Please find enclosed Conference Call Transcript in respect of conference call for Investors and Analysts held on July 24, 2026.

Greenply/2026-27 July 27, 2026 The Manager The Manager BSE Limited National Stock Exchange of India Limited Department of Corporate Services Exchange Plaza, Bandra Kurla Complex Floor 25, P. J. Towers, Dalal Street Bandra (E) Mumbai - 400 001 Mumbai - 400 051 Scrip Code: 526797 Symbol - GREENPLY Dear Sir / Madam, Sub: Conference Call Transcript Please find enclosed Conference Call Transcript in respect of conference call for Investors and Analysts held on July 24, 2026 on the financial results of Greenply Industries Limited for the quarter ended 30th June, 2026. The same is also available on the website of the Company viz. www.greenply.com/investors Thanking you, Yours faithfully, For GREENPLY INDUSTRIES LIMITED KAUSHAL KUMAR AGARWAL COMPANY SECRETARY & VICE PRESIDENT-LEGAL Encl.: As above Greenply Industries Limited ‘Madgul Lounge’, 5th & 6th Floor, 23 Chetla Central Road, Kolkata - 700027, West Bengal, India T:+91 33 24500400, 30515000 | E: kaushal.agarwal@greenply.com | www.greenply.com | CIN :L20211WB19S90PLC268743 Registered Office :'‘Madgul Lounge’, 6th Floor, 23 Chetla Central Road, Chetla, Kolkata - 700027, West Bengal, India “Greenply Industries Limited Q1 FY27 Earnings Conference Call” July 24, 2026 MANAGEMENT: MR. SANIDHYA MITTAL – JOINT MANAGING DIRECTOR – GREENPLY INDUSTRIES LIMITED MR. SANJIV KESHRI – CHIEF FINANCIAL OFFICER – GREENPLY INDUSTRIES LIMITED MODERATOR: MR. KARAN BHATELIA – ASIAN MARKETS SECURITIES Page 1 of 15 Greenply Industries Limited July 24, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Greenply Industries Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen mode only and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Karan Bhatelia from Asian Markets. Over to you. Karan Bhatelia Welcome to 1Q FY27 Investor Call of Greenply Industries. From the management, we have Mr. Sanidhya Mittal, JMD; and Mr. Sanjiv, CFO. I now hand over the call to Sanidhya for his opening remarks, post which we can open up for Q&A. Over to you, Sanidhya. Thank you. Sanidhya Mittal Thank you, Karan, and good evening, everyone. It is a pleasure to welcome you all to Greenply Industries earnings conference call to discuss our performance for the first quarter of financial year '27. As highlighted during our previous earnings call, we were witnessing encouraging demand momentum across our businesses, and I'm pleased to share that this trend continued through the first quarter. In Q1 FY27, we delivered double-digit volume growth in both segments, in line with our guidance. On the marketing front, we continue to strengthen our brand presence and reinforce our commitment to sustainability during the quarter. We launched our One Sheet, One Tree campaign, a long-term sustainability commitment under which we plant one tree for every plywood sheet supplied for infrastructure and interior projects across India. This is not a time-bound campaign, but a continuing promise that reflects our vision of contributing to a greener India alongside our business growth. The ongoing geopolitical tensions and the recent conflict in the Middle East resulted in elevated imported chemical prices, extending the sharp cost pressures observed towards the end of Q4 FY26. This necessitated price increase across the industry, as this situation gradually improved and supply chains normalized during the second half of first quarter FY27, input costs began to moderate. Consequently, the effective price increase currently stands at approximately 7% to 9% in the MDF business and 3% to 5% in the Plywood business. We are regularly monitoring the situation and will take corrective measures as required. Now I would like to update you on Greenply Q1 FY27 financial and operational performance. Consolidated revenue for Q1 FY27 stood at INR724.9 crores, registering a robust 20.7% Y-o-Y increase. Our consolidated core EBITDA was INR78.3 crores, with a core EBITDA margin of 10.8%, representing an expansion of 50 basis points year-on-year. Let me share the highlights of our individual business segments. In our plywood business segment, we have achieved a volume growth of 13.8% on a Y-o-Y basis in Q1 FY27, with a revenue of INR526.6 crores, value growth of about 16% on a Y-o-Y basis. Realization stood at Page 2 of 15 Greenply Industries Limited July 24, 2026 INR265 per square meter, a growth of 4.3% on a Q-on-Q basis. On the margin front, our core EBITDA margin stood at 8.4% for Q1 FY27, a growth of 50 basis points Y-o-Y. Moving to MDF business, we've achieved a quarterly revenue of INR195.7 crores with volumes reaching approximately 58,000 cubic meters. This reflects a strong Y-o-Y growth of 32.8% in value and 24.7% in volume terms. This realization improvement -- the realization improved from INR33,525 per CBM, a growth of 9.9% on a Q-on-Q basis. Margins for the quarter stood at 17.3%, supported by higher sales and operating leverage. Moving on to the furniture and fittings JV. We achieved a sale of INR13.61 crores in Q1 FY27. The JV reported a PAT loss of INR11.48 crores in Q1 FY27, with our share of loss amounting to INR5.74 crores. I'm pleased to announce that in the MDF segment commercial production of new flooring manufacturing line commenced successfully on 20 July 2026. This is marking another significant milestone in our growth journey. Our expansion projects, including the new MDF facility at Vadodara and the new greenfield plywood manufacturing facility in Orissa are progressing as planned and remain on track for commissioning within the committed timelines. On the balance sheet front, we continue to maintain a prudent financial position while investing for future growth. As of the end of the quarter, our consolidated net debt stood at 533 crores with a debt-equity of 0.57x. This remains well within our guidance for the range of 0.7 to 0.75, reflecting our strong disciplined capital allocation and healthy financial position even as we continue to execute our planned capital expenditure program. Overall, we remain optimistic about the demand outlook and the momentum across our businesses. With our expanding manufacturing footprint, strengthened brand portfolio, and unwavering focus on operational excellence, we are confident of sustaining our growth trajectory. We are confident to achieve the target of 10% volume growth in plywood and 25% to 30% volume growth in MDF segment for the full year and remain committed to delivering consistent profitable growth while creating a long-term value for all stakeholders. With this, I would like to open the floor for Q&A session. Thank you. Moderator: Thank you very much. We will now begin the question-and-answer session. The first question is from the line of Sneha from Nuvama. Please go ahead. Sneha: Hi, good evening team and thanks a lot for the opportunity. Just a couple of questions from my end. Firstly, just wanted to, you know, understand on the plywood margins front. While your gross margins have improved on a quarter-on-quarter basis, what could be the reason for, you know, a drop in your EBITDA margins? That's first. Sanidhya Mittal: So, I think the major reason for a drop is even though, you know, the volume growth we've been able to achieve, but I think the absolute number was very low and the base in Q1 FY26 was kind of low. So even though we achieved the volume, but the absolute numbers far away from the number we did in Q4. So, you know, if absolute so the moment we start reaching the Q4 Page 3 of 15 Greenply Industries Limited July 24, 2026 numbers, which is anywhere close to 600 and 600 plus every quarter, I think 10% plus is very easily achievable. Sneha: Could we aim that from coming quarter or for annua [Showing first 8,000 characters — download PDF for full document]