Greenpanel Industries Limited has introduced Duroboil™ BWP HDF, launching what the company describes as India's strongest, toughest, and heaviest high-density fibreboard. The new product sets a benchmark in the high-performance fibreboard category, engineered specifically for applications where extreme moisture, heat, and load-bearing demands are critical.

Product Specifications and Features

Duroboil™ BWP HDF delivers exceptional performance through its ultra-high density design and advanced engineering. The product specifications demonstrate its positioning as a premium offering in the HDF segment.

The product incorporates several advanced features designed for superior performance:

• Enhanced boiling-water-proof performance with superior dimensional stability
• Long-term structural integrity and ultra-high density for unmatched strength
• Low emission properties promoting healthier indoor air quality
• Smooth, finish-ready surface compatible with laminates, veneers, and PU digital printing
• Borer-and termite-proof properties for enhanced durability
• Stability in steam, heat, and fluctuating humidity conditions
• Excellent machinability for CNC routing and carving applications

Manufacturing Technology and Quality

Duroboil™ is manufactured using advanced German Dieffenbacher CPS continuous press technology, ensuring precision and consistency in production. The manufacturing process incorporates precision-controlled fibre refining, advanced resin chemistry, and calibrated sanding techniques to deliver superior consistency, smoothness, and durability.

Target Applications and Market Positioning

The new product targets demanding applications where conventional HDF may not perform adequately. Duroboil™ is specifically designed for bathroom partitions and interiors, modular kitchens, marine environments, premium furniture, door skins, wall panelling, and high-traffic commercial spaces.

According to Mr. Shobhan Mittal, Managing Director and Chief Executive Officer of Greenpanel Industries Limited, "Duroboil™ is not just a product launch – it is a clear statement of Greenpanel's long-term intent. It reflects our sustained investments in advanced manufacturing capabilities and material science, and our commitment to building high-performance fibreboard solutions that set new benchmarks for strength, durability, and reliability in demanding applications."

Company Background

Greenpanel Industries Limited operates as India's largest wood panel manufacturer and India's number one MDF company. The company maintains a comprehensive portfolio across MDF, Pre-Laminated MDF, Plywood Blockboard, and Wooden Flooring segments. Greenpanel Industries operates state-of-the-art manufacturing facilities at Rudrapur, Uttarakhand, and Tirupati district, Andhra Pradesh, supported by advanced technology, stringent quality standards, and a strong pan-India distribution network.

Greenpanel Industries Limited , a leading manufacturer of wood panels, has reported a significant operational turnaround in the second quarter of fiscal year 2026, following a challenging first quarter. The company's strategic focus on volume growth and cost optimization has yielded positive results, as evidenced by its latest financial performance.

Robust Volume Growth

The company achieved a 30.5% year-on-year growth in domestic Medium Density Fiberboard (MDF) volumes, coupled with a 26.8% sequential growth. This surge in domestic demand was a key driver of the company's performance improvement. Export volumes, however, remained flat during the quarter.

Financial Highlights

Greenpanel's consolidated revenue grew by 17.1% year-on-year to INR 389.40 crore in Q2 FY26. The company's operational EBITDA, excluding forex impact, reached INR 39.70 crore, representing 10.2% of revenues. However, the reported EBITDA stood at INR 27.80 crore due to an adverse forex impact of INR 12.50 crore on Euro borrowings.

Strategic Initiatives

The company implemented several strategic measures to drive growth and efficiency:

1. Pricing Realignment: Greenpanel strategically realigned its pricing with peers to remain competitive in the market.
2. Product Innovation: New products were launched, including HCW Outdoors, Thin MDF, and Fire Retardant MDF, expanding the company's product portfolio.
3. Cost Optimization: The company focused on improving operational efficiencies and optimizing raw material usage, resulting in significant cost savings.

Market Dynamics

The MDF market showed positive signs, with imports dropping significantly to less than 1,000 cubic meters monthly, compared to an average of 20,000 cubic meters in the previous year's second half. This reduction is attributed to stricter implementation of Bureau of Indian Standards (BIS) norms.

Financial Management

Greenpanel demonstrated strong financial management during the quarter:

• Net debt reduction of INR 60.00 crore
• Improvement in working capital cycle by 17 days
• Utilization of EPCG (Export Promotion Capital Goods) benefits amounting to INR 6.00 crore

Outlook

Management has revised its guidance for FY26:

• Expecting domestic MDF volume growth in high teens
• Projecting operating EBITDA margins in the high single-digit to early double-digit range

Challenges and Opportunities

While the company has shown strong recovery, it faces some challenges:

• Elevated chemical prices, although expected to moderate by the end of Q3 FY26
• Ongoing need to optimize capacity utilization, currently at about 50%

Opportunities include:

• Potential for further margin improvement through increased value-added product sales
• Expanding market share in the growing domestic MDF market

Greenpanel Industries' Q2 FY26 results demonstrate a robust recovery and effective implementation of strategic initiatives. The company's focus on volume growth, cost optimization, and product innovation positions it well for sustained performance in the coming quarters, despite ongoing market challenges.