Century Plyboards (India) Ltd-$ — Q4 FY26 earnings call
Summary generated by AI from the official transcript Century Plyboards (India) Ltd-$ filed with BSE on 27 May 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 revenue of Rs 1,492 crores in Q4 FY26, up 10.5% quarter-on-quarter and 24.5% year-on-year, with consolidated EBITDA margin excluding forex losses improving to 13.6%. For the full year FY26, revenue grew 19.2% and EBITDA margin excluding forex loss rose to 13% from 11.1%, while profit after tax increased 44% to Rs 268 crores. Management discussed segment performance across Plywood, Laminates, MDF and Particle Board, price increases taken to offset chemical and raw material cost inflation, and ongoing capacity expansions including the Hoshiarpur plywood plant and MDF debottlenecking in the South plant.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: Rs 1,492 crores (Q4 FY26)
p. 3
“I'm pleased to share that the company reported its highest ever quarterly revenue of INR1,492 crores during Q4 FY '26.”
Sanjay Agarwal, page 3 of the filed PDF · View the filing
Revenue growth QoQ: 10.5% (Q4 FY26)
p. 3
“The topline registered a strong growth of 10.5% quarter-on-quarter and 24.5% year-on-year, reflecting healthy demand across our product portfolio and improved contribution from newly expanded capacities.”
Sanjay Agarwal, page 3 of the filed PDF · View the filing
EBITDA margin excluding forex loss: 13.6% (Q4 FY26)
p. 3
“At the profitability level, consolidated EBITDA margin, excluding forex losses improved to 13.6% compared to 12.6% in the previous quarter and 12.1% in the corresponding quarter last year.”
Sanjay Agarwal, page 3 of the filed PDF · View the filing
Revenue growth: 19.2% (FY26)
p. 3
“For the full year FY '26, the company achieved top line growth of 19.2%, while EBITDA margin, excluding forex loss improved significantly to 13% from 11.1% in FY '25.”
Sanjay Agarwal, page 3 of the filed PDF · View the filing
EBITDA excluding forex loss: Rs 702 crores (FY26)
p. 3
“In absolute figures, EBITDA, excluding forex loss has increased from INR502 crores to INR702 crores.”
Sanjay Agarwal, page 3 of the filed PDF · View the filing
Profit after tax: Rs 268 crores (FY26)
p. 4
“Profit after tax increased by 44% to INR268 crores compared to INR186 crores in the previous financial year.”
Sanjay Agarwal, page 4 of the filed PDF · View the filing
Plywood EBITDA margin: 16.1% (Q4 FY26)
p. 4
“EBITDA margin, excluding forex losses stood at 16.1%.”
Sanjay Agarwal, page 4 of the filed PDF · View the filing
Plywood revenue growth: 15.6% (FY26)
p. 4
“For FY '26, the segment delivered revenue growth of 15.6% with EBITDA margin at 15.2%, reflecting strong operational performance and continued margin resilience.”
Sanjay Agarwal, page 4 of the filed PDF · View the filing
Laminates EBITDA margin: 8.5% (FY26)
p. 4
“For FY '26, revenue grew by 13.9%, while EBITDA margin improved significantly to 8.5% compared to 5.2% in FY '25.”
Sanjay Agarwal, page 4 of the filed PDF · View the filing
MDF revenue growth YoY: 31% (Q4 FY26)
p. 4
“During Q4 FY '26, the segment recorded revenue growth of 8.9% quarter-on-quarter and 31% year-on-year.”
Sanjay Agarwal, page 4 of the filed PDF · View the filing
MDF EBITDA margin: 12.7% (FY26)
p. 4
“For FY '26, the segment achieved revenue growth of 25.5%, while EBITDA margin improved to 12.7% from 10.1% in the previous year.”
Sanjay Agarwal, page 4 of the filed PDF · View the filing
Particle Board revenue growth YoY: 108.3% (Q4 FY26)
p. 4
“In Q4 FY '26 revenue grew by 3.9% quarter-on-quarter and 108.3% year-on-year, while EBITDA margin stood at 7.2%.”
Sanjay Agarwal, page 4 of the filed PDF · View the filing
ROE excluding forex losses: 15.2% (FY26)
p. 4
“Excluding forex losses, ROE improved from 10.6% to 15.2%, while ROCE increased from 12.5% to 14.6%, reflecting stronger operational performance and improved capital efficiency.”
Sanjay Agarwal, page 4 of the filed PDF · View the filing
MDF capacity utilization: 80% to 85% (Current)
p. 6
“With the current numbers, we are at about 80% to 85% capacity utilization, give or take for our full capacity.”
Sumant Wattas, page 6 of the filed PDF · View the filing
Plywood capacity utilization: 99% (Q4 FY26)
p. 7
“So actually, in Q4, we had a capacity utilization of about 99%.”
Nikita Bansal, page 7 of the filed PDF · View the filing
Total forex exposure: Rs 600 crores (Current)
p. 12
“Rahul, our total forex is within INR600 crores.”
Arun Julasaria, page 12 of the filed PDF · View the filing
Plywood capacity: 4,06,000 (As of March 2026)
p. 16
“So current capacity in case of plywood is 4,06,000. This is as of 31st March...”
Management, page 16 of the filed PDF · View the filing
Laminates capacity utilization: 84% (Current)
p. 17
“Our capacity utilization is at 84%. And our capacity is 87,70,000 sheets.”
Sanjay Agarwal, page 17 of the filed PDF · View the filing
Badvel laminate capacity utilization: 47% (Current)
p. 18
“The capacity utilization at Badvel is 47%.”
Sanjay Agarwal, page 18 of the filed PDF · View the filing
MDF capacity: 5,30,000 to 5,40,000 CBM per year (Current)
p. 18
“For MDF, the current capacity is about 5,30,000, 5,40,000 CBM per year.”
Sumant Wattas, page 18 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.
Century Ports cash flow — cash positive · Q1 FY27
stated firmly by Sanjay Agarwal
p. 4
“We will be cash positive in Q1 FY '27 from the Port business.”
Sanjay Agarwal, page 4 of the filed PDF · View the filing
MDF capacity expansion — 60,000 to 70,000 cubic meters per year
stated firmly by Sumant Wattas
p. 8
“That is going on as we speak. In Q1 of this financial year, we are doing a brownfield expansion in our South plant that will unlock about 60,000, 70,000 cubic meters per year of additional capacity.”
Sumant Wattas, page 8 of the filed PDF · View the filing
MDF EBITDA margin — high-teens · next year
stated as an aspiration by Sumant Wattas
p. 9
“So in steady state, I think this is a high-teens EBITDA business, if not higher. And we hope to achieve it as the next year goes by.”
Sumant Wattas, page 9 of the filed PDF · View the filing
Plywood capacity expansion — 30% · within this year
stated firmly by Nikita Bansal
p. 7
“We are increasing our capacity by about 30% within this year.”
Nikita Bansal, page 7 of the filed PDF · View the filing
Hoshiarpur plant commissioning — October this year
stated firmly by Nikita Bansal
p. 7
“And another, the Hoshiarpur plant is supposed to come up in October this year.”
Nikita Bansal, page 7 of the filed PDF · View the filing
New plant need — new plant every year, leaving 1 year apart · next 5 years
stated as an aspiration by Nikita Bansal
p. 7
“Given the way we are expanding, we believe that we will need a new plant 1 -- leaving 1 year apart.”
Nikita Bansal, page 7 of the filed PDF · View the filing
Chennai particle board capacity expansion — 20% expansion · July this year
stated firmly by Nikita Bansal
p. 7
“Chennai is doubling in July this year. So that is the 20% expansion that I was talking, not really doubling because it's already taken out a lot of meat within its existing plant.”
Nikita Bansal, page 7 of the filed PDF · View the filing
Plywood segment growth — 10% to 12%
stated as an aspiration by Nikita Bansal
p. 11
“And we are taking a very muted growth of 10% to 12% and a capacity utilization of 80%, basis that we are planning our expansion.”
Nikita Bansal, page 11 of the filed PDF · View the filing
Long-term debt to EBITDA — not exceed 1:1
stated firmly by Arun Julasaria
p. 12
“But long-term debt, I don't think we'll exceed 1:1 EBITDA going forward.”
Arun Julasaria, page 12 of the filed PDF · View the filing
Forex exposure — within Rs 600 crores
stated firmly by Arun Julasaria
p. 12
“We are not going to increase our forex exposure going forward.”
Arun Julasaria, page 12 of the filed PDF · View the filing
Sainik MR in-house production — 100% in-house · by next year
stated as an aspiration by Nikita Bansal
p. 13
“And by the time we are here next year, we would probably make it 100% in-house.”
Nikita Bansal, page 13 of the filed PDF · View the filing
Laminates segment outgrowth vs industry — 3 to 4 percentages above market
stated as an aspiration by Vishu Goel
p. 19
“So as we move ahead, we will see more improvement in consolidation moving forward, and we may continue to outgrow the market by 3 to 4 percentages.”
Vishu Goel, page 19 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.
Growth is a mix of year-end stocking and fundamental network expansion; MDF running at 80-85% capacity utilization; a 15% industry price increase was taken to cover chemical cost increases.
Answered by Sumant Wattas
Asked by Praveen Sahay: What is driving MDF outperformance and current capacity utilization, and details on price hikes?
p. 5
“So it's a mix of, I would say, a little bit of year-end stocking, but also a lot of fundamentals playing out in terms of enhanced network and enhanced demand generation.”
Sumant Wattas, page 5 of the filed PDF · View the filing
Management said the geopolitical situation is too fluid to give guidance currently.
Answered by Sanjay Agarwal
Asked by Praveen Sahay: Why is the company not giving FY27 segment guidance this time?
p. 6
“Actually, the present situation is so, I think, fluid, it will not be right on our part to give you anything right now, but maybe by next time, we will be in a better position to -- till now whatever we have projected, we have been able to mostly achieve.”
Sanjay Agarwal, page 6 of the filed PDF · View the filing
Capacity utilization is near 100%; a 30% expansion is planned this year via internal expansion and the Hoshiarpur plant, with a new plant planned in Orissa area for FY28-29.
Answered by Sanjay Agarwal
Asked by Keshav Lahoti: How should ply capacity evolve over FY27-29?
p. 6
“Right now, we are utilizing our capacity at practically 100%, you can say. So the way we are growing, so we have to take this chance, and that's why we are expanding our capacities into our existing plants also.”
Sanjay Agarwal, page 6 of the filed PDF · View the filing
A 1% margin decline was due to chemical-related production disruptions and one-off ATL spend; management expects a high-teens EBITDA margin in steady state.
Answered by Sumant Wattas
Asked by Utkarsh Nopany: What caused MDF margin pressure in Q4 and what is the sustainable margin level?
p. 9
“Yes. So if you compare our Q4 versus Q3, there has been a margin erosion of about 1%, a marginal margin erosion. This is on account of 2 factors. One, some production-related disruptions linked to the chemical availability and prices. And secondly, some one-off spend.”
Sumant Wattas, page 9 of the filed PDF · View the filing
Management said timber prices have remained largely stable rather than falling significantly, with normal seasonal variation.
Answered by Sumant Wattas
Asked by Utkarsh Nopany: Have local timber prices corrected as reported in the market?
p. 10
“But by and large, timber as a raw material has remained stable, and we expect it to remain stable going forward.”
Sumant Wattas, page 10 of the filed PDF · View the filing
Management said they prioritize return on capital, plan to use internal cash flows, and currently have no frozen capex for MDF or Particle Board beyond Plywood priorities.
Answered by Arun Julasaria
Asked by Rahul Agarwal: How is the company balancing capex funding, leverage, and ROCE targets?
p. 11
“So I think currently, there's no frozen capex for MDF or Particle Board, which are large substantial capexes. We are going to be using our internal cash flows predominantly to strengthen our balance sheet.”
Arun Julasaria, page 11 of the filed PDF · View the filing
Management wants to move to 100% in-house production and reduce outsourcing due to quality concerns; on pricing, the philosophy is to pass on cost increases without margin impact.
Answered by Sanjay Agarwal
Asked by Sneha: Is there outsourcing opportunity in plywood and what is the margin outlook given raw material inflation?
p. 14
“So that's why we are slowly and as fast as possible, whether I should say we are trying to withdraw from outsourcing, reduce outsourcing and do everything in-house because the quality is of utmost importance to us.”
Sanjay Agarwal, page 14 of the filed PDF · View the filing
Management cited internal GTM changes and product mix shifts as causes, and pointed to recent corrective actions and improving trends as green shoots.
Answered by Vishu Goel
Asked by Anu Parakh: Why has the Laminate segment underperformed for 18 quarters and when will it improve?
p. 18
“Partially because of some internal changes in the context of how we wanted to take up the GTM level changes, which probably have not worked to our advantage and partially also because of the changing product mix when you look at Indian as well as both export markets.”
Vishu Goel, page 18 of the filed PDF · View the filing
Risks flagged
Inflationary pressure in chemicals and resin-related input costs due to geopolitical conflicts and supply chain disruptions
p. 5
“During the quarter, the industry witnessed inflationary pressure in certain chemicals and resin-related input costs due to ongoing geopolitical conflicts and supply chain disruptions in global markets.”
Sanjay Agarwal, page 5 of the filed PDF · View the filing
Uncertainty over whether price increases will hold or need correction
p. 6
“And also, given the uncertainty right now on supply chain, again, we'll have to wait and watch to see will it sustain, will we need to take more price increases or will we need to take some corrections.”
Sumant Wattas, page 6 of the filed PDF · View the filing
Uncertainty from geopolitical conflict potentially resuming
p. 6
“So the situation is really, really -- and we do not know what will happen to this war because they have given 60 days for that uranium, something, they will again sit down. So it may or may not -- the war may again start.”
Sanjay Agarwal, page 6 of the filed PDF · View the filing
Competitive rollbacks on MDF price increases creating margin risk
p. 13
“You are right. Some peers in the industry have done selective rollbacks on this. So right now, it's in a bit of a flux given that the global tensions are again at play.”
Sumant Wattas, page 13 of the filed PDF · View the filing
Mark-to-market forex loss due to currency depreciation
p. 12
“One year, yes, there's been a start loss. This is predominantly due to the fact that currencies appreciated beyond what anyone could have imagined.”
Arun Julasaria, page 12 of the filed PDF · View the filing
Potential capacity shortage in Plywood due to strong demand traction
p. 11
“At this point in time, like I have already mentioned, our priority is going to be in creating capacity for Plywood, where we are seeing that we might face a shortage, say, 1, 1.5 years from now due to very strong traction on the ground.”
Arun Julasaria, page 11 of the filed PDF · View the filing
Rising freight rates and import costs affecting timber and chemical costs
p. 9
“Yes. So actually, there is no challenge per se in getting the material. But yes, prices have increased, and we have taken a 7% price rise already in the month of April due to these reasons because we are so import heavy as well as our chemicals, which are imported as well.”
Nikita Bansal, page 9 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.