Transcript of the Earnings Webinar held with respect to the Unaudited Financial Results for the quarter and half year ended September 30, 2025.

Duroply reported Q2 FY26 revenue of Rs. 104.4 crores, up 15% year-on-year, with profit before tax rising 133% to Rs. 2.67 crores. EBITDA grew 61.5% YoY to Rs. 6.46 crores, lifting EBITDA margin to 6.2% from 4.4% a year ago, driven largely by a 49.4% jump in contract manufacturing revenue. In-house manufacturing revenue, however, declined 6.1% YoY as the premium product line grew slower than expected. Management guided to mid-teens revenue growth of 13-16% for FY26, EBITDA margin improving to around 6.5% by Q4 FY26, and another 0.5-1% margin expansion in FY27. The company also shared a 3-4 year growth target of about 15% CAGR and aims to lift annualised capacity from Rs. 260 crores to Rs. 300-320 crores by mid-FY27 without major capex. The plywood industry is estimated at Rs. 30,000-35,000 crores with 70% still unorganised, and recent quality control orders on imports are seen boosting domestic demand.