NSE: CENTURYPLY · BSE: 532548
CENTURY PLYBOARDS (I) LTD
Manufactures and sells wood-based building panel products, led by plywood which accounted for 62.9% of segment revenue in FY26 at ₹2,921.32 crore with a 14.0% EBIT margin. Other segments are medium density fibre board (MDF) at 17.3% of segment revenue (₹804.84 crore, 7.4% EBIT margin), laminates at 13.4% (₹624.81 crore, 6.3% EBIT margin), particle board at 4.3% (₹200.39 crore, -16.1% EBIT margin), and others at 2.1%. Plywood capacity ran at approximately 99% utilization in FY26, with a 30% capacity expansion underway including a new Hoshiarpur plant (48,000 CBM) targeted for H2 FY27 and brownfield additions. MDF also has a brownfield expansion adding 60,000–70,000 CBM at Chennai and ran at 80–85% utilization; laminates posted a turnaround with EBIT margin rising to 6.3% in FY26 from 5.2% the year before. A new resin manufacturing unit at Naidupeta, Andhra Pradesh (step-down subsidiary Century Adhesives & Chemicals) commenced production on 28 May 2026 to backward-integrate a key raw material, and a container freight station (Century Ports, KPD-1 West, Kolkata) commenced commercial operations with management guiding to cash-positive from Q1 FY27. The cost base is dominated by materials (timber, chemicals, resins) at 46.5% of FY26 revenue, followed by employee cost at 15.3% and other operating expenses at 21.2%; depreciation was 3.4% and capex 7.6% of revenue. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Plywood and allied products (63%), Medium density fibre board (MDF) (17%), Laminate and allied products (13%), Particle board (4%), Others (2%). Asset-heavy wood-based building panels manufacturer spanning plywood, MDF, laminates and particle board.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,027 | 3,647 | 3,886 | 4,528 | 5,397 |
| EBITDA (ex other income) | 531 | 559 | 521 | 473 | 643 |
| margin % | 17.5 | 15.3 | 13.4 | 10.5 | 11.9 |
| Owners' profit | 313 | 383 | 326 | 185 | 263 |
| EPS, as reported (₹) | 14.09 | 17.25 | 14.69 | 8.34 | 11.82 |
| ROE % · ROCE % | 20.1 · 30.0 | 20.1 · 27.0 | 14.7 · 19.0 | 7.8 · 11.7 | 10.2 · 14.6 |
| Debt / equity (x) | 0.14 | 0.16 | 0.33 | 0.62 | 0.62 |
| Cash from operations | 276 | 438 | 252 | (3) | 457 |
| Capex | (283) | (491) | (850) | (665) | (412) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,184 | 1,140 | 1,198 | 1,169 | 1,386 | 1,350 | 1,492 | 1,561 |
| Profit before tax | 58 | 80 | 82 | 71 | 98 | 85 | 104 | 116 |
| Net profit | 40 | 59 | 53 | 53 | 71 | 65 | 79 | 83 |
| EPS (₹) | 1.80 | 2.63 | 2.36 | 2.33 | 3.10 | 2.87 | 3.51 | 3.61 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Plywood and allied products | 791 | 14.6 |
| Laminate and allied poducts | 198 | 3.7 |
| Medium density fibre board | 356 | 6.6 |
| Particle board | 68 | 1.3 |
| Container freight station services | 51 | 0.9 |
| Others | 97 | 1.8 |
| Plywood and Allied Products | 2,124 | 39.3 |
| Laminate and Allied Products | 545 | 10.1 |
| Medium Density Fibre Board | 928 | 17.2 |
| Particle Board | 132 | 2.5 |
| Container Freight Station Services | 114 | 2.1 |
| Total, before eliminations | 5,405 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CENTURY PLYBOARDS (I) LTD ◆ | 14,363 | 49.3 | 5.46 | 24.4 | 10.2 | 11.0 | 20.4 | 12.8 |
| GREENLAM INDUSTRIES LTD. | 5,459 | 58.6 | 4.63 | 19.7 | 4.8 | 4.5 | 20.5 | 10.8 |
| STYLAM INDUSTRIES LIMITED | 4,867 | 28.7 | 6.03 | 21.2 | 18.6 | 24.6 | 18.9 | 21.5 |
| GREENPLY INDUSTRIES LTD | 3,698 | 37.4 | 4.13 | 15.2 | 10.0 | 12.0 | 18.6 | 11.1 |
| GREENPANEL INDUSTRIES LTD | 1,613 | 11.3 | 1.22 | 6.9 | 10.8 | 10.9 | — | 14.8 |
| RUSHIL DECOR LIMITED | 442 | 19.1 | 0.68 | 9.3 | 1.0 | 1.2 | — | 8.4 |
| ARCHIDPLY IND. LTD | 185 | 14.2 | 1.65 | 8.6 | 7.1 | 6.2 | — | 7.5 |
| ECOBOARD INDUSTRIES LTD. | 165 | — | 7.32 | — | (44.7) | (43.3) | — | (31.2) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 49.3 | 23.9 | 8 of 10 | 22% |
| P/B | 5.5 | 3.0 | 11 of 13 | 17% |
| ROCE | 11.1 | 4.5 | 3 of 13 | 83% |
| ROE | 10.2 | 4.8 | 3 of 13 | 83% |
| Debt / Equity | 0.6 | 0.4 | 10 of 13 | 25% |
| EBITDA margin | 12.8 | 7.5 | 3 of 13 | 83% |
| Revenue growth | 33.5 | 18.2 | 2 of 13 | 92% |
| Profit growth | 57.4 | 32.2 | 5 of 13 | 67% |
| Market cap | 14363 | 185 | 1 of 13 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · CenturyPly reports FY26 growth and sustainability progress | general | low | — | — |
| 15 Oct 2026 · Board meeting on 4 Nov 2026 to consider Q2 FY27 results | results | low | — | — |
| 6 Oct 2026 · Century Plyboards ESG rating upgraded to Strong at Crisil ESG 62 | credit debt | medium | — | — |
| 6 Oct 2026 · Quarterly Certificate on Demat and Remat of Securities | compliance | minimal | — | — |
| 21 Sept 2026 · Century Plyboards closes trading window ahead of Q2 FY26 results | compliance | minimal | — | — |
| 17 Sept 2026 · Century Plyboards 45th AGM: All 11 resolutions passed, dividend declared | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Century Plyboards reappoints CEO and four directors at AGM | management changes | medium | — | — |
| 16 Sept 2026 · Century Plyboards 45th AGM: All 11 resolutions passed, dividend declared | board shareholder meetings | low | — | — |
| 25 Aug 2026 · AGM notice and annual report dispatch completed | compliance | minimal | — | — |
| 24 Aug 2026 · Century Plyboards: TDS note on Re 1 per share dividend for FY26 | corporate actions | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.