Century Plyboards (India) Limited — Q3 FY26
Century Plyboards delivered a strong Q3 FY26 with consolidated revenue of ₹1,350 crore, up 18.4% YoY, driven by broad-based growth across plywood, MDF, laminates, and particle b...
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.
58%Questions answered4Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Outlook for FY27 across segments on growth and margins.
Asked by Rahul Agarwal, Ikiguay Asset
Management declined to give specific FY27 guidance, only saying it will be similar or better.
no number givendeferred to next year
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Question
Firstly is you know some bit of indication on how do you look at fiscal 27 across segments on you know on growth and margins.
Sanjay (Chairman)
I think we haven't published any numbers on FI27 yet but when you look at FI26 we've had a very strong growth... So I think 527 is likely to look similar if not better.
Evasive
High priority
MDF volume growth target for next year.
Asked by Rahul Agarwal, Ikiguay Asset
Management referenced long-term ambition but refused to give specific next-year guidance.
no number givendeferred to next year
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Question
Anything specific on the MDF side? In terms of our growth what kind of volume would you target or should it be similar 20%.
Sanjay (Chairman)
Our long-term growth ambition is 12,000 cr by 531. So that includes an annualized stagger of 18% plus. So next year also I think we'll see a robust growth in MDF. But for the time being till we don't freeze up our numbers, I can't give guidance on next year.
Partial answer
High priority
Details on plywood and MDF capacity additions and new UP capex.
Asked by Rahul Agarwal, Ikiguay Asset
Management gave capacity details but deferred funding plan to later.
funding plan not finalized
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Question
Second question was on capacity. Just on plywood and MDF... how much of that is left which will get computed in 27 and then on the up capex which you've announced for 1100 crores... how would these plants be better versus existing plants... how do you plan to source timber and fund it.
Kishan (CFO) and Sanjay (Chairman)
On the plywood capacity... we've been doing internal expansion... next year we have two major expansions planned... Husharpur plant... should be operational in Q3 next financial year... Chennai unit also by Q3 next year... On MDF side we'll be able to unlock 70,000 cubic meters additional within Q1 next year... Uttar Pradesh project will have MDF capacity in excess of three lakh cubic meters... time horizon about 2.5 years from land possession.
Partial answer
High priority
Concerns about MDF capacity addition leading to price war and low returns.
Asked by Balaji Vinad, Nafa Asset Managers
Management avoided addressing industry-wide return concerns, focused on own growth and margin targets.
no specific demand datareframed to own performance
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Question
With the capacity being added so we can expect cutthroat price war to commence in North India as well... if you look at all the listed companies the entire capital employed in MDF segment is roughly 3,500 crores including you and today it is earning less than fixed deposit... are we seeing such a demand for MDF... is MDF getting into a telecom industry like situation.
Sanjay (Chairman)
It is not fair for us to commit on competition and their returns... we are at a 24% growth trajectory... we believe that MDF still has a lot of room to grow... we are at a decent for the current quarter 12% a bit... we are well on line to achieve our aspiration of 15% a bit... prices have bottomed out... BIS is here to stay.
Answered
Medium priority
Impact of potential reversal of QCO on MDF imports.
Asked by Balaji Vinad, Nafa Asset Managers
Management directly addressed the question, stating imports were small and BIS is unlikely to be reversed.
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Question
In a hypothetical situation if that were to happen then we are going to have one more player in the form of imports once again... any thoughts on if that has been factored in.
Sanjay (Chairman)
Imports even earlier never constituted more than 7 8% of total sales of MDF in the country... prices have actually bottomed out I don't feel that as much of a challenge... BIS is here to stay. The Indian consumer deserves a good product and the government of India has ensured that happens. I don't think they're going to walk back from that.
Answered
High priority
Triggers to achieve MDF margin guidance of 14-15% for FY26.
Asked by Rahan Sayyad, Trinetra Asset Managers
Management provided specific reasons for margin improvement: easing of flood impact, higher utilization, and stable chemical prices.
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Question
Your FI 2026 guidance target at a higher 14 15% range. So with the quarter C margin coming in at 12.1%... what specific triggers such as raw material softening or higher capacity utilization from the new Andhra Pradesh plant will reach this gap.
Kishan (CFO)
We are looking at a higher margin in the current quarter because of two things. Firstly there was a flooding situation in Punjab in the last quarter that led to slightly higher prices for north plant which is now eased out. Secondly we will be looking at higher capacity utilization in the current quarter. Q4 is traditionally always better... Chemical prices have also stabilized.
Declined
Medium priority
Reason for CFS margin contraction despite revenue jump.
Asked by Rahan Sayyad, Trinetra Asset Managers
Management admitted they were not updated and deferred the question to investor relations.
deferred to IRno answer given
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Question
CFS segment saw a 43.3% YI revenue jump this quarter. But AITA margin X4EX dropped to 18.8% from 19.9%... could you explain the cost pressures or change in the service mix that led to this margin contract despite the higher output.
Arun (not updated)
CFS actually we are not updated very much very frankly. I should be but really I'm not updated right now. So we will call you our investor relations when we will call you and update you.
Answered
Medium priority
Outlook and margin trajectory for laminates segment.
Asked by Sneha Tala, Noama
Management gave specific growth guidance for laminates: 15%+ for current year, 20% for next year.
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Question
On a laminates front... what is the outlook and how do we read this segment and how do we see the growth in this particular segment coming in.
Kishan (CFO)
In lness we are confident of a 15% plus growth for the year... based on both domestic as well as export demand... we looking at 20% growth for next financial year.
Answered
High priority
Plywood segment growth drivers and market share gains.
Asked by Sneha Tala, Noama
Management provided industry growth estimate and their market share trajectory, with ambition to double again.
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Question
What's the magic which is happening in plywood segment? Constantly seeing 15% plus growth... how much of market share increase we would have seen in last two years and how much is the further hope to see that kind of increase happening.
Kishan (CFO) and Sanjay (Chairman)
Industry growth is somewhere between 6 to 7%... we are growing better because we are increasing our market share... before covid we were at 4% 4 and a half%. Today... we were at around 8 8 and a half%. So we've doubled... we obviously want to double it more.
Evasive
High priority
Timeline for MDF margin revival given new capacity additions.
Asked by Sneha Tala, Noama
Management gave a broad timeframe of 'next year year and a half' but refused to pinpoint a quarter.
no specific timelinevague timeframe
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Question
When is the hope that we have when current capacities will see margin revival... which particular quarter is the one where you see turnaround happening in realization.
Kishan (CFO)
Margin recovery is definitely on the cards... new capacity additions have slowed down... to a 20% plus scar as far as demand growth is the equilibrium should be reached maybe also go so next year year and a half... exactly which month which quarter which week is difficult to predict.
Answered
Medium priority
Reconciliation of MDF capacity discrepancy between annual report and press release.
Asked by Bhavin Rupani, Invest
Management clearly explained the discrepancy: expansion delayed to Q1 next year due to robust demand.
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Question
Our capacity as on FI25 annual report it says 6 lakh 27,000 CBM whereas our press release we have released yesterday it says 561. So how should one reconcile that.
Kishan (CFO)
The capacity expansion that we were likely to do... in the current year. However due to robust demand we have been unable to take that expansion. So this will be adding close to 70,000 cubic m of capacity and that expansion will most likely happen in Q1 of next year.
Answered
Medium priority
Rationale for Uttar Pradesh MDF plant and raw material availability.
Asked by Bhavin Rupani, Invest
Management provided clear rationale: raw material availability and lack of competitors in the region.
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Question
Wanted to understand what is the rational behind this Uttar Pradesh expansion. Are there any other players in this region as well and also wanted to understand on the raw mat availability and proximity at this plant.
Kishan (CFO)
Uttar Pradesh is the largest and most perennial source of raw material... currently there are no MDF plants that are located within Uttar Pradesh. So it is a huge market opportunity... we will update you as and when we acquire the land.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| CFS revenue jump 43.3% YoY | 43.3% | 18.4% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.