Here is the financial summary: **1. Financial Highlights:** Consolidated Revenue grew 2.9% YoY to Rs 601 Cr, with Core EBITDA up 6.4% to Rs 62 Cr (10.3% margin). Adjusted PAT reached Rs 28 Cr, a strong QoQ jump.

MDF segment excelled: revenue +11.7%, EBITDA +16.7%. Plywood revenue was flat.

Net Debt rose to Rs 538 Cr (Net D/E 0.64x); working capital days increased to 58. **2. Strategic Initiatives & Growth Drivers:** GIL drives growth via manufacturing expansion, product diversification, automation, and ESG focus.

Digital campaigns ("Hindustan Ki Shaan") and strong dealer engagement enhance market reach. **3. Business Developments:** Greenply Samet furniture hardware JV reported Rs 6.5 Cr revenue with a Rs 5.4 Cr loss.

Yet, it commenced its first export and added 110 new dealers, targeting Rs 18 Cr in FY26 exports. **4. Market Position & Competitive Advantage:** Greenply maintains a leading interior infrastructure brand position, leveraging experience, wide distribution, and solid ratings.

Innovations like "E-0" zero-emission plywood and a quality focus underpin its competitive edge. **5. Investor Implications:** Strong MDF performance and strategic initiatives offer positive growth potential.

However, rising net debt and working capital days need monitoring.

The JV's export progress presents a new growth avenue.