HDFC Securities' research report on Greenpanel Industries
We like Greenpanel for its leadership positioning in the MDF segment, its large retail presence (85% in FY23), superior margin, and working capital profile. The surge in lowrealisation MDF export volume (+89% YoY) drove up the total volume by 10% YoY. Higher exports, rising timber prices and increased brand spending pulled down the MDF EBITDA margin by ~400/1300bps QoQ/YoY to 22%.
Outlook
We maintain our BUY rating with an unchanged target price of INR 430/share (12/20x its Mar’25E consolidated EBITDA/APAT).
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