A One-one-One conversation with Mr Sanidhya Mittal, Joint Managing Director, Greenply Industries Ltd highlights the demand & panel product scenario in the wake of Iran war and how the organised brands like Greenply manage to make hay when others are whining about the problems like high raw material price, high dollar rates, labour retention and cash flow. Mr Sanidhya also revealed the expansion plan of the company across the country and in West Bengal.
Plywood is the foundation on which this company was built, and that will not change. Our MDF carries the Greenply name precisely because it draws strength from that legacy. Yes, MDF is a growing segment, and over time it is natural for one category to outpace another in terms of volume or revenue contribution. However, the roots of this organisation are in plywood, and that identity remains central to who we are and how the trade and the consumer perceive us.
Q. With real estate development accelerating across India, how is this growth influencing the expansion of the wood panel industry?
Yes, absolutely, and for Greenply, that expansion is happening across every dimension. To put it in context: we have stood at a CapEx of approx. ₹1000 crore over the last five years, and we are now targeting ₹2000 crore over the next five years. That is a significant step-up, and it reflects the genuine conviction we have in the market’s long-term potential.
What is also important to understand is why organised players like us are better positioned to act decisively in times like these. We are transparent in our dealings with banks, whether for working capital or trade finance, and that gives us the operational continuity to procure raw materials consistently, even when suppliers demand real-time payment.
Yes, absolutely, and for Greenply, that expansion is happening across every dimension. To put it in context: we have stood at a CapEx of approx. ₹1000 crore over the last five years, and we are now targeting ₹2000 crore over the next five years. That is a significant step-up, and it reflects the genuine conviction we have in the market’s longterm potential.
Local and unorganised players, by contrast, tend to be inconsistent in their procurement cycles precisely because they lack that financial foundation. In a period of commodity price volatility and geopolitical disruption, that inconsistency becomes a critical vulnerability.
The trade understands this. A retailer or contractor cannot afford a supply disruption — they will move to another brand the moment deliveries become unreliable. Consistency is not just a quality promise; it is a commercial commitment. And for an organised player like Greenply, that commitment is something we can actually keep.
Q. What is your projection pertaining to the prices of panel products amidst the US-Iran war?
A reduction in the rates of wood panel products is unlikely in the immediate future. I would be surprised if prices go further up in the coming months, but what the honourable PM’s recent address made clear is that challenging times lie ahead, driven by the staggering rise in crude oil prices, which have shot up from USD 60 to over USD 120. The moment the government decides to pass on these inflated crude prices to domestic markets, it will trigger price increases across the board — not just in panel products, but across virtually every sector of the economy. The building materials industry will not be insulated from that.
Q. Do you think that demand will be dampened following the inflation in the prices of wood panel and decorative products?
I don’t believe the impact on demand will be severe. There may be a short-term slowdown, but in the long run this is part and parcel of any industry cycle, and India’s growth and consumption story remains fundamentally intact. If you look at this country carefully, the aspiration to build has never paused, not in villages, where grand homes are being constructed, and certainly not in cities, where migration continues to fuel demand for flats and villas. The scope for the building material industry remains as large as ever, and we have deep confidence in that trajectory
Q. If you were to pick a product for the future, what would it be — Plywood, Particle Board or MDF?
I think the more important question is not which single product to pick, but whether Greenply is positioned to supply whatever the consumer and the trade demand, and that is exactly where we intend to be. From high-quality plywood to HDHMR, BoilPro, interior grade ply, MDF, Moist Master Particle Board and lower-range Particle Board, we aspire to be the quality, reliable supplier across India for all of these. Anything in the wood panel space is where Greenply aims to operate with excellence. We want to be the complete manufacturer, not a company that is strong in one category and absent in others.
Q. Market inputs suggest that Greenply is bullish in MDF, how do you see yourself in Plywood?
Plywood is the foundation on which this company was built, and that will not change. Our MDF carries the Greenply name precisely because it draws strength from that legacy. Yes, MDF is a growing segment, and over time it is natural for one category to outpace another in terms of volume or revenue contribution. However, the roots of this organisation are in plywood, and that identity remains central to who we are and how the trade and the consumer perceive us.
Q. Let us know about the recent technology integration, done by the company?
We have introduced 2.0 plywood with Conti Roll technology — a process where plywood is assembled and pressed on a continuous table under highmoisture conditions. The quality improvement this delivers is substantial. It changes not just the physical performance of the board, but the entire perception of what plywood can be.
More importantly, it makes our plywood genuinely OEM-ready. The future of furniture and interiors, particularly in metros, is factory-made, precisionassembled, and installed without the delays of onsite carpentry. People simply do not have the time for extended carpenter projects anymore, and that is shifting demand toward manufacturers who can guarantee dimensional accuracy and consistency at scale. Our technology investment is a direct response to that shift.
We have revived all our existing factories to align with this new technology standard. Our upcoming factory in Odisha will be built on this platform from day one and is expected to be operational by October or November this year.
Q. You have recently established a new WPC plant, let us know about this plant?
WPC is a strong and purpose-driven product. Its relevance is highest in specific geographies and applications - wet areas, high-moisture environments, coastal markets like Kerala and Mumbai, where conventional materials struggle with longevity. In those segments, WPC panels offer genuine protection for furniture and interiors
But beyond moisture resistance, we see a larger structural opportunity in the door frame segment, particularly in the LIG and MIG categories. We believe WPC will progressively replace timber door frames.
We have revived all our existing factories to align with this new technology standard. Our upcoming factory in Odisha will be built on this platform from day one and is expected to be operational by October or November this year.
Our Kolkata plant is the best example I can offer. Despite whatever misconceptions exist about Kolkata labour, our Kolkata facility consistently delivers the highest plywood output per person of any of our plants, it is, in fact, our most efficient unit. The reason is straightforward: every worker there is on permanent payroll, and we have worked alongside them for 30 years.
across most of India, not just because of its moisture performance, but because quality plantation timber is increasingly unavailable in the dimensions and grades required for door frames. Plantation timber is better utilised in producing quality plywood. As a result, the trade and end consumer are getting a product that delivers reliable performance while being more sustainable, more consistent, and easier to install.
Q. What is your view on labour/manpower management and automation in the plywood sector?
In a country with the world’s largest population, I find it difficult to accept the narrative of a labour shortage. I think what we actually have is a management challenge, and the answer lies in how you treat your workforce. Train them properly, invest in their growth, and build a relationship of genuine partnership rather than transactional employment.
Our Kolkata plant is the best example I can offer. Despite whatever misconceptions exist about Kolkata labour, our Kolkata facility consistently delivers the highest plywood output per person of any of our plants, it is, in fact, our most efficient unit. The reason is straightforward: every worker there is on permanent payroll, and we have worked alongside them for 30 years. They are not just employees; they are seasoned professionals who have grown within the organisation. The same culture holds at our plants in tribal areas like Tizit Nagaland. When you treat your people as partners, with consistent wage growth, stability, and respect and they deliver.