Greenpanel Inds. Q2 FY27 Results (NSE: GREENPANEL)
Signal: Loss narrowed
The read
The recovery is real but not yet broad-based: Q2 revenue grew 3.97% YoY and EBITDA margin improved 32bps YoY to 7.35%, driven mainly by MDF's ₹3,111.00 lakh profit, but sequential margin fell 194bps from Q1 and plywood profitability declined 16.43% YoY. H1 PAT has turned positive at ₹59.32 lakh from a ₹4,074.22 lakh loss, yet operating momentum remains dependent on MDF.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹411.7 Cr | +3.97% | +17.69% |
| EBIT | ₹5.09 Cr | +149.56% | |
| Net profit | ₹-0.64 Cr | 89.60% improvement from loss | |
| EPS | ₹-0.05 | 90.00% improvement from loss | |
| EBIT margin | 7.35% |
P&L walk
Revenue increased to ₹41,170.18 lakh, +3.97% YoY and +17.69% QoQ, while EBITDA rose to ₹3,025.24 lakh, +8.65% YoY but -6.94% QoQ; lower finance cost and a smaller tax charge helped narrow the PAT loss to ₹63.60 lakh from ₹611.86 lakh.
Segments
MDF remains the earnings engine: it generated ₹37,181.65 lakh of revenue and ₹3,111.00 lakh of segment result, while plywood contributed ₹3,989.23 lakh of revenue and ₹260.60 lakh of result; MDF revenue grew 2.95% YoY but its result grew 13.84%, whereas plywood revenue grew 14.67% but result fell 16.43%.
Key positives
- MDF segment result rose 13.84% YoY to ₹3,111.00 lakh, keeping the core business profitable for a second consecutive quarter.
- EBITDA grew 8.65% YoY to ₹3,025.24 lakh versus revenue growth of 3.97%, lifting EBITDA margin 32bps YoY to 7.35%.
- Finance cost declined 39.70% YoY to ₹658.11 lakh, helping narrow the PAT loss to ₹63.60 lakh from ₹611.86 lakh.
- H1FY27 operating cash flow remained positive at ₹5,435.88 lakh despite the company reporting only ₹59.32 lakh of H1 PAT.
Key concerns
- Q2 EBITDA margin declined 194bps QoQ from 9.29% to 7.35%, indicating that the Q1 recovery did not fully carry into the second quarter.
- Plywood segment result fell 16.43% YoY to ₹260.60 lakh despite revenue growth of 14.67%, indicating weaker profitability in that product line.
- PAT remained loss-making at ₹63.60 lakh and the company's recovery remains concentrated in MDF rather than broad-based across segments.
- H1 operating cash flow declined 14.85% YoY to ₹5,435.88 lakh while inventories increased by ₹3,154.17 lakh in the cash-flow bridge.
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