Interim report
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Greenply/2025-26 February 4, 2026 The Manager BSE Limited Department of Corporate Services Floor 25, P. J. Towers, Dalal Street Mumbai - 400 001 Scrip Code: 526797 Dear Sir/Madam, HAR ZARURAT KA REPLY The Manager National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex Bandra (E) Mumbai - 400 051 Symbol - GREENPLY Sub: Un-audited Financial Results for the quarter and nine months ended 31st December, 2025 Pursuant to Regulation 30 and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are forwarding herewith copy of Un-audited Standalone and Consolidated Financial Results for the quarter and nine months ended 31st December, 2025, duly approved and taken on record by the Board of Directors at their meeting held on 4th February, 2026. Further, the Statutory Auditors of the Company have carried out "Limited Review" of the above results and the Limited Review Report is attached for your record. The meeting was commenced at 12:30 p.m. and concluded at O)_: 1 O p.m. The above Limited Review Report and results are also available on the website of the Company viz. www.greenply.com . 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:+913324500400,30515000 IE:kaushal.agarwal@greenply .comIwww.greenply .com I CIN: L20211WB1990PLC268743 Registered Office: 'Madgul Lounge', 6th Floor, 23 Chetla Central Road, Chetla, Kolkata - 700027, West Bengal. India
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Sr. No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Greenply Industries Limited Registered Office: Madgul Lounge, 6th Floor, 23 Chetla Central Road, Chetla, Kolkata -700027 Corporate Identity Number: L20211WB1990PLC268743 Phone: +91 33 3051 5000 Fax : +91 33 3051 5010 Website: www.greenply.com E-mail: investors@greenply.com Statement of Standalone Profit and Loss for the auarter and nine months ended 31 December 2025 Corresponding Year to date figures Year to date Previous Three 1breemonths Three months months ended ended 31.12.2024 for the current figures for the Particulars ended 31.12.2025 30.09.2025 in the previous period ended previous period 31.12.2025 ended 31.12.2024 year <Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Income a) Revenue from operations 50,054.43 52,104.91 46,229.39 1,45,981.17 1,40,317.75 b) Other income 866.43 930.50 1,271.62 2,997.84 3,995.66 Total Income 50,920.86 53,035.41 47,501.01 1,48,979.01 1,44,313.41 Expenses a) Cost of materials consumed 16,844.45 15,050.80 15,542.15 45,895.18 42,726.45 b) Purchase of stock-in-trade 19,016.26 17,312.32 17,928.18 52,076.11 53,855.23 c) Changes in inventories of finished goods, (2,715.61) 3,134.79 (3,666.96) (910.33) (4,465.83) work-in-progress and stock-in-trade d) Employee benefits expense 6,455.07 6,638.54 6,116.39 18,993.89 17,691.74 e) Finance costs 174.7-1 254.93 111.08 640.26 362.81 f) Depreciation and amortisation expenses 600.03 583.18 561.33 1,740.43 1,687.76 g) Other expenses 7,733.57 7,590.00 7,661.78 22,748.97 22,845.40 Total Expenses 48,108.48 50,564.56 44,253.95 1,41,184.51 1,34,703.56 Profit before exceptional items and tax (1-2) 2,812.38 2,470.85 3,247.06 7,794.50 9,609.85 Exceptional items (Refer Note 3) (340.09) - - (461.08) - Profit before tax (3+4) 2 472.29 2 470.85 3,247.06 7,333.42 9,609.85 Tax expense a) Current tax (refer Note 4) 715.42 709.13 861.59 2,071.47 1,739 68 b) Deferred tax (41.46) (57.86) (49.93) (212.18) (142.04) Total tax expense 673.96 651.27 811.66 1,859.29 1,597.64 Profit for the period (S-6) 1,798.33 1,819.58 2,435.40 5,474.13 8,012.21 Other Comprehensive Income Items that will not be reclassified to profit or loss 137.60 1.00 (8.96) . 139.60 (6.96) Income tax relating to items that will not be (34.63) (0.25) 2.25 (35.13) 1.75 reclassified to profit or loss Items that will be reclassified to profit or loss - - - - - Income tax relating to items that will be - - - - -reclassified to profit or loss Other Comprehensive Income for the period 102.97 0.75 (6.71) 104.47 (5.21) Total Comprehensive Income for the period 1,901.30 1,820.33 2,428.69 5,578.60 8,007.00 (7+8) Paid-up equity share capital (Face value t II- 1,248.88 1,248.81 1,248.73 1,248.88 1,248.73 each) Other equity Earnings per equity share (on' 1/- each) a) Basic(t) 1.44• 1.45* 1.96* 4.38· 6.47* b)Dilutedm 1.44· 1.45* 1.95* 4.38· 6.41 * • Not annualised (fin Lakbs) Year ended 31.03.2025 (Audited) 1,90,113.07 5,524.37 1,95,637.44 57,697.0] 73,228.81 (6,002.46) 23,530.58 599.39 2,246.54 30,940.03 1,82,239.90 13,397.54 (660.55) 12,736.99 2,484.91 (255.05) 2,229.86 10,507.13 (9.53) 2.40 - - (7 13) 10,500.00 1,248.73 81,670.65 8.47 8.41
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Notes: I. 2. 3. 4. Greenply Industries Limited Registered Office: Madgul Lounge, 6Th Floor, 23 Chetla Central Road, Chetla, Kolkata-700027 Corporate Identity Number: L20211WB1990PLC268743 Phone: +91 33 3051 5000 Fax: +91 33 3051 5010 Website: www.greenply.com E-mail: investors@greenply.com The above standalone financial results for the quarter and nine months ended 31 December 2025 have been reviewed and recommended by the Audit Committee in their meeting held on 4th February 2026 and approved by the Board of Directors of the Company at their meeting held on even date. These results have been subjected to "limited review" by the Statutory Auditors of the Company who have issued an unmodified review report on the standalone financial results for the quarter and nine months ended 31 December 2025. The Company's business activity fall within a single operating segment, namely 'Plywood and allied products'. Accordingly, the disclosure requirements of Ind AS 108 - 'Operating Segment' are not applicable. (a) The Board of Directors in their meeting held on 03 June 2025 have approved transfer of 30% of shareholding held in Greenply Middle East Limited (GMEL), Dubai, to one of the existing shareholders, for a consideration ofINR 425.89 lakhs (USO 4,91,774). Post approval, the aforesaid transactions was completed on 24 June 2025 (being the effective date of transfer) and the Company had transferred the shareholding in favour of the aforesaid shareholder for the agreed consideration. This had resulted in loss on sale of investment of Rs 120.99 lakhs and the same has been shown under "exceptional iterns"for the quarter ended June 2025. (b) During the year ended 31 March 2025, Company had recognised provision for impairment of investments of Rs. 660.55 lakhs for investments held in Greenply Holdings Pte. Limited (wholly owned subsidiary of the Company). (c) On November 21, 2025, the Government oflndia notified the four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020, collectively referred to as the "New Labour Codes", consolidating 29 existing labour Jaws. The Ministry of Labour & Employment pubiished draft Central/State Rules and FAQs on December 30, 2025, to facilitate assessment of the financial impact arising from these regulatory changes. The Company has assessed and disclosed the incremental impact of these changes on the basis of the best information available. Considering the materiality and non-recwring nature of this impact, the Company has presented such incremental impact of Rs. 340.09 Lakhs under "Exceptional items" in the standalone financial result during the quarter and nine months ended December 3 I, 2025.The Company continues to monitor the finalisation of Central /State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments as needed. Current tax for the year ended 31 March 2025 includes a refund of Rs 894.12 lakhs for earlier years pertaining to income tax cases and the interest on such refund amounting to Rs.393.35 lakhs have been disclosed under "Other Income" during the year ended 31 March 2025. S, om<rnrn, ~ ~ /" Place: Kolkata Rajesh Mittal Chairman cum Managing director (DIN : 00240900) Dated: 4th February 2026
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BS R & Co. LLP Charte red Accountant s Godrej Waterside, Unit No. 603 6th Floor, Tower 1, Plot No 5, Block - DP Sector V, Salt Lake, Kolkata - 700091 Tel: +91 33 4035 4200 Fax: +91 33 4035 4295 Limited Review Report on unaudited standalone financial results of Greenply Industries Limited for the quarter ended 31 December 2025 and year to date results for the period from 01 April 2025 to 31 December 2025 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Greenply Industries Limited 1. We have reviewed the accompanying Statement of unaudited standalone financial results of Greenply Industries Limited (hereinafter referred to as "the Company") for the quarter ended 31 December 2025 and year to date results for the period from 01 April 2025 to 31 December 2025 ("the Statement"). 2. This Statement, which is the responsibility of the Company's management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under • Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, induding the manner in which it is to be disclosed, or that it contains any material misstatement. Kolkata 04 February 2026 For B S R & Co. LLP Chartered Accountants Firm's Registration No.: 101248W/W-100022 Seema Mohnot Partner Membership No.: 060715 UDIN:26060715BJKCE l7706 Registered Off~ B s R z. Cc> {a pann•rsllip rm.,,; 111 Regislra!ioo No BA61223)coo.e,t.al i,,ro BSR /l.C<> UP (a Li,nted Lla!:iity PaMelOllip lOIIII Ll.P Regis1talion No AAS-8181) ,,.if!I ~ t,:,mOdobe< 14, 2013 14th Floor, Cenfral B 'Mng anc! Nonh C Wing. Nesco IT Park 4, Nesco Center, West""' &pre» Higl,way, Goregaon (East). Mumoai • 400063 Page 1 of 1
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Sr. No. I. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. A. B. C. Greenply Industries Limited Registered Office: 'Madgul Lounge', 6th Floor, 23 Chetla Central Road, Kolkata - 700 027 Corporate Identity Number: L20211WB1990PLC268743 Phone: +91 33 3051 5000 Fax: +91 33 3051 5010 Website: www.greenply.com E-mail: investors@greenply.com Statement of Consolidated Profit and Loss for the quarter and nine months ended 31 December 2025 Previous Three Corresponding Year to date Three months months ended Three months ended figures for the Particulars ended 31.12.2025 3 I.I 2.2024 in the current period 30.09.2025 previous year ended 31.12.2025 (Unaudited) /Unaudited) /Unaudited) runaudited) Income a) Revenue from operations 67,340.25 68,857.48 61.445.38 1,96,278.92 b) Other income 104.84 175.25 266.06 1,597.11 Total Income 67,445,09 69,032.73 61,711.44 1,97,876.03 Expenses a) Cost of materials consumed 30,216.45 24,805.81 25.898.41 81,740.96 b) Purchase of stock-in-trade 14,565.37 11,741.52 15,615.99 37,355.19 c) Changes in inventories of finished goods, 6,319.11 (4,685.84) (1,811.13) work-in-progress and stock-in-trade (4,744.46) d) Employee benefits expense 9,031.97 8,998.25 8,1 12.78 26,140.13 e) Finance costs (Refer Note 6) 981.89 1,349.14 509.69 4,182.27 f) Depreciation and amortisation expenses 1,660.31 1,583.63 1,509.47 4,781.29 g) Other expenses 12,379.43 11,316.64 ll,099.92 35,125.47 Total Expenses 64,090.96 66 114.10 58,060.42 1,87,514.18 Profit before share of (loss) of equity accounted 3,354.13 2,918.63 3,651.02 10,361.85 investees, exceptional items and tax (1-2) Share of (loss) of equity accounted investees (775.01) (587.85) (333.16) (2,277.57) Exceptional items (Refer Note 4) (384.60) - - 58.74 Profit before tax (3+4+5) 2,194.52 2,330.78 3,3 17.86 8,143.02 Tax expense a) Current tax (Refer Note 5) 784.60 886.75 886.17 2,355.05 b) Deferred tax (23.61) (154.19) (4.59) (89.54) Total tax expense 760.99 732.56 881.58 2,265.51 Profit for the period ( 6-7) 1,433.53 1,598.22 2.436.28 5,877.51 Other Comprehensive Income Items that will not be reclassified to profit or loss 145.05 1.00 (8.96) 147.05 Income tax relating to items that will not be reclassified to (0.25) 2.25 (36.41) profit or loss (35.91) Items that will be reclassified to profit or loss 1.01 3.36 (0.83) (12.72) Income tax relating to items that will be reclassified to - -profit or loss - Other Comprehensive Income / (Loss) for the period 110.15 4.11 (7.54) 97.92 Total Comprehensive Income for the period (8+9) 1543.68 1,602.33 2,428.74 5,975.43 Paid-up equity share capital {Face value t 1/- each) 1,248.88 1,248.81 1,248.73 1,248.88 Other equity Earnines per equity share(off 1/- each) a) Basic Ct) 1.15* 1.28• 1.96• 4.71· b)Dilutedm I.IS* 1.27* 1.95* 4.70• * Not annualised Profit/(loss) for the year attributable to: Owners of the company 1,436.69 1,599.88 2,445.96 5,880.67 Non-controlling interests (3.16) (I.66) (9.68) (3.16) Other comprehensive income/(Ioss) attributable to: Owners of the company 110.15 4.11 (7.54) 97.92 Non-controlling interests - - - - Total comprehensive income/(Ioss) attributable to: Owners of the company 1,546.84 1,603.99 2,438.42 5,978.59 Non-controllint! interests (3.16) /1.66) /9.68) (3.16) (tin Lakhs) Year to date figures for the previous Year ended period ended 31.03.2025 31.12.2024 /Unaudited) (Audited) 1,83,881.13 2.48.758.14 1,038.6 1 1.649.36 1,84,919.74 2.50,407.50 72,519.69 98,321.85 41 ,824.3 1 57,949.01 (3,871.56) (7,857.66) 23,703.22 31,599.71 2,996.30 4,308.77 4,5 16.15 6,013.58 32,748.13 44,979.95 1,74,436.24 2.35.315.21 10,483.50 15,092.29 (1,229.73) (3,392.26) - 9,253.77 11,700.03 1,875.43 2,723.76 (133.68) (196. 10) 1,741.75 2,527.66 7,5 12.02 9.172.37 (6.96) (6.38) 1.75 1.86 (1.01) 679.29 - (6.22) 674.77 7,505.80 9,847.14 1,248.73 1,248.73 79,615.08 6.07 7.39 6.0 1 7.34 7,515.18 9.163.21 (3.16) 9.16 (6.22) 674.77 - 7,508.96 9,837.98 {3.16) 9.16
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Sr. No. I. 2. 3. 4. Greenply Industries Limited Registered Office: 1Madgul Lounge', 6th Floor, 23 Che ti a Central Road, Kolkata - 700 027 Corporate Identity Number: L20211WB1990PLC268743 Phone : +91 33 3051 5000 Fu: +91 33 3051 5010 Website: www.greenply.com E-mail: investors@greenply .com Consolidated Se"111ent wise Revenue. Results Assets and Liabilities for the auarter and nine months ended 31 December 2025 Previous Three Corresponding Three Year to date Year to date figures Three months months ended months ended figures for the for the previous Particulars ended 31.12.2025 31.12.2024 in the current period period ended 30.09.2025 previous year ended 31.12 .2025 31.12.2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) /Unaudited) Sei,nent Revenue a) Plywood and allied products 52,171.57 54,169.11 47,925.10 1,51,724.14 1,44,523.87 b) Medium density fibreboards and allied products 15,201.09 14,688.75 13,604.19 44,618.48 39,468.38 Total (a+b) 67,372 .66 68,857.86 61.529.29 1,96,342.62 1,83.992.25 Less: Inter segment revenue 32.41 0.38 83.91 63.70 111.12 Revenue from ooerations 67,340.25 68.857.48 61.445.38 1,96,278.92 1,83,881.13 Segment Result a) Plywood and allied products 3,650.36 3,886.07 3.671.09 10,768.62 10.885.39 b) Medium density fibreboards and allied products 728.90 432.33 448.27 2,748 .91 2,178.07 Total (a+b) 4,379.26 4,318.40 4,119.36 13,517 .53 13,063.46 Less: (i) Finance costs (Refer Note 6) 981.89 1,349.14 509.69 4,182 .27 2,996.30 (ii) Other unallocable expenditure net of unallocable (income) 43,24 50.63 (41.35) (1,026.59) (416.34) (iii) Share of loss of eauitv accounted investees 775.01 587.85 333.16 2,277.57 1,229.73 Total Profit before exceptional items and tax 2,579.12 2,330.78 3.317.86 8,084.28 9,253.77 Exceotional items (Refer Note 4) (384.60) - 58.74 Total Profit before tax 2,194 .52 2,330.78 3.317.86 8,143.02 9,253.77 Segment Assets a) Plywood and allied products 1,10,384 .53 1,06,855.63 1,03,945.96 1,10,384.53 1,03,945.96 b) Medium density fibreboards and allied products 77,741 .48 74,028.65 69,725.20 77,741.48 69,725.20 c) Unallocated 7 353.20 7,620.58 8.936.02 7,353.20 8,936.02 Total Ses,nent Assets 1,95,479.21 1,88,504.86 1,82,607. 18 1,95,479 .21 1,82,607.18 Segment Liabilities a) Plywood and allied products 57,869 .42 55,631.67 59,129.21 57,869 .42 59,129.21 b) Medium density fibreboards and allied products 51,220.37 48,037.42 44,827.11 51,220 .37 44,827.11 c\ Unallocated 132.33 124.48 111.55 132.33 111.55 Total SNJ111ent Liabilities 1,09,222.12 1,03,793.57 1.04.067.87 1,09,222.12 1,04,067.87 (tin Lakhs) Year ended 31.03.2025 /Audited) 1,95,868. 96 53,039.89 2.48.908.85 150.71 2,48,758.14 15.412.81 3,302.77 18,715.58 4.308. 77 (685.48) 3.392.26 11.700.03 - 11,700.03 1,12,451.76 73,432.69 9_335.82 1.95.220.27 65,918.60 48,296.78 112.83 1.14,328.21
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Notes· I. 2. 3. 4. 5. 6. Greenply Industries Limited Registered Office: 'Madgul Lounge', 6th Floor, 23 Cheda Central Road, Kolkata - 700 027 Corporate Identity Number: L202UWB1990PLC268743 Phone: +91 33 3051 5000 Fax: +91 33 3051 5010 Website: www.greenply.com E-mail: investors@greenply.com The above consolidated financial results for the quarter and nine months ended 31 December 2025 have been reviewed and recommended by the Audit Committee in their meeting held on 04th February 2026 and approved by the Board of Directors of the Parent Company at their meeting held on even date. These results ha~e been subjected to "limited review" by the Statutory Auditors of the Parent Company who have issued an unmodified review report on the consolidated financial results for the quarter and nine months ended 31 December 2025. Based on the guiding principles given in Ind AS 108 on 1 Operating Segments\ the Group's business activity falls within two operating segments, namely. a) Plywood and allied products b) Medium density fibreboard and allied products Segment Revenue, Results, Assets, and Liabilities represent amounts identifiable to ea.ch of the segments. Other "unallocable expenditure net of unallocable income" mainly includes interest income, expenses on common services not directly identifiable to individual segments. Segment Assets and Segment Liabilities are as at 31st December 2025, 30th September 2025, 31st March 2025 and 31st December 2024. Unallocable corporate assets less unallocable corporate liabilities mainly represents investment of surplus funds. The consolidated financial results include the financial results of subsidiaries - Greenply Holdings Pte. Limited (Singapore), Greenply Speciality Panels Private Limited (India) (formerly known as Baahu Panels Private Limited), Greenply Sandila Private Limited (India) and Alishan Panels Private Limited (India). The consolidated financial results also includes share oi profit/(loss) of equity accounted investees - Greenply Alkemal (Singapore) Pte. Limited (Singapore) {including its wholly owned subsidiary company - Greenply Industries (Myanmar) Private Limited, (Myanmar)},. Greenply Samet Private Limited and Greenply Middle East Limited (upto 24th June 2025) {including its wholly owned subsidiary company - Greenply Gabon S.A (West Africa)} which are accounted under equity method as set out in Ind AS 28 - 'Investment in Associates and Joint Ventures' notified by Ministry of Corporate Affairs. (a) The Board of Directors of Parent Company in their meeting held on 03 June 2025 have approved transfer of 30% of shareholding held in Greenply Middle East Limited (G?vlEL), Dubai, to one of the existing shareholders, for a consideration of INR 425.89 lakhs (USD 4,91,774). Post approval, the aforesaid transactions was completed on 24 June 2025, (being the effective date of transfer) and the Group had transferred the shares to the aforesaid shareholder. This had resulted in gain of Rs. 443.34 lakhs which has been shown as "exceptional item" for the previous quarter ended 30 June 2025. Consequently, GMEL ceases to be an "Associate" ol the Group after such transfer. (b) On November 21, 2025, the Government of India notified the four Labour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020, collectively referred to as the "New Labour Codes", consolidating 29 existing labour laws. The Ministry oJ Labour & Employment published draft Central/ State Rules and FAQs on December 30, 2025, to facilitate assessment of the financial impact arising from these regulatory changes. The Group has assessed and disclosed the incremental impact of these changes on the basis of the best information available. Considering the materiality and non-recurring nature of this impact, the Group has presented such incremental impact of Rs 384.60 Lakhs under '"Exceptional items" in the consolidated financial result during the quarter and nine months ended December 31, 2025.The Group continues to monitor the finalisation of Central /State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments as needed. Current tax for the year ended 31 March 2025 includes a refund of Rs 894.12 lakhs for earlier years pertaining to income tax cases and the interest on such refund amounting to Rs.393.35 lakhs have been disclosed under "Other Income" during the year ended 31 March 2025. Previous Three Corresponding Three months months ended lbree months ended Year ended Year ended Year ended Particulars ended 31.12.2025 31.12.2024 in the 31.12.2025 31.12.2025 31.03.2025 30.09.2025 previous year Finance costs includes the effect of foreign exchange fluctuation loss/(gain) in respect of long-term borrowings for the MDF Plant, to the e,ctent that they are regarded as 103.52 383.44 (461.56) 1,374.90 (70.72) 242.16 an adjustment to finance cost ~~--~~· Place: Kolkata Rajesh Mittal Chairman cum Managing director (DIN : 00240900) Dated: 4th February 2026
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Godrej Waterside, Unit No. 603 BS R & Co. LLP Chartered Accountants 6th Floor, Tower 1, Plot No 5, Block - DP Sector V, Salt Lake, Kolkata - 700091 Tel: +91 33 4035 4200 Fax: +91 33 4035 4295 Limited Review Report on unaudited consolidated financial results of Greenply Industries Limited for the quarter ended 31 December 2025 and year to date results for the period from 01 April 2025 to 31 December 2025 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of Greenply Industries Limited 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Greenply Industries Limited (hereinafter referred to as "the Parent"), and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") and its share of the net loss after tax and total comprehensive loss of its associates and joint ventures for the quarter ended 31 December 2025 and year to date results for the period from 01 April 2025 to 31 December 2025 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). 2. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We. also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the following entities: Parent: Greenply Industries Limited (GIL) Subsidiaries: a. Greenply Holdings pte. Limited (GHPL) (wholly owned subsidiary of GIL) b. Greenply Sandila Private Limited (wholly owned subsidiary of GIL) c. Greenply Speciality Panels Private Limited (Formerly known as Baahu Panels Private Limited) (wholly owned subsidiary of GIL) d. Alishan Panels Private Limited (subsidiary of GIL) Joint Ventures: e. Greenply Alkema! (Singapore) Pte. Limited (GASPL) (Joint venture of GHPL) f. Greenply Industries Myanmar Private Limited (wholly owned subsidary of GASPL). !! S R & Co (a partnetsilip flnn wilh RegisrraJion HI> BA61223) """"""1ed info 3 S R & Co. LLP (a l.nrl!ed Uablf,ty Pa11nerohip with LLP RegiS113liDn Ho AAe-8181) ,.;lh ef".ect from OdD!ler 14. 2013 Regis~e d Olli=, 14111 Aoo,. Cenllal B Wng and North C Wing, Nesco IT ?ar1< 4. Nooe::, eem..r. Wes!fm Exp,ess Highway. Go,egaon (Easl), Mumbai . 400053 Page 1 of3
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BS R & Co. LLP Limited Review Report (Continued) Greenply Industries Limited g. Greenply Samet Private Limited (Joint venture of GIL) Associates: h. Greenply Middle East Limited (GMEL) (associate of GIL) (upto 25 June 2025) i. Greenply Gabon S.A. (wholly owned subsidiary of GMEL) 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. We did not review the interim financial information of two subsidiaries included in the Statement, whose interim financial information reflects total revenues (before consolidation adjustments) of Rs. 8,653.45 lakhs and Rs_. 25,589.61 lakhs, total net profit after tax (before consolidation adjustments) of Rs. 360.30 lakhs and Rs. 1,363.34 lakhs .and total comprehensive income (before consolidation adjustments) of Rs. 360.21 lakhs and Rs. 1,363.25 lakhs, for the quarter ended 31 December 2025 and for the period from 01 April 2025 to 31 December 2025 respectively, as considered in the Statement. The Statemeflt also include the Group's share of net loss after tax of Rs. 769.59 lakhs and Rs. 1,896.58 lakhs and total comprehensive loss of Rs. 769.59 lakhs and Rs. 1,896.58 lakhs, for the quarter ended 31 December 2025 and for the period from 01 April 2025 to 31 December 2025 respectively as considered in the Statement, in respect of one joint venture, whose interim financial information have not been reviewed by us. These interim financial information have been reviewed by other auditors whose reports have been furnished to us by the Parent's management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and joint venture, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of this matter. 7. The Statement includes the interim financial information of one subsidiary which has not been reviewed, whose interim financial information reflects total revenues (before consolidation adjustments) of Rs. Nil and Rs. Nil, total net loss after tax (before consolidation adjustments) of Rs. 4.38 lakhs and Rs. 6.59 lakhs and total comprehensive loss (before consolidation adjustments) of Rs. 4.37 lakhs and Rs. 6.30 lakhs, for the quarter ended 31 December 2025 and for the period from 01 April 2025 to 31 December 2025 respectively, as considered in the Statement. The Statement also includes the Group's share of net loss after tax of Rs. 5.42 lakhs and Rs. 380.99 lakhs and total comprehensive loss of Rs. 5.42 lakhs and Rs. 380.99 lakhs, for the quarter ended 31 December 2025 and for the period from 01 April 2025 to 31 December 2025 respectively as considered in the Statement, in respect of two associates and two joint ventures, based on their interim financial information which have not been reviewed. According to the information and explanations given to us by the Parent's management, these interim financial information are not material to the Group. Page2of3
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8 SR & Co. LLP Limited Review Report (Continued) Greenply Industries Limited Our conclusion is not modified in respect of this matter. Kolkata 04 February 2026 For B S R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022 Seema Mohnot Partner Membership No.: 060715 UDIN:26060715GWUGJl7207 Pag~3 of 3
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Greenply/2025-26 February 4, 2026 The Manager BSE Limited Department of Corporate Services Floor 25, P. J. Towers, Dalal Street Mumbai - 400 001 Scrip Code: 526797 Dear Sir/ Madam, Sub: Outcome of Board Meeting HAR ZARURAT KA REPLY The Manager National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex Bandra (E} Mumbai - 400 051 Symbol - GREEN PLY Ref: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/Madam, Pursuant to Regulation 30 read with Schedule Ill and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements} Regulations, 2015 (SEBI Regulations), we would like to inform you that the Board of Directors of Green ply Industries Limited ("the Company") at its meeting held today i.e. on 04.02.2026: 1. discussed and noted the proposed expansion of manufacturing capacity of MDF plant of the Company's wholly owned subsidiary i.e. Greenply Speciality Panels Pvt. Ltd. (WOS}, situated at Village: Sherpura, Dist.: Vadodara, Gujarat. The details as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are enclosed as Annexure -A 2. approved termination of Joint Venture (JV) agreement dated 30th January, 2014 executed between Greenply Industries Limited and Alkema! Singapore Pte. Ltd. and acquisition of 50% shares held by Kulmeet Singh (existing JV Partner) in Greenply Alkema! (Singapore) Pte. Ltd. (Joint Venture Company) by Green ply Holdings Pte. Ltd., Singapore (WOS of Greenply Industries Limited). The total consideration of said acquisition will be USD 1 (one). The necessary information as required to be disclosed in this regard in terms of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, will be submitted as and when the transaction will be executed. 3. approved further investment upto INR 125 crores in one or more tranches in Equity Shares of the Company's wholly owned subsidiary i.e. Greenply Speciality Panels Private Limited (GSPPL) for proposed expansion of manufacturing capacity of MDF plant of GSPPL situated at Village: Sherpura, Dist.: Vadodara, Gujarat. Greenply Industries Limited 'Madgul Lounge', 5th & 6th Floor, 23 Chetla Central Road, Kolkata - 700027, West Bengal, India T: +91 33 24500400, 30515000 I E: kaushal.agarwal@greenply .com I www.greenply.com I CIN : L20211WB1990PLC268743 Registered Office : 'Madgul Lounge', 6th Floor, 23 Chetla Central Road, Chetla, Kolkata - 700027, West Bengal, India
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I ~ HAR ZARURAT KA REPLY The details as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are enclosed as Annexure - B The meeting commenced at 12:30 p.m. and concluded at OL :j O p.m. Thanking You, Yours faithfully, For GREENPLY INDUSTRIES LIMITED KAUSHAL KUMAR AGARWAL COMPANY SECRETARY & VICE PRESIDENT-LEGAL Encl.: a/a Greenply Industries Limited 'Madgul Lounge', 5th & 6th Floor, 23 Chetla Central Road, Kolkata - 700027, West Bengal, India T: +91 33 24500400, 30515000 I E: kaushal.agarwal@greenply .com I www .greenply.com I CIN: L20211 WB1990PLC268743 Registered Office: 'Madgul Lounge', 6th Floor, 23 Chetla Central Road, Chetla, Kolkata - 700027, West Bengal, India
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ANNEXURE-A I ~ HAR ZARURAT KA REPLY CAPACITY ADDITION: At MDF plant of the Company's wholly owned subsidiary i.e. Green ply Speciality Panels Pvt. Ltd. (WOS), situated at Village: Sherpura, Dist.: Vadodara, Gujarat. Sr. No. Particulars Details a) existing capacity 1000 CBM per day b) existing capacity utilization Nearly 71% till Q3 FY 26 (excluding shutdown period of the unit for extension of the Conti Roll Press line of the MDF machinery) c) proposed capacity addition 600 - 700 CBM per day d) period within which the Q2 FY 2028 proposed capacity is to be added e) investment required Approximately INR 425 crores f) mode of financing Through mix of borrowings and equity/ quasi equity/ internal accruals g) rationale To increase in-house capacity to cater to the growing demand of MDF products Greenply Industries Limited 'Madgul Lounge'. 5th & 6th Floor. 23 Chetla Central Road. Kolkata - 700027. West Bengal. India T : +91 33 24500400. 30515000 I E: kaushal.agarwal@greenply.com I www.greenply .com I CIN: L20211WB1990PLC268743 Registered Office: 'Madgul Lounge'. 6th Floor. 23 Chetla Central Road, Chetla. Kolkata - 700027. West Bengal. India
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ANNEXURE-B I ~ HAR ZARURAT KA REPLY INVESTMENT UPTO INR 125 CRORES IN ONE OR MORE TRANCHES IN EQUITY SHARES OF THE COMPANY'S WHOLLY OWNED SUBSIDIARY I.E. GREENPLY SPECIALITY PANELS PRIVATE LIMITED (GSPPL) FOR PROPOSED EXPANSION OF MANUFACTURING CAPACITY OF MDF PLANT OF GSPPL SITUATED AT VILLAGE: SHERPURA, DIST.: VADODARA, GUJARAT Sr. Particulars Details No. a) Name of the target entity, details Green ply Speciality Panels Private Limited (GSPPL) is a b) in brief such as size, turnover etc. wholly owned subsidiary of Green ply Industries Limited, incorporated in India on May 25, 2021. GSPPL is engaged in the business of manufacturing and trading of Medium Density Fibreboard (MDF), High Density Fibreboard (HDF) and its allied products . The total Income, PAT and Net Worth of GSPPL as per the previous three years audited financial statements is: Rs. in Crore Particulars FY 2025 FY 2024 FY 2023 Total Income 533.73 382.69 3.01 PAT 2.12 -15.77 -4.27 Net Worth 134.55 132.39 148.13 Whether the acquisition would Yes. fall within related party transaction(s) and whether the GSPPL is a wholly owned subsidiary of Greenply promoter/promoter group/group Industries Limited. With the infusion offurtherfunds up companies have any interest in to INR 125 crores, by way of subscription of the entity being acquired? If yes, 125,00,00,000 Equity Shares of Re. 1/- each of Greenply nature of interest and details Speciality Panels Private Limited (GSPPL), GSPPL will thereof and whether the same is continue to be a wholly owned subsidiary of Greenply done at "arm's length" Industries Limited. The funds raised by way of issue of Equity Shares will be used by GSPPL towards proposed expansion of manufacturing capacity of MDF plant of the Company's wholly owned subsidiary i.e. Greenply Speciality Panels Pvt. Ltd. (WOS), situated at Village: Sherpura, Dist.: Vadodara, Gujarat. The transaction will be carried out in compliance with all applicable laws. Greenply Industries Limited 'Madgul Lounge', 5th & 6th Floor, 23 Chetla Central Road, Kolkata - 700027, West Bengal, India T: +91 33 24500400, 30515000 I E: kaushal.agarwal@greenply .com I www.greenply.com I CIN: L20211 WB1990PLC268743 Registered Office: 'Madgul Lounge', 6th Floor, 23 Chetla Central Road, Chetla, Kolkata - 700027, West Bengal, India
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c) d) e) f) g) h) i) j) Industry to which the entity being acquired belongs Objects and impact of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity) Brief details of any governmental or regulatory approvals required for the acquisition Indicative time period for completion of the acquisition Consideration - whether cash consideration or share swap or any other form and details of the same Cost of acquisition and/or the price at which the shares are acquired Percentage of shareholding / control acquired and / or number of shares acquired Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief) I ~ HAR ZARURAT KA REPLY GSPPL is engaged in the business of manufacturing and trading of Medium Density Fibreboard (MDF), High Density Fibreboard (HDF) and its allied products. The GSPPL is in need of funds towards proposed expansion of ·manufacturing capacity of MDF plant of the Company's wholly owned subsidiary i.e. Greenply Speciality Panels Pvt. Ltd. (WOS), situated at Village: Sherpura, Dist.: Vadodara, Gujarat. After the above transactions, Greenply Industries Limited will continue to hold 100% shareholdings in GSPPL. Necessary approvals, if any, required will be obtained before executing the proposed transactions . The acquisition of Equity Shares will be made during FY 2025-26 to FY 2027-28, in one or more tranches. Cash consideration. Total Cost of Acquisition: INR 125,00,00,000/- Greenply Industries Limited holds 100% shareholding in GSPPL. Post proposed transactions, Greenply Industries Limited will continue to hold 100% of shareholding in GSPPL. Provided in Point a) of this table. - Greenply Industries Limited 'Madgul Lounge', 5th & 6th Floor, 23 Chetla Central Road, Kolkata - 700027, West Bengal, India T : +91 33 24500400, 30515000 I E: kaushal.agarwal@greenply .com I www.greenply.com I CIN: L20211WB1990PLC268743 Registered Office: 'Madgul Lounge', 6th Floor, 23 Chetla Central Road, Chetla, Kolkata - 700027, West Bengal, India
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Greenply/2025-26 February 04, 2026 The Manager BSE Limited Department of Corporate Services Floor 25, P. J. Towers, Dalal Street Mumbai - 400 001 Scrip Code: 526797 Dear Sir/ Madam, Sub: Outcome of Board Meeting HAR ZARURAT KA REPLY The Manager National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex Bandra s(E) Mumbai - 400 051 Symbol - GREENPLY Ref: Appointment of Senior Management Personnel - Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that the Board of Directors of Greenply Industries Limited ("Company") at its meeting held today i.e. 04.02.2026: 1. approved the appointment of Mr. Ashok Jaiswar as Senior Vice President - Marketing and Senior Management Personnel (SMP) of the Company with effect from 5th February 2026, based on the recommendation of the Nomination and Remuneration Committee meeting held today. The details as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are given in the enclosed Annexure - A The Board Meeting commenced at 12:30 p.m. and concluded at DJ. : Jo p.m. 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 I E: kaushal.agarwal@greenply.com I www.greenply.com I CIN : L20211WB1990PLC268743 Registered Office : 'Madgul Lounge', 6th Floor, 23 Chetla Central Road, Chetla, Kolkata - 700027, West Bengal, India
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HAR ZARURAT KA REPLY ANNEXURE-A SI. No. Particulars Details 1. 2. 3. 4. Reason for change viz. appointment, re appointment resignation, remo•t'al, Eleath or otherwise Date of appointmentf,:e- appointment/cessation (as applicable) & term of appointment/re appointment; Brief profile (in case of appointment) Appointment of Mr. Ashok Jaiswar as Senior Vice President - Marketing and Senior Management Personnel of the Company. Date of appointment: w.e.f. 5th February, 2026 Term of appointment: Full-time employment Mr. Ashok Jaiswar is a seasoned marketing and communications leader with over 25+ years of experience across consumer, automotive, and industrial brands, driving large-scale brand transformations and business growth. Ashok has strong expertise in digital transformation, performance marketing, influencer strategy, CRM analytics, and loyalty programs . Ashok is a strategic P&L leader and customer-obsessed marketer who thrives on solving complex problems through creativity and insight. Proven track record of transforming legacy enterprises into high-growth, startup-driven businesses, building profitable and dominant brands that deliver lasting value for customers, partners, and stakeholders. Overall, Ashok brings deep expertise in brand strategy, integrated marketing, digital acceleration, trade marketing, and large-scale campaign execution, with a proven track record of delivering measurable business outcomes in competitive markets. Disclosure of relationships Not Applicable between directors (in case of appointment of a Director) Greenply Industries Limited 'Madgul Lounge', 5th & 6th Floor, 23 Chetla Central Road, Kolkata - 700027, West Bengal, India T: +91 33 24500400, 30515000 I E: kaushal.agarwal@g reenply.com I www.greenply .com I CIN: L20211 WB1990PLC268743 Registered Office: 'Madgul Lounge', 6th Floor, 23 Chetla Central Road, Chetla, Kolkata - 700027, West Bengal, India