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Income Tax Department Conducts Search at Greenpanel Offices and Promoter Residence
The Income Tax Department conducted search operations at Greenpanel Industries' registered office, plant locations, and the promoter's residence between February 26 and March 2, 2026. The search spanned seven locations across Haryana, West Bengal, Uttarakhand, Andhra Pradesh, and Delhi. During the proceedings, authorities seized books of accounts, documents, and digital data for further investigation. While the company has stated it is cooperating fully, the potential financial impact or specific allegations remain unquantifiable at this stage.
Key Highlights
Search operations lasted for 5 days, from February 26 to March 2, 2026.
Proceedings covered 7 locations including major plants in Rudrapur and Tirupati.
Authorities seized physical books of accounts, documents, and digital data.
Search extended beyond corporate offices to the residence of the Promoter and an ex-employee.
The company stated that the financial impact cannot be ascertained at this point in time.
💼 Action for Investors
Investors should remain cautious as tax searches often lead to prolonged litigation or potential tax liabilities. It is advisable to wait for further clarity on the nature of the findings before making new positions.
Greenpanel Q3 FY26: MDF Volumes Surge 17% YoY; Revenue Hits INR 399 Crore
Greenpanel Industries reported a resilient Q3 FY26 with total revenue growing 11.4% YoY to INR 398.8 crore, primarily driven by a 17.1% growth in total MDF volumes. Despite competitive pricing pressures leading to a 1.4% sequential dip in domestic realizations, operating EBITDA margins improved to 11.2% due to cost optimization and lower chemical prices. The company recognized a one-off power subsidy of INR 8.5 crore and reported a PAT of INR 10.2 crore after accounting for significant non-cash FX losses. Management has maintained its full-year guidance of high teens volume growth in the MDF segment.
Key Highlights
Total MDF volume grew 17.1% YoY, with domestic MDF volumes specifically rising by 19%.
Revenue increased 11.4% YoY to INR 398.8 crore, while gross margins expanded to approximately 50%.
Operating EBITDA (excluding FX) stood at INR 44.3 crore with an 11.2% margin, aided by lower raw material costs.
Net debt reduced by INR 40 crore during the first nine months of FY26 to reach INR 163 crore.
Non-cash mark-to-market FX losses on Euro borrowings totaled INR 43 crore for the nine-month period.
💼 Action for Investors
Investors should focus on the company's ability to maintain volume growth and market share through its new Andhra Pradesh plant despite domestic pricing competition. The implementation of new QCO standards is a positive tailwind that could further restrict low-cost imports.
Greenpanel Q3FY26: Operating EBITDA Surges 150% YoY, MDF Volumes Up 17%
Greenpanel Industries reported a strong operational recovery in Q3FY26, with revenue growing 11.4% YoY to ₹398.8 crore. Operating EBITDA saw a significant jump of 150.2% YoY to ₹44.5 crore, with margins expanding to 11.2% from 5.0% in the previous year. While MDF volumes grew by 17.1%, the bottom line remains pressured by ₹43 crore in unrealized FX losses on Euro-denominated debt for the new Andhra Pradesh plant during the 9M period. The company successfully reduced its cash conversion cycle to 32 days and lowered net debt to ₹163 crore.
Key Highlights
MDF domestic volumes grew by 19% YoY, driving total MDF volume growth of 17.1% to 135,971 CBM.
Gross margins improved significantly by 670 bps YoY to reach 49.9% in Q3FY26.
Operating EBITDA margin more than doubled to 11.2% compared to 5.0% in the same quarter last year.
Net debt reduced to ₹163 crore, reflecting a reduction of approximately ₹70 crore since June 2025.
Plywood segment revenue declined by 12.6% YoY to ₹28.15 crore with a low EBITDA margin of 1.4%.
💼 Action for Investors
Investors should take note of the sharp operational turnaround in the core MDF segment and improved working capital efficiency. While currency volatility on foreign debt is a short-term drag on PAT, the strong volume growth and margin expansion suggest a positive long-term outlook.
Greenpanel Q3 FY26 Net Profit Up 20.4% YoY to ₹10.24 Cr; MDF Segment Leads Growth
Greenpanel Industries reported a 15.8% YoY increase in revenue to ₹416.27 crore for Q3 FY26, with net profit rising 20.4% to ₹10.24 crore. Despite the quarterly growth, the company posted a net loss of ₹30.50 crore for the nine-month period ending December 2025, largely due to a ₹42.91 crore foreign exchange loss on its Euro-denominated ECB loan. The MDF segment remains the core growth engine, contributing ₹388.13 crore to the top line. Additionally, the company recognized ₹62.18 crore in previously deferred government subsidies during the quarter following partial receipts.
Key Highlights
Revenue from operations increased by 15.8% YoY to ₹416.27 crore in Q3 FY26.
Net Profit for the quarter grew 20.4% YoY to ₹10.24 crore, up from ₹8.50 crore in the previous year.
MDF segment revenue grew to ₹388.13 crore, while Plywood revenue fell to ₹28.15 crore.
Nine-month performance impacted by a ₹42.91 crore foreign exchange loss due to Euro-INR volatility on ECB loans.
Recognized ₹62.18 crore in approved government subsidies for the Chittoor plant after receiving partial payment.
💼 Action for Investors
Investors should monitor the impact of currency fluctuations on the company's debt and the sustainability of MDF margins. While Q3 shows recovery, the significant nine-month loss warrants a cautious approach until forex volatility subsides.