Greenpanel domestic MDF volumes fall 8.5% in Q1

Greenpanel Industries reported domestic MDF volume degrowth of 8.5% year-on-year in Q1 FY'26, largely due to discontinuing 37,000 cubic meters of commercial-grade MDF sales after BIS QCO implementation. Excluding this impact, domestic sales grew 47% on a like-for-like basis.

Consolidated gross margins hit 47% with operating EBITDA at 4% of revenues. Exports declined 40% year-on-year. The new thin panel plant faced initial stabilization issues impacting margins but is expected to normalize from Q2.