Greenpanel Industries Faces Setback as DGGI Conducts Searches and Q1 Results Show Losses
Greenpanel Industries, India's largest wood panel manufacturer, is facing challenges due to DGGI searches at multiple locations and significant Q1 losses. The Meerut Zonal unit of DGGI conducted searches at the company's facilities, but no official document regarding violations has been issued. In Q1, the company reported a net loss of ₹34.62 crore, a 320.3% year-on-year decline. Factors contributing to the loss include a foreign exchange loss of ₹275.43 crore due to ECB loan revaluation, poor performance in the MDF segment, and operational challenges. The company's management remains focused on increasing domestic volumes and improving value-added products ratio.
30Jul 25
Greenpanel Industries Reports Loss of ₹3,462.36 Lakhs in Q1, Appoints New CIO
Greenpanel Industries posted a net loss of ₹3,462.36 lakhs in Q1 FY24, compared to a profit of ₹1,571.49 lakhs in Q1 FY23. Revenue declined 10% year-over-year to ₹32,819.35 lakhs. The loss was primarily attributed to a ₹2,754.27 lakhs foreign exchange loss due to ECB loan revaluation. The company's MDF segment generated ₹29,674.25 lakhs in revenue, while the Plywood segment contributed ₹3,145.10 lakhs. Greenpanel also announced the appointment of Mr. Vineet Bansal as the new CIO, effective August 8.
23May 25
Greenpanel Industries Reports Mixed Q4 Performance with MDF Revenue Decline
Greenpanel Industries faced a 15% YoY decline in MDF revenue in Q4, with overall volumes dropping 20%. Domestic volumes fell 25% due to discontinuation of commercial grade MDF. However, exports grew 34%, with realizations improving across markets. The company benefited from the EPCG scheme, supporting its export growth. IDBI Capital maintained a Hold rating on the stock.
22May 25
Greenpanel Industries Q4 Results: Revenue and EBITDA Dip, Net Profit Stable
Greenpanel Industries reported Q4 revenue of ₹3.75 billion, down 5.5% year-over-year. EBITDA decreased 7% to ₹479.5 million, with a slight margin contraction to 12.8%. Despite these challenges, net profit remained relatively stable at ₹293.9 million. The company showed significant quarter-over-quarter improvement, with net profit increasing from ₹85 million in the previous quarter.
26Feb 25
Greenpanel Industries Launches Trial Production at New MDF Plant in Tirupati
Greenpanel Industries has started trial production at its new Medium Density Fiberboard (MDF) plant in Tirupati, Andhra Pradesh. The facility has an annual capacity of 231,000 CBM and is currently producing thin MDF boards (1.5-1.7 mm). The plant's commissioning was delayed due to late delivery of imported equipment caused by global geopolitical issues. Commercial production date is yet to be announced.