Greenpanel Industries Limited

What Greenpanel Industries Limited does

Greenpanel Industries Limited, founded in 2017 and headquartered in Gurugram, is India's largest manufacturer of engineered wood panels and the country's No.1 MDF company. The company is publicly listed on the NSE under the ticker GREENPANEL and is controlled by the Mittal family, with Shiv Prakash Mittal as Chairman and Shobhan Mittal as Managing Director & CEO. Greenpanel operates two large-scale manufacturing facilities in Rudrapur (Uttarakhand) and Srikalahasti/Tirupati (Andhra Pradesh) with a combined annual capacity of 8.91 lakh CBM following the February 2025 thin-MDF expansion. Its product portfolio spans MDF, HDF (including BoilBLACK BWP HDF and HDWR water-resistant variants), Pre-Laminated MDF with 100+ designs, plywood (MR, BWP 710, Firex, Club, Gold, G-Pro grades), blockboards, HDWR and flush doors, and engineered wooden flooring with PermaClick™ interlocking.

The company's products are built on differentiated proprietary technology — notably the patented Quadra Pro four-stage plywood process, PermaClick™ flooring interlocking, and Max Shield™ scratch-resistant coating — and carry a comprehensive certification stack (BIS, CARB, CE, FSC, GreenPro, ISO 9001/14001/45001) that underwrites quality claims across B2B and B2C channels. Greenpanel sells through a sales-led and channel-partner go-to-market model targeting architects, interior designers, furniture manufacturers, contractors, and developers, supported by an India-wide dealer network of more than 10,000 trade counters and the MITR loyalty app that connects the company directly with carpenters and contractors at the installation layer. Revenue is generated primarily through one-time sales of wood panel products at B2B/quote-based pricing determined via dealer agreements and volume negotiations. Q4 FY26 consolidated revenue reached ₹391.4 crore (up 15.5% YoY), though EBITDA margin compressed sharply to 9.1% from 15.9% on rising chemical costs (40-45% YoY) and low capacity utilization of 55-60%.

Name

Greenpanel Industries Limited

Legal name

Greenpanel Industries Limited

Website

https://greenpanel.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

Greenpanel Industries Limited is India's largest manufacturer of engineered wood panels, producing MDF, HDF, plywood, blockboards, doors, and flooring for architects, interior designers, contractors, developers, furniture makers, and dealers through two large plants.

Ownership category

akta.pro rank

Product category

Engineered Wood Panels

NAICS

Veneer, Plywood, and Engineered Wood Product Manufacturing (3212), Wood Product Manufacturing (321), Wood Window and Door Manufacturing (321911)

SIC

Millwood, Veneer, Plywood, & Structural Wood Members (2430), Lumber & Wood Products (No Furniture) (2400)

akta.pro primary industry

Engineered Wood Products Distribution (LVL, I-joists, Glulam, CLT) (IMAMAIAD)

akta.pro secondary industries

Plywood & Panel Products Distribution (Plywood, OSB, MDF, Particleboard) (IMAMAIAC), Veneer & Specialty Wood Products Trading (IMAMAIAL), Mass Timber Panels & Components (DLT, NLT, Hybrid Panels) (IMAMACAG), Windows, Doors & Millwork Distribution (CRAOAFAI)

Keywords

• Engineered wood panels
• Medium density fibreboard
• Plywood manufacturing
• Wooden flooring solutions
• Pre-laminated boards

Headquarters

HQ city

Gurugram

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Wood Panel Product Sales: Primary revenue from manufacturing and selling MDF, HDF, Pre-Laminated MDF, HDWR boards, Plywood, Blockboards, Doors, and Wooden Flooring to B2B customers including furniture manufacturers, interior designers, architects, contractors, developers, and through dealer/distributor network to retail customers.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels8 records

Core offering

Greenpanel Industries Limited manufactures and sells a comprehensive range of engineered wood panel products — MDF, HDF, Pre-Laminated MDF, plywood, blockboards, doors, and wooden flooring — through a nationwide dealer and distribution network. Products are targeted at B2B customers including furniture manufacturers, interior designers, architects, contractors and developers, as well as retail consumers purchasing via dealers. The company operates two manufacturing plants in Rudrapur (Uttarakhand) and Srikalahasti (Andhra Pradesh) with combined annual capacity of 8.91 lakh CBM.

Product overview

Greenpanel Industries Limited is a portfolio of wood panel products organized around a core MDF and engineered wood platform, with specialized product lines differentiated by performance attributes (water resistance, fire resistance, density) and product form (raw boards, pre-laminated boards, plywood, blockboards, doors, and flooring). The product architecture is built around patented Quadra Pro Technology for plywood and PermaClick™ technology for flooring. Key product families include: (1) MDF & HDF boards — raw boards in REG/MR/FR grades, plus BoilBLACK BWP HDF and HDWR water-resistant variants; (2) Pre-Laminated MDF — over 100 designs in Classic and Exquisite series for ready-to-use interior applications; (3) Plywood — spanning MR, BWP (Boiling Water Proof), Club, Firex, Gold, and G-Pro grades for different moisture and structural requirements; (4) Blockboards — MR and BWP grades for door and cabinet applications; (5) Doors — HDWR Doors (HMR-GP Grade, 15-year warranty) and Flush Doors (imported pine, kiln-seasoned); and (6) Wooden Flooring — super-premium engineered flooring with PermaClick™ interlocking and Max Shield™ scratch-resistant technology. All products are manufactured at facilities in Rudrapur (Uttarakhand) and Srikalahasti (Andhra Pradesh).

Differentiator

Problem solved

Functional benefit

Brands

• MITR: Greenpanel's loyalty app for carpenters and contractors. Users register under their dealer, enter purchases, get verified, and earn points redeemable for direct bank transfer.

Products and services

• MDF (Medium Density Fibreboard) Greenpanel MDF is engineered for unmatched strength, stability, and precision in interior applications including wardrobes, shelves, TV units, and decorative panels. Available in REG Grade (interior) and MR Grade (exterior/semi-outdoor) variants for residential and commercial use.
• BoilBLACK BWP HDF A next-generation, high-performance boiling water-proof high-density fibreboard designed for the most demanding applications where extreme moisture and heat resistance are required, such as kitchen cabinets, under-sink units, and modular furniture. Backed by a 25-year warranty and meeting IS 12406:2025 HMR-GP Grade standards.
• HDWR (High Density Water Resistant) MDF A next-generation high-density board providing superior strength, water and moisture resistance, and long-term durability. Termite, fungus, and borer proof with a 15-year warranty, designed for Indian climates and moisture-prone areas such as bathrooms and kitchens.
• Exterior MDF (MR Grade) Meticulously engineered MR Grade MDF with superior density and strength, suitable for outdoor and semi-outdoor projects where occasional moisture exposure occurs.
• Interior MDF (REG Grade) Superior REG Grade MDF (Grade 2) widely used for residential and commercial interior designs, offering fine texture, strength, and durability for tabletops, cabinets, handicrafts, and more.
• FRMDF (Fire Retardant MDF, REG Grade) Fire-retardant MDF incorporating fire-retardant properties to enhance protection without compromising workability or finish, suitable for commercial interiors, educational institutions, and high-occupancy gathering spaces.
• Pre-Laminated MDF Pre-laminated MDF boards available in over 100 designs (Exquisite and Classic series) crafted from premium European paper, blending aesthetics with performance for kitchen cupboards, cabinets, wardrobes, and partitions in finishes including Abstract, Fabric, Marble/Stone, Solid, and Woodgrain.
• Wooden Flooring Super-premium engineered wooden flooring combining natural elegance with exceptional durability, featuring PermaClick™ interlocking technology for flawless fit and finish, Max Shield™ scratch-resistant layer, and HDF core for sturdiness in both residential and commercial high-traffic areas.
• Club Plywood Premium plywood crafted using Greenpanel's patented Quadra Pro Technology for defect-free surface, consistent thickness, and superior bonding strength, engineered for versatile interior and furniture applications.
• Firex Plywood Premium fire-retardant plywood designed to act as a shield for interiors, redefining security and style with exceptional strength, incorporating fire-retardant properties and meeting fire safety standards.
• Gold Plywood High-quality plywood engineered using Quadra Pro Technology for defect-free surface, consistent thickness, and superior bonding strength across interior and furniture applications.
• BWP 710 Plywood Boiling Water Proof plywood crafted from carefully selected hardwood timber with Glue Line Protection against borers, termites, and fungus, backed by a 25-year guarantee and IS:710 standards for kitchen cabinets, bathrooms, exterior-facing panels, and marine use.
• MR Plywood Moisture Resistant plywood ideal for interior dry environments such as living rooms, bedrooms, wardrobes, false ceilings, and decorative partitions, with borer, fungus, and termite protection and smooth finish.
• G-Pro 710 Plywood Boiling water proof and termite-resistant plywood with a 10-year guarantee, blending moisture resistance with strength and finish quality for furniture fitments, cabinets, modular kitchens, shelving, and commercial installations.
• G-Pro MR Plywood Moisture-resistant plywood offering a balance of moisture resistance, strength, and finish quality for interiors that might face occasional humidity across a wide range of furniture and fitment applications.
• BWP Blockboard High-quality boiling water-proof blockboard crafted from 100% kiln-seasoned hardwood, bonded with BWP-type synthetic resin and pressed at high pressures, with double-layered cross bands for exceptional stiffness and warp resistance, IS:1659 certified with a 25-year guarantee for kitchen and wardrobe shutters.
• MR Blockboard Premium moisture-resistant and warp-free blockboard with borer- and termite-resistant treatment and double-layered cross bands for stiffness, IS:1659 certified with a 7-year guarantee for doors, cupboards, racks, partitions, and furniture in dry and moderate-humidity environments.
• HDWR Doors HDWR Doors crafted from high-density, water-resistant fibreboard meeting IS 12406:2025 HMR-GP Grade standards, delivering exceptional water and moisture resistance, sound insulation, and warp-free stability with a 15-year warranty and GreenPro certification, available in 30 and 32 mm thickness.
• Flush Doors Heavy-duty, highly durable door panels engineered for strength, stability, and long-term performance, made from imported kiln-seasoned pine timber, preservative-treated against termites and borers, with solid-core construction and premium resins bonded under high pressure for warp-free performance.

Quantifiable outcome

• Annual production capacity of 8.91 lakh CBM after February 2025 expansion at Andhra Pradesh plant
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered core and minor.

• TraqocoreTechnology or Integration · 1 January 2022IIT-IIM backed logistics startup providing SIM-based real-time tracking and automation platform. Operational for over four years at Greenpanel's Rudrapur plant and one year at the Andhra Pradesh facility, monitoring thousands of trips monthly without hardware dependency. Freight booking-to-billing platform with complete real-time logistics oversight.
• Delhi CapitalscoreGTM or Marketing PartnerIPL cricket franchise partnership — Greenpanel as Principal Sponsor (2023, 2024 seasons) and Official Partner for Women's Team (WPL 2024). Joint marketing campaigns including TV commercials featuring Rishabh Pant, David Warner, and Anrich Nortje. Campaign messaging 'MDF ka doosra naam' reached millions through ATL, BTL, and digital platforms.
• Times Fashion WeekminorGTM or Marketing PartnerGreenpanel served as wood panel partner for Times Fashion Week 2024 held in Gurugram on May 18-19, 2024. Wooden flooring used as runway surface, showcasing innovation and sustainability. Elevated event grandeur while positioning Greenpanel in the lifestyle and design space.
• L&K Saatchi & SaatchicoreStrategic or Co-development PartnerAdvertising agency that conceptualised Greenpanel's award-winning TVC campaign 'Earthquake — Unshakeable Strength' (1 Silver + 3 Bronze at The Abbys 2024) and IPL campaign 'Why So Angry?' featuring Delhi Capitals stars. Ongoing creative partnership for brand campaigns.

Scale indicators8 records

Recent moves7 records

Expansion highlights4 records

Emerging players

• Stylam Industries Limited: Indian manufacturer of laminates and engineered wood panels. Less MDF exposure than Greenpanel but competes in adjacent pre-laminated/decorative panel categories serving similar furniture and interior customers.

Direct peers

• Merino Industries Limited: Indian manufacturer of laminates, plywood, MDF and panel products with national distribution. Competes with Greenpanel across plywood, MDF and pre-laminated board categories serving similar furniture and interior design customers.
• Century Plyboards (India) Limited: One of India's largest plywood and particle-board/MDF manufacturers with comparable product breadth (plywood, MDF, laminates, doors) and a similar B2B dealer-led distribution model. Direct competitor to Greenpanel across plywood and MDF categories in India.
• Rushil Décor Limited: Indian manufacturer of MDF, particle board and PVC laminates with domestic manufacturing capacity. Directly comparable to Greenpanel in MDF/particle-board category with similar B2B channel-led sales.
• Duroply Industries Limited: Established Indian plywood and blockboard manufacturer. Overlaps with Greenpanel's plywood and blockboard lines, targeting similar residential and commercial construction customers.
• Action TESA (Action Group): Indian MDF and engineered wood panel manufacturer with growing capacity, competing in the same HDF/MDF and pre-laminated board categories. Targets the same furniture manufacturers and B2B channel as Greenpanel.
• Archidply Industries Limited: Indian manufacturer of plywood, blockboard, MDF, veneers and doors. Smaller than Greenpanel but directly comparable in product range and customer segments (architects, furniture makers, dealers).
• Uniply Industries Limited: Indian manufacturer of plywood, blockboards and engineered wood panels. Direct competitor to Greenpanel in plywood and related wood panel categories.
• Greenply Industries Limited: India's leading plywood and blockboard manufacturer with growing MDF presence. Closest branded plywood competitor to Greenpanel with overlapping end-customers (architects, interior designers, furniture manufacturers) and a national distribution footprint.
• Kitply Industries Limited: Indian plywood and panel manufacturer with national distribution. Smaller scale than Greenpanel but competes directly in plywood and blockboard SKUs.

Market position

Strengths2 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/playlist?list=PLfRO31COhG1f6DpN6g30eh_J6xAIKOMfj
• LinkedInlinkedin.com/company/greenpanel-industries-limited

Compliance18 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Greenpanel Industries Limited