Plywood Boards/ Laminates industry

17 companies · ₹35,486 cr · 4 with AI deep dives · Q1FY27 report

Plywood and MDF volumes surge, but Middle East freight shock and overcapacity cap margin recovery

Turning upmargin troughed at 8.9% and has risen for 4 quarters to 12.1%, on positive revenue growth

Revenue YoY: +23.0%
EBITDA margin: 12.1%; +320bps YoY
Price, 1 year: +2.0%; 60% of names up
P/E vs own 5y: +26.9%; 46.6x now

Exhibit 1The quarter in numbers

constant panel of 5 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	3,759 cr	3,808 cr	-1.3%	3,055 cr	+23.0%	3,808 cr	-1.3%
EBITDA margin	12.1%	12.2%	-10bps	8.9%	+320bps	12.2%	-10bps

Revenue

Jun 26: 3,759 cr
Mar 26: 3,808 cr
QoQ: -1.3%
Jun 25: 3,055 cr
YoY: +23.0%
Peak: 3,808 cr
vs peak: -1.3%

EBITDA margin

Jun 26: 12.1%
Mar 26: 12.2%
QoQ: -10bps
Jun 25: 8.9%
YoY: +320bps
Peak: 12.2%
vs peak: -10bps

Breadth: 100% of 5 companies grew revenue year on year (was 100% a quarter earlier) and 100% expanded margin (was 80%).

Exhibit 2What it costs

35x - 59.68x across the panel today

The median name trades at 46.6x, +26.9% against this industry's own 5-year median of 36.7x, and -27.4% against its own peak of 64.2x.

Exhibit 3Structure

₹35,486 cr

Century Plyboards (India) Ltd is 47% of this industry by market cap. The top 5 are 95.4% and the top 10 are 98.6%.

mid 1small 4micro 125 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 46.59x, 5y ROCE above its median of 11.82%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (17 of 17)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Century Plyboards (India) Ltd	₹15,930 cr	54.7x	26.9x	16.2%	12.1%	+33.5%	Unlock
Greenlam Industries Ltd	₹5,930 cr	63.9x	21.3x	11.3%	11.5%	+18.2%	Unlock
Stylam Industries Ltd	₹5,669 cr	33.4x	25.1x	25.0%	20.7%	+15.4%	Unlock
Greenply Industries Ltd	₹3,642 cr	36.9x	15.0x	16.2%	10.0%	+20.7%	Unlock
Greenpanel Industries Ltd	₹1,884 cr	27.0x	23.7x	11.6%	16.9%	+6.6%	Unlock
Rushil Decor Ltd	₹469 cr	20.8x	9.7x	5.0%	10.5%	+27.8%	Unlock
Archidply Industries Ltd	₹204 cr	15.6x	9.1x	18.9%	6.7%	+27.8%	Unlock
Ecoboard Industries Ltd	₹157 cr	-	-20.0x	-42.2%	-34.0%	+582.9%	Unlock
Western India Plywoods Ltd	₹144 cr	197.0x	34.7x	4.6%	3.1%	-8.7%	Unlock
Airo Lam Ltd	₹126 cr	23.6x	10.1x	15.8%	8.5%	+22.8%	Unlock
Duroply Industries Ltd	₹121 cr	60.4x	8.4x	8.7%	5.5%	+6.5%	Unlock
Sylvan Plyboard (India) Ltd	₹103 cr	14.6x	7.3x	14.5%	9.0%	-1.6%	Unlock
Manilam Industries India Ltd	₹99 cr	69.2x	12.4x	12.0%	11.6%	-	Unlock
Milton Industries Ltd	₹65 cr	38.2x	15.6x	7.8%	11.0%	+11.3%	Unlock
Lamosaic India Ltd	₹55 cr	29.2x	15.0x	4.9%	4.1%	-1.4%	Unlock
Archidply Decor Ltd	₹42 cr	-	18.0x	2.9%	6.2%	-0.1%	Unlock
Adhata Global Ltd	₹10 cr	-	-8.1x	-58.9%	-40.2%	-76.1%	Unlock

Century Plyboards (India) Ltd

Mcap: ₹15,930 cr
P/E: 54.7x
EV/EBITDA: 26.9x
ROCE: 16.2%
Margin: 12.1%
Rev YoY: +33.5%

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Greenlam Industries Ltd

Mcap: ₹5,930 cr
P/E: 63.9x
EV/EBITDA: 21.3x
ROCE: 11.3%
Margin: 11.5%
Rev YoY: +18.2%

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Stylam Industries Ltd

Mcap: ₹5,669 cr
P/E: 33.4x
EV/EBITDA: 25.1x
ROCE: 25.0%
Margin: 20.7%
Rev YoY: +15.4%

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Greenply Industries Ltd

Mcap: ₹3,642 cr
P/E: 36.9x
EV/EBITDA: 15.0x
ROCE: 16.2%
Margin: 10.0%
Rev YoY: +20.7%

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Greenpanel Industries Ltd

Mcap: ₹1,884 cr
P/E: 27.0x
EV/EBITDA: 23.7x
ROCE: 11.6%
Margin: 16.9%
Rev YoY: +6.6%

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Rushil Decor Ltd

Mcap: ₹469 cr
P/E: 20.8x
EV/EBITDA: 9.7x
ROCE: 5.0%
Margin: 10.5%
Rev YoY: +27.8%

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Archidply Industries Ltd

Mcap: ₹204 cr
P/E: 15.6x
EV/EBITDA: 9.1x
ROCE: 18.9%
Margin: 6.7%
Rev YoY: +27.8%

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Ecoboard Industries Ltd

Mcap: ₹157 cr
P/E: -
EV/EBITDA: -20.0x
ROCE: -42.2%
Margin: -34.0%
Rev YoY: +582.9%

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Western India Plywoods Ltd

Mcap: ₹144 cr
P/E: 197.0x
EV/EBITDA: 34.7x
ROCE: 4.6%
Margin: 3.1%
Rev YoY: -8.7%

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Airo Lam Ltd

Mcap: ₹126 cr
P/E: 23.6x
EV/EBITDA: 10.1x
ROCE: 15.8%
Margin: 8.5%
Rev YoY: +22.8%

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Duroply Industries Ltd

Mcap: ₹121 cr
P/E: 60.4x
EV/EBITDA: 8.4x
ROCE: 8.7%
Margin: 5.5%
Rev YoY: +6.5%

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Sylvan Plyboard (India) Ltd

Mcap: ₹103 cr
P/E: 14.6x
EV/EBITDA: 7.3x
ROCE: 14.5%
Margin: 9.0%
Rev YoY: -1.6%

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Manilam Industries India Ltd

Mcap: ₹99 cr
P/E: 69.2x
EV/EBITDA: 12.4x
ROCE: 12.0%
Margin: 11.6%
Rev YoY: -

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Milton Industries Ltd

Mcap: ₹65 cr
P/E: 38.2x
EV/EBITDA: 15.6x
ROCE: 7.8%
Margin: 11.0%
Rev YoY: +11.3%

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Lamosaic India Ltd

Mcap: ₹55 cr
P/E: 29.2x
EV/EBITDA: 15.0x
ROCE: 4.9%
Margin: 4.1%
Rev YoY: -1.4%

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Archidply Decor Ltd

Mcap: ₹42 cr
P/E: -
EV/EBITDA: 18.0x
ROCE: 2.9%
Margin: 6.2%
Rev YoY: -0.1%

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Adhata Global Ltd

Mcap: ₹10 cr
P/E: -
EV/EBITDA: -8.1x
ROCE: -58.9%
Margin: -40.2%
Rev YoY: -76.1%

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Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindBroad-based plywood volume surge driven by stocking, price hikes, and share gains4 managements

All four plywood-active companies reported strong double-digit YoY volume growth: CENTURYPLY +28.8%, GREENPLY +13.8%, GREENPANEL +10.4%, and GREENLAM +19.0%. CENTURYPLY attributed…

CENTURYPLY (Q1 FY27): “Revenue increased by 32.4% year-on-year and 8.9% subsequently, while EBITDA margin…”

headwind4 managements headwind3 managements mixed3 managements mixed4 managements headwind2 managements

5 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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