ICICI Securities: Greenpanel Industries - Pricing Tailwind An Additional Kicker 
A worker measures the thickness of a length of plywood using a digital vernier caliper in a workshop in Thailand. (Photograph Taylor Weidman/Bloomberg)

ICICI Securities: Greenpanel Industries - Pricing Tailwind An Additional Kicker 

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Faster-than-expected demand recovery in medium-density fibreboard category post Covid-19 breakout has led to Greenply Industries Ltd. sweating its capacities much faster than envisaged earlier.

Recent delays in greenfield MDF projects of CPBI and Rushil Decor have now allowed the top three players to take a price increase of 3-4% in MDF boards with-effect-from December 07 (as per our checks) in all regions (except South India).

While this we believe is partially driven by higher resin costs, we expect players like Greenpanel to witness gross margin accretion by 50-100 basis points from Q4 FY21.

Click on the attachment to read the full report:

ICICI Securities Greenpanel Company Update.pdf


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