Slides
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ANALYST PRESENTATION Q2 & H1 FY2027 29th October 2026
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This presentation and the accompanying slides (the “Presentation”), which have been prepared by Greenply Industries Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company Certain statements in this communication may be ‘forward looking statements’ within the meaning of applicable laws and regulations. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Important developments that could affect the Company’s operations include changes in the industry structure, significant changes in political and economic environment in India and overseas, tax laws, import duties, litigation and labour relations. All industry data has been collated from various industry sources and market reports. The said data is believed to have a reasonable level of accuracy. Greenply Industries Limited (GIL) will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances. Disclaimer 3
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❖ Key Highlights ❖ Financial & Operating Performance ❖ Corporate Overview 4 C O N T E N T S ❖ Marketing Activities
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KEY HIGHLIGHTS
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Key results highlights- Consolidated 6 Particulars Q2 FY27 Q2 FY26 % Change Y-o-Y Q1 FY27 % Change Q-o-Q H1 FY27 H1 FY26 % Change Y-o-Y Revenue 799.7 688.6 16.1% 724.9 10.3% 1,524.6 1,289.4 18.2% Core EBITDA 89.2 56.8 57.2% 78.3 14.0% 167.5 118.4 41.5% Core EBITDA % 11.2% 8.2% + 300 bps 10.8% +40 bps 11.0% 9.2% + 180 bps Other income 3.5 1.8 99.1% 1.8 91.9% 5.3 14.9 -64.4% Share of (loss) of equity accounted Investees -6.3 -5.9 -7.5% -5.7 -10.2% -12.1 -15.0 19.7% Foreign exchange gain/(loss) as an adjustment to finance cost -0.8 -3.8 78.9% 0.7 211.7% -0.1 -12.7 99.3% Depreciation & Finance cost -28.7 -25.5 12.5% -25.6 11.8% -54.3 -50.5 7.6% Profit Before Tax & Exceptional Items 56.9 23.3 144.1% 49.5 15.1% 106.4 55.1 93.2% Exceptional Items – Gain/(Loss) * - - - - 4.4 Profit Before Tax 56.9 23.3 144.1% 49.5 15.1% 106.4 59.5 78.8% Tax -14.2 -7.3 93.5% -11.8 19.7% -26.0 -15.0 72.9% Profit After Tax 42.7 16.0 167.3% 37.6 13.6% 80.3 44.4 80.8% Details of Share of (loss) of equity accounted investees, Net of Tax Q2 FY27 Q2 FY26 Q1 FY27 H1 FY27 H1 FY26 Greenply Samet JV -6.3 -5.9 -5.7 -12.1 -11.3 GMEL , Dubai -3.6 Greenply Holdings, Singapore -0.0 -0.1 Total -6.3 -5.9 -5.7 -12.1 -15.0 Figures in Rs crs * Exceptional items is one time gain on sale of 30% stake in GMEL in Q1 FY’26.
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7 #Working capital days are calculated on annualised basis. *Excluding inter-corporate debt Consolidated Debt position (Rs/Crores) Sept’26 June’26 Change Q-o-Q Sept’25 Change Y-o-Y Ply Business 176 180 -3 110 66 MDF Business 401 374 26 406 -5 Total Gross Debt 577 554 23 516 62 Net Debt 544 533 11 510 34 Equity 969 932 36 847 122 Net D/E (Times) 0.56 0.57 0.60 Working Capital (Days) # 43 42 1 51 -8 Key results highlights- Consolidated
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Key results highlights – India Ply business 8 Plywood Business ^ (Standalone + Subsidiaries) Particulars Q2 FY27 Q2 FY26 % Change Y-o-Y Q1 FY27 % Change Q-o-Q H1 FY27 H1 FY26 % Change Y-o-Y Sales Volume (MSM) 23.0 21.7 6.1% 19.4 18.6% 42.40 38.84 9.2% Realisation (Rs/Sqm) 264 242 9.0% 265 -0.3% 264 248 6.6% Revenue Plywood & Allied products 606.8 524.8 15.6% 513.2 18.2% 1,120.0 962.2 16.4% Revenue Other products* 18.9 17.0 11.4% 13.4 41.2% 32.2 33.4 -3.4% Revenue (Rs Crs) 625.7 541.7 15.5% 526.6 18.8% 1,152.3 995.5 15.7% Core EBITDA (Rs Crs) 62.9 44.6 40.8% 44.5 41.4% 107.3 80.6 33.1% Core EBITDA % 10.05% 8.24% +180 bps 8.44% +160bps 9.31% 8.10% +120 bps Reported PAT (Rs Crs) 38.1 25.9 46.9% 26.6 43.0% 64.7 46.4 39.4% *Other products include Wallcovers, Veneers & Misc sales
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Key results highlights – India MDF business 9 MDF Business MDF Revenue breakup by category Particulars Q2 FY27 Q2 FY26 % Change Y-o-Y Q1 FY27 % Change Q-o-Q H1 FY27 H1 FY26 % Change Y-o-Y Sales Volume (CBM) 54,605 47,018 16.1% 57,805 -5.5% 1,12,411 93,368 20.4% Realisation (Rs/CBM) 31,816 31,161 2.1% 33,525 -5.1% 32,694 31,460 3.9% Revenue (Rs Crs) MDF & Allied 173.7 146.5 18.6% 193.8 -10.4% 367.5 293.7 25.1% Revenue (Rs Crs) Misc 0.2 0.3 -49.5% 1.9 -91.2% 2.0 0.4 363.7% Revenue (Rs Crs) Total 173.9 146.8 18.4% 195.7 -11.1% 369.6 294.2 25.6% Core EBITDA (Rs Crs) 26.4 12.1 117.7% 33.9 -22.1% 60.2 37.7 59.7% Core EBITDA (%) 15.2% 8.3% +690 bps 17.3% -210bps 16.3% 12.8% +350bps PAT without Forex (Rs Crs) 12.0 -0.2 16.1 -25.5% 28.0 16.7 67.8% Forex Gain/(Loss) on borrowings -0.81 -3.8 -78.9% 0.7 -211.7% -0.09 -12.7 -99.3% Reported PAT (Rs Crs) 11.2 -4.0 -377.0% 16.8 -33.5% 28.0 4.0 599.0% Particulars Q2 FY27 Q2 FY26 % Change Y-o-Y Q1 FY27 % Change Q-o-Q H1 FY27 H1 FY26 % Change Y-o-Y MDF Boards 142.4 119.1 19.6% 150.9 -5.6% 293.3 239.7 22.4% Pre- Lam Boards 31.3 27.4 14.2% 42.9 -27.0% 74.2 54.0 37.4% Total (Rs Crs) 173.7 146.5 18.6% 193.8 -10.4% 367.5 293.7 25.1%
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FINANCIAL & OPERATING PERFORMANCE
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Consolidated P&L –Q2 FY27 Revenue growth of 16.1% YoY 11 Revenue-Rs. Crores Sales Minus COGS - Rs. Crores, Margin % Core EBITDA- Rs. Crores, Margin % PAT - Rs. Crores, Margin % 57 78 89 8.2% 10.8% 11.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 0 20 40 60 80 100 Q2FY26 Q1 FY27 Q2 FY27 57.2% %14.0% 689 725 800 100 200 300 400 500 600 700 Q2FY26 Q1 FY27 Q2 FY27 16.1% 10.3% 260 308 334 37.7% 42.5% 41.7% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 0 50 100 150 200 250 300 350 400 Q2FY26 Q1 FY27 Q2 FY27 28.3% 8.3% 16 38 43 2.3% 5.2% 5.3% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 0 5 10 15 20 25 30 35 40 Q2FY26 Q1 FY27 Q2 FY27 167.3% 13.6%
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Consolidated P&L –H1 FY27 Revenue growth of 18.2% YoY 12 Revenue-Rs. Crores Sales Minus COGS - Rs. Crores, Margin % Core EBITDA- Rs. Crores, Margin % PAT - Rs. Crores, Margin % 118 168 9.2% 11.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 0 50 100 150 200 H1 FY26 H1 FY27 41.5% 44 80 3.4% 5.3% 0.0% 2.0% 4.0% 6.0% 0 20 40 60 80 100 H1 FY26 H1 FY27 80.8% 1,289 1,525 - 500 1,000 1,500 2,000 H1 FY26 H1 FY27 18.2% 517 642 40.1% 42.1% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 0 200 400 600 800 H1 FY26 H1 FY27 24.1%
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Receivables- Rs. Crores, days*Working Capital- Rs. Crores, days* Inventories- Rs. Crores, days* Payables- Rs. Crores, days* 13 Net Worth & Net Debt- Rs Crores, Net D/E times Capital Employed- Rs. Crores * Annualised for non-year ending periods. Consolidated Ratios 355 337 368 51 42 43 0 10 20 30 40 50 60 0 50 100 150 200 250 300 350 400 Sep-25 June-26 Sep-26 399 363 405 57 46 48 0 20 40 60 80 100 0 100 200 300 400 500 Sep-25 June-26 Sep-26 368 377 422 52 47 50 0 20 40 60 80 100 0 50 100 150 200 250 300 350 400 450 Sep-25 June-26 Sep-26 413 403 459 58 51 55 0 20 40 60 80 100 0 100 200 300 400 500 Sep-25 June-26 Sep-26 847 932 969510 533 544 0.60 0.57 0.56 0.54 0.56 0.58 0.60 0.62 0 200 400 600 800 1000 1200 Sep-25 June-26 Sep-26 Net Worth Net Debt Net D/E 1,363 1,487 1,546 - 200 400 600 800 1,000 1,200 1,400 Sep-25 June-26 Sep-26 13.4% 4.0%
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India Plywood Business^ - P&L-Q2 FY27 14 Revenue- Rs. Crores Sales Minus COGS - Rs. Crores, Margin % Core EBITDA- Rs. Crores, Margin % PAT before exceptional items - Rs. Crores, Margin % Revenue growth of 15.5% YoY ^Plywood business is a sum of standalone numbers & subsidiaries (after eliminations) 542 527 626 0 100 200 300 400 500 600 700 Q2 FY26 Q1 FY27 Q2 FY27 15.5% 18.8% 195 204 247 36.1% 38.7% 39.4% 10.0% 20.0% 30.0% 40.0% 50.0% 120 140 160 180 200 220 Q2 FY26 Q1 FY27 Q2 FY27 26.3% 21.1% 45 44 63 8.2% 8.4% 10.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 0 10 20 30 40 50 60 70 Q2 FY26 Q1 FY27 Q2 FY27 40.8% 41.4% 26 27 38 4.8% 5.1% 6.1% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 0 10 20 30 40 Q2 FY26 Q1 FY27 Q2 FY27 46.9% 43.0%
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India Plywood Business^ - P&L-H1 FY27 15 Revenue- Rs. Crores Sales Minus COGS - Rs. Crores, Margin % Core EBITDA- Rs. Crores, Margin % PAT before exceptional items - Rs. Crores, Margin % Revenue growth of 15.7% YoY ^Plywood business is a sum of standalone numbers & subsidiaries (after eliminations) 996 1,152 700 1,000 1,300 H1 FY26 H1FY27 15.7% 373 450 37.5% 39.1% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 280 310 340 370 400 H1 FY26 H1FY27 20.7% 81 107 8.1% 9.3% 1.0% 3.0% 5.0% 7.0% 9.0% 50 70 90 110 130 150 170 H1 FY26 H1FY27 33.1% 46 65 4.7% 5.6% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 10 30 50 70 H1 FY26 H1FY27 39.4%
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Receivables- Rs. Crores, days* Working Capital- Rs. Crores, days* Inventories- Rs. Crores, days* Payables- Rs. Crores, days* 16 *Annualised for non-year ending periods. India Plywood Business^ - Ratios ^Plywood business is a sum of standalone & subsidiaries (after eliminations) 303 273 294 55 47 47 42 44 46 48 50 52 54 56 0 50 100 150 200 250 300 350 Sep-25 Jun-26 Sep-26 318 266 297 58 46 47 0 10 20 30 40 50 60 70 0 50 100 150 200 250 300 350 Sep-25 Jun-26 Sep-26 339 342 396 62 59 63 57 58 59 60 61 62 63 64 0 100 200 300 400 500 Sep-25 Jun-26 Sep-26 355 335 399 65 58 63 54 56 58 60 62 64 66 300 320 340 360 380 400 420 Sep-25 Jun-26 Sep-26
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Realisations (Rs./Sqm) 17 Developing a healthy mix of manufacturing & trading portfolio yielding better ROEs India Plywood Business^ - Operating Metrics Q2 FY27 Sales breakup- Volume-wise Sales breakup- Value-wise Major expenses as % of sales ^Plywood business is a sum of standalone & subsidiaries (after eliminations) Operating Metrics 62% 68% 60% 38% 32% 40% 0% 20% 40% 60% 80% 100% Q2 FY26 Q1 FY27 Q2 FY27 Manufacturing (Own) Trading 68% 73% 67% 32% 27% 33% 0% 20% 40% 60% 80% 100% Q2 FY26 Q1 FY27 Q2 FY27 Manufacturing (Own) Trading 3.4% 2.7% 4.7% 13.8% 15.4% 13.5% 4.6% 5.3% 4.5% Q2 FY26 Q1 FY27 Q2 FY27 Ad & Promotion Staff Cost Logistics Cost 12.7 12.3 13.7 21.7 19.4 23.0 0.0 5.0 10.0 15.0 20.0 25.0 Q2 FY26 Q1 FY27 Q2 FY27 Production (msm) Sales volume (msm) 242 265 264 100 150 200 250 300 Q2 FY26 Q1 FY27 Q2 FY27 9.0% -0.3%
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Realisations (Rs./Sqm) 18 Developing a healthy mix of manufacturing & trading portfolio yielding better ROEs India Plywood Business^ - Operating Metrics H1 FY27 Sales breakup- Volume-wise Sales breakup- Value-wise Major expenses as % of sales ^Plywood business is a sum of standalone & subsidiaries (after eliminations) Operating Metrics 60% 64% 40% 36% 0% 20% 40% 60% 80% 100% 120% H1 FY26 H1FY27 Manufacturing (Own) Trading 67% 70% 33% 30% 0% 20% 40% 60% 80% 100% 120% H1 FY26 H1FY27 Manufacturing (Own) Trading 24 26 39 42 0 10 20 30 40 50 H1 FY26 H1FY27 Production (msm) Sales volume (msm) 3.7% 3.8% 14.4% 14.4% 4.9% 4.9% 0.0% 5.0% 10.0% 15.0% 20.0% H1 FY26 H1FY27 Ad & Promotion Staff Cost Logistics Cost 248 264 0 50 100 150 200 250 300 H1 FY26 H1FY27 6.6%
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India MDF P&L- Q2 FY27 19 Revenue- Rs. Crores Sales Minus COGS - Rs. Crores, margin % Core EBITDA- Rs. Crores, Margin % PAT- Rs. Crores Revenue growth of 18.4% YoY 65 104 86 44% 53% 50% 0% 10% 20% 30% 40% 50% 60% 0 20 40 60 80 100 120 Q2 FY26 Q1 FY27 Q2 FY27 12 34 26 8.3% 17.3% 15.2% 0.0% 5.0% 10.0% 15.0% 20.0% -10 0 10 20 30 40 Q2 FY26 Q1 FY27 Q2 FY27 146.8 195.7 173.9 20.0 70.0 120.0 170.0 220.0 Q2 FY26 Q1 FY27 Q2 FY27 -11.1%18.4% -4.0 16.8 11.2 -2.7% 8.6% 6.4% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% -5.0 0.0 5.0 10.0 15.0 20.0 Q2 FY26 Q1 FY27 Q2 FY27
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India MDF P&L- H1 FY27 20 Revenue- Rs. Crores Sales Minus COGS - Rs. Crores, margin % Core EBITDA- Rs. Crores, Margin % PAT- Rs. Crores Revenue growth of 25.6% YoY 37.8 60.3 12.8% 16.3% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0% -10.0 10.0 30.0 50.0 70.0 90.0 H1 FY26 H1 FY27 4.0 28.0 1.4% 7.6% -10.0% -5.0% 0.0% 5.0% 10.0% -0.5 0.5 1.5 2.5 3.5 H1 FY26 H1 FY27 294.2 369.6 - 100.0 200.0 300.0 400.0 500.0 H1 FY26 H1 FY27 25.6% 143.8 190.8 48.9% 51.6% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% - 50.0 100.0 150.0 200.0 H1 FY26 H1 FY27 32.7%
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Receivables- Rs. Crores, days* Working Capital- Rs. Crores, days* Inventories- Rs. Crores, days* Payables- Rs. Crores, days* 21 *Annualised for non-year ending periods. India MDF Business Ratios 29 34 26 18 16 13 0 5 10 15 20 0 10 20 30 40 Sep-25 Jun-26 Sep-26 58 68 59 36 32 29 0 20 40 60 80 Sep-25 Jun-26 Sep-26 52 64 75 32 29 37 0 5 10 15 20 25 30 35 40 0 10 20 30 40 50 60 70 80 Sep-25 Jun-26 Sep-26 81 97 108 50 45 53 0 10 20 30 40 50 60 0 20 40 60 80 100 120 Sep-25 Jun-26 Sep-26
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Updates on the Furniture Hardware JV- Greenply Samet 22 • Financial performance – Q2 FY’27 • Revenue at Rs 14.08 crores. (100%) • Share of PAT loss was Rs 6.3 Crores (50% our share) • Financial performance – H1 FY’27 • Revenue at Rs 27.70 crores. (100%) • Share of PAT loss was Rs 12.1 Crores (50% our share) • Equity Investment till date Rs 105 Crs by GIL. Side - Mount Slides Undermount slides Hinge Systems Lift-Up Door Systems
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CORPORATE OVERVIEW
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Greenply Offering “box” to “Wood & Allied Category Product Offerings ” One of the largest Interior infrastructure brands in India 40+ Years of experience in delivering quality plywood products Listed in NSE & BSE-Rs. 3,500+ crores Market Cap Wood based products Plywood, MDF, Veneers, Doors, PVC/WPC boards, Furniture fittings E-0 India’s first Zero Emission plywood Rated AA- Long term Debt Rated A1 + Short Term Facilities (CARE & India Ratings) 3000+ Dealer Distribution Network 1100+ Cities, Towns & Villages Serviced State-of-the-art facilities in India at strategic locations 24 First to set Guinness World Record in wood panel industry Greenply at a Glance
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st Zero Emission Ply To receive FSC certification Structural Grade Ply To Plant 50 Mn Trees Carpenter Recognition (HKS) Lifetime Warranty Ply Pioneering brand with several innovations
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26 Strategic Outlook Product portfolio expansion Automation & digitization Expanding Manufacturing base at diversified locations Employee Engagement Focus on ESG Introducing innovative & Futuristic products Adopting a multi-pronged approach to leverage the emerging opportunity in the new normal. Strategic Outlook
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27 A Comprehensive Portfolio for Every Interior Space
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28 Plywood & allied (Own Manufacturing ) Location Capacity (Mn SQM pa) Bamanbore, Gujarat 20.20 Sandila, Lucknow (U.P.) 13.50 Kriparampur, West Bengal 11.00 Tizit, Nagaland 8.10 Odisha (work in progress) 13.5 Total Capacity 66.3 MDF Manufacturing Location Capacity (CBM / Annum) Vadodara, Gujarat 3,00,000 Vadodara, Gujarat Line 2 (WIP) 2,10,000 Greenply Manufacturing Capacities
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Ownership & Stakeholder Value Creation A diversified holding structure aiming at value creation for shareholders Shareholding Pattern- 30th Sept 2026 Major Institutional Shareholders Shareholding % *Mirae Mutual fund 11.22 HDFC Mutual Fund 6.35 Tata Mutual Fund 5.77 Canara Robeco Mutual Fund 2.62 Bandhan Mutual Fund 2.11 Aditya Birla Mutual fund 1.12 SBI Contra Fund 1.08 Major Institutional Shareholders – 30th Sept 2026 *Mirae Mutual Fund consists of Domestic : Mirae asset ELSS tax saver Fund Foreign : Mirae asset India Small-mid CAP focus equity master Investment Trust 51.93% 4.66% 31.60% 11.81% Promoters FIIs DIIs Non-Institution
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MARKETING ACTIVITIES
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AT INDIA’S BIGGEST TRADE EXHIBITION GREENPLY DOMINANCE M A T E C I A 2 0 2 6 INNOVATION IN DISPLAY WIDE PRODUCT RANGE STRONG ENGAGEMENT I M P A C T F U L B R A N D E X P E R I E N C E S C R A F T S M A N S H I P O N D I S P L A Y I C O N I C B R A N D P R E S E N C E S O L U T I O N S F O R E V E R Y S P A C E P R E M I U M P R O D U C T S H O W C A S E
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32 Brand Campaign – Greenply Gold New Product Launch – Ecotec Prime Brand Campaign – MDF Objective : Strengthen appeal among value- conscious consumers seeking reliable protection and assurance. Strategy • Position affordable plywood with enhanced safety benefits. • Highlight waterproofing, fire-grade protection and 20-year warranty. • Simplify technical benefits through relevant consumer communication. Objective : Build confidence in long-lasting plywood protection and premium product consideration. Strategy • Highlight proactive termite protection through innovative technology. • Differentiate the product beyond conventional plywood benefits. • Reinforce trust through product education and influencer engagement. Objective : Strengthen category leadership through first-in-industry 20-year warranty differentiation. Strategy • Signal product quality and durability through warranty assurance. • Combine functional benefits with memorable warranty-led communication. • Differentiate through superior performance and long-term assurance. Segment-led marketing enables Greenply to engage premium consumers, mass buyers, and institutional trade. Building Consumer Trust through Impactful Campaigns
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Driving Brand Visibility & Imagery Sports Association – IND VS AFG Purpose led Initiatives Reach - Impact Associations Sustained 360° Media Campaigns Across TV, Radio and Cinema Halls to Maximise Brand Visibility and Consumer Impact Nurturing Spaces during BreastFeeding Week Seeding the Future with Seed Distribution at Metro Station
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Engaging, Enabling & Elevating Our Contractor & Trade Community Trade Visibility through Exhibitions Wellbeing Programme Influencer Channel MATECIA 2026 BHARAT BUILDCON 2026
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Designing meaningful connection with Architects Community EngagementInfluence Channel Sustainability Bridge
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36 Great Place to Work- Three times in a row (2020, 2021, 2022) Best Green Manufacturing Company- 2022 India’s Most trusted Brand- 2022 Economic Times Sustainable Organisations Award - 2023 Awards & Recognition Guinness World Record 2026
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For further information, please contact Registered Office : Madgul Lounge, 6th Floor 23 Chetla Central Road, Chetla Kolkata - 700027, West Bengal, India Phone: (033)-3051-5000 Fax: (033)-3051-5010 Email: investors@greenply.com Website: www.greenply.com