Analysts/Institutional Investor Meet/Con. Call Updates

GPIL/2026-27 August 15, 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 August 11, 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 Tuesday, August 11, 2026, at 2:30 P.M. on the unaudited financial results of Greenpanel Industries Limited for the quarter ended June 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 Q1 FY27 Earnings Conference Call August 11, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Greenpanel Industries Limited Q1 FY27 Earnings Conference Call. I will now hand the conference over to Mr. Gavin Desa from CDR India. Thank you, and over to you. Gavin Desa: Good day, everyone, and thank you for joining us on Greenpanel Industries Q1 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 discussions may be forward-looking in nature and may involve risks and uncertainties. A detailed statement in this regard is available in the result presentation, which was shared with you earlier. With you all, I would now like to invite Mr. Shobhan Mittal to begin the call. Over to you, Shobhan. Shobhan Mittal: Good afternoon, ladies and gentlemen, and welcome to our Q1 FY27 earnings call. As you are all aware, the quarter commenced amidst increased volatility post the war in Middle East. The chemical costs increased significantly, forcing us and the industry to implement price hikes of around 15% in a phased manner in April to safeguard our margins. In between, there were rollbacks by some of our peers, and we had no option but to react as well. Despite these challenges, we continued to focus on expanding our most sustainable and value-accretive revenues stream, which is retail MDF, which grew by around 20% year-on-year. In continuation with our drive on new products and trade engagements, we stepped up investments to further strengthen our brand during Q1FY27. We participated at Bharat Buildcon, relaunched our new website to deliver a premium digital experience for our customers, and also entered into strategic television partnerships with six leading news channels of the country to improve our retail connect. However, the high volatility on costs, both chemicals and container freight, on account of the geopolitical developments in Middle East, did impact our OEM and export sales. OEM degrew by 14% year-on-year, while the exports reduced to zero in the quarter. These, as you know, are largely opportunistic, low-margin sales driven by pricing and credit, decisions we choose to stay cautious on, especially in the initial half of the quarter, given the overall macro situation. As a result, our domestic MDF volumes grew by 12% year-on-year, something we have demonstrated consistently for the last four quarters now. Page 1 of 11 Counting in the absence of exports this time, our total MDF volumes degrew by 2.3% year-on-year, while the price hikes coming into play, our total MDF revenues still grew by 8% year-on-year. On the ply side, our volumes increased by 10.4% year-on-year, while revenues increased by 5% year-on-year. On a combined basis, revenues for the quarter grew to INR350 crore, a growth of 8.5% over the last year, while the consolidated operating EBITDA, excluding the impact of currency movement on the euro borrowing for the new plant, was INR33.5 crore, or 9.6% of revenues in Q1FY27. MDF operating EBITDA margin expanded to 10.3% versus 4.4% for quarter 1 last year. Moving to the current scenario on what to expect hereon. On the raw material side, while the timber costs are largely stable, chemical costs have corrected from the peak, but are still higher than pre-war levels, and they are still volatile. On the other hand, competitions continue to stay aggressive on offering discounts. We are continuously monitoring this and are realigning our discounts wherever needed to protect and grow volumes. Thus, we are simultaneously treading two moving grounds currently, both costs and discounts, which change daily basis, based on news flows from the Middle East. Given the overall situation, providing figurative guidance continues to be challenging. However, we would continue to ramp up domestic volumes over the remaining 9 months of this fiscal to improve our relative market share over our peers for the full year. Once the condition in the Middle East returns to normal, we can also expect the export flows to gradually improve as well. With this, I request our CFO, Himanshu Jindal for the financial and other updates. Thank you. Himanshu Jindal: Good evening to you all. We have already covered revenues in detail. On the margin side, our gross margins improved both sequentially and on a Y-o-Y basis as well, between 5% to 6%. Now, in the quarter at 52.7%, and this is on account of multiple factors. So, the first one very clearly was the timely implementation of the price hikes, post the escalation on the chemical cost front. As Shobhan ji mentioned, our OEMs segment degrew and even our exports was zero, so there is a change in distribution product salience also, which is coming into play. The third reason was basically lower timber cost. So, as you know, we worked on the wood species that we use, so there is a reduction on a Y-o-Y basis, and there is also improvement in our production efficiencies versus quarter 1 last year. Beyond that, there was also availability of the low-cost inventory coming in from the last fiscal. Despite the increase in marketing investments, our reported EBITDA expanded to INR32.5 crore versus a loss of INR12.4 crore last year same period, while the PBT was INR2.1 crore, and PAT was INR1.2 crore. On the balance sheet side, our working capital requirements, they increased slightly by 4 days, primarily more inventory now, both on account of finished goods and timber, to factor seasonality. Despite this, we are still 5 days leaner versus the same period last year. We continue to use our cash flows to deleverage, so our gross debt reduced further to INR317 crore versus INR353 crore at the beginning of the quarter. Also, our credit ratings from ICRA were recently reaffirmed as A+. I think we can now request the moderator to open the Q&A, please. Page 2 of 11 Moderator: Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. We take the first question from the line of Shubhi Gupta from Trinetra Asset Managers. Please go ahead. Shubhi Gupta: Thank you so much for the opportunity. My first question is, since we have seen such a drop in exports due to this ongoing war, do we plan to diversify into other international markets to mitigate all of this? Shobhan Mittal: Shubhi, we are looking at alternate options for exports. Unfortunately, the freight volatility continues to be present in most parts of the country. Middle East is a unique situation where they do not have their own manufacturing, but most of the other foreign markets already have their own MDF manufacturing, and with the freight volatility in place, it is also difficult to be competitive, factoring in. So, I would say about 80% to 85% of our exports earlier used to be Middle East. We are exploring other options. We are trying to expand supplies to the other markets, but of course, to make up for the lost volumes from the Middle East, that is no [Showing first 8,000 characters — download PDF for full document]