Consumer Durables
Century Plyboards (India) Limited manufactures and sells plywood, laminates, decorative veneers, medium density fiber boards (MDF), pre-laminated boards, particle boards, and flush doors in India. The company operates through Plywood, Laminate, MDF, Plain Particle Board, CFS Services, and Others segments. It offers plywood, blockboard, veneer, and timber; decorative laminates; and plain and pre-laminated medium density fibre boards, as well as particle boards. The company also provides container freight stations services; trades in chemicals and panel products; and offers pre-engineered doors, fibre cement boards, and PVC sheets. It also exports its products. The company provides its products primarily under the ARCHITECT PLY, CENTURYEXPERIA, CENTURYTEAK, SAINIK 710, SAINIK MR, SAINIK DOORS, SAINIK LAMINATES, CENTURYDOORS, CENTURYPROWUD, CENTURYLAMINATES, CENTURYVENEERS, Zykron, and CENTURYPLY brands. Century Plyboards (India) Limited was incorporated in 1982 and is headquartered in Kolkata, India.
Summary of Century Plyboards (India)'s latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
Last updated: Feb 25
Management Outlook and Major Points:
1. Financial Performance:
2. Segment Highlights:
3. Market & Raw Materials:
4. Growth Drivers:
Outlook:
Last updated: Feb 25
Question: Regarding what is your outlook on the timber prices globally for the next one or 2 years?
Answer: Timber imports into India are limited, and domestic prices align with global trends. Prices are elevated but expected to normalize within 1"“2 years due to potential imports balancing supply-demand gaps.
Question: In Q2, we had imported timbers for plywood from various Southeast Asian countries. Given INR depreciation, are we increasing domestic sourcing?
Answer: 75"“80% of plywood raw materials are imported, as dried imports reduce processing costs. Dynamic evaluations continue, but imports remain viable currently.
Question: What is the proposed capacity for the new Hoshiarpur plywood plant?
Answer: The plant will have ~50,000 sheets/day capacity (25 working days). Existing plywood capacity is ~340,000 CBM, with expansions adding 15,000"“20,000 CBM.
Question: Why is the laminate subsidiary EBITDA-negative despite 50% utilization?
Answer: Lower-margin products skewed volume-value dynamics. Optimizing product mix and leadership changes aim for breakeven by Q2 FY26.
Question: What is the particle board utilization outlook post-new facility?
Answer: The new continuous-press line (operational by Q1 FY26) will improve efficiency, targeting 50%+ utilization in Year 1 and margin recovery.
Question: How did MDF margins improve despite industry-wide timber cost pressures?
Answer: Operational efficiencies, value-added product focus (North), and reduced degrade (South) drove margin gains.
Question: What drives plywood's double-digit growth amid industry headwinds?
Answer: Market share gains (now ~9%) via branding (Sainik 710), capacity expansions, and channel strategies. Targeting 15% share in 4"“5 years.
Question: When will laminate and particle board segments breakeven?
Answer: Laminate: Q2 FY26. Particle board: EBITDA breakeven targeted in FY27 post-new facility ramp-up.
Question: What pricing actions were taken in Q3?
Answer: MDF saw a 3"“4% price hike. Plywood and laminate held rates. Future hikes depend on input costs.
Question: How does BIS regulation impact operations?
Answer: BIS norms for imports effective Feb 2025 (plywood: Feb 28; MDF: Feb 11). Domestic compliance phased until August, favoring organized players.
Question: What are key demand drivers for FY26?
Answer: Plywood: Premium housing/interiors. MDF/particle board: OEM/retail demand linked to housing schemes. Laminate: Export growth and domestic recovery.
Question: How sensitive are margins to 5% timber cost changes?
Answer: Plywood/MDF most impacted. Recent plywood imports stabilized prices; MDF faces 5"“12% regional increases but offsets via efficiencies.
Question: What is the export obligation for the Badvel MDF plant?
Answer: 6-year export commitment under incentives. Current focus on domestic demand, but exports will be prioritized to meet obligations.
Question: What is the blended tax rate guidance?
Answer: New units (MDF, laminates) enjoy 15% tax vs. 25% for others. Blended rates depend on profitability mix but remain uncertain due to subsidiary losses.
Question: How will container freight business contribute?
Answer: Improved performance but no expansion plans. Exploring partnerships/port diversification, with updates later.
Question: Which plywood category grows faster: Sainik or premium?
Answer: Both segments drive ~20% growth, but Sainik (mass market) anchors volume, while premium (Century brand) supports value.
Size: Market Cap wise it is among the top 20% companies of india.
Balance Sheet: Strong Balance Sheet.
Smart Money: Smart money is taking extra interest in the stock as they increase their holdings.
Growth: Good revenue growth. With 52% growth over past three years, the company is going strong.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
No major cons observed.
Comprehensive comparison against sector averages
CENTURYPLY metrics compared to Consumer
Category | CENTURYPLY | Consumer |
---|---|---|
PE | 75.58 | 44.98 |
PS | 3.63 | 2.14 |
Growth | 14.7 % | 7.4 % |
CENTURYPLY vs Consumer (2021 - 2025)
Investor Care | |
---|---|
Dividend Yield | 0.29% |
Dividend/Share (TTM) | 2 |
Shares Dilution (1Y) | 0.00% |
Diluted EPS (TTM) | 9.56 |
Financial Health | |
---|---|
Current Ratio | 1.01 |
Debt/Equity | 0.51 |
Debt/Cashflow | 0.35 |
Valuation | |
---|---|
Market Cap | 16.17 kCr |
Price/Earnings (Trailing) | 76.52 |
Price/Sales (Trailing) | 3.67 |
EV/EBITDA | 32.87 |
Price/Free Cashflow | -27.83 |
MarketCap/EBT | 53 |
Fundamentals | |
---|---|
Revenue (TTM) | 4.41 kCr |
Rev. Growth (Yr) | 20.71% |
Rev. Growth (Qtr) | -3.25% |
Earnings (TTM) | 211.35 Cr |
Earnings Growth (Yr) | -6.11% |
Earnings Growth (Qtr) | 47.14% |
Profitability | |
---|---|
Operating Margin | 7.23% |
EBT Margin | 6.93% |
Return on Equity | 9.31% |
Return on Assets | 5.12% |
Free Cashflow Yield | -3.59% |
Analysis of Century Plyboards (India)'s financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Dec 31, 2024
Description | Share | Value |
---|---|---|
Plywood and Allied Products | 54.1% | 618.1 Cr |
Medium Density Fibre Board | 23.9% | 273.6 Cr |
Laminate and Allied Products | 14.6% | 166.9 Cr |
Particle Board | 3.1% | 35.6 Cr |
Container Freight Station Services | 2.7% | 31 Cr |
Others | 1.5% | 17.6 Cr |
Total | 1.1 kCr |
Understand Century Plyboards (India) ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
Shareholder Name | Holding % |
---|---|
SANJAY AGARWAL | 11.22% |
SAJJAN BHAJANKA | 10.9% |
VISHNU KHEMANI | 8.46% |
DIVYA AGARWAL | 7.54% |
SANTOSH BHAJANKA | 6.68% |
KOTAK DEBT HYBRID | 4.43% |
DSP AGGRESSIVE HYBRID FUND | 4.36% |
SRI RAM VANIJYA PVT LTD | 3.83% |
BRIJDHAM MERCHANTS PVT LTD | 3.49% |
SUMANGAL INTERNATIONAL PVT LTD | 3.45% |
MIRAE ASSET AGGRESSIVE HYBRID FUND | 3.22% |
SUMANGAL BUSINESS PVT LTD | 3.07% |
SRI RAM MERCHANTS PVT LTD | 3.03% |
RAJESH KUMAR AGARWAL | 1.82% |
PREM KUMAR BHAJANKA | 1.65% |
NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA NIFTY 500 EQUAL WEIGHT INDEX FUND | 1.56% |
BHAWNA AGARWAL | 1.42% |
YASH BALA BHAJANKA | 1.42% |
PI OPPORTUNITIES AIF V LLP | 1.28% |
KESHAV BHAJANKA | 1.13% |
Distribution across major stakeholders
Distribution across major institutional holders
Detailed comparison of Century Plyboards (India) against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
---|---|---|---|---|---|---|---|---|---|
GREENPLY | Greenply IndustriesPlywood Boards/ Laminates | 3.6 kCr | 2.45 kCr | +0.65% | +9.61% | 34.76 | 1.47 | +11.65% | +96.51% |
GREENPANEL | Greenpanel IndustriesPlywood Boards/ Laminates | 2.84 kCr | 1.48 kCr | +2.24% | -26.89% | 39.22 | 1.92 | -9.24% | -58.46% |
RUSHIL | Rushil DecorPlywood Boards/ Laminates | 640.45 Cr | 908.64 Cr | +10.36% | -26.24% | 14.42 | 0.7 | +9.75% | -6.85% |
DUROPLY | DUROPLY INDUSTRIESPlywood Boards/ Laminates | 216.59 Cr | 339.97 Cr | +1.70% | -41.31% | 71.24 | 0.65 | +4.57% | -19.68% |
UNIPLY | Uniply IndustriesOther | 67.06 Cr | - | 0.00% | 0.00% | -1.4 | 2.9 | - | - |