‘We Are Out of the Woods’: Greenpanel Industries Signals Turnaround With New Capacity Online

Greenpanel Industries Ltd., India’s largest manufacturer of Medium Density Fiberboard (MDF), is looking for a sharp pivot towards aggressive growth, supported by the company's recent commissioning of a new production line in Andhra Pradesh.

Speaking to NDTV Profit, Himanshu Jindal, Chief Financial Officer of Greenpanel Industries, talked about the company's growth strategy going forward after a period of operational headwinds, even declaring that the worst is over.

"I think we’re out of the woods. From our end, we are chasing much more aggressively," Jindal said. "There is a lot of headroom for growth, especially after the new line that has been commissioned recently. We’re seeing operational efficiencies kicking in as well."

The optimism comes in the midst of Greenpanel integrating its newly commissioned capacity in the Tirupati district, which in turn, has bolstered the company's total MDF production capability to 8.91 lakh cubic meters.

Greenpanel currently commands a 21% market share by capacity in India’s organised MDF sector - a dominance Jindal is keen to protect.

"Our market share is 21% by capacity. And we intend to maintain that going forward," he added.

Addressing previous bottlenecks, Jindal admitted that historical challenges were supply-side constraints rather than a lack of market appetite.

"Problems in the past were related to supply and not demand. Going forward, with the demand continuing to be in the range it is, we’re optimistic about a high teen sales growth," he said.

Jindal went on to offer the company's outlook for the full financial year ending March 2026, during which Greenpanel is expecting high single-digit to an early two-digit operational margin.

Financial guidance reflects this renewed stability, with the company targeting operating margins in the "high single-digit to an early double-digit" range.

Structurally, Greenpanel continues to bet the house on MDF, which generates 90% of its revenue. The plywood segment, despite a capacity of 9 million square meters, remains a minor focus.

"For us, ply is a very small portion of what we do. We have not done very well on plys. MDF is clearly our strength," he concluded.