Century Plyboards reported Q4 FY25 consolidated revenue growth of 13% YoY. Plywood/laminates/MDF and allied revenues grew 9.6%/ 1.3%/37.2% YoY with volumes up 6.8%/0.5%/39.2% YoY (6-year CAGRs of 10.2%/2.7% / 16.3%), respectively. Consolidated operating profit margin contracted 275 bps YoY to 11.2% (-13bps QoQ), resulting in Ebitda/APAT fall of 9.3%/35% YoY. Plywood margin expanded 30bps YoY while laminates' margin fell 800bps YoY and MDF margin contracted 310bps YoY (due to lower utilisation of AP plant).
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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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