Century Plyboards posts record revenue, 57% PAT rise in Q1FY27
Century Plyboards delivered record Q1FY27 financials with ₹1,561.38 crore revenue and ₹83.30 crore PAT. Key drivers include robust plywood volume growth, margin expansion, and strategic capacity additions. Management outlined future capex plans and new consumer assurance initiatives.
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Century Plyboards (India) Limited reported a record consolidated quarterly revenue of ₹1,561.38 crore for the quarter ended June 30, 2026, marking a 33.5% year-on-year increase. The plywood manufacturer’s Profit After Tax (PAT) surged 57% to ₹83.30 crore, up from ₹52.92 crore in the corresponding period last year, driven by robust volume growth across core segments and improved operational efficiency. This performance underscores strong demand momentum despite broader industry headwinds.
The company’s EBITDA margin, excluding forex losses, improved to 13.0% from 12.5% in Q1FY26, reflecting better cost management and higher realisation rates. Standalone net profit rose 39% to ₹944.87 crore, while standalone revenue from operations grew 32% to ₹13,587.24 crore. The Board of Directors, led by Managing Director & CEO Sanjay Agarwal, approved the unaudited financial results on July 31, 2026. The results were reviewed by the Audit Committee and subjected to limited review by the Statutory Auditors.
Segment Performance Highlights
Plywood remained the primary growth engine, with revenue growing 32.4% YoY to ₹854.59 crore and volumes increasing 28.8% to 1,36,995 CBM. The segment delivered an EBITDA margin of 16.9% (excluding forex), supported by healthy margin expansion. Laminates maintained strong momentum, with revenue rising 14.7% YoY to ₹196.24 crore, despite an 8.4% decline in volume due to a shift towards higher-thickness materials. The segment’s EBITDA margin stood at 10.2%.
Medium-Density Fibreboard (MDF) reported a sequential revenue decline of 6.2% to ₹331.73 crore due to a planned shutdown at one plant for capacity expansion, though it maintained strong YoY growth of 28.9%. Particle Board (PB) emerged as a high-growth segment, with revenue surging 159.1% YoY to ₹86.18 crore, driven by a 155.7% increase in volume. However, the PB segment reported negative EBITDA of -₹13.50 crore annually, indicating ongoing investment phase challenges.
| Segment | Revenue (₹ Cr) | YoY Growth | Volume Growth | EBITDA Margin (Ex-Forex) |
|---|---|---|---|---|
| Plywood | 854.59 | +32.4% | +28.8% | 16.9% |
| Laminates | 196.24 | +14.7% | -8.4% | 10.2% |
| MDF | 331.73 | +28.9% | +22.4% | 7.0% |
| Particle Board | 86.18 | +159.1% | +155.7% | 3.7% |
Capacity Expansion and Strategic Initiatives
Century Plyboards is strengthening its plywood business through capacity expansion. The 60,000 CBM per annum greenfield plywood plant at Hoshiarpur is expected to commence operations in Q3 FY27. Additionally, the Chennai brownfield expansion increased capacity from 8,000 CBM per month in Q1 to 10,000 CBM per month in Q2, set to rise to 12,500 CBM per month from Q3 FY27. In MDF, the Andhra Pradesh plant capacity was expanded from 700 CBM per day to 950 CBM per day during the quarter.
To mitigate higher chemical input costs, the company implemented a 7% price increase in April for plywood. Price hikes varied across other segments, with MDF seeing close to 15% and laminates around 10%, though some increases were partially rolled back as raw material prices fluctuated. Management highlighted a new "Total Cover Assurance Program" for Club Prime Plywood, offering full compensation for furniture costs if product defects arise within 10 years, aiming to reinforce consumer trust.
Balance Sheet and Working Capital
Total consolidated debt increased to ₹1,644.21 crore from ₹1,531.26 crore in FY26, primarily due to higher short-term bank debt of ₹811.79 crore. Shareholder’s equity rose to ₹2,713.32 crore. The cash conversion cycle improved significantly to 68.86 days from 81.19 days in FY26, indicating better working capital management. Debtor days reduced to 39.62 from 41.77, while inventory days decreased to 39.04 for raw materials and 26.90 for finished goods.
What the Numbers Show
The divergence between volume growth and revenue growth in the laminates segment highlights a successful strategy shift towards premium, higher-thickness products, boosting average selling prices by 26.7% YoY. Meanwhile, the surge in particle board volumes (+155.7%) contrasts sharply with its negative annual EBITDA, suggesting this segment is still in an investment phase where scale is being prioritized over immediate profitability. The overall improvement in EBITDA margins (ex-forex) to 13.0% demonstrates the company’s ability to pass on cost increases and optimize operations across its mature plywood and MDF businesses.
Historical Stock Returns for Century Plyboards
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.29% | -1.53% | -6.04% | -0.43% | +0.59% | +88.24% |
How will the upcoming commissioning of the Hoshiarpur greenfield plant and Chennai brownfield expansion impact Century Plyboards' market share and capacity utilization rates in FY27?
Given the negative EBITDA in the Particle Board segment despite massive volume growth, what is the projected timeline for this segment to achieve profitability, and will it require further capital expenditure?
To what extent can Century Plyboards sustain its recent price hikes across plywood, MDF, and laminates segments if raw material and chemical input costs continue to fluctuate?
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