Buy Century Plyboards; target of Rs 325: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Century Plyboards

In the recently announced GST rate by the GST Council, laminates will fall in the 18% tax bracket vs. the earlier tax bracket of 27-29% (excise duty of 12.5%, VAT of 12.5-15%). This is expected to result in a significant reduction in price differential between organised & unorganised laminate players by 8-10% that is expected to speed up the shift from unorganised to organised laminates and bodes well for CPIL.

Outlook

Also, a lower GST rate for laminates bodes well for the company. Consequently, we expect topline, bottom line to grow 16.8%, 25.2% CAGR, respectively, in FY17-19E. We continue to maintain our BUY rating on stock with a revised TP of Rs 325 (25x FY19E EPS).

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