Century Plyboards (532548) Q2 25/26 earnings summary

Executive summary

• Achieved record consolidated quarterly revenue of ₹1,386 crore, up 17.1% year-on-year, with H1 revenue growth of 16.7%, driven by strong demand and robust performance across all segments.

• Highest-ever consolidated EBITDA (ex-forex) at ₹181.7 crore; EBITDA margin improved to 13.1% from 10.3% last year, supported by higher volumes, cost optimization, and capacity utilization.

• Working capital cycle improved to 63 days standalone and 70 days consolidated, reflecting tighter inventory and cash flow discipline.

• Cash flow from operating activities increased to ₹269.4 crore in H1, compared to negative ₹2.73 crore in FY24-25, reflecting efficient working capital management.

• Unaudited standalone and consolidated financial results for the quarter and half year ended 30th September 2025 were approved by the Board and reviewed by statutory auditors, with no material misstatements identified.

Financial highlights

• Standalone revenue from operations for Q2 FY26 was ₹120,476.81 lakhs, up from ₹106,319.23 lakhs in Q2 FY25; half-year revenue was ₹222,201.28 lakhs, up from ₹201,541.88 lakhs year-over-year.

• Consolidated revenue from operations for Q2 FY26 was ₹138,553.31 lakhs, up from ₹118,361.52 lakhs in Q2 FY25; half-year revenue was ₹255,489.30 lakhs, up from ₹218,899.90 lakhs year-over-year.

• Standalone profit after tax for H1 FY25-26 was ₹140.57 crore, with a PAT margin of 6.3%.

• Consolidated net profit for Q2 FY26 was ₹7,094.46 lakhs, up from ₹3,998.58 lakhs in Q2 FY25; half-year net profit was ₹12,387.36 lakhs, up from ₹7,409.37 lakhs year-over-year.

• Exceptional loss of ₹1,333.45 lakhs recognized in the half-year due to sale of a subsidiary.

Outlook and guidance

• Growth momentum expected to continue across all major segments, with positive medium-term outlook for building materials and interior solutions.

• FY25-26 sales growth targets: Plywood 13%+, Laminates 15–17%, MDF 25%, Particle Board 40%.

• EBITDA margin guidance: Plywood 12–14%, Laminates 8–10% (standalone), MDF 15% (consolidated), Particle Board steady state margin of 15%.

• Capacity expansions planned, including a new plywood factory and MDF line extension in H1 next year.