Greenpanel Industries Ltd (GREENPANEL) AI Stock Analysis

• Market Cap: ₹23.55B
• Dividend Yield: 0.13%
• Average Volume (3M): 6.73K
• Price to Earnings (P/E): 68.6
• Beta (1Y): 1.24
• Revenue Growth: -1.76%
• EPS Growth: -102.89%
• Country: IN
• Employees: 1,846
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Furnishings, Fixtures & Appliances
• EPS (TTM): 0.80
• Shares Outstanding: 122,627,396
• 10 Day Avg. Volume: 8,705
• 30 Day Avg. Volume: 6,731
• PEG Ratio: -0.85
• Price to Book (P/B): 2.06
• Price to Sales (P/S): 1.99
• P/FCF Ratio: -23.75
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹248.00
• Price Target Upside: -19.31% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): 4.38
• Revenue Forecast (FY): ₹15.46B

• Rating: 49 Neutral
• Price Target: ₹191.00 ▼(-37.86% Downside)
• Action: Reiterated Date: 11/25/25
• Date: Action: Reiterated 11/25/25

Greenpanel Industries Ltd's overall stock score is primarily impacted by its mixed financial performance and bearish technical indicators. The company's declining revenues and negative free cash flow are significant concerns. Additionally, the stock's valuation metrics are unattractive, with a highly negative P/E ratio and minimal dividend yield. These factors contribute to a low overall stock score.

Positive Factors

Low financial leverage

A debt-to-equity of 0.30 and equity ratio near 65% show a well-capitalized balance sheet. Low leverage gives the company durable financial flexibility to fund maintenance capex, negotiate supplier terms, and absorb demand shocks without immediate refinancing pressure over the next several months.

Diversified product & sales mix

A portfolio spanning MDF, value-added boards and plywood sold through distributor, retail and project channels supports demand diversification. This structural mix helps stabilize volumes and allows margin uplift via higher-value products, supporting medium-term revenue resilience if execution holds.

Solid gross and EBITDA margins

A gross margin above 33% and double-digit EBITDA margin indicate the business can generate operating profits after direct costs. These margin levels provide structural capacity to cover fixed costs, invest in value-added product lines, and improve cash generation as volumes recover.

Negative Factors

Negative free cash flow

Large negative free cash flow in 2025 materially limits the company's ability to fund growth, reduce leverage, or return capital. If persistent, it constrains investments in capacity and working capital, increases reliance on external financing, and reduces resilience to cost or demand shocks.

Declining revenue trend

An ~8% revenue decline erodes scale economics and pressures margin sustainability. Continued top-line weakness can undermine fixed-cost absorption, reduce bargaining power with suppliers, and make it harder to convert operational profitability into positive free cash flow.

Thin net profitability and EPS erosion

Low net and EBIT margins combined with a steep EPS contraction point to fragile earnings quality. Limited bottom-line buffers reduce the company's ability to withstand commodity or energy cost increases, making profits and cash generation vulnerable until top-line and cost structure improve.

Greenpanel Industries Ltd Business Overview & Revenue Model

Company Description

Greenpanel Industries Limited engages in the manufacture and sale of wood panels in India and internationally. The company provides plain and pre-laminated medium density fibre boards, wood floors, decorative veneers, plywood, and flush and commercial doors. It also trades in medium density fibre boards and allied products. The company was incorporated in 2017 and is based in Kolkata, India.

How the Company Makes Money

Greenpanel primarily makes money by manufacturing and selling wood-based panels and related products. The core revenue stream comes from sales of MDF (including variants marketed for specific end uses such as interior applications and furniture-grade boards) and other value-added board products, where earnings are driven by production volumes and product mix (standard vs. value-added). A second revenue stream comes from sales of plywood and allied products. The company generates revenue by supplying these products through a network of distributors and dealers for retail demand (e.g., carpenters, fabricators, small contractors, and end consumers) as well as by directly serving institutional and project customers (e.g., furniture manufacturers, OEMs, builders, and large interior contractors). Profitability is influenced by realized selling prices, capacity utilization, raw material and energy costs, and the share of higher-margin value-added products. Specific information on significant partnerships is not available; null.

Greenpanel Industries Ltd Financial Statement Overview

Summary

Greenpanel Industries Ltd presents a mixed financial performance with declining revenues and profitability in 2025. The balance sheet remains strong with low leverage and high equity, while cash flow management poses challenges due to negative free cash flow. The company needs to focus on reversing the revenue decline and improving cash flow generation to enhance financial stability.

Income Statement

Greenpanel Industries Ltd has exhibited fluctuating revenue with a recent decline, impacting its gross and net profit margins. The gross profit margin for 2025 is 33.25%, and the net profit margin stands at 5.02%. The company experienced a negative revenue growth rate of -8.19% in 2025, signaling potential challenges in maintaining sales. The EBIT margin is relatively stable at 3.75%, while the EBITDA margin is 10.71%, indicating moderate operational profitability.

Balance Sheet

The balance sheet shows a strong equity position with a debt-to-equity ratio of 0.30, indicating low financial leverage. The return on equity (ROE) for 2025 is 5.21%, which suggests moderate profitability from shareholders' equity. The equity ratio is healthy at 64.84%, reflecting a well-capitalized balance sheet with substantial equity backing the company's assets.

Cash Flow

Cash flow analysis reveals a significant decline in free cash flow, leading to a negative free cash flow of -1,204,383,000 INR in 2025. The operating cash flow to net income ratio is 0.99, indicating that cash generation from operations is closely aligned with net income. However, the free cash flow to net income ratio is negative, highlighting challenges in converting net income to free cash flow.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	14.58B	14.36B	15.64B	17.83B	16.25B	10.01B
Gross Profit	5.85B	4.77B	4.07B	10.37B	8.94B	5.27B
EBITDA	911.80M	1.54B	2.67B	4.33B	4.39B	1.94B
Net Income	-28.52M	721.09M	1.43B	2.57B	2.40B	688.08M
Balance Sheet
Total Assets	21.01B	21.36B	18.91B	17.05B	15.42B	14.55B
Cash, Cash Equivalents and Short-Term Investments	2.60B	2.26B	2.38B	3.78B	2.23B	720.12M
Total Debt	4.15B	4.13B	2.96B	2.28B	3.16B	4.84B
Total Liabilities	7.57B	7.51B	5.74B	5.11B	5.91B	7.25B
Stockholders Equity	13.44B	13.85B	13.17B	11.94B	9.52B	7.30B
Cash Flow
Free Cash Flow	382.71M	-1.20B	-2.12B	2.57B	3.31B	1.34B
Operating Cash Flow	628.13M	718.07M	1.35B	3.37B	3.66B	1.55B
Investing Cash Flow	103.09M	-1.74B	-1.58B	-2.48B	-1.36B	-108.88M
Financing Cash Flow	-484.49M	966.29M	503.20M	-1.34B	-1.85B	-1.42B

Greenpanel Industries Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 307.35
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GREENPANEL, the sentiment is Negative. The current price of 307.35 is above the 20-day moving average (MA) of 205.81, above the 50-day MA of 215.21, and above the 200-day MA of 259.69, indicating a bearish trend. The MACD of -6.22 indicates Positive momentum. The RSI at 33.26 is Neutral, neither overbought nor oversold. The STOCH value of 45.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:GREENPANEL.

Greenpanel Industries Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PDMJEPAPER	66 Neutral	₹6.81B	10.91	―	0.62%	-5.63%	-27.65%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
KUANTUM	60 Neutral	₹6.63B	20.52	―	3.24%	-9.47%	-54.96%
WSTCSTPAPR	60 Neutral	₹26.36B	25.33	―	1.18%	-1.59%	-60.74%
SESHAPAPER	58 Neutral	₹16.34B	19.06	―	1.03%	-9.17%	-57.37%
TNPL	58 Neutral	₹9.26B	36.69	―	2.08%	4.65%	-127.24%
GREENPANEL	49 Neutral	₹23.55B	68.60	―	0.13%	-1.76%	-102.89%

Greenpanel Industries Ltd Corporate Events

Income Tax Department Conducts Multi-Location Search on Greenpanel Industries

Greenpanel Industries has disclosed that India’s Income Tax Department carried out search operations at its registered office, various plants and other offices, as well as at the residences of its promoter and an ex-employee, across multiple locations in Haryana, Uttarakhand, Andhra Pradesh, Delhi and West Bengal. The raids, which ran from February 26 to March 2, 2026, led to the seizure of books of account, documents and digital data, with the company stating it extended full cooperation to the authorities and formally notified stock exchanges in line with disclosure requirements.

The development signals heightened regulatory scrutiny over Greenpanel’s financial and tax affairs, with potential implications for investor sentiment and governance perceptions even though no findings or financial claims have yet been disclosed. By promptly informing the exchanges under listing regulations, the company appears focused on maintaining compliance and transparency, while stakeholders await further clarity on any outcomes arising from the tax department’s proceedings.