ICICI Direct's research report on Century Plyboards (India)
Century Plyboards is India’s leading plywood manufacturer with a market share of ~25% in the country’s organised segment of plywood sector. It derives majority of revenues from plywood (53% of FY22 revenue), followed by Laminates (19%), and MDF (18.5%) segments while balance is contributed by fibre cement boards and particle board divisions along with container freight division.
Outlook
We maintain BUY as it continues to report industry leading growth and net cash balance sheet with internal accruals fuelling the expansion. We value Century at Rs 695/share.
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