Greenpanel Inds. Q1 FY27 Results (NSE: GREENPANEL)

8 Aug 2026 · Analysis by Alpha Inflection

Signal: Loss reversed

The read

The key inflection is operational recovery rather than durable earnings normalization: revenue grew 6.59% YoY and EBITDA margin recovered to 9.29% from -3.78% as MDF returned to profit, but PAT was only ₹122.52 lakh versus ₹3,462.36 lakh loss YoY and remains well below the ₹3,000-4,100 lakh quarterly PAT range reported through FY24.

P&L walk

Revenue increased to ₹34,981.09 lakh, +6.59% YoY but -12.31% QoQ; gross margin expanded to 52.73% from 47.88% YoY as inventory-adjusted material cost fell to 47.27% of revenue, while MDF segment profit recovered to ₹3,630.00 lakh and drove EBITDA margin to 9.29% from -3.78% YoY.

Segments

MDF drove the recovery: revenue rose 6.71% YoY to ₹31,664.02 lakh and segment result turned positive at ₹3,630.00 lakh from a ₹1,132.14 lakh loss, while plywood result fell 9.54% to ₹172.46 lakh.

Key positives

• Revenue increased 6.59% YoY to ₹34,981.09 lakh, with MDF revenue up 6.71% to ₹31,664.02 lakh.
• MDF segment result turned positive at ₹3,630.00 lakh from a ₹1,132.14 lakh loss YoY, the principal driver of the group-level recovery.
• Gross margin expanded 485bps YoY to 52.73% as inventory-adjusted material cost declined to 47.27% of revenue from 52.12%; the filing does not disclose whether this is sustainable.
• Finance costs declined 41.28% YoY to ₹558.24 lakh, reducing pressure below the operating line.

Key concerns

• PAT was only ₹122.52 lakh and declined 10.82% QoQ despite EBITDA margin improving to 9.29%, showing weak conversion from operating recovery to bottom-line earnings.
• Revenue declined 12.31% QoQ to ₹34,981.09 lakh, while plywood segment result fell 61.20% QoQ to ₹172.46 lakh.
• Employee expense increased 8.99% YoY to ₹4,043.45 lakh and reached 11.56% of revenue, so the margin recovery cannot be characterized as operating leverage.

View original filing

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