India · Delayed Price · Currency is INR Greenpanel Industries Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY26 delivered 11.4% revenue growth and strong MDF volume gains, with gross margins at 50% and operating EBITDA margin at 11.2%. Cost optimization, new product launches, and stable raw material prices supported performance, while competitive pricing and subsidy recognition impacted realizations and margins.
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Q2 FY26 saw a strong operational and financial recovery, with revenue up 17.1% YoY and domestic MDF volumes up 30.5% YoY. Margins improved on cost optimization, while forex losses and high chemical costs weighed on results. Guidance remains for high-teens volume growth and stable margins.
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Q1 saw revenue and margins pressured by the discontinuation of commercial-grade MDF, FX losses, and new plant stabilization costs, but gross margin improved to 47% on lower timber prices. Guidance for volume and margin is maintained, with aggressive cost and pricing actions planned to regain market share over the next nine months.
Fiscal Year 2025
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Q4 FY25 saw a sharp drop in MDF domestic volumes and profits, offset by higher export growth and improved realizations. Margin recovery is expected in FY26, driven by new capacity, lower wood prices, and regulatory changes, with significant EPCG incentives to be recognized.
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Q3 FY25 saw a 7% year-on-year revenue decline and a 75% drop in post-tax profit, driven by higher wood costs and lower realizations. New capacity is set to come online in Q4, with FY26 targeting 8-10% volume growth and improved margins as expansion ramps up.
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Q2 FY25 saw a 4% YoY drop in domestic volumes and a 55% decline in PAT, with margins pressured by competitive pricing and higher costs. Management expects 15–18% domestic volume growth in H2, new plant ramp-up, and improved margins, while industry demand remains robust and imports decline.
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Q1 FY25 saw a 10.2% rise in domestic volumes but a 21% export drop, with EBITDA margins hit by high timber costs and intense competition. PAT fell 58% year-over-year, but management maintains 16.4% margin and 15% volume growth guidance for FY25.