Greenpanel's Q4FY26 profitability was below our estimates. Revenue grew 7% YoY to Rs4bn, driven by robust growth in MDF and plywood segment. Consolidated EBITDA margin contracted by 529bps YoY to 7.5%, due to elevated chemical costs and an adverse timber mix amid stabilization of new plant. PAT fell 95% YoY to Rs14mn due to forex loss on euro denominated debt and higher depreciation related to new plant. Management expects MDF segment to grow in the early double-digits to mid-teen digits, outpacing industry growth with a focus on gaining market share. However, management refrained from providing...