Greenpanel Industries Limited held a conference call on January 30, 2026, to discuss its unaudited financial results for the quarter and nine months ended December 31, 2025. During Q3 FY26, the company's domestic MDF volumes grew by 19% year-on-year, and export volumes increased by 8.3% year-on-year, leading to a total MDF volume growth of 17.1%. Despite a sequential decline in domestic realization by 1.4% due to discounting pressures, overall revenues for the quarter grew by 11.4% year-on-year to ₹398.8 crore. The company reported improved gross margins and operating EBITDA margins both year-on-year and sequentially. The management reiterated the full-year guidance for FY26, targeting high single-digit to early double-digit growth in MDF volumes and operating EBITDA, excluding FX and one-offs. The company also launched a new boiling waterproof MDF product and is focusing on channel engagement and sales/marketing investments for sustainable volume growth over the next 3-5 years. The Plywood business is undergoing review for potential scaling up. The company recognized ₹8.5 crore of power subsidy in its operating income for the quarter. The net-debt stood at ₹163 crore, with a core cash conversion cycle maintained at 32 days. Regarding raw materials, timber prices showed some volatility due to winter conditions but are now seeing a reduction. Chemical prices have also stabilized after a spike in Q2. The company's gross margins reached approximately 50%, supported by cost optimization measures. The MDF EBITDA margin for Q3 FY26 was 11.9% (excluding one-offs), and for Plywood was 1.4%. The company anticipates sustainable MDF EBITDA margins of up to 20% with proper utilization and product mix.
