Hold Century Plyboards: target of Rs 761: ICICI Securities

ICICI Securities recommended hold rating on Century Plyboards with a target price of Rs 761 in its research report dated November 13, 2025.

Broker Research

November 18, 2025 / 11:50 IST

Hold

26 Aug, 2025 12:21

Volume

Todays L/H

ICICI Securities's research report on Century Plyboards

Century Plyboards (CPBI) reported Q2FY26 consol. revenue growth of 17.1% YoY. Plywood/laminates/MDF and allied revenue grew 14.8%/16.6%/27.9% YoY with volume up 15.6%/1.6%/20.8% YoY. Consol. OPM increased 320bps YoY to 12.6% (+164bps QoQ), resulting in EBITDA growth of 56.9% YoY. Plywood margin declined 80bps YoY (high base), whereas laminates’ margin improved 462bps YoY and MDF margin improved 665bps YoY (low base). Management stated demand was healthy and guides for revenue growth of 13%+/~15–17%/25% YoY and OPM of 12–14%/high single-digit/15% in plywood/laminates/MDF for FY26. We cut our FY26–27E PAT by ~7.3–3.6% and retain HOLD with a rolled over Sep’26E revised TP of INR 761, set at an unchanged 32x PER.

Outlook

We maintain HOLD and await a better entry point with a rolled-over Sep’26 revised TP of INR 761 (earlier INR 730), set at an unchanged 32x P/E one-year forward.

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