Century Plyboards (India) Ltd(CENTURYPLY)

NSE: CENTURYPLYBSE: 532548

₹ 636+0.24%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 14,130 crNext results: 4 Nov 2026Website: www.centuryply.comUpdated: 27 Oct 2026

About

Century Plyboards (India) Ltd manufactures and sells plywood, MDF, laminates, particle board, and related wood panel products, operating 16 national and 1 international manufacturing facility across India and Gabon. It holds an AA/Stable credit rating from ICRA, described as the highest in India's wood panel sector.^[1][2]

Products and brands

Product portfolio spans plywood, laminates, veneers, MDF, particle boards, PVC boards, and doors, with over 33,233 SKUs.^[2]
Club Prime Plywood is the flagship premium brand; in Q1 FY27 the company launched India's first Total Cover Assurance Program covering full furniture cost for defects within 10 years, fronted by Aamir Khan. Internal claim ratio is 0.06%.^[3]
Laminates average realisation per sheet rose 15.5% YoY to Rs 1,001 in FY26, driven by premiumisation and a shift to higher-thickness/larger-size formats.^[4]

Manufacturing footprint and capacity

Operates 16 national and 1 international (Gabon) manufacturing facility, supported by 27 national offices and 41 warehouses/stock points as of FY26.^[2]
Plywood installed capacity reached 394,800 CBM in Q2 FY26, up from 339,600 CBM in FY25, through internal debottlenecking at Kandla, Chennai, and other plants.^[5]
MDF South plant at Badvel, Andhra Pradesh: capacity expanded from 700 CBM/day to 950 CBM/day during Q1 FY27 shutdown; rated capacity is 1,000 CBM/day.^[3][2]
Particle board plant at TVK, Chennai (established March 2025, 1,000 CBM/day capacity) is ramping; volume grew 155.7% YoY to 41,680 CBM in Q1 FY27.^[2][3]
Wholly owned subsidiary Century Panels Ltd. operates laminate, MDF, and PVC manufacturing at Gopavaram, Kadapa District, Andhra Pradesh, with IMS, FSC, GreenGuard, BIS 2046, and Malaysian/Singaporean CGS certifications.^[2]
Approximately 98% of primary raw material (timber) is sourced from agroforestry/farm forestry; Century Gabon SUARL provides additional timber sourcing internationally.^[2]

Key operating numbers

Plywood volume: 1,36,995 CBM in Q1 FY27, +28.8% YoY; full-year FY26 volume 485,403 CBM, +16.5% YoY. Capacity utilisation ~99% in Q4 FY26.^[3][4]
Plywood EBITDA margin (ex-forex): 16.9% in Q1 FY27; FY26 full-year 15.2%. Management describes Q1 FY27 margin as highest in the industry.^[3][4]
MDF volume: 1,02,951 CBM in Q1 FY27, +22.4% YoY; utilisation at 80 - 85% of rated capacity in Q4 FY26.^[3][4]
MDF EBITDA margin (ex-forex): 7.0% in Q1 FY27; FY26 full-year 12.7%, up from 10.1% in FY25.^[3][4]
Laminates volume: 16,82,527 pieces in Q1 FY27, -8.4% YoY, as product mix shifted to larger/higher-thickness formats; per-piece realisation improved 26.7% YoY.^[3]
Plywood market share estimated at ~9.5 - 10% of the organised market in FY26, up from ~4 - 4.5% pre-COVID.^[3][6]
Consolidated EBITDA margin (ex-forex and extraordinary): 13.0% in Q1 FY27, +50 bps YoY; Total Debt/EBITDA: 2.20x in Q1 FY27.^[3]

Customers and distribution

Operates a predominantly B2B model serving distributors/dealers, institutional customers (real estate developers, furniture manufacturers, government), and export customers.^[2]
Distribution network spans 28 states and 7 union territories, 695 districts, with 26 branch offices, 17,883 retailers, 7,091 dealers, and 41 warehouses as of FY26.^[2]
Exports to 34 countries across Asia, the Middle East, North America, South America, Europe, Africa, and Oceania; exports contributed 2.86% of total turnover in FY26.^[2]
Quality assurance orders reduced MDF and plywood imports by approximately 80% as of Q2 FY26, reducing competition from Vietnamese and Nepali imports.^[5]

Expansion and capex

Hoshiarpur, Punjab greenfield plywood plant (60,000 CBM capacity) is targeted to commence operations in Q3 FY27; machinery for full 60,000 CBM installed.^[3][6]
Chennai plywood brownfield expansion is targeted to reach 10,000 CBM/month in Q2 FY27 and 12,500 CBM/month from Q3 FY27.^[3]
Uttar Pradesh greenfield plywood plant: 120,000 CBM capacity, Rs 330 crore capex; targeted live by April 2028 (Q1 FY29) contingent on land receipt before FY27 year-end.^[3][6]
Uttar Pradesh greenfield MDF plant: capacity in excess of 3 lakh CBM, Rs 800 crore capex; to be commissioned 2 - 2.5 years from land acquisition; land approvals pending.^[6]
Pacific Plywoods Pvt. Ltd. is setting up a resin manufacturing unit at Bishnupur, West Bengal: 18,000 TPA capacity at approximately Rs 5 crore capex, providing backward integration.^[2]
Consolidated revenue target of Rs 12,000 crores by FY31 reiterated; current asset pool supports Rs 7,500 - 8,000 crores, with additional Rs 2,500 crore capex needed to bridge the gap.^[3]

Recent developments

Century Ports (wholly owned subsidiary) commenced commercial operations at the rejuvenated Khidderpore Docks (KPD-1 West), Syama Prasad Mookerjee Port, Kolkata in Q4 FY26; achieved 9,000+ container handling in July 2026.^[4][3]
MDF industry (including Century) implemented a 15% price increase in response to chemical cost inflation; plywood took a 7% price hike in April 2026.^[4]
Andhra Pradesh MDF plant was shut during Q1 FY27 for capacity expansion from 700 CBM/day to 950 CBM/day; the shutdown caused a sequential revenue decline in the MDF segment that quarter.^[3]
Orissa MoU signed for a potential plywood and MDF/particle board greenfield; land acquisition initiated but project is at a very early stage with no cost or capacity finalised as of Q4 FY26.^[4]
ICRA reaffirmed the company's AA/Stable credit rating during FY26, described as the highest in India's wood panel sector.^[2]

Market Cap

₹14,130 Cr

High / Low

₹855 / 618

Stock P/E

48.6

Price / Book

5.4

Book Value

₹117

EPS

₹11.8

No. of Shares

22.22 Cr

ROCE

11.5%

ROE

10.6%

OPM

8.8%

Debt / Equity

0.62

Sales

₹5,397 Cr

Net Profit

₹268 Cr

Promoter holding

71.8%

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Century Plyboards (India) Ltd(CENTURYPLY)

About

Products and brands

Manufacturing footprint and capacity

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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