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

AI summary - Q1 FY27 consolidated revenue 724.9 Cr +20.7% y-y; core EBITDA 78.3 Cr; margin 10.8% +50 bps y-y - Plywood volume +13.8% y-y; revenue 526.6 Cr +16%; EBITDA margin 8.4% +50 bps y-y - MDF revenue 195.7 Cr +32.8% y-y; volume 58,000 CBM +24.7%; EBITDA margin 17.3% - New MDF flooring line started production July 20, 2026; Odisha plywood and MDF plants on track - Net debt 533 Cr; debt-equity 0.57x; peak debt expected ~730 Cr by Mar 2027, then deleveraging - FY27 volume growth guidance: plywood 10%, MDF 25-30%; MDF EBITDA margin sustainable at 16-17%, may rise 1% with new capacity - Price hikes: MDF 7-9%, plywood 3-5%; timber prices stable; chemical costs volatile, possible future hikes - New plywood ContiRoll Tech to improve quality and margins; rollout across plants in H1 FY27 - Furniture JV sales 13.6 Cr loss 11.5 Cr; capex underway to localize imports and reduce losses - MDF growth pan-India; plywood utilization target 98-100%, MDF 80-82% in FY27 - Management confident of sustaining profitable growth and long-term value creation