Greenpanel posts standalone Q2 loss as operating margin trails peers
Interest and depreciation outweighed operating profit, while management cited export freight and input-price pressure.
Filed 02 Nov 2026, 15:24 IST · Greenpanel Industries Ltd (GREENPANEL)
Key takeaways
- Greenpanel reported a standalone Q2FY27 net loss of Rs 0.64 cr despite operating profit of Rs 27.75 cr.
- Operating margin was 6.74%, 6.21 percentage points below the 12.95% median for 134 reporting Consumer Discretionary peers.
- Interest of Rs 6.58 cr and depreciation of Rs 25.16 cr pushed profit before tax to a loss of Rs 1.49 cr.
Price around the results
Positive operating profit did not cover below-the-line costs
Greenpanel's standalone Q2FY27 operating profit of Rs 27.75 cr was not enough to absorb interest of Rs 6.58 cr and depreciation of Rs 25.16 cr, leaving profit before tax at a loss of Rs 1.49 cr. Other income of Rs 2.50 cr did not offset those charges. The result was a net loss of Rs 0.64 cr and EPS of Rs -0.05.
Operating margin sits well below the sector median
Operating margin was 6.74%, which was 6.21 percentage points below the 12.95% median among 134 Consumer Discretionary peers that had reported. The presentation flags input-price escalations as a challenge, while management said a recent increase in sea freight affected exports. Management said it intends to improve operating efficiencies and become leaner to address these cost pressures.
Retail volumes held up as capacity and exports remained in focus
Management said retail volume growth sustained at 19% during the first half, while pricing realignment led to monthly OEM volume recovery. It said the export order pipeline on October 1 exceeded Q2FY27 sales of Rs 411.71 cr, despite higher sea freight. Management also said operations had commenced on the third line at the Andhra facility and that thin MDF manufacturing capability had been added for emerging applications.
Q2FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 |
|---|---|
| Revenue | ₹412 cr |
| Other income | ₹3 cr |
| Expenses | ₹384 cr |
| Operating profit | ₹28 cr |
| Operating margin (%) | 6.74% |
| Interest | ₹7 cr |
| Depreciation | ₹25 cr |
| Profit before tax | ₹-1 cr |
| Tax | ₹-1 cr |
| Net profit | ₹-1 cr |
| EPS (₹) | ₹-0.05 |
Operating margin of 6.74% compares with a Consumer Discretionary sector median of 12.95% across 134 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- Retail segment volume growth sustained at 19% during the first half.
- Pricing realignment has resulted in monthly volume recovery for OEM.
Guidance & outlook
- Domestic MDF demand is expected to sustain a 15–17% CAGR, supported by structural demand drivers.
- Pre-festive indicators are expected to support performance going forward.
- The export order pipeline on October 1 exceeded total Q2 FY27 sales.
Expansion
- Operations have commenced at the third line at the Andhra facility.
- The company has added thin MDF manufacturing capability for emerging applications and growing market demand.
New initiatives
- Greenpanel plans to leverage available capacity to drive volumes and enhance operating efficiencies.
- Greenpanel plans to enhance operating efficiencies and become leaner to address input price escalations.
- The company held an annual connect with more than 150 channel partners.
- Greenpanel partnered with RVR Delhi Blue Bulls for a tree-planting initiative linked to team birdies.
Problems & risks
- A further recent hike in sea freight affected exports.
- Input price escalations are identified as a challenge the company aims to address through efficiency improvements.
What to watch
- Whether operating margin moves up from 6.74% toward the 12.95% peer median.
- Whether retail volume growth remains at 19% in the next reported period.
- Whether the export order pipeline continues to exceed Q2FY27 revenue of Rs 411.71 cr.