Century Plyboards (India) Ltd – Investor Presentation Summary

Key Operational Highlights

  • Achieved highest-ever quarterly revenue of ₹1,561.38 crores in Q1 FY2026-27
  • Revenue grew 33.5% YoY from ₹1,169.36 crores in Q1 FY2025-26
  • Volume growth across key segments: Plywood volumes at 136,995 CBM (up 28.8% YoY), MDF volumes at 102,951 CBM (up 22.4% YoY), Particle Board volumes at 41,680 CBM (up 155.7% YoY)
  • Laminates volume declined 8.4% YoY to 16,82,527 pieces but realized higher average prices

Segment-wise Performance

Plywood Segment

  • Revenue: ₹854.59 crores in Q1 FY2026-27 (up 32.4% YoY, 8.2% QoQ)
  • EBITDA margin (excluding forex losses): 16.9%
  • Volume: 136,995 CBM (up 28.8% YoY)
  • Average realization: ₹59,179 per CBM (up 6.3% QoQ)

Laminates Segment

  • Revenue: ₹196.24 crores in Q1 FY2026-27 (up 16.0% YoY, 1.6% QoQ)
  • EBITDA margin (excluding forex losses): 10.2%
  • Volume: 16,82,527 pieces (down 8.4% YoY)
  • Average realization: ₹1,166 per piece (up 26.7% YoY)

MDF Segment

  • Revenue: ₹331.73 crores in Q1 FY2026-27 (up 29.7% YoY, down 5.9% QoQ)
  • EBITDA margin (excluding forex losses): 7.0%
  • Volume: 102,951 CBM (up 22.4% YoY)
  • Sequential decline due to planned shutdown for capacity expansion

Particle Board Segment

  • Revenue: ₹86.18 crores in Q1 FY2026-27 (up 159.1% YoY, 29.2% QoQ)
  • EBITDA margin (excluding forex losses): 3.7%
  • Volume: 41,680 CBM (up 155.7% YoY)

Logistics Services

  • Revenue: ₹54.24 crores in Q1 FY2026-27 (up 65.2% YoY, 8.1% QoQ)
  • EBITDA margin (excluding forex losses): 20.7%

Financial Highlights

Revenue: ₹1,561.38 crores (Q1 FY2026-27)

EBITDA: ₹199.95 crores (Q1 FY2026-27)

PAT: ₹83.30 crores (Q1 FY2026-27)

EPS: Not Specified

Margins:

  • EBITDA margin (excluding forex losses): 13.0% (vs 12.5% in Q1 FY2025-26)
  • Gross Profit margin: 32.8% (vs 31.7% in Q1 FY2025-26)
  • PAT margin: 5.3% (vs 4.5% in Q1 FY2025-26)

YoY/QoQ comparison:

  • Revenue: +33.5% YoY, +4.6% QoQ
  • EBITDA: +53.8% YoY, +9.8% QoQ
  • PAT: +57.4% YoY, +4.9% QoQ

Drivers of financial performance:

  • Strong volume growth across key segments
  • Higher realizations in laminates and plywood segments
  • Operational efficiencies and margin expansion

Key Risks:

  • Forex fluctuations impacting profitability (₹4.03 crores loss in Q1)
  • Raw material price volatility
  • Planned shutdowns affecting production

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Not Specified

Balance Sheet Snapshot

Net Debt/Equity: 0.65 (Q1 FY2026-27)

Reserves: Not Specified

Current Assets: ₹2,209.64 crores (Q1 FY2026-27)

Current Liabilities: ₹929.64 crores (Q1 FY2026-27)

Working Capital: ₹1,280.00 crores (Q1 FY2026-27)

Financial Health Insights:

  • Total Debt: ₹1,644.21 crores (Q1 FY2026-27)
  • Shareholder's Equity: ₹2,713.32 crores (Q1 FY2026-27)
  • Interest Cover: 4.93 times (Q1 FY2026-27)
  • Cash & Bank Balance: ₹82.32 crores (Q1 FY2026-27)

Capex & Cash Flow Health

Capital Expenditure: ₹113.4 crores in Q1 FY2026-27, Total ongoing capex ₹3,900.6 crores

Free Cash Flow: Not Specified

Operating Cash Flow: Not Specified

Net Debt Movement: Increased from ₹1,531.26 crores (FY2025-26) to ₹1,644.21 crores (Q1 FY2026-27)

Major Capex Projects:

  • MDF Greenfield at Andhra Pradesh: ₹730.0 crores (₹9.4 crores spent in Q1)
  • Particle Board Greenfield at Chennai: ₹693.6 crores
  • Laminates Greenfield at Andhra Pradesh: ₹210.0 crores (₹19.0 crores spent in Q1)
  • MDF Expansion at Hoshiarpur: ₹255.2 crores completed

Strategic & R&D Initiatives

Investments in Innovation:

  • Capacity expansion across all key segments
  • Greenfield projects in Andhra Pradesh for MDF and laminates
  • Particle board manufacturing facility in Chennai
  • Resin plant investment of ₹20.9 crores

Expected impact on growth: Capacity additions expected to drive future revenue growth and market share gains

Industry Trends & Business Environment

Macro/Industry Trends: Not Specified

Impact on Company: Strong demand environment driving volume growth across segments

Management Commentary & Growth Outlook

Strategic Outlook: Company focused on capacity expansion and market share gains across all segments

FY Guidance: Not Specified

Market Share Targets: Not Specified

Risks and Opportunities: Forex volatility and raw material prices identified as key monitorables

Working Capital Efficiency

Cash Conversion Cycle: 68.86 days (2.30 months) in Q1 FY2026-27, improved from 81.19 days in FY2025-26

Inventory Days: 65.94 days (Raw Material: 39.04 days, Finished Goods: 26.90 days)

Payables Days: 36.70 days