CENTURYPLY
Micro CapCentury Plyboards (India) Limited
Industrials
Century Plyboards (India) Limited manufactures and sells plywood, laminates, MDF, and particle board products. It operates across various segments of the wood panel industry, serving both residential and commercial applications in India.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +25% YoY · PAT +49% YoY · margin expansion · +11% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,492 Cr | +24.5% | +10.5% |
| EBITDA | ₹177 Cr | +31.1% | +4.1% |
| Operating margin | 12.0% | +100 bps | -100 bps |
| PAT | ₹79 Cr | +49.1% | +21.5% |
| PAT margin | 5.3% | +87 bps | +48 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
CENTURYPLY reported highest-ever quarterly revenue of Rs. 1,492 Cr in Q4 FY26, up 24.5% YoY and 10.5% QoQ. FY26 topline grew 19.2%, with PAT up 44.2% to Rs. 268 Cr. EBITDA margin (ex-forex) improved to 13.7% in Q4 and 13.0% for FY26.
The company delivered robust Q4 and FY26 results, driven by strong revenue growth across all key segments and significant margin expansion. Plywood, Laminates, and MDF showed healthy performance, while Particle Board benefited from new capacity and utilization.
Total Income by Segment FY26
Latest issuer-disclosed distribution across 6 reported categories.
Plywood Segment Growth
StrongPlywood segment demonstrated sustainable growth on both QoQ and YoY basis, with healthy EBITDA expansion. Total income grew 15.6% in FY26.
Laminates Segment Turnaround
StrongLaminates segment delivered a stellar turnaround with strong revenue growth (13.9% in FY26) and margin improvement after two stagnant years.
MDF Segment Momentum
StrongMDF segment continued strong momentum, driven by improving capacity utilization and consistent QoQ growth. Total income grew 25.6% in FY26.
Particle Board Capacity & Utilization
StrongParticle Board segment witnessed robust growth (38.2% in FY26) driven by new capacity additions and improved capacity utilization.
MDF Greenfield at Andhra Pradesh
Total capex incurred till FY26 is Rs 730 Cr against a budgeted cost of Rs 600 Cr. FY26 capex was Rs 50.5 Cr.
Laminates Greenfield at Andhra Pradesh
Total capex incurred till FY26 is Rs 210 Cr against a budgeted cost of Rs 200 Cr. FY26 capex was Rs 12.3 Cr.
Particle Board Greenfield at Chennai
Total capex incurred till FY26 is Rs 693.6 Cr against a budgeted cost of Rs 550 Cr. FY26 capex was Rs 354.4 Cr.
PVC Board Greenfield at Andhra Pradesh
Total capex incurred till FY26 is Rs 96.2 Cr against a budgeted cost of Rs 30 Cr. FY26 capex was Rs 7.9 Cr.
Improving Capacity Utilization
MDF segment's strong momentum driven by improving capacity utilization. Particle Board segment's robust growth driven by improved capacity utilization.
New Capacity Additions
Particle Board segment witnessed robust growth driven by new capacity additions.
Forex Losses
Forex losses impacted overall EBITDA and PBT. Total forex loss in FY26 was Rs 57.28 Cr.
Increased Gratuity Liability
Exceptional items in FY26 pertain to gratuity impact of labour law, and Q3 FY26 included Rs 7.61 Cr for increased gratuity liability.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
QoQ comparison is relevant for assessing sequential momentum and utilization ramp-up in segments like MDF and Particle Board. YoY comparison provides a broader view of overall business health and growth trends.
Total Income
Q4 FY26 Total Income: Rs 1,492.21 Cr (+24.5% YoY, +10.5% QoQ). FY26 Total Income: Rs 5,397.18 Cr (+19.2% YoY).
EBITDA Margin (ex-forex & extra-ord item)
ImprovedQ4 FY26 EBITDA margin: 13.7% (vs 12.6% QoQ, 12.1% YoY). FY26 EBITDA margin: 13.0% (vs 11.1% FY25).
Profit After Tax (PAT)
Strong GrowthFY26 PAT: Rs 268.33 Cr (+44.2% YoY). Q4 FY26 PAT: Rs 79.41 Cr (+49.4% YoY, +22.1% QoQ).
Total Debt / EBITDA
ImprovedFY26 Total Debt / EBITDA: 2.47 (vs 2.97 in FY25).
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin (ex-forex) | FY26: 13.0%, Q4 FY26: 13.7% | Sustained margin improvement across segments, especially Laminates and Particle Board, and overall consolidated margin expansion. |
| Capacity Utilization | MDF and Particle Board segments showing improving utilization. | Continued ramp-up in utilization rates for new and expanded capacities, particularly in MDF and Particle Board, to drive profitability. |
| Debt/EBITDA Ratio | FY26: 2.47 | Further reduction in the debt-to-EBITDA ratio as new capacities stabilize and generate higher cash flows, given ongoing capex. |
| Cash Conversion Cycle | FY26: 81.19 days | Efficient working capital management to maintain or further reduce the cash conversion cycle, supporting liquidity amidst growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
52Neutrallabel neutral
Technical chart
CENTURYPLYweekly · 5Y-10.2%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 47.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 47 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 13% off 52W high · 21% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 8/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -295.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 38th percentile of the scored universe and 34th percentile within Industrials. Main check: financial discipline is weak at 38/100.
Healthy Trust Lite: Promoter holding is 71.8%. Key concern: Operating cash flow is negative at ₹-3 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 34th pctile, median 68 · Micro: 21st pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 71.8%.
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸8/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-3 Cr.
- ▸3 recent quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -7.9%.
- ▸Revenue CAGR is 14% but EPS CAGR is -15%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 62.00
- P/B
- 6.41
- EV/EBITDA
- 22.13
- Market Cap
- 16643.00Cr
Profitability
- ROE
- 10.80%
- ROCE
- 11.40%
- ROA
- 5.25%
- Dividend Y
- 0.13%
Growth (CAGR)
- Revenue 5Y
- 20.00%
- EPS 5Y
- 6.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- -12.00%
Balance Sheet
- Debt/Equity
- 0.68
- Interest Coverage
- 5.75×
- Altman Z
- 6.38
- Book Value
- 117.00
Cash Flow
- FCF Yield
- 0.19%
- FCF Positive Y
- 7/5
- OCF
- 457.00 Cr
- EPS TTM
- 11.82
Shareholding
- Promoter Hold
- 71.83%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 55%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.