Hold Century Plyboards (India): target of Rs 470: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Century Plyboards (India)

Century Plyboards is India’s leading plywood manufacturers with a market share of ~30%+ in the country’s organised segment of plywood sector. It derives majority of revenues from plywood (53% of FY21 revenue), followed by laminates (19%), and MDF (17%) segments while balance is contributed by fibre cement boards and particle board divisions. Century also operates a CFS with capacity to handle 156,000 TEUs containers and contributed ~4% to overall FY21 revenues

Outlook

We assign HOLD (vs. BUY, earlier) on the stock We value Century at Rs 470/share (32x FY23 P/E).

For all recommendations report, click here

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