Greenpanel Industries Limited submitted the earnings call transcript dated November 2, 2026

GPIL/2026-27 November 5, 2026 BSE Limited Na(cid:415)onal Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor, Dalal Street Plot no. C/1, G Block Mumbai – 400001 Bandra – Kurla Complex , Bandra (E), Mumbai – 400051 Scrip Code: 542857 Symbol: GREENPANEL Dear Sir, Sub: Transcripts of conference call held on November 2, 2026 Pursuant to Regula(cid:415)on 30 of the Securi(cid:415)es and Exchange Board of India (Lis(cid:415)ng Obliga(cid:415)ons and Disclosure Requirements) Regula(cid:415)ons, 2015, please find enclosed the transcript of the conference call of the investors and analysts held on Monday, November 2, 2026, at 5:00 P.M. on the unaudited financial results of Greenpanel Industries Limited for the quarter and half year ended September 30, 2026. Please take the above on records. Thanking you, Yours Faithfully, For Greenpanel Industries Limited Company Secretary & VP - Legal ACS : 18675 Encl. As above Greenpanel Industries Limited Q2 FY27 Earnings Conference Call November 02, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Greenpanel Industries Limited Q2 FY27 Earnings Conference Call. I now hand the conference over to Mr. Gavin Desa from CDR India. Thank you, and over to you, sir. Gavin Desa: Good day, everyone, and thank you for joining us on Greenpanel Industries Q2 and H1 FY27 Earnings Conference Call. We have with us today Mr. Shobhan Mittal, the Managing Director; and Mr. Himanshu Jindal, the CFO. Before we begin, I would like to state that some statements made in today's discussion may be forward-looking in nature and may involve risks and uncertainties. A detailed statement in this regard is available in the results presentation, which was shared with you earlier. I would now like to invite Mr. Shobhan Mittal to begin the call. Over to you, Shobhan. Shobhan Mittal: Good evening, ladies and gentlemen, and welcome to our Q2 & H1 FY27 earnings call. Our endeavor continues to be towards enhancing our sales volume across categories, and results of these initiatives are gradually becoming visible. On the retail front, volume growth remains strong both for MDF and plywood, building on the momentum of Q1. The retail MDF sales made during Q2FY27 were the highest ever for Greenpanel in a single quarter. Furthermore, if the pre-festive season pickup is anything to go by, we look forward to a much improved third quarter and second half of the current fiscal. Our annual foreign trip scheme meet with our top 150-plus channel partners in Hong Kong and Macau in August has helped to further reinforce our connect with our partners and gives me confidence in our ability to further drive this growth as we enter the second half of the year. Price- sensitive OEM segment was slow to respond initially. Also, due to price increases taken in Q1, many OEMs had made alternate import arrangements, impact of which continued into Q2FY27. Pricing realignment with major counterparties has been undertaken, which has helped volume recovery month-on-month. Abnormal conditions in the Middle East continue to persist, impacting the availability of containers and vessels, leading to higher delivery costs for our end consumers. Export salience still grew month- on-month despite further hikes in sea freight at the end of September. Our opening export order pipeline as of start of October is higher versus the total sales made during Q2FY27, reflecting the increasing inclination of customers in the region to again view us to be the dependable partner from Page 1 of 17 both a price and volume perspective. The spiraling freight costs have also made imports a less feasible proposition for the domestic markets. Consequent to the late recovery in OEM sales and export sales remaining neutral due to the geopolitical situation and sea freight challenges, despite retail sales growing 17% year-on-year, the total volume degrew by 3.4%, while sequentially versus quarter 1 growth was 23%. Plywood sales also remained strong, growing 8.4% year-on-year, while sequentially the growth was 16.5% versus quarter 1. The total revenue for Q2 FY27 was INR407 crore, which implies growth of 4.6% versus last year and 16.4% sequentially over Q1 FY27. For the first half of the year, our total revenues grew by 6.3% year-on-year to INR757 crore. Moving to expectations, the domestic demand drivers are intact. We expect 15% to 17% CAGR to continue for MDF. The recent implementation of Furniture Quality Control Order 2025 is expected to further support growth of wood panel demand in the country. The QCO is now in place for more than 6 months. The transitional relief period provided for imports and the exemption period granted to MSMEs has also lapsed in Q2FY27. Large furniture makers have already commenced or announced fresh capacity additions to fill the potential vacuum created due to restrictions imposed by the QCO on import of substandard furniture. With the Line 3 at Andhra already in operation, there is sufficient organic headroom available to Greenpanel to capitalize on this opportunity. We also expect the current supply-demand gap to reduce as well going forward. Cost inefficient multi-daylight lines are increasingly becoming unviable in the present pricing conditions. The pace of capacity additions hereon is also expected to moderate as well going forward. Imports too are no longer cheaper versus domestic supplies, recent container freight increases has added to the complexity. Greenpanel will continue to drive on picking up relative market share. We are aiming to achieve mid-teen MDF volume growth for the full year. Retail MDF business is expected to grow strong year-on-year, while we aim to recover the first half shortfall of MDF OEM and export MDF volume during the balance half of the year. On the margin front, while pricing challenges are still impacting margins temporarily due to the current competitive pressures, chemical cost inflation is expected to moderate in the second half, while cost efficiencies and operating leverage advantage should play out as well with additional volumes to support margin expansion going forward. Additionally, we are focused on minimizing gaps and inefficiencies, enabling us to be leaner and better prepared to leverage our scale and capabilities. With this, I request our CFO, Himanshu Jindal, for financial and other updates. Thank you. Himanshu Jindal: Good evening all. I am sure you have seen the numbers in our earnings presentation. There are a few points I would like to highlight. First, on the margin front. While the prices were realigned to counter competition and gain market share, on the back of the softening of the chemical cost, our cost of production also reduced sequentially by 5%. However, considering that Q2FY27 still has the Page 2 of 17 disadvantage of more expensive opening inventory from Q1FY27, the full impact of the reduced cost is yet not visible on the Q2FY27 result. Price reduction with the cost of goods staying a bit elevated optically is what led to margin contraction in Q2FY27. Some portion of this was obviously offset by the better fixed cost absorption sequentially given the thrust in volumes. As a result of this, the consolidated operating EBITDA margin for the quarter was 7.5% versus 9.6% in Q1FY27 and 10.2% last year. For the first half, operating EBITDA margin improved by 100 basis points to 8.4%. Second, on the balance sheet front, we continue to remain disciplined with working capital and leverage in check. The working capital cycle has improved by 5 days versus the 30th of June numbers, while the net debt has further reduced to INR133 crore. We can open the floor for questions please. Moderator: Thank you very much. We will now begin the question and answer session. First question is from the line of Praveen Sahay from Prabhudas Lilladher Capital. Please go ahead. Praveen Sahay: Thank you for the opportunity. My question is related to the domestic volume. As you had mentioned, retail has [Showing first 8,000 characters — download PDF for full document]