Century Plyboards (India) Limited — Q2 FY26
Century Plyboards delivered a strong Q2 FY26 with consolidated revenue of ₹1,386 crore (+17.1% YoY) and EBITDA margin of 13.1% (+280 bps YoY), driven by broad-based growth acros...
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.
82%Questions answered1Evaded / deflected11Questions auditedContradictedNumbers vs filing
Answered
High priority
Is MDF line extension in H2 on track?
Asked by Kesha Loti, HDFC Securities
Management clearly stated the timeline change from H2 this year to H1 next year.
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Question
In MDF you're planning for debut like in writing H2 in earlier call you highlighted. So is that running on track? You plan to do it in H2 or any change?
Sum (management)
We were planning for a extension line extension on our south plant which will increase capacity by about 25%. We will not do it in H2 of this year. It will most likely happen in H1 of next year.
Partial answer
High priority
Will MDF capacity constrain growth given 80% utilization?
Asked by Kesha Loti, HDFC Securities
Acknowledged capacity relief from line extension but gave no specifics on future capacity beyond that.
no concrete future expansion plandeferred to internal deliberation
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Question
MBA plant would be operating at 85% utilization which you say is a peak utilization in Q2. So do you feel you will face capacity constraint in this segment when demand is growing by 20-25%?
Sum (management)
As of now we have healthy utilization levels. It's about 80% across both our plants. In H1 we'll take a line extension which will take our capacity from 5.25 lakh cubic meters to about six lakh cubic meters next year.
Answered
Medium priority
What drove laminate revenue growth and is it sustainable?
Asked by Provin Sahai, PL Capital
Management explained the broad-based premiumization strategy and confirmed sustainability.
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Question
Revenue growth is there but it's largely due to realization improvement. Can you give some color on how mix has changed and how sustainable it is?
Vishu (management)
This is a broad-based recovery. It expands both domestic and international operations. Premium mix is something we are pushing and that is impacting realizations positively. It should be sustainable.
Answered
High priority
How will particle board achieve 40% growth after H1 decline?
Asked by Provin Sahai, PL Capital
Management explained the trial sales adjustment and reaffirmed guidance.
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Question
Your guidance is 40% sales growth but in first half there is a decline in revenue. So how in second half you are looking at exponential growth?
Sum (management)
In Q2 there were about 10,000-11,000 cubic meters of trial sales worth about 23K. If you take that into account, you would have seen expansion growth as compared to Q1. We are confident of the 40% guidance.
Answered
High priority
What is the raw material cost impact on MDF and when will it ease?
Asked by Sneighha Talia, Nama
Management provided specific reasons and timeline for easing.
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Question
Wanted to understand the raw material cost impact on the MBA front. Have you already started seeing decline there or still elevated? By when can we see easing?
Sum (management)
This quarter there was pressure on both wood and chemicals. In north, supply shortage due to rains and floods. South is stabilizing. On chemicals, we believe this will stabilize in maybe a month or so.
Answered
Medium priority
How is market response to particle board trial runs?
Asked by Sneighha Talia, Nama
Management gave positive feedback and confidence in ramp-up.
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Question
Wanted to get clarity on your particle board division this quarter. How's the response in the market and how do we see gradual run rate improving?
Sum (management)
The plant is top-of-the-line continuous line. The boards have received very good feedback. The quality is very robust. We are very confident that selling will not be difficult and we'll be able to ramp up soon.
Answered
Medium priority
Any price increases in plywood or MDF and cost pressures?
Asked by Amit Purohit, Aara
Management clearly stated no price changes and temporary cost pressures.
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Question
Any price increase in plywood or MDF segment and also cost pressure in terms of timber pricing for plywood and MDF?
Sanjay Garbal (management)
As far as plywood is concerned, there are no cost pressures. Neither any increase nor reduction in prices. On MDF, we haven't taken any structural price increases or decreases. Cost pressures are temporary.
Answered
Medium priority
Why did company outperform despite extended monsoon impact?
Asked by Amit Purohit, Aara
Management attributed outperformance to low market share and import ban.
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Question
Many companies talked about extended monsoon impact on consumption but we don't see any impact. What would you ascribe it to?
Sanjay Garbal (management)
We are in an industry where we hardly have any market share, below 10%. So even if total growth is not good, we have headroom. Also quality assurance order stopped imports by 80%.
Partial answer
High priority
How much scope for MDF margin improvement via product mix?
Asked by Rishi, Kotak Mutual Fund
Management gave a range (high teens) but avoided committing to a specific timeline or 20%.
no timeline givenvague on specific margin target
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Question
How much scope on product mix side to improve MDF margin further? Is 20% margin possible without price hikes?
Sum (management)
There's significant way to go in geography and product mix. At steady state with value added max out and temporary RM pressures going away, high teens is a possibility.
Evasive
Low priority
Would you choose Chinese or European machines for future MDF line?
Asked by Resh (Rishi), Ret Invest
Management declined to express preference between Chinese and European machines.
refused to comparedeflected to general statement
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Question
How do you look at Chinese versus European machines? With particle board experience, would you go for Chinese make for MDF?
Sum (management)
We keep a close eye on all technology developments. Whatever machine we put up, we scrutinize and put up the best. It won't be fair to comment on country of origin.
Evasive
High priority
What is net debt and capex outlook for FY26-28?
Asked by Resh (Rishi), Ret Invest
Management declined to provide specific net debt or capex numbers, redirecting to existing guidance.
refused to give net debt figuredeferred capex details to board approval
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Question
How should we look at absolute net debt number and capex for 26, 27, 28?
Sanjay Garbal (management)
We have given guidance of growth and EBITDA. It's very easy for you to calculate. We do not like to give a figure. Capex: one plywood factory in Pur is under construction; MDF and plywood we are planning, first get board approval.
Answered
High priority
What are utilization rates for all segments in H2?
Asked by Mayul, NMV Securities
Management provided specific utilization numbers for each segment.
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Question
I would like to know the utilization for H2 for all the four segments.
Sum and Vishu (management)
MDF: 80% plus, so far 85%. Particle board: currently 35%, hope to go to 55-60%. Laminate: Joka 80-82%, Budwel 55%, looking to go up 10-15 percentage points. Plywood: all plants above 80-85%.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Particle board 40% growth implies ending year at 200 crore | ₹200 cr | ₹1,386 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.