Greenpanel's Q3FY26 performance was broadly in-line with our expectations. Revenue grew 16% YoY to Rs4.2bn, driven by robust growth in MDF segment despite weakness in plywood segment. Consolidated EBITDA margin improved by 498bps YoY to 9.8%, driven by cost cutting measures, operating leverage and an EPCG benefit of Rs80mn. Management maintains its target of high-teens growth in MDF volumes and high single-digit to early double-digit EBITDA margins, while refraining from providing any guidance for the next fiscal year. Given pricing pressure in MDF segment, we foresee no increase in MDF prices...