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Timber price volatility
View Risks →Century Plyboards (India) Limited — Q1 FY26
Century Plyboards reported a strong Q1 FY26 with consolidated revenue growth of 16.3% YoY and consolidated EBITDA margin (ex-forex) improving to 12.5% from 11.2% last year, driven by the Badvel MDF plant ramp-up.
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Century Plyboards reported a strong Q1 FY26 with consolidated revenue growth of 16.3% YoY and consolidated EBITDA margin (ex-forex) improving to 12.5% from 11.2% last year, driven by the Badvel MDF plant ramp-up. Plywood grew 15.3% YoY with a 13.8% EBITDA margin, and July recorded the highest-ever plywood sales volume. MDF revenue surged 23.7% YoY with a 14.3% margin, benefiting from better capacity utilization and lower imports. The new particle board plant in Tamil Nadu commenced production, targeting a 15%+ EBITDA margin by year three. Laminate segment showed early turnaround with 12.8% revenue growth. Management guided for 10%+ plywood growth, 20% MDF revenue growth with 15% EBITDA margin, and laminate revenue growth of 20%+ with mid-to-high single-digit EBITDA. Key risk: timber price volatility and potential pricing pressure in MDF due to industry oversupply.
सेंचुरी प्लाईबोर्ड्स ने पहली तिमाही में अच्छा प्रदर्शन किया। कंपनी की कुल आय पिछले साल से 16.3% बढ़ी। मुनाफा (EBITDA) 11.2% से बढ़कर 12.5% हो गया, जिसमें बड़वेल MDF प्लांट का पूरा उत्पादन शुरू होने से मदद मिली। प्लाईवुड की बिक्री 15.3% बढ़ी और जुलाई में सबसे ज्यादा बिक्री हुई। MDF की आय 23.7% बढ़ी, क्योंकि कारखाना पूरी क्षमता से चला और आयात कम हुआ। तमिलनाडु में नया पार्टिकल बोर्ड प्लांट शुरू हो गया है, जो तीन साल में 15% से ज्यादा मुनाफा देने का लक्ष्य रखता है। लैमिनेट सेगमेंट में भी 12.8% बढ़ोतरी हुई। कंपनी को उम्मीद है कि प्लाईवुड 10%+, MDF 20% और लैमिनेट 20%+ बढ़ेगा। लेकिन लकड़ी के दाम में उतार-चढ़ाव और MDF में ज्यादा सप्लाई से कीमतों पर दबाव बना रह सकता है।
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Plywood Revenue Growth
15.3%
+15.3% YoY
Plywood segment grew 15.3% YoY, supported by strong volume growth; July recorded highest-ever sales volume.
MDF Revenue Growth
23.7%
+23.7% YoY
MDF revenue grew 23.7% YoY on consolidated basis, with EBITDA margin of 14.3%.
Plywood Capacity Utilization
91%
N/A
Plywood capacity utilization at 91% on 366,000 CBM capacity; additional 50,000 CBM capacity to be added in H2.
Working Capital Days
71 days
-5 days QoQ
Working capital cycle improved from 76 days to 71 days due to better raw material inventory management.
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Guidance and risk preview
Management reiterated guidance of 10%+ revenue growth in plywood for the full year, despite potential normalization after strong prior-year growth.
Timber prices remain elevated, especially for plywood, and any sharp increase could pressure margins.
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