Century Plyboards reported a robust consolidated quarterly revenue of INR 1,350 crores, marking an 18.4% year-on-year growth for Q3 FY26. Consolidated EBITDA margin, excluding forex, improved to 12.6% from 10.7% last year, driven by volume gains and cost optimization. Management detailed strong performance across Plywood (14.9% growth), MDF (19.1% growth), and Laminates (9.6% growth), while future capital expenditure plans, particularly for the UP project, were discussed.
Q3 FY26 Consolidated Financial Highlights
Century Plyboards India Limited announced strong financial results for the quarter and nine months ended December 31, 2025. On a consolidated level, quarterly revenue reached INR 1,350 crores, reflecting a substantial 18.4% year-on-year growth. This performance was attributed to sustained demand and robust output from newly commissioned facilities.
Profitability also saw significant uplift. Consolidated EBITDA, excluding forex effects of INR 170.5 crores, improved to 12.6%, up from 10.7% in the corresponding quarter last year. This margin expansion was driven by increased volumes, operating leverage, and ongoing cost optimization efforts.
Segmental Performance Review
Management provided a detailed walkthrough of key segment achievements:
- Plywood Segment: Achieved quarterly revenue of INR 710 crores, growing 14.9% YoY. The EBITDA margin stood at a healthy 15.1%, supported by volume growth and expanded distribution.
- Laminate Segment: Reported quarterly revenue of INR 183 crores, a 9.6% YoY increase. The EBITDA margin stood at 7.7%, with expectations for steady improvement driven by better cost absorption and an improved product mix.
- MDF Segment: Delivered strong revenue growth of 19.1% YoY, driven by higher volumes and improved capacity utilization. The EBITDA margin was 12.1%, compared to 10.7% last year.
- Particleboard Segment: Achieved its highest-ever quarterly sales of INR 65 crores, with EBITDA breaking even due to improved utilization and sales volume.
Outlook and Operational Focus
The company emphasized its commitment to operational excellence and disciplined capital allocation to maintain healthy return ratios. The medium-term outlook for building materials remains positive, supported by rising urbanization and demand for branded products.
Regarding MDF profitability, management noted that while the Q3 margin was 12.1%, they expect recovery. This recovery is anticipated over the next 1 to 1.5 years as new capacity additions slow down and demand continues its 20%-plus CAGR. The normalized long-term MDF EBITDA target remains aspirational at 15%-plus.
Capital Expenditure and Future Capacity Planning
Discussions during the Q&A session addressed significant capex plans, particularly for the Uttar Pradesh (UP) project involving an investment of INR 1,100 crores across Plywood and MDF. The Plywood expansion in UP involves 120,000 CBM capacity at an intensity of approximately INR 27,000 per CBM. The MDF capacity addition in UP is projected to exceed 3 lakh cubic meters, with timelines dependent on land allotment.
For Plywood, new capacities are slated: Hoshiarpur plant expected operational by Q3 of the next financial year, and the Chennai unit expansion also by Q3 next year. Hoshiarpur will start at 30,000 CBM (with a 60,000 CBM ultimate goal), while Chennai aims for 150,000 CBM total capacity by Q3 FY’27.
Regarding overall capex outflow, management indicated that specifics for FY ’27 and beyond are contingent on securing the land allotment for the UP project, though FY ’26 capex was expected around INR 400 crores.
Source: BSE
