Greenpanel Industries Limited has disclosed to stock exchanges that the Income Tax Department conducted comprehensive search proceedings at multiple company locations and associated premises from February 26, 2026 to March 2, 2026. The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Search Operation Details

The Income Tax Department's search operations spanned multiple days and locations, commencing at 6:25 AM on February 26, 2026 and concluding at 7:00 PM on March 2, 2026 at the company's registered office. The search was conducted by the Deputy/Assistant Director of Income Tax (Investigation), New Delhi.

Locations Covered

The search proceedings encompassed seven distinct locations, including the company's registered office, other offices, plant locations, and residences of a promoter and an ex-employee:

• DLF Downtown, Block 3, 1st Floor, DLF Phase 3, Sector 25A, Gurugram, Haryana – 122002
• Thapar House, 2nd Floor, 163, S.P. Mukherjee Road, Kolkata - 700026
• Plot No. 2, Sector 9, IIE, Pant Nagar, SIDCUL, Rudrapur, Udham Singh Nagar, Uttarakhand – 263153
• Survey No. 97/1, 98/1, 99/1, Routhusuramala, Srikalahasti, Thottambedu, Tirupati - 517642
• 10, Maulsari Avenue, Westend Green Farms, Rajokri, Southwest Delhi – 110038
• Flat No. 2NW, 2nd Floor, 5, Queens Park, Ballygunge, Kolkata – 700019
• Diamond City South, Tower – 4, Flat – 7D/7E, 58, M.G. Road, Karunamoyee, Paschim Putiari, Kolkata - 700041

Documents and Data Seizure

During the course of the search proceedings, the Income Tax authorities seized certain books of accounts, documents, and digital data from the searched premises. The company has emphasized its full cooperation with the Income Tax authorities throughout the entire process.

Current Status and Impact

Greenpanel Industries has provided mandatory disclosures as required under SEBI regulations, stating that specific details regarding violations or contraventions cannot be ascertained at this point in time. Similarly, the financial impact of these proceedings is not quantifiable at present.

The company has fulfilled its regulatory obligations by informing both BSE Limited and National Stock Exchange of India Limited about these developments through proper channels and documentation as mandated under SEBI disclosure requirements.

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:

Segment-wise Performance

The company operates through two primary business segments with distinct performance patterns:

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:

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.

Board Approval and 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 published its results in Financial Express (English) and Jan Satta (Hindi) newspapers on January 31, 2026, fulfilling regulatory disclosure requirements. The company also addressed the impact of new labour codes effective from November 21, 2025, determining the incremental impact to be immaterial.