Century Plyboards Reports Strong Q3FY26 Results with 18.4% Revenue Growth
Century Plyboards delivered robust Q3FY26 performance with consolidated revenue of INR 1,350 crores, up 18.4% year-on-year, and EBITDA margin improvement to 12.6%. All business segments showed strong growth, with plywood achieving INR 710 crores revenue, MDF growing 19.1%, and laminates reaching INR 183 crores. The company announced major capacity expansion plans including new facilities in Uttar Pradesh with total investments of INR 1,130 crores.
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Century Plyboards delivered robust financial performance in Q3FY26, reporting consolidated revenue of INR 1,350 crores, representing an 18.4% year-on-year growth. The company's EBITDA margin (excluding forex) improved significantly to 12.6% compared to 10.7% in the corresponding quarter last year, driven by higher volumes and operational efficiency gains.
Q3FY26 Financial Performance
The company's strong quarterly results demonstrate sustained momentum across all business segments. On a nine-month basis, FY26 revenue grew 17.3% year-on-year, showcasing consistent performance despite challenging macroeconomic conditions.
| Financial Metric | Q3FY26 | Q3FY25 | Growth (%) |
|---|---|---|---|
| Consolidated Revenue | INR 1,350 crores | - | +18.4% |
| EBITDA (ex-forex) | INR 170.5 crores | - | - |
| EBITDA Margin (ex-forex) | 12.6% | 10.7% | +190 bps |
Segment-wise Performance Analysis
Plywood Business
The plywood segment achieved quarterly revenue of INR 710 crores with 14.9% year-on-year growth, supported by healthy volume growth and expanded distribution reach. EBITDA margin stood at 15.1%, benefiting from operating leverage and stable input costs.
MDF Segment
The MDF business continued its strong growth trajectory with revenue increasing 19.1% year-on-year. EBITDA margin improved to 12.1% compared to 10.7% in the corresponding quarter last year, driven by higher volumes and improved capacity utilization across plants.
Laminates Division
The laminates segment reported quarterly revenue of INR 183 crores, growing 9.6% year-on-year and 13% on a nine-month basis. EBITDA margin stood at 7.7%, supported by better cost absorption and improved product mix.
Particleboard Segment
With improved capacity utilization and higher sales volumes, the particleboard segment achieved its highest-ever quarterly sales of INR 65 crores, reaching EBITDA breakeven.
| Business Segment | Q3FY26 Revenue | YoY Growth | EBITDA Margin |
|---|---|---|---|
| Plywood | INR 710 crores | +14.9% | 15.1% |
| MDF | - | +19.1% | 12.1% |
| Laminates | INR 183 crores | +9.6% | 7.7% |
| Particleboard | INR 65 crores | - | Breakeven |
Strategic Growth Targets and Expansion Plans
Century Plyboards maintains its ambitious revenue target of INR 12,000 crores by FY31 through consistent 18% annual growth. The company expects FY27 to deliver results similar to or better than FY26, with management expressing confidence in sustaining strong performance momentum.
Capacity Expansion Initiatives
Plywood Expansion:
- Hoshiarpur plant: 60,000 CBM capacity, starting operations with 30,000 CBM in Q3 FY27
- Chennai unit expansion: Increasing total capacity to 150,000 CBM by Q3 FY27
- Uttar Pradesh facility: Planned 120,000 CBM capacity with INR 330 crores investment
MDF Capacity Enhancement:
- Current capacity expansion: Additional 70,000 cubic meters expected in Q1 FY27
- Uttar Pradesh project: Over 300,000 cubic meters capacity with INR 800 crores investment
- Total timeline: 2.5 years from land acquisition
| Expansion Project | Capacity | Investment | Timeline |
|---|---|---|---|
| Hoshiarpur Plywood | 60,000 CBM | - | Q3 FY27 |
| Chennai Plywood | 150,000 CBM total | - | Q3 FY27 |
| UP Plywood | 120,000 CBM | INR 330 crores | - |
| UP MDF | 300,000+ CBM | INR 800 crores | 2.5 years |
Management Outlook and Market Positioning
The MDF segment continues to show exceptional promise, with management projecting over 25% growth in FY26 and strong performance expected to continue in FY27. The company targets achieving over 15% EBITDA margin in the near term while setting a long-term goal of 20% EBITDA margin.
Management emphasized that pricing in the MDF segment has bottomed out, with expectations of gradual improvement as raw material costs decline due to increased plantation activities across the country. The company's diversified product portfolio, strong brand equity, and expanding distribution network position it well for sustained growth in the building materials and interior solutions industry.
Historical Stock Returns for Century Plyboards
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.81% | -0.17% | +3.25% | +3.54% | +0.86% | +147.15% |
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