Greenpanel Industries Limited — Investor Meet, 23-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Greenpanel’s Q4 sales declined as it exited commercial-grade MDF ahead of new norms, causing domestic MDF volumes to drop 25% YoY, while exports rose 34%. Domestic MDF prices gained 7.4%, driven by a higher value-added mix. EBITDA margins improved QoQ to 16.3% with EPCG incentives; plywood volumes fell 12%, but margins improved due to provision write-back. FY'25 PAT fell 49% to Rs. 72.11 Cr due to higher wood costs and lower realizations. New thin MDF capacity began, targeting 72,000 CBM with 35% utilization next year, expected to boost volumes ~30%. Management anticipates margin improvement with better capacity use and lower timber costs. Domestic market looks favorable with reduced imports and regulatory shifts supporting demand. Export margins remain slim but may improve. Capex guidance for FY'26 is Rs. 30-35 Cr mainly for expansions.