Buy Century Plyboards India; target of Rs 906: Mirae Asset Sharekhan

Mirae Asset Sharekhan's research report on Century Plyboards India

Plywood is the fastest-growing segment, with a 366,000 CBM capacity; additional 30,000 CBM capacity expected in H2FY26. In MDF segment, the company has doubled capacity to 627,000 CBM. The laminates segment is witnessing gradual recovery, with an optimistic outlook supported by the Badvel facility in Andhra Pradesh and is expected to drive exports. Timber prices have stabilised and anti-dumping duty expectations will curb cheap imports. Company is expected to deliver positive growth in the medium term. Management has guided for a 10% revenue growth in Plywood, 20% revenue growth in laminates with EBITDA margins in mid-to-high single digits, and a 20% revenue growth in MDF with EBITDA margins at 15%.

Outlook

We retain a Buy rating on Century Plyboards with a revised price target of Rs. 906, reflecting its strong earnings growth outlook in 2-3 years.

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Century Plyboards India - 19-09-2025 - khan