Greenpanel's Q1FY26 performance was significantly below our expectations, with revenue declining by 10% YoY to Rs3.3bn due to weak performance across segments. A consolidated EBITDA loss of Rs 158mn was reported, impacted by an EUROINR forex loss of Rs 275mn out of which Rs 41mn was classified under finance costs and Rs 234mn under other overheads. Despite the weak performance, management remains ambitious, maintaining MDF volume guidance of 550,000 CBM as they realign their strategy to regain market share through pricing and cost control. We cut our FY27E EPS estimates by 10% and...