Greenpanel Industries (GREENP IN) – Q3FY26 Result Update – Robust volume growth: margins recovered – BUY
Published on 30 Jan 2026
GREENP vol MDF grew by 17.1% YoY to 136KCBM, MDF domestic realization impacted due to higher discounts offered and margins stood at 11.9%, due to Export Promotion Capital Goods (EPCG) scheme incentives of Rs80mn and still around Rs 320mn is yet to accrued. GREENP has maintained its guidance of high-teen digit volume growth in MDF segment with a margin of high single-low double digit in FY26. We cut our earnings estimate by 8.1%/7.0% for FY27/28E and Maintained ‘BUY’ rating revised TP of Rs 369 (Rs 400 earlier), based on 20x Mar’28 earnings. We estimate revenue/EBITDA/PAT CAGR of 15.2%/44.5%/46.4% over FY25-28E with MDF volume CAGR of 16.4%.
