BSE: 542857 | NSE: GREENPANEL | Wood & Wood Products | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Greenpanel Industries Ltd is a average quality company.
The key valuation ratios of Greenpanel Industries Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Greenpanel Industries Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -107.9% | 7.3% | 4.9% | 11.6% | 28.8% | 25.2% | 13.1% | - |
| Value Creation Index ⓘ | -8.7 | -0.5 | -0.7 | -0.2 | 1.1 | 0.8 | -0.1 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | ||||||||
| Sales ⓘ | 0 | 587 | 860 | 1,020 | 1,624 | 1,783 | 1,567 | 1,484 |
| Sales YoY Gr. | - | NA | 46.4% | 18.6% | 59.3% | 9.8% | -12.1% | - |
| Adj EPS ⓘ | -0.5 | 0 | 2.2 | 6.2 | 19 | 20.2 | 10.9 | 7.5 |
| YoY Gr. | - | NA | NA | 186.2% | 206% | 6.5% | -46.2% | - |
| BVPS (₹) ⓘ | 0.5 | 0 | 56.8 | 63.1 | 80.5 | 98 | 107.4 | 110.2 |
| Adj Net Profit ⓘ | -0.1 | 36.8 | 26.6 | 76.1 | 233 | 248 | 134 | 92 |
| Cash Flow from Ops. ⓘ | -0.1 | 27 | 101 | 211 | 360 | 339 | 135 | - |
| Debt/CF from Ops. ⓘ | 0 | 21.4 | 5.5 | 2.1 | 0.8 | 0.6 | 2 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | 21.7% | 15.4% | -12.1% | ||||
| Adj EPS ⓘ | NA | NA | 20.6% | -46.2% | ||||
| BVPSⓘ | NA | NA | 19.4% | 9.6% | ||||
| Share Price | - | 51% | -2.8% | 2.8% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -107.9 | 10.8 | 3.9 | 10.4 | 26.5 | 22.7 | 10.6 | 6.9 |
| Op. Profit Mgn % ⓘ | 0 | 14.2 | 16.2 | 20.1 | 25.9 | 23.2 | 15.8 | 12 |
| Net Profit Mgn % ⓘ | 0 | 6.3 | 3.1 | 7.5 | 14.3 | 13.9 | 8.5 | 6.2 |
| Debt to Equity ⓘ | 0 | 0.9 | 0.8 | 0.6 | 0.3 | 0.2 | 0.2 | 0.2 |
| Working Cap Days ⓘ | 0 | 86 | 127 | 109 | 63 | 60 | 74 | 63 |
| Cash Conv. Cycle ⓘ | 0 | 26 | 32 | 21 | 5 | 5 | 16 | 37 |
Sales growth is growing at healthy rate in last 3 years 15.39%
Net Profit is growing at healthy rate in last 3 years 20.63%
Return on Equity has declined versus last 3 years average to 6.90%
Sales growth is not so good in last 4 quarters at -9.83%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 7.5 | 11.6 |
| TTM Sales (₹ Cr.) | 1,484 | 1,567 |
| BVPS (₹.) ⓘ | 110.2 | 107.4 |
| Reserves (₹ Cr.) ⓘ | 1,339 | 1,305 |
| P/BV ⓘ | 3.25 | 3.34 |
| PE ⓘ | 47.94 | 30.81 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 272.00 / 449.80 |
| All Time Low / High (₹) | 23.80 / 625.00 |
| Market Cap (₹ Cr.) | 4,396 |
| Equity (₹ Cr.) | 12.3 |
| Face Value (₹) | 1 |
| Industry PE ⓘ | 53.6 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|
| Sales | 0 | 587 | 860 | 1,020 | 1,624 | 1,783 | 1,567 |
| Operating Expenses ⓘ | 0 | 504 | 724 | 815 | 1,206 | 1,372 | 1,321 |
| Manufacturing Costs | 0 | 91 | 127 | 125 | 188 | 239 | 259 |
| Material Costs | 0 | 249 | 382 | 462 | 670 | 746 | 691 |
| Employee Cost | 0 | 75 | 93 | 93 | 123 | 137 | 141 |
| Other Costs ⓘ | 0 | 89 | 123 | 136 | 225 | 251 | 231 |
| Operating Profit ⓘ | 0 | 83 | 135 | 205 | 418 | 411 | 246 |
| Operating Profit Margin (%) | - | 14.2% | 15.7% | 20.1% | 25.7% | 23.0% | 15.7% |
| Other Income ⓘ | 0 | 13 | 2 | 3 | 8 | 18 | 21 |
| Interest ⓘ | 0 | 24 | 48 | 35 | 16 | 19 | 12 |
| Depreciation ⓘ | 0 | 50 | 65 | 64 | 68 | 69 | 73 |
| Exceptional Items ⓘ | 0 | 0 | -11 | 0 | 0 | -24 | 1 |
| Profit Before Tax ⓘ | 0 | 22 | 13 | 108 | 342 | 317 | 183 |
| Tax ⓘ | 0 | -22 | -3 | 32 | 108 | 87 | 48 |
| Profit After Tax | 0 | 44 | 16 | 76 | 233 | 230 | 135 |
| PAT Margin (%) | - | 7.5% | 1.9% | 7.5% | 14.4% | 12.9% | 8.6% |
| Adjusted EPS (₹) | -0.5 | 0.0 | 1.3 | 6.2 | 19.0 | 18.8 | 11.0 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 8% | 8% | 14% |
| PARTICULARS | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | |||
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 0 | 668 | 697 | 773 | 987 | 1,201 | 1,317 | |||
| Share Capital ⓘ | 0 | 0 | 12 | 12 | 12 | 12 | 12 | |||
| Reserves ⓘ | 0 | 668 | 685 | 761 | 975 | 1,189 | 1,305 | |||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Debt | 0 | 499 | 504 | 372 | 237 | 142 | 238 | |||
| Long Term Debt | 0 | 454 | 431 | 356 | 165 | 127 | 238 | |||
| Short Term Debt | 0 | 45 | 73 | 16 | 72 | 15 | 0 | |||
| Trade Payables | 0 | 82 | 123 | 131 | 148 | 111 | 109 | |||
| Others Liabilities ⓘ | 0 | 236 | 173 | 198 | 192 | 250 | 227 | |||
| Total Liabilities ⓘ | 0 | 1,485 | 1,496 | 1,475 | 1,564 | 1,705 | 1,891 | |||
Fixed Assets | ||||||||||
| Gross Block | 0 | 1,378 | 1,408 | 1,416 | 1,441 | 1,468 | 1,520 | |||
| Accumulated Depreciation | 0 | 261 | 320 | 373 | 431 | 476 | 537 | |||
| Net Fixed Assetsⓘ | 0 | 1,118 | 1,088 | 1,043 | 1,009 | 992 | 982 | |||
| CWIP ⓘ | 0 | 4 | 6 | 4 | 0 | 5 | 313 | |||
| Investmentsⓘ | 0 | 47 | 52 | 52 | 52 | 22 | 98 | |||
| Inventories | 0 | 131 | 154 | 149 | 166 | 153 | 202 | |||
| Trade Receivables | 0 | 52 | 71 | 78 | 41 | 44 | 29 | |||
| Cash Equivalents | 0 | 18 | 10 | 72 | 221 | 356 | 140 | |||
| Others Assetsⓘ | 0 | 115 | 116 | 77 | 74 | 133 | 127 | |||
| Total Assets ⓘ | 0 | 1,485 | 1,496 | 1,475 | 1,564 | 1,705 | 1,891 | |||
| PARTICULARS | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 0 | 27 | 101 | 211 | 360 | 339 | 135 |
| PBT ⓘ | 0 | 22 | 24 | 108 | 342 | 317 | 183 |
| Adjustment ⓘ | 0 | 62 | 79 | 57 | 28 | 101 | 55 |
| Changes in Working Capital ⓘ | 0 | -53 | 4 | 62 | 48 | -16 | -67 |
| Tax Paid ⓘ | 0 | -4 | -6 | -16 | -58 | -62 | -37 |
| Cash Flow From Investing Activity ⓘ | 0 | -117 | -28 | -77 | -137 | -254 | -156 |
| Capex | 0 | -105 | -24 | -19 | -34 | -86 | -344 |
| Net Investments | 0 | -13 | -5 | -59 | -106 | -180 | 170 |
| Others ⓘ | 0 | 1 | 2 | 2 | 3 | 12 | 18 |
| Cash Flow From Financing Activityⓘ | 0 | 105 | -82 | -131 | -180 | -131 | 50 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 115 | -80 | -49 | -203 | -43 | 120 |
| Interest Paid ⓘ | 0 | -26 | -26 | -22 | -12 | -10 | -29 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | -18 | -18 | -18 |
| Others ⓘ | 0 | 15 | 24 | -60 | 54 | -59 | -22 |
| Net Cash Flow ⓘ | 0 | 14 | -9 | 3 | 43 | -45 | 29 |
| PARTICULARS | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | N/A | 13.21 | 2.37 | 10.36 | 26.51 | 21.02 | 10.74 | |||
| ROCE (%) | N/A | 7.28 | 4.87 | 11.61 | 28.78 | 25.21 | 13.14 | |||
| Asset Turnover Ratio | 0 | 0.85 | 0.62 | 0.73 | 1.12 | 1.14 | 0.94 | |||
| PAT to CFO Conversion(x) | N/A | 0.61 | 6.31 | 2.78 | 1.55 | 1.47 | 1 | Working Capital Days | ||
| Receivable Days | 0 | 30 | 24 | 25 | 13 | 8 | 8 | |||
| Inventory Days | 0 | 76 | 57 | 51 | 34 | 31 | 38 | |||
| Payable Days | 0 | 60 | 98 | 100 | 76 | 63 | 58 | |||
Greenpanel is India’s largest manufacturer of wood panels. Its state-of-the-art manufacturing plants in Uttarakhand and Andhra Pradesh produce Medium Density Fibre Boards (MDF), Plywood, Block Boards, Veneers, Wood Floors and Doors. It is a leader within the vast market of India in the manufacture of wood panels. The Company’s principal product is MDF. The Company is a market leader in this segment.
The Company was the erstwhile MDF division of Greenply Industries. The Company was de-merged on April 1, 2018 into an independent company that focuses largely on the manufacture, distribution and marketing of MDF. The Company was listed (following a demerger) on the NSE and BSE on October 23, 2019.
Business area of the company
The Company is primarily involved in manufacturing of plywood, medium density fibre boards (MDF) and allied products. The Company has an overseas wholly owned subsidiary company namely Greenpanel Singapore Pte. Limited, incorporated in Singapore, is engaged into trading of Medium Density Fibreboards and allied products.
Product offerings
Medium Density Fibreboard: Engineered wood manufactured with hardwood fibres, bonded together under high pressure and temperature (up to 240 degrees Celsius) with synthetic resin and wax. Greenpanel’s MDF is respected for a high uniform density, making it strong, durable and eco-friendly.
Greenpanel wood floors: Customised around Indian conditions. Protects against dust, scratches and extreme climatic changes.
Greenpanel plywood: Customised around a range of applications. Manufactured on new-age equipment. Strict adherence to quality control. Helped create new benchmarks in India’s organised plywood segment.
Greenpanel veneers: Offer an exclusive range of unique and exotic designs. Suitable for use in interiors (including high humidity applications).
Greenpanel doors: Possess high dimensional accuracy and stability (ideal for conditions of varying humidity). Customised and available with a decorative veneered surface in horizontal or vertical grains.
Milestones
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MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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