Century Plyboards (532548) Q3 25/26 earnings summary

Executive summary

• Achieved strong, broad-based growth in Q3 FY26, with consolidated quarterly revenue reaching ₹1,350 crore, up 18.4% year-on-year, driven by sustained demand and operational efficiency improvements across all key business segments.

• EBITDA (ex-Forex) for the quarter was ₹170.5 crore, with margin improving to 12.6% from 10.7% last year due to operating leverage and cost optimization.

• All major business segments—Plywood, Laminates, MDF, and Particle Board—reported revenue growth and margin improvements, with Particle Board achieving its highest-ever quarterly sales.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended 31st December 2025 were approved by the Board and reviewed by auditors, with no material misstatements identified.

• Q3 is seasonally softer than Q2 due to festive period, but year-on-year growth remains robust.

Financial highlights

• Consolidated quarterly revenue reached ₹1,350 crore, up 18.4% year-on-year; nine-month FY26 revenue grew 17.3% year-on-year.

• Net profit for the quarter was ₹65.04 crore, down 8.3% sequentially but up 10.5% year-on-year; 9M PAT was ₹188.93 crore, up 42.1% year-on-year.

• Gross profit margin for the quarter was 32.8%, with 9M gross profit at ₹1,277.06 crore (32.7%).

• Exceptional item of ₹7.61 crore in Q3 25-26 due to increased gratuity liability from labour code changes.

• Standalone and consolidated net profit and EPS figures showed year-over-year improvement for the nine-month period, despite sequential declines in Q3.

Outlook and guidance

• Medium-term industry outlook remains positive, supported by urbanization, rising incomes, and preference for branded products.

• Growth momentum expected to continue across all major segments, with focus on operational efficiency and shareholder returns.

• FY27 expected to be similar or better than FY26, with robust MDF growth anticipated, though specific guidance is pending.

• Laminate segment targets 20%+ growth and double-digit margins next year.

• FY25-26 sales growth targets: Plywood 15–17%, Laminates 13%+, MDF 40%, Particle Board 25%; EBITDA margin guidance: Plywood 12–14%, Laminates high single digit by year-end, MDF 14–15%, Particle Board low single digit.