ICICI Securities Maintains 'Hold' On Century Plyboards Post Q4 Results, Cuts Target Price — Here's Why

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ICICI Securities Report

Century Plyboards India Ltd.’s Q4 FY25 operational performance undershot our estimates. Century Plyboards continues to face near-term margin headwinds in the MDF and laminate segments due to a gradual ramp-up in new capacities despite plywood business being stable.

We cut our Ebitda estimates by 6.3%/4.1% for FY26/FY27 and PAT estimates by 15.1%/9.8% for FY26/FY27. The cut in PAT estimates is higher due to increased depreciation and interest cost than earlier modelled.

Maintain Hold with a rolled over target price of Rs 743 (earlier Rs 766), set at unchanged 32x P/E Mar’27E.

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