GREENPANEL

Greenpanel Industries Limited

Medium-density fibreboard and plywood manufacturer

Consumer Discretionary›Consumer Durables›Consumer Durables›Plywood Boards/ Laminates

greenpanel.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹142.95
Market cap
1,753 Cr
Stock P/E
260.7
P/B
1.29
Dividend yield
0.2%
ROE (FY24)
10.8%
ROCE (FY24)
12.3%
Operating margin (FY24)
11.1%
Debt / equity (FY24)
0.20
OCF / EBITDA (FY26)
139.4%
OCF / EBITDA (3Y)
70.7%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Greenpanel makes medium density fibreboard (MDF) and plywood, which it sells in India to retail buyers and furniture makers (original equipment manufacturers, or OEMs), and exports.

Company snapshot

6thBy market cap

Ranked among 11 companies in Plywood Boards/ Laminates.

Segment mix

Reportable segments as of 2024-12-31 (Standalone). Revenue share = segment revenue ÷ total revenue.

Largest segment: 91.0% of revenue

SegmentRevenue shareRevenuePBTAssets
Medium density fibreboards and allied products
91.0%
327 Cr29 Cr1,656 Cr
Plywood and allied products
9.0%
32 Cr2 Cr61 Cr

What we see

Positives
  • ✓Debt-to-equity of 0.20x — the company is largely funded by its own money, not borrowed funds.
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Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales399 Cr386 Cr397 Cr365 Cr337 Cr359 Cr375 Cr328 Cr396 Cr416 Cr399 Cr350 Cr
Operating expenses (approx.)330 Cr326 Cr345 Cr329 Cr307 Cr342 Cr327 Cr344 Cr371 Cr375 Cr369 Cr320 Cr
EBITDA69 Cr60 Cr52 Cr36 Cr30 Cr17 Cr48 Cr-16 Cr25 Cr41 Cr30 Cr30 Cr
OPM %17.3%15.6%13.0%9.9%8.9%4.8%12.8%-4.8%6.3%9.8%7.5%8.5%
Other income7 Cr1 Cr7 Cr5 Cr6 Cr7 Cr4 Cr3 Cr3 Cr3 Cr5 Cr3 Cr
Interest2 Cr6 Cr0.17 Cr0.23 Cr3 Cr-0.70 Cr2 Cr10 Cr11 Cr7 Cr9 Cr6 Cr
Depreciation18 Cr18 Cr18 Cr19 Cr19 Cr19 Cr20 Cr25 Cr26 Cr25 Cr25 Cr25 Cr
Profit before tax55 Cr38 Cr40 Cr21 Cr13 Cr5 Cr30 Cr-47 Cr-9 Cr11 Cr1 Cr2 Cr
Tax %26.2%27.5%26.0%26.5%-38.1%-63.3%1.1%26.9%31.0%10.6%-30.0%42.3%
Net profit41 Cr28 Cr30 Cr16 Cr19 Cr9 Cr29 Cr-35 Cr-6 Cr10 Cr1 Cr1 Cr
EPS (₹)₹3.32₹2.26₹2.43₹1.28₹1.51₹0.69₹2.40₹-2.82₹-0.50₹0.83₹0.11₹0.10

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales587 Cr860 Cr1,020 Cr1,624 Cr1,783 Cr1,567 Cr1,436 Cr1,539 CrSign in free for the trailing twelve months
Operating expenses (approx.)504 Cr724 Cr815 Cr1,206 Cr1,372 Cr1,321 Cr1,305 Cr1,460 CrSign in free for the trailing twelve months
EBITDA83 Cr135 Cr205 Cr418 Cr411 Cr247 Cr131 Cr80 CrSign in free for the trailing twelve months
OPM %14.2%15.7%20.1%25.7%23.0%15.7%9.1%5.2%Sign in free for the trailing twelve months
Other income13 Cr2 Cr3 Cr8 Cr18 Cr21 Cr23 Cr15 CrSign in free for the trailing twelve months
Interest24 Cr48 Cr35 Cr16 Cr19 Cr12 Cr7 Cr37 CrSign in free for the trailing twelve months
Depreciation50 Cr65 Cr64 Cr68 Cr69 Cr73 Cr77 Cr101 CrSign in free for the trailing twelve months
Profit before tax22 Cr13 Cr108 Cr342 Cr317 Cr183 Cr70 Cr-44 CrSign in free for the trailing twelve months
Tax %-101.2%-20.4%29.7%31.7%27.4%26.3%-3.5%33.4%Sign in free for the trailing twelve months
Net profit44 Cr16 Cr76 Cr233 Cr230 Cr135 Cr72 Cr-29 CrSign in free for the trailing twelve months
EPS (₹)₹3.60₹1.32₹6.21₹19.03₹18.75₹11.03₹5.88₹-2.38Sign in free for the trailing twelve months
Dividend payout %——0.0%7.9%8.0%13.6%5.1%—Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital—12 Cr12 Cr12 Cr12 Cr12 Cr12 Cr12 Cr
Reserves680 Cr685 Cr761 Cr975 Cr1,189 Cr1,305 Cr1,373 Cr1,344 Cr
Borrowings499 Cr504 Cr372 Cr282 Cr190 Cr268 Cr390 Cr353 Cr
Other liabilities305 Cr292 Cr329 Cr295 Cr313 Cr306 Cr361 Cr338 Cr
Total liabilities1,485 Cr1,493 Cr1,475 Cr1,564 Cr1,705 Cr1,891 Cr2,136 Cr2,047 Cr
Fixed assets (net)1,117 Cr1,087 Cr1,043 Cr1,009 Cr991 Cr982 Cr1,558 Cr1,424 Cr
CWIP4 Cr6 Cr4 Cr0 Cr5 Cr313 Cr11 Cr20 Cr
Investments47 Cr52 Cr52 Cr52 Cr22 Cr98 Cr121 Cr0 Cr
Loans & advances—0.97 Cr0.77 Cr0.72 Cr0.50 Cr0.53 Cr0.81 Cr0.65 Cr
Inventories131 Cr154 Cr149 Cr166 Cr153 Cr202 Cr199 Cr189 Cr
Trade receivables52 Cr71 Cr78 Cr41 Cr44 Cr29 Cr42 Cr88 Cr
Cash & bank18 Cr9 Cr13 Cr56 Cr11 Cr40 Cr34 Cr46 Cr
Other assets116 Cr112 Cr136 Cr239 Cr478 Cr227 Cr171 Cr278 Cr
Total assets1,485 Cr1,493 Cr1,475 Cr1,564 Cr1,705 Cr1,891 Cr2,136 Cr2,047 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity27 Cr101 Cr151 Cr360 Cr339 Cr135 Cr78 Cr111 Cr
Cash from investing-117 Cr-28 Cr-17 Cr-137 Cr-254 Cr-156 Cr-166 Cr17 Cr
Cash from financing105 Cr-82 Cr-131 Cr-180 Cr-131 Cr50 Cr82 Cr-115 Cr
Net cash flow14 Cr-9 Cr3 Cr43 Cr-45 Cr29 Cr-6 Cr12 Cr
Free cash flow (OCF − Capex)-78 Cr76 Cr131 Cr326 Cr251 Cr-213 Cr-114 Cr71 Cr

Ratios

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
ROCE %3.2%5.1%12.5%29.7%26.7%12.3%
ROE %5.4%2.2%9.4%25.3%21.5%10.8%
Debtor days282928997
Inventory days1691451289175104
Days payable103113111765557
Cash conversion cycle946145253055
OCF / EBITDA %21.9%72.5%76.0%84.9%81.0%54.7%
OCF / EBITDA % (3 years)——64.9%80.4%81.7%76.6%
Debt / equity0.780.770.510.300.160.20
Current ratio1.051.071.241.562.712.59
Net debt / EBITDA6.283.601.770.520.430.92