YoY.
Operating EBITDA Margin for 1HFY27: 8.4% (vs. 7.4% in 1HFY26).
Reported EBITDA (includes exceptions):
Q2FY27: ₹30.3 crore, up 8.7% YoY and down 6.9% QoQ.
Reported EBITDA Margin: 7.4% in Q2FY27.
1HFY27: ₹62.8 crore, up 306.8% YoY.
Reported EBITDA Margin for 1HFY27: 8.3%.
Reported PBT: Q2FY27: ₹-1.5 crore (vs. ₹-8.9 crore in Q2FY26 and ₹2.1 crore in Q1FY27). 1HFY27: ₹0.6 crore (vs. ₹-56.3 crore in 1HFY26).
Reported PAT: Q2FY27: ₹-0.6 crore (vs. ₹-6.1 crore in Q2FY26 and ₹1.2 crore in Q1FY27). 1HFY27: ₹0.6 crore (vs. ₹-40.7 crore in 1HFY26).

Raw Material Cost: Q2FY27: ₹210.9 crore (51.8% of revenue), up 3.6% YoY and 27.5% QoQ.
Gross Margin: Q2FY27: ₹196.4 crore (48.2% of revenue), up 5.7% YoY and 6.4% QoQ.
Other Expenses: Q2FY27: ₹172.9 crore, up 11.1% YoY and 12.7% QoQ.
Other Income: Q2FY27: ₹6.9 crore (includes EPCG income of ₹4 crore), down 28.1% YoY and up 179.8% QoQ.

The company is focused on expanding sales volumes and market share, with improving month-on-month trends in Q2FY27.
Pre-festive indicators are stated to augur well for future performance.
The annual connect with over 150 channel partners was conducted to strengthen distribution.
Segment-wise Volume Growth: Retail segment volume growth sustained at 19% during 1HFY27.
OEM segment is seeing volume recovery month-on-month due to pricing re-alignment.
Exports order pipeline resumed healthily; orders as of October 1, 2026, exceeded total Q2FY27 export sales.
Industry Outlook: Domestic MDF demand is expected to sustain a 15–17% CAGR. The implementation of the Furniture (Quality Control) Order, 2025 is expected to support wood panel demand growth.
Moderating industry capacity additions and higher import costs are expected to improve industry balance.

Greenpanel is stated to be the largest MDF manufacturing entity in India.
Total existing MDF capacity: 2,16,000 CBM across facilities in Rudrapur, Uttarakhand and Tirupati, Andhra Pradesh.
Expanded MDF capacity: 6,75,000 CBM.
The company has added thin MDF manufacturing capability for emerging applications.
The third production line at the Andhra Pradesh facility has commenced operations.
Plywood capacity: 9 million square meters.
The company achieved its highest ever retail sales during Q2FY27.

| Item | Sep-25 | Mar-26 | Sep-26 |

| Equity Share Capital | 12.3 | 12.3 | 12.3 |

| Other Equity | 1,332.2 | 1,343.6 | 1,338.0 |

| Net Worth | 1,344.4 | 1,355.9 | 1,350.3 |

| Borrowings | 396.8 | 352.6 | 316.3 |

| Trade Payables | 123.6 | 117.8 | 167.5 |

| Total Liabilities | 2,101.0 | 2,046.9 | 2,050.5 |

| Property, Plant & Equipment | 1,505.8 | 1,417.0 | 1,381.9 |

| Inventories | 159.5 | 189.3 | 220.8 |

| Trade Receivables | 89.9 | 88.3 | 110.2 |

| Cash & Cash Equivalents* | 224.0 | 196.9 | 183.3 |

| Total Assets | 2,101.0 | 2,046.9 | 2,050.5 |

*Includes Fixed Deposits.

Net debt stood at ₹133 crore as of September 2026, reduced from ₹156 crore at March 31, 2026, and ₹173 crore at September 30, 2025.
Working capital cycle reduced by 5 days compared to June 2026.
Credit ratings for working capital facilities were reaffirmed at A+ by ICRA and CARE during Q2FY27.
Leverage and available liquidity are stated to be comfortable to support growth.

Brand Presence: Strengthened through national television outreach and a tactical presence during the live broadcast of the Prime Minister's Independence Day address on August 15, 2026.
Trade Engagement: Showcased products at Bharat Buildcon 2026 exhibition. Conducted the 'Privilege Club' tour for over 180 partners to Hong Kong and Macau.
Anthem Launch: Launched the company anthem "Hum Hai Greenpanel".
Market Visibility: Expanded through 3,500+ dealer brandings, 300+ in-shop brandings, 250,000 sq. ft. of wall paintings, 100+ wall wraps, 15+ hoardings, and 200+ carpenter & contractor meets.
Partnerships: Partnered with RVR Delhi Blue Bulls for the IGPL 2026 through a 'Birdies for Trees' CSR initiative.
Digital Presence: Grew followers on social media platforms (Instagram: 18.6K+, LinkedIn: 29.2K+, Facebook: 49K+).
Media Coverage: Generated organic media coverage with a total reach of 17.93 crore and 11.5 crore for specific initiatives.
CSR: Efforts focused on improving healthcare infrastructure and promoting health awareness in villages.
Awards: Recognized as one of the 'Most Trusted Brands 2026–27' by Team Marksmen Daily and featured among the 'Top 10 Wooden Flooring Brands' by Silicon Homes Magazine.

Company Address: DLF Downtown, Block 3, 1st Floor, DLF Phase III, Sector 25A, Gurugram 122002, Haryana
Contact: +91-124-4784600
Investor Relations Contact: Mr. Gavin Desa from CDR India (+91-22-6645 1237; gavin@cdr-india.com)