Prabhudas Lilladher has maintained an 'Accumulate' rating on Greenpanel Industries with a target price of Rs 450, following a 6.9% downward revision of FY25 earnings estimates due to weak Q2 performance and rising competition. The company anticipates a 15-18% YoY growth in domestic MDF volumes for H2FY25, despite a 4.4% YoY decline in MDF realization in Q2FY25. Revenue, EBITDA, and PAT are projected to grow at CAGRs of 15.9%, 21.3%, and 23.8% respectively from FY24 to FY27, with MDF volume growth expected at 15.2%.
