Plywood Boards/ Laminates industry

17 companies · ₹31,412 cr · 7 with AI deep dives · Q1FY27 report

Volume surge broad-based, but MDF overcapacity and re-escalating chemical costs cap the 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: -13.8%; 20% of names up
P/E vs own 5y: +3.3%; 42.1x 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%

Sept 26: 0 of 5 reported so far, so it is not in the trend above.

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

34.52x - 50.93x across the panel today

The median name trades at 42.1x, +3.3% against this industry's own 5-year median of 40.8x, and -34.4% against its own peak of 64.2x.

Exhibit 3Structure

₹31,412 cr

Century Plyboards (India) Ltd is 45% of this industry by market cap. The top 5 are 95.3% and the top 10 are 98.6%.

mid 1small 4micro 125 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 42.14x, 5y ROCE above its median of 8.44%, 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	₹14,375 cr	48.5x	24.5x	11.5%	12.0%	+33.5%	Unlock
Stylam Industries Ltd	₹5,442 cr

Exhibit 6What managements said

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

tailwindBroad-based volume growth across plywood, MDF and laminates5 managements

All five covered companies delivered strong YoY volume growth in their primary lines in Q1FY27. Plywood volumes grew 28.8% YoY at CenturyPly and 13.8% at Greenply; Greenlam…

CENTURYPLY (Q1FY27): “We delivered our highest-ever quarterly consolidated revenue of INR1,561 crores…”

headwind3 managements headwind4 managements

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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AppendixThe other 0 companies

1-0

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