Century Plyboards (India) Limited (CENTURYPLY)
Micro CapMaterials stocks · Micro cap · NSE
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 supportive, price trend argues for patience, and recent execution is consistent.
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 30 Jun 2026
Excellent · 90/100Rev +34% YoY · PAT +57% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,561 Cr | +33.5% | +4.6% |
| EBITDA | ₹198 Cr | +54.7% | +11.9% |
| Operating margin | 13.0% | +200 bps | +100 bps |
| PAT | ₹83 Cr | +56.6% | +5.1% |
| PAT margin | 5.3% | +79 bps | +3 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
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.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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
42NeutralSMA20 -3.8% / mo · MACD −
Technical chart
CENTURYPLYdaily · 1Y · AUTO+6.3%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 43.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~3.9% over last month) — short-term momentum negative.
- RSI(14) at 43 — 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
U-Score 29 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 29 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
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 -305.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 3/20; 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
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 84th percentile within Materials. Main check: financial discipline is weak at 48/100.
High Trust Lite: Promoter holding is 71.8%. Key concern: Revenue CAGR is 14% but EPS CAGR is -12%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Materials: 84th pctile, median 70 · Micro: 66th pctile, median 73
137 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy 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.
- ▸FCF yield is positive at 0.2%.
- ▸7 years of positive FCF.
Trust risks
- ▸Revenue CAGR is 14% but EPS CAGR is -12%.
- ▸2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 56.10
- P/B
- 6.39
- EV/EBITDA
- 19.99
- Market Cap
- 16629.00Cr
Profitability
- ROE
- 10.80%
- ROCE
- 11.50%
- ROA
- 5.90%
- 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
- 5.95×
- Altman Z
- 6.56
- Book Value
- 117.00
Cash Flow
- FCF Yield
- 0.19%
- FCF Positive Y
- 7/5
- OCF
- 457.00 Cr
- EPS TTM
- 13.09
Shareholding
- Promoter Hold
- 71.83%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 54%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Materials, ranked by similarity
Peers
Business-comparable peers in Materials — 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.