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, driv...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
70%Questions answered2Evaded / deflected10Questions auditedContradictedNumbers vs filing
Evasive
High priority
Plywood growth guidance and normalization after strong growth
Asked by Rahul Aaral, Mik
Management reiterated the 10% guidance but did not confirm whether growth will normalize after high base.
repeated guidance without addressing normalizationno commitment on whether growth will normalize
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Question
guidance remains the same at 10% sales growth but does that mean we are basically looking at normalization in growth going forward because July looks like highest ever
Sanjay Agarwal (MD)
we would like to continue giving that guidance. Obviously we will not have a degrowth... we will deliver 10% plus growth this year.
Partial answer
High priority
MDF margin sustainability and supply dynamics
Asked by Rahul Aaral, Mik
Management confirmed 15% margin guidance but did not quantify upside potential, citing market share priority.
no upside potential givendeferred to market share focus
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Question
console margins at 15%. Is it fair enough or there is some upside potential here?
Sanjay Agarwal (MD)
we reaching a stage where capacity utilization has begun to improve... the reason for 15% accumment continue with 15% is that right now our focus is going to be on market share.
Declined
Medium priority
Total inventory as of June end
Asked by Rahul Aaral, Mik
Management did not provide the inventory figure and promised to follow up later.
deferred to laterno number given
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Question
is it possible to share the overall inventory total as of June end
CFO (unnamed)
I think our team will get back to you on that. The CFO will get back to you with details on the same. I don't have it in front of me right now.
Answered
Medium priority
Timber pricing trends for MDF and plywood
Asked by Rahul Aaral, Mik
Management provided qualitative color on timber price trends across segments.
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Question
on pricing trends for timber on MBF and plywood... if you just discuss a bit on qualitatively what's really happening
Sanjay Agarwal (MD)
in MDF and particle both the prices seem to be rebounding slightly... peak of timber prices are behind us... in plywood timber prices are pretty much at similar levels.
Answered
High priority
Plywood gross margin improvement not translating to EBITDA due to ad spend
Asked by Nihad Alraa, Noama Wealth
Management directly attributed the EBITDA margin gap to IPL advertising spend.
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Question
we've seen good amount of improvement with your gross margins in the plywood segment but that's not translated into EIDA margins there... is it some increase in ad spend?
Sanjay Agarwal (MD)
this quarter we were in IPL. So that is a massive spend which happens in Q1... we won't have the IPL cost for the rest of the year.
Declined
Low priority
Percentage of ad spend for plywood division in Q1
Asked by Nihad Alraa, Noama Wealth
Management did not provide the ad spend percentage and promised to follow up.
deferred to laterno number given
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Question
What will be the percentage of ad spend for only plywood division this particular quarter?
Sanjay Agarwal (MD)
We keep it four but what was in Q1? Okay. So we'll get back... the exact percentage will come.
Answered
High priority
Particle board scale-up and volume outlook
Asked by Nihad Alraa, Noama Wealth
Management explained the quality improvement and gave a timeline for volume ramp-up.
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Question
How are we planning things? ...we are still seeing some drop in terms of volumes... How are we seen scenario improving?
Sanjay Agarwal (MD)
the new line is a continuous line... the product has started selling... from next quarter onwards in H2 you will see a huge spike as far as particle volumes are concerned.
Answered
High priority
Particle board revenue and margin guidance over 3 years
Asked by Nihad Alraa, Noama Wealth
Management provided specific revenue potential and margin trajectory for particle board.
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Question
what could be the revenue looking like in first, second, third year of operation and eventually how does the scale up happens in terms of margins
Sanjay Agarwal (MD)
total turnover potential will be in excess of 500 crores... steady state will look at 15%... from next year we will be at double digit plus and by year three we should definitely be at 15% plus.
Answered
Medium priority
Commercial MDF product portfolio and BIS compliance
Asked by Reta, Investor India
Management confirmed they offer commercial MDF and comply with BIS norms.
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Question
how do we look at commercial NDF... is it a part of our product portfolio or is it absolutely a nogo zone for us
Sanjay Agarwal (MD)
we can offer the full gambit... there are no red zones or no go zones... we strive for BIS and much more. BIS is hygiene.
Declined
Low priority
Product mix percentage for commercial MDF
Asked by Reta, Investor India
Management declined to disclose product mix percentages.
refused to share
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Question
would it be possible for us to indicate what percentage of volumes would that be
Sanjay Agarwal (MD)
we won't be able to share any any details on our product mix percentages that we don't usually share.
Partial answer
Medium priority
AI-driven demand forecasting and working capital efficiency
Asked by Sukrit Patel, Eyesight Fra
Management discussed AI initiatives but did not provide concrete plans or timelines for dealer network implementation.
no specific timelinevague on implementation
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Question
how are you thinking about deploying AI driven demand forecasting or automated stock keeping units rationalization across your dealer networks
Sanjay Agarwal (MD) and Nikita (likely CFO)
century plywood has been trying to make plywood as an FMCG good... we are very strongly pushing AI in every department... we have taken a three-year digitization plan.
Answered
High priority
Update on new plywood capex at Hoshiarpur plant
Asked by Ashtoh Katan, Asian Market Securities
Management provided a clear timeline for the new plant commissioning.
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Question
what's the update on the new capex for the plywood hoshar plant sir?
Sanjay Agarwal (MD)
we are progressing... it should go live by Q2 of FY27.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Particle board revenue potential over 500 crores | ₹500 cr | ₹1,169 cr | Understated vs filing |
| Particle board steady-state EBITDA margin 15% | 15% | 12.5% | Overstated vs filing |
| Laminate division targeting 20%+ revenue growth and mid-to-high single digit EBITDA | 20% | 16.3% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.