Greenpanel bounces back in Q2 FY26 with volume growth

Greenpanel Industries Limited recorded a consolidated revenue of ₹389.4 crore for Q2 FY26, marking a 17.1% year-on-year and 20.7% sequential growth. Operational EBITDA, excluding currency movements and one-offs, reached ₹39.7 crore, or 10.2% of revenues. The company's domestic MDF volumes grew by 30.5% year-on-year and 26.8% sequentially, with export volumes remaining flat. Overall realization was lower by 4% year-on-year, primarily due to changes in product mix and increased OEM sales.

The company's net debt reduced by ₹60 crore from June 30, reaching ₹173 crore, with the actual reduction being ₹71 crore after excluding non-cash FX changes. Inventory days decreased by 17 days, contributing to a significant cash release from working capital. Greenpanel expects domestic MDF volumes to grow in the high teens for the full year FY26, with operating EBITDA projected to be in the high single-digit to early double-digit range. MDF imports slowed significantly to less than 1,000 cubic meters in Q2 FY26, down from 20,000 cubic meters per month in the latter half of the previous fiscal year.