Greenpanel Industries financials: balance sheet, profit and loss, cash flow

NSE: GREENPANELBSE: 542857Consumer DurablesSmall Cap

Greenpanel Industries Limited · Face value ₹1 · Listed Oct 2019

₹133.11₹0.88 (0.66%)BSE ₹133.25

Share price at the NSE close on 28 Oct 2026. Previous close ₹133.99.

28 Oct: open ₹133.99, high ₹134.35, low ₹131.43

52-week range of traded prices to 28 Oct 2026

₹129.00Low, 27 Oct 2026₹308.00High, 28 Oct 2025

Next results date: the board meets on 2 Nov 2026 to consider: financial results. The notice · Results calendar

Market cap: ₹1,632 Cr1,062nd largest listed
P/E: 242.72
P/B: 1.20
Dividend yield: 0.38%
ROE: 0.5%
ROCE: 1.5%
Debt to equity: 0.26
Volume, NSE: 1,16,88155.0% delivered

Greenpanel Industries' financial statements for the 7 years to Mar 2026, standalone: the listed company alone, without its subsidiaries, with the twelve months to Jun 2026 after them.

7 years at a glance

₹ crore, years to March.Greenpanel Industries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹1,783 Cr, year to Mar 2023; lowest ₹860 Cr, year to Mar 2020A loss in the year to Mar 2026, −₹29 Cr

Operating and net margin, per cent

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue1,539
Materials and goods−779
Employee costs−151
Other expenses−529
Operating profit80
Depreciation−101
Other income+15
One-off items0.0
Finance costs−37
Profit before tax−44
Tax+15
Net profit−29

What the company owns

Plant, investments and other assets₹1,572 Cr
Cash and bank₹197 Cr
Inventory₹189 Cr
Receivables₹88 Cr

What pays for it: net worth and liabilities

Net worth₹1,356 Cr
Borrowings₹353 Cr
Other liabilities₹221 Cr
Owed to suppliers₹118 Cr

Greenpanel Industries business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Standalone, ₹ crore, as the company reports them.Greenpanel Industries segment results by quarter

Revenue by segment

₹1,539 CrTotal

Medium density fibreboards and allied products₹1,407 Cr91.4% of total
Plywood and allied products₹133 Cr8.6% of total

Profit by segment

Medium density fibreboards and allied products₹93.5 Cr89.5% of total
Plywood and allied products₹11.0 Cr10.5% of total

Segment results by year

Standalone from the year to Mar 2025, consolidated before, ₹ crore, years to March.

Medium density fibreboards and allied products
Revenue, ₹ crore
661
803
1,369
1,539
1,405
1,301
1,407
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
81
148
392
419
304
173
93
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Plywood and allied products
Revenue, ₹ crore
216
217
256
244
162
135
133
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
29
30
32
24
6
12
11
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	877	1,021	1,625	1,783	1,567	1,436	1,539
Company revenue, as in its results	877	1,021	1,625	1,783	1,567	1,436	1,539
Revenue	661	803	1,369	1,539	1,405	1,301	1,407
Revenue growth	–	21.6%	70.4%	12.4%	−8.7%	–	8.2%
Profit	81	148	392	419	304	173	93
Profit growth	–	84.2%	164.5%	6.8%	−27.3%	–	−46.0%
Margin	12.2%	18.5%	28.7%	27.2%	21.7%	13.3%	6.6%
Return on capital	14.0%	25.5%	52.3%	49.9%	28.9%	15.6%	8.2%
Assets	1,237	1,192	1,138	1,173	1,459	1,709	1,681
Liabilities	661	610	388	335	406	597	545
Capital employed	576	582	750	838	1,053	1,112	1,136
Revenue	216	217	256	244	162	135	133
Revenue growth	–	0.7%	17.9%	−4.8%	−33.5%	–	−1.9%
Profit	29	30	32	24	6	12	11
Profit growth	–	3.4%	9.5%	−27.3%	−73.5%	–	−6.0%
Margin	13.3%	13.6%	12.7%	9.7%	3.9%	8.7%	8.3%
Return on capital	39.4%	55.9%	56.7%	48.3%	11.1%	24.0%	29.6%
Assets	109	97	96	75	68	61	54
Liabilities	36	44	39	26	12	12	17
Capital employed	73	53	57	49	56	49	37

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Standalone, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.Greenpanel Industries quarterly results

₹ crore	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 15 May	Jun 2026Twelve monthsFiled 8 Aug
Revenue from operations	860	1,020	1,624	1,783	1,567	1,436	1,539	1,561
	724	815	1,206	1,372	1,321	1,305	1,460	1,436
Materials and goods bought	382	462	670	746	691	741	779	773
Employee costs	93	93	123	137	141	140	151	155
Other expenses	250	261	413	490	489	424	529	508
Operating profit before depreciation	135	205	418	411	247	131	80	125
Operating margin	15.7%	20.1%	25.7%	23.0%	15.7%	9.1%	5.2%	8.0%
Materials, % of revenue	44.4%	45.2%	41.3%	41.8%	44.1%	51.6%	50.6%	49.5%
Employee costs, % of revenue	10.8%	9.1%	7.6%	7.7%	9.0%	9.8%	9.8%	9.9%
Other expenses, % of revenue	29.1%	25.6%	25.4%	27.5%	31.2%	29.5%	34.4%	32.5%
Depreciation and amortisation	65	64	68	69	73	77	101	101
Operating profit after depreciation	70	141	350	342	174	54	−22	25
Other income	2	3	8	18	21	23	15	14
Finance costs	48	35	16	19	12	7	37	33
Profit before one-off items and tax	24	108	342	341	182	70	−44	6
One-off items	−11	0	0	−24	1	0	0	0
Profit before tax	13	108	342	317	183	70	−44	6
	−3	32	108	87	48	−2	−15	−1
Current tax	3	19	60	62	41	−6	0	0
Deferred tax	−5	13	49	25	7	4	−15	−1
Net profit	16	76	233	230	135	72	−29	7
Other comprehensive income	0	0	−1	3	−1	0	0	0
Total comprehensive income	17	77	232	233	134	72	−29	7
Net margin	1.9%	7.5%	14.4%	12.9%	8.6%	5.0%	−1.9%	0.4%

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 15 May
	697	773	987	1,201	1,317	1,385	1,356
Share capital	12	12	12	12	12	12	12
Reserves	685	761	975	1,189	1,305	1,373	1,344
	504	372	282	190	268	390	353
Repayable after a year	431	356	165	127	238	321	280
Repayable within a year	73	16	117	63	30	69	73
	297	284	317	234	204	278	297
Trade payables	123	131	148	111	109	103	118
Other financial liabilities	67	96	24	24	38	61	61
Other liabilities	32	37	23	33	19	17	23
Provisions	2	2	3	2	2	4	3
Tax owed	0	3	2	1	5	0	0
	499	418	260	269	369	473	394
Other financial liabilities	23	21	15	37	22	14	8
Other liabilities	29	12	0	0	0	0	14
Provisions	10	8	11	11	9	7	10
Deferred tax	7	20	68	94	101	105	90
Total assets	1,493	1,475	1,564	1,705	1,891	2,136	2,047
	1,178	1,121	1,079	1,093	1,361	1,598	1,470
Plant in use, after depreciation	1,087	1,043	1,009	991	982	1,558	1,424
Plant being built	6	4	0	5	313	11	20
Intangible assets	0	0	0	0	0	1	1
Investments	52	52	52	22	0	0	0
Loans given	14	14	0	0	0	0	0
Other financial assets	0	0	17	21	22	22	24
Other assets	18	8	1	53	45	6	1
	315	354	485	612	529	538	577
Inventories	154	149	166	153	202	199	189
Trade receivables	71	78	41	44	29	42	88
Cash and cash equivalents	9	13	56	11	40	34	46
Other bank balances	0	59	165	345	100	71	151
Current investments	0	0	0	0	98	121	0
Loans given	1	1	1	1	1	1	1
Other financial assets	46	42	36	36	36	37	78
Tax paid in advance	0	0	0	0	0	11	3
Other assets	34	13	19	22	24	23	21
Net debt	494	301	61	−165	30	164	156

Borrowings are counted again inside the liabilities due within a year and after a year.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 15 May
	151	360	339	135	78	111
	168	418	402	171	84	102
	3	48	−16	−67	−15	20
Receivables	−28	34	−7	13	3	−26
Inventories	5	−16	13	−49	3	10
Payables	26	31	−22	−31	−21	36
Tax paid	−16	−58	−62	−37	−7	9
Capital spending	20	34	89	347	192	41
Free cash flow	131	326	251	−213	−114	71
	−17	−137	−254	−156	−166	17
Plant and property sold	1	1	2	3	5	2
Interest received	2	3	12	18	8	20
	−131	−180	−131	50	82	−115
Borrowings raised	60	56	0	202	142	2
Borrowings repaid	−165	−203	−100	−97	−31	−91
Interest paid	−22	−12	−8	−29	−14	−16
Lease payments	−4	−2	−4	−7	−11	−10
Dividends paid	0	18	18	18	4	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	3	43	−45	29	−6	12

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the year to Mar 2020.

Standalone, ₹ per share, years to March.Greenpanel Industries dividend history

₹ per share	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 15 May
Earnings per share	₹1.32	₹6.21	₹19.03	₹18.75	₹11.03	₹5.88	−₹2.38
Diluted earnings per share	₹1.32	₹6.21	₹19.03	₹18.75	₹11.03	₹5.88	−₹2.38
Dividend per share	–	–	₹1.50	₹1.50	₹1.50	₹0.30	₹0.50
Book value per share	₹56.83	₹63.07	₹80.50	₹97.97	₹107.41	₹112.96	₹110.57
Dividend payout	–	–	7.9%	8.0%	13.6%	5.1%	–
Shareholder yield	–	0.0%	0.3%	0.6%	0.5%	0.1%	0.0%
Market cap at the year end (₹ crore)	351	1,964	7,179	3,336	3,860	2,782	2,101

Ratios

Standalone, years to March.Greenpanel Industries PE ratio and valuation

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 15 May
Revenue growth	–	18.6%	59.3%	9.8%	−12.1%	−8.4%	7.2%
Operating profit growth	–	51.4%	104.1%	−1.8%	−39.9%	−46.8%	−39.2%
Net profit growth	–	370.2%	206.4%	−1.5%	−41.2%	−46.7%	–
Earnings per share growth	–	370.5%	206.4%	−1.5%	−41.2%	−46.7%	–
	2.3%	10.4%	26.5%	21.0%	10.7%	5.3%	−2.1%
	–	8.0 pts	16.1 pts	−5.5 pts	−10.3 pts	−5.4 pts	−7.5 pts
From the net margin	–	6.9 pts	9.6 pts	−2.7 pts	−7.0 pts	−4.5 pts	−7.3 pts
From asset turnover	–	1.8 pts	11.1 pts	0.5 pts	−2.8 pts	−1.1 pts	−0.1 pts
From borrowing	–	−0.6 pts	−4.5 pts	−3.3 pts	−0.5 pts	0.2 pts	−0.1 pts
Return on capital employed	5.8%	12.3%	27.6%	24.5%	11.0%	3.0%	−1.3%
Cash conversion	–	198.6%	154.3%	147.5%	99.5%	107.9%	–
Interest cover	1.5	4.0	21.3	18.3	14.2	8.1	–
Debt to equity	0.72	0.48	0.29	0.16	0.20	0.28	0.26
Receivable days	30	28	9	9	7	11	21
Inventory days	147	118	90	75	107	98	89
Payable days	117	104	81	54	58	51	55
Cash conversion cycle, days	60	42	19	29	55	58	54
Working capital days	34	5	14	18	27	26	37
Asset turnover	0.58	0.69	1.07	1.09	0.87	0.71	0.74
Assets per rupee of net worth	2.14	2.02	1.73	1.49	1.43	1.49	1.53
Sales per rupee of plant	0.79	0.98	1.61	1.80	1.60	0.92	1.08
Capital spending to depreciation	–	0.32	0.51	1.28	4.77	2.48	0.40
Plant being built, % of plant in use	0.5%	0.3%	0.0%	0.5%	31.9%	0.7%	1.4%

Interest cover is left blank for the year to Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: −1.4%
Cash from operations against operating profit: 139.4%

Measure	5 years	3 years
Revenue growth, yearly rate	8.6%	−4.8%
Return on equity, average	12.3%	4.7%
Return on capital employed, average	13.0%	4.2%
Operating margin, average	15.8%	10.0%
Net margin, average	7.8%	3.9%
Asset turnover, average	0.90	0.77
Cash conversion cycle, days, average	43	56
Interest cover, average	15.4	11.1
Debt to equity, average	0.24	0.25

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,023	323	111
Cash from investing	−695	−305	17
Cash from financing	−294	17	−115
Capital spending	703	580	41
Dividends paid	59	22	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	402	346	2
Borrowings repaid	522	219	91

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	4	6
Altman Z-scorePublished threshold 1.81	4.06	3.65
Beneish M-scorePublished threshold −1.78	−2.35	−1.83
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	7.95	−7.50
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	1.26	1.82
Receivables growth less revenue growthOur threshold 0 percentage points	52.29	104.05
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	−8.60	−9.94
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	0.75	2.00
Assets under construction, years of additionsOur threshold 2 years of additions	0.02	–
Effective tax ratePublished threshold 17.16 per cent	−3.47	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	−12.88	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
20 Aug 2026	CARE Ratings Limited	Non-fund-based - LT/ ST-BG/LC	WithdrawnReview, Other
20 Aug 2026	CARE Ratings Limited	Fund-based - LT-Term Loan	CARE A+Review, Re-affirm	Stable	80
20 Aug 2026	CARE Ratings Limited	Fund-based/Non-fund-based-LT/ST	CARE A+ / CARE A1+Review, Re-affirm	Stable	160
8 Jul 2026	ICRA Limited	Fund-based-Term loan	[ICRA]A+Review, Re-affirm	Negative	80
8 Jul 2026	ICRA Limited	Non-fund based-Others	[ICRA]A1+Review, Re-affirm		20
8 Jul 2026	ICRA Limited	Fund-based-Cash credit	[ICRA]A+Review, Re-affirm	Negative	160
7 Aug 2025	CARE Ratings Limited	Non-fund-based - LT-Letter of credit	WithdrawnReview, Other
7 Aug 2025	CARE Ratings Limited	Fund-based - LT-Cash Credit	WithdrawnReview, Other

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.