Greenpanel Industries Q3FY26 Results: Revenue Grows 15.8% YoY to ₹41,627 Lakhs
Greenpanel Industries reported strong Q3FY26 results with revenue growing 15.8% YoY to ₹41,627.22 lakhs and net profit increasing 20.4% to ₹1,024.06 lakhs. The MDF segment drove growth with ₹38,812.66 lakhs revenue. However, nine-month performance showed challenges with net loss of ₹3,050.16 lakhs due to foreign exchange losses of ₹4,291.11 lakhs on EUR loan revaluation. The company recognized ₹6,218 lakhs in approved subsidies during the quarter.
*this image is generated using AI for illustrative purposes only.
Greenpanel Industries Limited announced its Q3FY26 financial results for the quarter ended December 31, 2025, demonstrating robust quarterly performance despite nine-month challenges. The company reported revenue growth of 15.8% year-on-year, driven primarily by its medium density fibreboards segment.
Financial Performance Overview
The company's quarterly financial metrics showed significant improvement across key parameters:
| Metric | Q3FY26 | Q3FY25 | Change (%) |
|---|---|---|---|
| Revenue from Operations | ₹41,627.22 lakhs | ₹35,943.78 lakhs | +15.8% |
| Total Income | ₹41,970.10 lakhs | ₹36,599.42 lakhs | +14.7% |
| Net Profit | ₹1,024.06 lakhs | ₹850.41 lakhs | +20.4% |
| Earnings Per Share | ₹0.83 | ₹0.69 | +20.3% |
Segment-wise Performance
The company operates through two primary business segments with distinct performance patterns:
| Segment | Q3FY26 Revenue | Q3FY25 Revenue | Segment Result Q3FY26 |
|---|---|---|---|
| Medium Density Fibreboards | ₹38,812.66 lakhs | ₹32,724.74 lakhs | ₹4,627.86 lakhs |
| Plywood and Allied Products | ₹2,814.56 lakhs | ₹3,219.04 lakhs | ₹152.51 lakhs |
The MDF segment demonstrated strong growth with revenue increasing by 18.6% year-on-year, while the plywood segment experienced a decline of 12.6% compared to the previous year.
Nine-Month Performance Challenges
Despite the positive quarterly results, the nine-month period ending December 31, 2025 presented significant challenges:
| Parameter | 9M FY26 | 9M FY25 | Variance |
|---|---|---|---|
| Revenue from Operations | ₹1,14,043.97 lakhs | ₹1,06,126.35 lakhs | +7.5% |
| Net Profit/(Loss) | ₹(3,050.16) lakhs | ₹4,272.30 lakhs | Loss |
| Earnings Per Share | ₹(2.49) | ₹3.48 | Negative |
Foreign Exchange Impact
The company faced substantial foreign exchange challenges during the reporting period. Greenpanel recognized foreign exchange loss of ₹296.91 lakhs in Q3FY26 and ₹4,291.11 lakhs for the nine-month period, primarily due to revaluation of its ECB loan of EUR 29.39 million (₹30,997.24 lakhs outstanding as of December 31, 2025). The adverse movement in EURO-INR exchange rate from ₹92.07 as of March 31, 2025 to ₹105.48 as of December 31, 2025 contributed to these losses.
Subsidy Recognition
During Q3FY26, the company received ₹1,932 lakhs towards approved subsidies and recognized the balance approved subsidies of ₹6,218 lakhs. This included power subsidy of ₹850 lakhs recorded as other operating revenue, and ₹5,368 lakhs comprising green measures subsidy and land conversion subsidies recorded as disposals from property, plant and equipment.
Regulatory Compliance
The financial results were reviewed by the Audit Committee and approved by the Board of Directors on January 30, 2026. The statutory auditors S.S. Kothari Mehta & Co LLP conducted a limited review of the results as required under SEBI regulations. The company also addressed the impact of new labour codes effective from November 21, 2025, determining the incremental impact to be immaterial.
Historical Stock Returns for Greenpanel Industries
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +4.60% | +8.03% | -0.98% | -30.01% | -32.46% | +34.52% |
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