Mumbai, July 8 -- ICRA stated that the rating reaffirmation reflects Greenpanel Industries' (GIL) sustained strong liquidity profile, established market position in the medium density fibreboard (MDF) industry, aided by a strong brand and wide distribution network, along with ramp-up in operating performance of its new MDF plant (started in March 2025) in FY2026, which is expected to continue in FY2027.

With a total installed MDF capacity 8,91,000 cubic metre (CBM) per annum, GIL is the largest domestic MDF manufacturing company in the country with an estimated market share of 21% as of March 2026.

The company is expected to report 9-11% growth in operating income (OI) to around Rs. 1,700-1,725 crore with likely improvement in operating...