Century Plyboards (India) Ltd-$ — Q1 FY27 earnings call
Summary generated by AI from the official transcript Century Plyboards (India) Ltd-$ filed with BSE on 06 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Century Plyboards reported its highest-ever quarterly consolidated revenue of Rs 1,561 crores, up 33.5% year-on-year, with EBITDA margin excluding forest losses at 13.0% and profit after tax up 57% year-on-year to Rs 83.3 crores. Plywood revenue grew 32.4% year-on-year with a 7% price increase implemented in April, while particle board revenue grew 155.7% year-on-year and MDF grew nearly 29% year-on-year despite a planned shutdown for capacity expansion in Andhra Pradesh. Management discussed ongoing capacity expansions at Hoshiarpur and Chennai, a new Total Cover Assurance Program for Club Prime Plywood, and stated that formal guidance has been suspended due to volatile geopolitical and input cost conditions.
Numbers mentioned
Consolidated Revenue: INR1,561 crores (Q1 FY27)
p. 3
“We delivered our highest-ever quarterly consolidated revenue of INR1,561 crores, representing a robust 33.5% year-on-year growth.”
Sanjay Agarwal, page 3 of the filed PDF · View the filing
EBITDA margin excluding forest losses: 13.0% (Q1 FY27)
p. 3
“Our EBITDA margin excluding forest losses improved to 13.0%, while profit after tax increased by 57% year-on-year to INR83.3 crores.”
Sanjay Agarwal, page 3 of the filed PDF · View the filing
Profit after tax: INR83.3 crores (Q1 FY27)
p. 3
“Our EBITDA margin excluding forest losses improved to 13.0%, while profit after tax increased by 57% year-on-year to INR83.3 crores.”
Sanjay Agarwal, page 3 of the filed PDF · View the filing
Plywood revenue growth: 32.4% year-on-year (Q1 FY27)
p. 3
“On financial front, revenue increased by 32.4% year-on-year and 8.9% subsequently, while EBITDA margin improved to 16.9%, which is highest by any player in the industry.”
Sanjay Agarwal, page 3 of the filed PDF · View the filing
Plywood EBITDA margin: 16.9% (Q1 FY27)
p. 3
“On financial front, revenue increased by 32.4% year-on-year and 8.9% subsequently, while EBITDA margin improved to 16.9%, which is highest by any player in the industry.”
Sanjay Agarwal, page 3 of the filed PDF · View the filing
Laminate revenue growth: 14.7% year-on-year (Q1 FY27)
p. 4
“Revenue grew 14.7% year-on-year, while EBITDA margins remained healthy at 10.2%, reflecting improved product mix, better capacity utilization, and operational efficiencies.”
Sanjay Agarwal, page 4 of the filed PDF · View the filing
Laminate EBITDA margin: 10.2% (Q1 FY27)
p. 4
“Revenue grew 14.7% year-on-year, while EBITDA margins remained healthy at 10.2%, reflecting improved product mix, better capacity utilization, and operational efficiencies.”
Sanjay Agarwal, page 4 of the filed PDF · View the filing
MDF revenue growth: nearly 29% year-on-year (Q1 FY27)
p. 4
“Nevertheless, the business delivered nearly 29% year-on-year revenue growth, highlighting the strong underlying demand for MDF products.”
Sanjay Agarwal, page 4 of the filed PDF · View the filing
Particle board revenue growth: 29% sequentially and 155.7% year-on-year (Q1 FY27)
p. 4
“Revenue increased by 29% sequentially and 155.7% year-on-year, reflecting higher capacity utilization and growing acceptance of our products across furniture manufacturers and OEM customers.”
Sanjay Agarwal, page 4 of the filed PDF · View the filing
ROE: 13.5% (Q1 FY27)
p. 5
“Our ROE improved from 13.1% to 13.5%, while return on capital ROCE increased from 13.4% to 14.4%, respectively.”
Sanjay Agarwal, page 5 of the filed PDF · View the filing
ROCE: 14.4% (Q1 FY27)
p. 5
“Our ROE improved from 13.1% to 13.5%, while return on capital ROCE increased from 13.4% to 14.4%, respectively.”
Sanjay Agarwal, page 5 of the filed PDF · View the filing
Container handling: 9,000-plus (July)
p. 4
“Within few months of start, we have achieved 9,000-plus container handling in July.”
Sanjay Agarwal, page 4 of the filed PDF · View the filing
Andhra Pradesh MDF plant capacity: 950 CBM per day (Q1 FY27)
p. 4
“During the quarter, we expanded the capacity of our Andhra Pradesh MDF plant from 700 CBM per day to 950 CBM per day.”
Sanjay Agarwal, page 4 of the filed PDF · View the filing
Claim ratio: 0.06%
p. 13
“So our claim ratio is actually 0.06% of our thing.”
Nikita Bansal, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Hoshiarpur plywood plant commissioning — commence operations in Q3 FY27 · Q3 FY27
stated firmly by Sanjay Agarwal
p. 3
“The 60,000 CBM per annum greenfield plywood plant at Hoshiarpur is expected to commence operations in Q3 FY27”
Sanjay Agarwal, page 3 of the filed PDF · View the filing
Chennai plywood capacity — 12,500 CBM per month · Q3 FY27
stated firmly by Sanjay Agarwal
p. 3
“while the Chennai brownfield expansion has increased capacity from 8,000 CBM per month in Q1 to 10,000 CBM per month in Q2, which will further increase to 12,500 CBM per month from Q3 FY27”
Sanjay Agarwal, page 3 of the filed PDF · View the filing
Plywood industry market share — 15% · coming 5 years
stated as an aspiration by Nikita Bansal
p. 6
“My goal is to reach 15% in the coming 5 years.”
Nikita Bansal, page 6 of the filed PDF · View the filing
MDF EBITDA margin — 15% plus margins
stated as an aspiration by Keshav Bhajanka
p. 8
“So, what I can say is that we have guided that we will head towards 15% plus margins.”
Keshav Bhajanka, page 8 of the filed PDF · View the filing
Particle board EBITDA margin — close to 15% particle board margins · next year
stated as an aspiration by Keshav Bhajanka
p. 11
“I think towards next year, we will see maybe close to 15% particle board margins.”
Keshav Bhajanka, page 11 of the filed PDF · View the filing
MDF and particle board ROCE — 20% ROCE
stated as an aspiration by Keshav Bhajanka
p. 13
“I think for both, MDF and particle board, the objective will be to move towards a 20% ROCE, which has been the traditional benchmark or the hurdle rate that we use for setting up any new product.”
Keshav Bhajanka, page 13 of the filed PDF · View the filing
Long-term debt versus EBITDA — long-term debt within one time of EBITDA
stated firmly by Keshav Bhajanka
p. 12
“So, I think that long-term debt within one time of EBITDA, that is a number that we are working towards, and we will achieve it.”
Keshav Bhajanka, page 12 of the filed PDF · View the filing
UP plywood plant commissioning — April '28 · Q1 FY28-29
stated conditionally by Nikita Bansal
p. 10
“We're expecting it to go live if we receive the land on time by April '28, Q1 of '28 is what we are looking at.”
Nikita Bansal, page 10 of the filed PDF · View the filing
Plywood volume growth — 12% to 15% year-on-year · next 5 years
stated as an aspiration by Nikita Bansal
p. 9
“I believe that if we have to achieve 15% market share over next 5 years, we have to grow by 12% to 15% year-on-year.”
Nikita Bansal, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Nikita Bansal said the industry is growing 5-7% while Century's growth came from a combination of the 7% price increase and company efforts, with a goal to reach 15% market share in 5 years.
Answered by Nikita Bansal
Asked by Sneha: What is driving the 29% plywood volume growth and where does market share stand and where can it go?
p. 6
“As a industry, we were at 9.5% to 10%. My goal is to reach 15% in the coming 5 years.”
Nikita Bansal, page 6 of the filed PDF · View the filing
Keshav Bhajanka said the balance sheet is strengthening despite rising debt due to growth-related working capital needs, with cash flow directed toward debt repayment.
Answered by Keshav Bhajanka
Asked by Sneha: When will the balance sheet show improvement given rising debt and ROCE pressure?
p. 7
“Basically we have an improving and strengthening balance sheet.”
Keshav Bhajanka, page 7 of the filed PDF · View the filing
Keshav Bhajanka said the company has stopped giving formal guidance due to volatility but reiterated an objective to move toward 15% plus margins and maintain a strong growth trajectory.
Answered by Keshav Bhajanka
Asked by Rahul Agarwal: What is the full-year outlook for MDF revenue growth and margins after the capacity increase?
p. 8
“Currently, we have stopped giving guidance. The reason we have stopped giving guidance is because the situation is very volatile.”
Keshav Bhajanka, page 8 of the filed PDF · View the filing
Keshav Bhajanka said the company cannot give volume guidance given fluid conditions, but the objective remains to grow as in recent years and improve margins.
Answered by Keshav Bhajanka
Asked by Keshav Lahoti: Is it possible to give volume guidance for the products given the war-related volatility?
p. 9
“So, at this point in time, I don't think we can give any volume guidance.”
Keshav Bhajanka, page 9 of the filed PDF · View the filing
Nikita Bansal said UP land has not yet been secured and is expected by year-end, with the plywood plant targeted to go live by Q1 FY28-29, while Odisha remains in discussion with the government.
Answered by Nikita Bansal
Asked by Utkarsh Nopany: Has the timeline changed for the UP and Odisha greenfield projects?
p. 10
“So, with respect to UP, we still do not have the land in our hand. We aim to get the land before this year-end.”
Nikita Bansal, page 10 of the filed PDF · View the filing
Keshav Bhajanka estimated roughly INR2,500 crores of additional capex would be needed for INR4,000 crores of incremental revenue, though the figure is a ballpark.
Answered by Keshav Bhajanka
Asked by Ritesh Shah: What is the incremental capex needed to reach the INR12,000 crore revenue aspiration and how will it be funded?
p. 12
“So, we are taking a figure of INR2,500 crores, but this is ballpark and it depends on which category, which segment requires how much investment.”
Keshav Bhajanka, page 12 of the filed PDF · View the filing
Keshav Bhajanka said the objective for both segments is to move toward a 20% ROCE benchmark, though it is taking time.
Answered by Keshav Bhajanka
Asked by Anup Parikh: What is the sustainable ROCE target for the MDF and particle board businesses given cost and realization differences?
p. 14
“It is taking time, but I believe in both segments, we will be moving towards the same, and I think it is possible to hit 20% ROCE in both the segments as well.”
Keshav Bhajanka, page 14 of the filed PDF · View the filing
Keshav Bhajanka said the business is now generating positive EBITDA and cash flow, and the company may evaluate bringing in a strategic partner at a beneficial valuation.
Answered by Keshav Bhajanka
Asked by Rahul Agarwal: What is the outlook and structure for the logistics business over the next 2-3 years?
p. 13
“Having said that, we are looking at maybe if a strategic partner comes in going forward, but it will all have to be at the valuation that is beneficial to Century Plyboards India Limited.”
Keshav Bhajanka, page 13 of the filed PDF · View the filing
Keshav Bhajanka said MDF saw close to a 15% increase with some rolled back, and laminate saw close to 10% domestic increase with a lower increase for exports.
Answered by Keshav Bhajanka
Asked by Keshav Lahoti: What price hikes were taken across MDF and laminate segments besides plywood?
p. 15
“In MDF, for instance, it was close to 15%, but some of that has already been passed back to the market.”
Keshav Bhajanka, page 15 of the filed PDF · View the filing
Risks flagged
Geopolitical developments increasing chemical input costs in the plywood business
p. 3
“Further, to mitigate the impact of higher chemical input costs arising from geopolitical developments, the company implemented about 7% price increase in April in the plywood business, largely passing on the increase in raw material costs.”
Sanjay Agarwal, page 3 of the filed PDF · View the filing
Volatile geopolitical situation affecting ability to give guidance
p. 8
“1 week there is a war, 1 week there is peace, the next week there is, I don't know what.”
Keshav Bhajanka, page 8 of the filed PDF · View the filing
Planned shutdown at Andhra Pradesh MDF facility reducing production and revenue
p. 4
“This resulted in lower production and a sequential decline in revenue.”
Sanjay Agarwal, page 4 of the filed PDF · View the filing
Rising working capital debt from rapid growth
p. 7
“However, having said that, our cash flows remain robust, our ROCE has improved by close to a percentage past quarter itself, and we are looking to increase ROCE further.”
Keshav Bhajanka, page 7 of the filed PDF · View the filing
Price increases in MDF partly rolled back due to raw material price movements
p. 15
“Like I mentioned in MDF, we've already rolled back a large part of the price increase that was taken.”
Keshav Bhajanka, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.