– Domestic MDF volumes jumped 30.5% YoY… but realizations slipped. Because life must stay balanced.

1. Opening Hook

Greenpanel kicked off the concall boasting about a Bali trip to energize distributors — because nothing says “margin improvement” like beaches and cocktails. The real surprise? Q2 actually delivered a turnaround after a painful Q1, helped by aggressive branding, product launches, and a sales team that clearly wanted another Bali outing.

But before investors could sip their coconut water in peace, management casually dropped a 40-crore forex MTM blow and chemical costs still refusing to calm down. The MDF party is back, but the DJ is playing with fluctuating FX rates.

Read on — the plot thickens faster than MDF resin.

2. At a Glance

• Domestic MDF volumes +30.5% – Sales team clearly returned from Bali with motivation.
• Realizations -4% YoY – Growth bhi aur discount bhi.
• Plywood volumes -5% YoY – But sequential recovery of 18% saved face.
• Revenue up 17.1% YoY – Volumes doing the heavy lifting.
• Operating EBITDA at 10.2% (ex-FX) – Good… until euro decided to moonwalk.
• FX impact ₹12.5 cr in Q2, ₹40 cr in H1 – Euro MTM said “main karunga.”
• Net debt down by ₹60 cr – Inventory cleanup + cash discipline worked.
• Capacity utilisation ~50% – Still plenty of room to sweat the assets.

3. Management’s Key Commentary (Quotes + Sarcastic Translations)

“Domestic MDF volumes grew 30.5% YoY.”
(Translation: Discounts, targeted pricing tweaks, and 13,000-person dealer activation did their job 😏.)

“Realizations fell 4%, but only 2% is actual price correction.”
(Translation: Please don’t panic — we didn’t hardsell everything at Diwali offers.)

“Chemical prices are elevated but temporary.”
(Translation: We really hope so, warna margin presentation phir sad ho jayega.)

“Imports have collapsed from 20,000 CBM/month to just 1,000.”
(Translation: BIS finally doing its job. Miracle noted.)

“MDF EBITDA guidance: high single-digit to early double-digit.”
(Translation: 10-11% is the new dream. Let’s not get greedy.)

“We reduced working capital by 17 days.”
(Translation: Inventory bhar bhar ke rakha tha, ab thoda akal aayi.)

“No meaningful price hikes expected soon.”
(Translation: Market share zyada important hai, pricing baad mein.”

“High teens volume growth achievable for FY26.”
(Translation: We’ll push hard… just don’t question quarterly math too deeply.)

“New plant at 40% utilisation; all