Greenpanel Industries Limited (GREENPANEL)

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Greenpanel Industries Limited (GREENPANEL) · mywealthgrid

About

Greenpanel Industries manufactures plywood boards and laminates for the Indian housing and furniture markets within the Consumer Discretionary sector. With a market cap of ₹2,139.86 Cr, it operates as a mid-cap player in consumer durables. The company has faced recent challenges, reflected in a -35.18% one-year return and volatile recent earnings.

Face value: ₹1

Market cap

₹1,944 Cr

P/E

13.6×

P/B

1.5×

Dividend yield

0.3%

ROE

11.4%

ROCE

12.4%

Debt / equity

0.2

OPM

15.7%

EPS (TTM)

₹11.6

Book value

₹107.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Net profit swung from -₹34.62 Cr (Jun 2025) to +₹29.39 Cr (Mar 2025), with margins ranging -4.82% to +12.8%; verify root cause and whether this reflects demand destruction, cost shocks, or execution issues.
Revenue declining quarter-to-quarter: ₹349.81 Cr (Jun 2026) vs ₹398.93 Cr (Mar 2026); verify if seasonal, cyclical, or market-share loss.
Operating margins thin and volatile in recent quarters (Jun 2026: 8.54%, Mar 2026: 7.51%), leaving minimal cushion for input cost inflation or price pressure; verify competitive pricing power.
FII holding extremely low at 0.94% vs DII at 28.49%; verify whether institutional absence reflects sector skepticism or company-specific concerns.

Generated analysis · source review pending

Growth drivers

Operating margin improved from -4.82% (Jun 2025) to 8.54% (Jun 2026), suggesting operational stabilization; verify if recovery is durable or cyclical bounce.
EPS returned to positive (Jun 2026: 0.1, Mar 2026: 0.11) after losses of -2.82 (Jun 2025) and -0.5 (Sep 2025); verify profit recovery trajectory and sustainability.
Low financial leverage (D/E 0.2) provides headroom for capex or downturn resilience; verify if management plans capacity expansion or modernization.
Consistent dividend history (six payouts since Feb 2022) shows cash generation despite recent volatility; verify dividend sustainability as a marker of normalized profitability.

Generated analysis · source review pending

1,714 historical price candles were omitted because the exchange source has not been verified.

₹158.6-0.3%1Y

Quick read

rule-based

Pros

+Strong return on equity of 39.6% (3-yr avg)
+Profit CAGR of 32.8% over the last 5 years
+Revenue CAGR of 21.2% over the last 5 years
+Comfortable interest coverage of 15.9×

Cons

−Low dividend payout of 4.3% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

60/100

Business quality: 55
Growth: 38
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	599	877	1,021	1,625	1,783	1,567
COGS	255	392	463	671	746	691
Gross profit	344	485	558	954	1,037	877
	266	347	355	524	621	630
	77	138	203	430	417	246
OPM %	12.9%	15.7%	19.9%	26.5%	23.4%	15.7%
Depreciation	53	69	69	73	72	73
Interest	25	48	37	17	19	12
	24	-9	3	9	25	22
Profit before tax	12	12	101	349	351	183
Tax	-22	-3	32	108	94	40
Tax %	-179.2%	-23.5%	31.9%	31.1%	26.9%	22.1%
	35	14	69	240	257	143
PAT margin %	5.8%	1.7%	6.7%	14.8%	14.4%	9.1%
EPS (₹)	2.8	1.2	5.6	19.6	20.9	11.6
EPS adjusted (₹)	2.8	85.1	5.6	19.6	20.9	11.6
	0%	0%	0%	7.6%	7.2%	12.9%
Annual report	—	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity capital	12	0	12	12	12	12
Reserves	633	649	718	—	1,182	1,305
Minority interest	—	12	—	—	—	0
	505	508	372	—	190	268
	307	296	353	—	320	306
Total equity & liabilities	1,458	1,466	1,455	—	1,705	1,891
	1,138	1,082	1,074	1,038	992	982
CWIP	4	6	4	—	5	313
Investments	—	—	0	—	0	98
	317	378	377	—	708	498
Total assets	1,458	1,466	1,455	—	1,705	1,891

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	17	100	155	366	337	135
	-105	-22	-11	-136	-248	-158
	102	-86	-142	-185	-134	50
Net cash flow	14	-8	2	44	-44	27
Free cash flow	-88	74	134	331	257	-212
CFO / Operating profit %	21.9%	72.4%	76%	85%	81%	54.8%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2024 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Medium density fibreboards and allied products	1,405.01	304.49	—	405.97
Plywood and allied products	162.24	6.26	—	11.61

SegmentFigure

Medium density fibreboards and allied products · revenue

₹ crore by fiscal year

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Margins
Gross margin %	57.4%	55.3%	54.7%	58.7%	58.2%	55.9%
EBITDA margin %	12.9%	15.7%	19.9%	26.5%	23.4%	15.7%
EBIT margin %	4.1%	7.8%	13.2%	22%	19.3%	11.1%
PAT margin %	5.8%	1.7%	6.7%	14.8%	14.4%	9.1%
Working capital
Receivable days	28	29	28	—	9	7
Inventory days	192	143	118	—	75	107
Payable days	117	112	102	—	54	58
NWC days	103	60	43	—	29	55
Leverage
Current ratio	1.05	1.07	1.24	—	2.71	2.59
Debt to EBITDA	6.53	3.69	1.83	—	0.46	1.09
Debt to equity	0.78	0.78	0.51	—	0.16	0.2
Interest coverage	1.5	1.5	3.7	21.4	19.1	15.9
Asset turnover	0.41	0.6	0.7	—	1.05	0.83
Return ratios
Return on assets %	2.4%	1%	4.7%	—	15%	7.5%
Return on capital employed %	3.1%	6%	11.8%	—	24.7%	12.4%
Return on equity %	5.4%	2.2%	9.4%	—	21.5%	10.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	53.13%	53.13%	53.13%	53.13%	53.13%	53.13%	53.13%	53.13%	53.13%	53.13%	53.13%	53.26%
	4.41%	3.22%	3%	2.13%	2.7%	3%	2.93%	1.65%	1.36%	1.09%	1.07%	0.94%
	22.84%	24.53%	25.84%	26.81%	27.71%	28.46%	28.62%	28.77%	29.63%	28.45%	28.39%	28.49%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	19.62%	19.12%	18.03%	17.93%	16.46%	15.41%	15.32%	16.45%	15.88%	17.33%	17.41%	17.31%
No. of shareholders	—	—	—	—	—	—	—	—	93,762	91,305	88,249	86,784

Promoter holding up 0.13 percentage points since Sep 2023.

2 disclosures

Person	Deal	Shares	Value	Holding	Filed
Himanshu JindalKey Managerial Personnel	BuyMarket Purchase	4,350	₹11.74 L	0.00% → 0.01%	5 Sept 20257(2)
Himanshu JindalKey Managerial Personnel	BuyMarket Purchase	4,200	₹11.44 L

7 deals · 28 Dec 2023 – 11 Sept 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
11 Sept 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	11,20,206	₹310.93	₹34.83 Cr
11 Sept 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	11,20,206	₹311.41	₹34.88 Cr
11 Sept 2025	MUSIGMA SECURITIES	Bulk	NSE	Sell	7,48,403	₹314.52	₹23.54 Cr
11 Sept 2025	MUSIGMA SECURITIES	Bulk	NSE	Buy	7,45,585	₹314.33	₹23.44 Cr
23 Jul 2025	BUOYANT CAPITAL PRIVATE LIMITED	Bulk	NSE	Sell	6,27,662	₹298.70	₹18.75 Cr
28 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	8,84,348	₹429.29	₹37.96 Cr
28 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	8,84,348	₹429.37	₹37.97 Cr

1–7 of 7

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Shiv Prakash MittalExecutive Director-Chairperson related to Promoter
Mr. Shobhan MittalExecutive Director-CEO-MD
Mr. Salil Kumar BhandariNon-Executive - Independent Director
Mr. Mahesh Kumar JiwrajkaNon-Executive - Independent Director
Mr. Arun Kumar SarafNon-Executive - Independent Director
Ms. Shivpriya NandaNon-Executive - Independent Director
Mr. Himanshu JindalChief Financial Officer
Mr. Lawkush PrasadCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 6 fund houses

Held by these funds

11.81%

of the company's equity

All mutual funds

24.91%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

8 schemes · 6 fund houses

		Shares
Flexi Cap FundNEW	ICICI Prudential Mutual Fund	43.71 L	68.44	0.26%	3.565%	—
Franklin India Small Cap Fund (Formerly known as Franklin India Smaller Companies Fund) ^	Franklin Templeton Mutual Fund	35.08 L	54.93	0.37%	2.861%	-0
Portfolio of Kotak Consumption Fund	Kotak Mahindra Mutual Fund	24.32 L	38.08	2.2%	1.984%	-0
Portfolio of Kotak Infrastructure & Economic Reform FundNEW	Kotak Mahindra Mutual Fund	18 L	28.18	1.13%	1.468%	—
FLEXI CAP FUND	Tata Mutual Fund	12.17 L	19.05	0.52%	0.993%	-0
VALUE FUND	Nippon India Mutual Fund	8.33 L	13.05	0.14%	0.68%	-0
MULTICAP FUND	Tata Mutual Fund	3.21 L	5.03	0.14%	0.262%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	171	0	0%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Aug 2026Transcript AI Summary PPT REC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

5

Final dividend31 Jul 2026 · ex-date₹0.5
Interim dividend18 Feb 2025 · ex-date₹0.3
Interim dividend9 Feb 2024 · ex-date₹1.5
Interim dividend9 Feb 2023 · ex-date₹1.5
Interim dividend3 Feb 2022 · ex-date₹1.5

1

Board meeting to consider results8 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

72 announcementsExport CSV

28 Sept 2026, 6:04 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

4 Sept 2026, 10:31 amInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

21 Aug 2026, 2:36 pmCompany Update

Announcement under Regulation 30 (LODR)-Credit Rating

Credit Rating PDF

15 Aug 2026, 11:01 amCompany Update

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

Earnings Call Transcript PDF

11 Aug 2026, 6:12 pmCompany Update

Promoter Reclassification Request With The BSE Ltd.

General PDF

11 Aug 2026, 6:09 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

Analyst / Investor Meet PDF

10 Aug 2026, 6:03 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

8 Aug 2026, 2:47 pmResult

Result For The Quarter Ended June 2026.

Financial Results PDF

Date	Category	Subject	Filing
28 Sept 2026, 6:04 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
4 Sept 2026, 10:31 am	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Margins
Gross margin %	57.4%	55.3%	54.7%	58.7%	58.2%	55.9%
EBITDA margin %	12.9%	15.7%	19.9%	26.5%	23.4%	15.7%
EBIT margin %	4.1%	7.8%	13.2%	22%	19.3%	11.1%
PAT margin %	5.8%	1.7%	6.7%	14.8%	14.4%	9.1%
Working capital
Receivable days	28	29	28	—	9	7
Inventory days	192	143	118	—	75	107
Payable days	117	112	102	—	54	58
NWC days	103	60	43	—	29	55
Leverage
Current ratio	1.05	1.07	1.24	—	2.71	2.59
Debt to EBITDA	6.53	3.69	1.83	—	0.46	1.09
Debt to equity	0.78	0.78	0.51	—	0.16	0.2
Interest coverage	1.5	1.5	3.7	21.4	19.1	15.9
Asset turnover	0.41	0.6	0.7	—	1.05	0.83
Return ratios
Return on assets %	2.4%	1%	4.7%	—	15%	7.5%
Return on capital employed %	3.1%	6%	11.8%	—	24.7%	12.4%
Return on equity %	5.4%	2.2%	9.4%	—	21.5%	10.8%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Century Plyboards (India) LimitedCENTURYPLYCENTURYPLY	₹14,809 Cr	₹16,439 Cr	₹5,789 Cr	₹720 Cr	12.1%	₹291 Cr	5%	15.4%	10.6%	131
Greenlam Industries LimitedGREENLAMGREENLAM	₹5,449 Cr	₹6,496 Cr	₹3,169 Cr	₹361 Cr	10.7%	₹93 Cr	1.8%	9.7%	4.9%	92
Stylam Industries LimitedSTYLAMINDSTYLAMIND	₹5,442 Cr	₹5,471 Cr	₹1,173 Cr	₹237 Cr	19.5%	₹170 Cr	13.3%	27.6%	20.5%	150
Greenply Industries LimitedGREENPLYGREENPLY	₹3,793 Cr	₹4,282 Cr	₹2,863 Cr	₹287 Cr	9.9%	₹99 Cr	3.3%	18%	10.5%	35
Greenpanel Industries LimitedGREENPANELGREENPANEL	₹1,944 Cr	₹2,212 Cr	₹1,567 Cr	₹246 Cr	15.7%	₹143 Cr	9.1%	12.4%	11.4%	55
Rushil Decor LimitedRUSHILRUSHIL	₹467 Cr	₹726 Cr	₹912 Cr	₹90 Cr	8.1%	₹23 Cr	0.7%	4.9%	1%	-124
Archidply Industries LimitedARCHIDPLYARCHIDPLY	₹203 Cr	₹382 Cr	₹712 Cr	₹48 Cr	6.3%	₹13 Cr	1.2%	17%	7.4%	93
Ecoboard Industries LtdECOBOARECOBOAR	₹156 Cr	₹163 Cr	₹15 Cr	₹-1 Cr	-38.9%	₹11 Cr	-42.2%	-67.2%	-44.7%	119
Duroply Industries LtdDUROPLYDUROPLY	₹105 Cr	₹170 Cr	₹181 Cr	₹-2 Cr	5.2%	₹-2 Cr	0.7%	9.5%	2.1%	115
Archidply Decor LimitedADLADL	₹41 Cr	₹58 Cr	₹46 Cr	₹2 Cr	4.3%	₹-0 Cr	0%	3.6%	0%	417
Adhata Global LtdADHHATAADHHATA	₹10 Cr	₹10 Cr	₹17 Cr	₹2 Cr	-43.3%	₹2 Cr	-49.5%	-48.5%	-79.6%	408

Greenpanel Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Segment results

Medium density fibreboards and allied products · revenue

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends5

Board meetings1

Announcements

Not in the F&O segment

Ratio timeline

Dividends5

Board meetings1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Segment results

Medium density fibreboards and allied products · revenue

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

5

1

5

1