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Revenue
₹1,386 Cr
verified against source
Revenue YoY
17.1%
reported change
EBITDA
₹181.7 Cr
latest reported figure
Source
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record provenance
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Where this quarter sits.
Quarter read
What the record says.
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 across all segments. Plywood revenue hit a record ₹760 crore (+16% YoY), MDF revenue grew 27.9% YoY to ₹343 crore, and laminates posted record revenue of ₹188 crore (+16.6% YoY). The new particle board plant commenced commercial production and is ramping up. Management expects growth momentum to continue, supported by capacity expansions and premiumization. Key risks include temporary raw material cost pressures in MDF and potential capacity constraints in MDF before the line extension in H1 FY27.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated guidance of 40% revenue growth for particle board segment, implying ~₹200 crore for the year, supported by ramp-up of new plant.
- The south plant line extension will increase capacity from 5.25 lakh cubic meters to ~6 lakh cubic meters, expected in H1 of next fiscal.
- Management expects MDF utilization to continue at 80%+ levels, with peak at 85% in Q2.
- Current utilization at ~35% expected to ramp up to 55-60% in second half of FY26.
Risks flagged
- MDF margins saw a slight moderation due to temporary cost pressures on timber (floods in north) and chemicals (global commodity movements). Management expects stabilization in a month.
- With MDF utilization near peak (85% in Q2) and demand growing 15-20%, capacity may be constrained until the line extension in H1 FY27. Management acknowledged internal deliberations but no concrete plan for further expansion.
- New particle board plant is in early ramp-up phase with EBITDA under pressure due to high fixed costs. Achieving 40% revenue growth guidance depends on successful ramp-up to 55-60% utilization in H2.
- While quality assurance order has reduced imports, any relaxation could increase competition. Also, unorganized sector remains a large part of the market.
Key quotes
- The train of laminates had derailed for the experiments we were doing... but now actually it has come on the rails... in a year or so you will see we'll be back absolutely on the full swing.
- In plywood we hardly have any market share, it is below 10%. So there is a huge possibility... even if the total growth is not very good still we have lot of headroom.
- The quality of the particle board has come out so well that we are very confident that selling it will not be difficult for us.
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