Century Plyboards (532548) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue reached a record ₹1,780.04 crore, up 28.5% YoY; PAT rose 46% to ₹103.63 crore.

• Growth across key segments and improved utilization supported higher returns; management is prioritizing asset productivity and debt reduction over aggressive capacity expansion.

Financial highlights

• Q2 net turnover was ₹1,761.29 crore, up 27.9% YoY; EBITDA excluding forex and extraordinary items was ₹232.34 crore, with a 13.1% margin.

• Q2 EBIT was ₹175.15 crore, up 35.8% YoY, and PBT was ₹141.21 crore, up 44.3% YoY.

• H1 revenue from operations was ₹3,341.43 crore and PAT was ₹186.93 crore, up 50.9% YoY.

• Consolidated EPS was ₹4.53 for Q2 and ₹8.14 for H1; interim-period EPS is not annualised.

Outlook and guidance

• FY27 revenue growth targets: Plywood 25%+, Laminates 20%+, MDF 17%-18%, Particle Board 100%+, and Logistics 65%+ YoY.

• MDF is targeted to achieve double-digit EBITDA margins in H2; Particle Board is targeted to reach double-digit EBITDA by year-end. MDF margins are expected to recover gradually in FY28, moving toward 20% from FY29 as excess capacity is absorbed.

• Laminates revenue growth of 20%+ is considered achievable, with improving margins; Plywood margin aim is 14%-15%.

• Management expects close to ₹900 crore EBITDA this year and substantial debt reduction next year, directing most generated profit to repayment.