Prabhudas Lilladher's research report on Greenpanel Industries
GREENP vol MDF grew by 25.1% YoY to 127KCBM with domestic MDF vol. (excluding commercial grade) increased by 30.5% YoY in Q2FY26 and margins stood at 10.7%, due to Export Promotion Capital Goods (EPCG) scheme incentives of Rs60mn (still around Rs 400mn is yet to accrued) and improvement in new plant utilisation (reached to 40%). GREENP has guided for high-teen digit volume growth in domestic MDF segment with a margin of high single to double digit in FY26.
Outlook
We cut our earnings estimate by 6.0%/3.0% for FY27/28E and Maintained ‘BUY’ rating revised TP of Rs 399 (Rs 410 earlier), based on 22x Sep’27 earnings. The management has indicated timber price to remain stable in H2FY26. We estimate revenue/EBITDA/PAT CAGR of 14.6%/45.0%/49.8% over FY25-28E with MDF volume CAGR of 16.2%.
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!
