ICICI Securities's research report on Greenpanel Industries
Greenpanel Industries’ (GREENP) consol. revenue grew 17.5% YoY in Q2FY26 as MDF revenue rose 20.4% YoY and beat our expectation. Blended MDF volume grew 25.1% YoY (24.4 QoQ; 6-year CAGR of 12.5%) with a 30.5% YoY increase (on low base) in domestic volume (+26.8% QoQ; 6-year CAGR of 16.1%), reflecting the company’s focus on upping volumes, as per management’s new strategy. Reported MDF OPM fell 100bps YoY (+630bps QoQ) and appeared higher due to EPCG benefits (adj. OPM contracted 269bps YoY/636bps QoQ). Management now guides for higher teens YoY MDF volume growth and MDF OPM of higher single digit / lower double digit in FY26.
Outlook
We cut FY26E/FY27E EBITDA by 21.5%/6.8% and maintain HOLD with a rolled over unchanged Sep’26E TP of INR 266.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
