Greenpanel FY26 Net Loss ₹29 Cr; Forex Losses Hit Profit
Greenpanel Industries reported a net loss of ₹2,912.78 lakhs for FY26, a sharp turnaround from the previous year's profit, primarily due to foreign exchange losses of ₹4,906.33 lakhs on Euro-denominated borrowings. Q4FY26 net profit slumped 95.33% year-on-year to ₹137.38 lakhs, even as revenue from operations increased to ₹39,892.90 lakhs. Management noted a transformational year with volume growth but cited geopolitical uncertainties impacting costs and exports for FY27, while announcing a 15% price hike. The Board recommended a final dividend of ₹0.50 per share.
*this image is generated using AI for illustrative purposes only.
Greenpanel Industries has released its audited financial results for the quarter and year ended March 31, 2026, approved by the Board of Directors at their meeting held on May 15, 2026. The company reported a significant decline in profitability for Q4FY26, with net profit falling by 95.33% year-on-year to ₹137.38 lakhs, compared to ₹2,938.59 lakhs in the same quarter of the previous year. Revenue from operations for the quarter rose to ₹39,892.90 lakhs from ₹37,450.51 lakhs in Q4FY25. The statutory audit was conducted by M/s. S.S. Kothari Mehta & Co. LLP, Chartered Accountants, who issued an unmodified opinion on the financial results.
Q4FY26 Financial Performance
The sharp decline in bottom-line performance was primarily attributed to currency losses on Euro-denominated borrowings for the new MDF plant and higher depreciation expenses. Total foreign exchange fluctuation losses on long-term borrowings for the MDF Plant at Andhra Pradesh amounted to ₹615.21 lakhs in Q4FY26, comprising ₹147.37 lakhs classified under other expenses and ₹467.84 lakhs under finance costs. Finance costs for the quarter surged to ₹886.22 lakhs from ₹235.69 lakhs in Q4FY25, while depreciation and amortisation expense rose to ₹2,462.66 lakhs from ₹1,978.38 lakhs in the year-ago period.
The following table summarises the key financial metrics for Q4FY26:
| Metric: | Q4FY26 (₹ in Lakhs) | Q4FY25 (₹ in Lakhs) | Q3FY26 (₹ in Lakhs) |
|---|---|---|---|
| Revenue from Operations: | 39,892.90 | 37,450.51 | 41,627.22 |
| Total Income: | 40,351.43 | 37,840.13 | 41,970.10 |
| Total Expenses: | 40,245.78 | 34,869.55 | 40,824.89 |
| Profit Before Tax: | 105.65 | 2,970.58 | 1,145.21 |
| Net Profit After Tax: | 137.38 | 2,938.59 | 1,024.06 |
| EPS (Basic & Diluted) (₹): | 0.11 | 2.40 | 0.83 |
Annual Performance — FY26
For the full year ended March 31, 2026, Greenpanel Industries reported a net loss of ₹2,912.78 lakhs compared to a net profit of ₹7,210.89 lakhs in the previous year. Total revenue from operations for FY26 rose to ₹1,53,936.87 lakhs from ₹1,43,576.86 lakhs in FY25. Total comprehensive income for FY26 stood at a loss of ₹2,928.36 lakhs against a gain of ₹7,171.37 lakhs in FY25. The cumulative foreign exchange fluctuation loss on long-term borrowings for the MDF Plant at Andhra Pradesh for the full year amounted to ₹4,906.33 lakhs, compared to ₹628.06 lakhs in FY25.
| Metric: | FY26 (₹ in Lakhs) | FY25 (₹ in Lakhs) |
|---|---|---|
| Revenue from Operations: | 1,53,936.87 | 1,43,576.86 |
| Other Income: | 1,450.21 | 2,256.87 |
| Total Income: | 1,55,387.08 | 1,45,833.73 |
| Finance Costs: | 3,670.82 | 667.08 |
| Depreciation & Amortisation: | 10,129.27 | 7,742.00 |
| Profit/(Loss) Before Tax: | (4,375.94) | 6,968.97 |
| Net Profit/(Loss) After Tax: | (2,912.78) | 7,210.89 |
| EPS — Basic & Diluted (₹): | (2.38) | 5.88 |
Management Commentary and Outlook
During the earnings conference call held on May 18, 2026, management highlighted that FY26 was a transformational year with a focus on customer excellence and volume scale-up. MDF domestic volumes grew by 16.9% for the full year, while combined revenues grew by 7.8% to INR1502 crore. Consolidated operating EBITDA, excluding currency movement and one-offs, was INR132.7 crore or 8.8% of revenues for FY26. The adverse exchange rate movement on Euro-denominated borrowings had a cumulative impact of INR49 crore for the full year.
Looking ahead to FY27, the company noted that domestic MDF demand is expected to continue at a healthy pace of early double digits to mid-teens. However, the ongoing geopolitical situation in the Middle East remains a significant variable, impacting supply chains and escalating costs, particularly for chemicals which constitute 40% to 45% of raw material costs. The company has announced a price increase of 15% to mitigate cost inflation. Capacity utilization in Q4FY26 was at 60%, providing headroom for organic growth. Management stated they will pursue volume growth to retain market share while attempting to maintain margins, though they refrained from providing specific numerical guidance for FY27 due to market uncertainty.
Corporate Actions and Governance
The Board recommended a final dividend of ₹0.50 (Paise fifty) per equity share, representing 50% on the face value of ₹1/- per share, for the financial year 2025-26, subject to shareholder approval. The record date for the dividend has been set as July 31, 2026. The company's 9th Annual General Meeting has been scheduled for Friday, August 7, 2026.
Historical Stock Returns for Greenpanel Industries
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.35% | -6.21% | -18.27% | -24.40% | -27.80% | -25.75% |
How might Greenpanel's 15% price hike affect its market share in the domestic MDF segment, given competitive pressures from both domestic players and cheaper imports?
What hedging strategies is Greenpanel likely to adopt to mitigate future Euro-denominated borrowing risks as the Andhra Pradesh MDF plant ramps up operations?
At what capacity utilization level would the new Andhra Pradesh MDF plant need to operate in FY27 for Greenpanel to return to profitability, given the elevated depreciation and finance cost base?
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