Buy Century Plyboards; target of Rs 740: Khambatta Securities

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26 Aug, 2025 12:21

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Khambatta Securities' research report on Century Plyboards

Century Plyboards (India) Limited (CPIL) reported record revenues last quarter, led by strong growth in all segments barring CFS. Revenues grew by ~29.5% y-o-y and 53.5% y-o-y to ₹ 855 crores and ₹ 2,126 crore in 3Q FY22 and 9M FY22, respectively. The company recorded highest ever monthly sales numbers in December 2021 after a dip in November, which was affected by the wedding and festive seasons. EBITDA margins declined by 117 bps y-o-y and 207 bps q-o-q at 17.6% during the quarter. A rise in the input costs led to the margin compression. Although CPIL was able to pass on a large part of increased costs through price hikes, the full impact of the hike will be reflected in the next quarter due to a lag effect. The company took a price increase of 3-4% in Plyboards, 4% in Laminates, 18% in MDF and 12% in Particle Boards (PB) last quarter.

Outlook

We value CPIL at 35x FY24E EPS at ₹ 740, as we upgrade it to a BUY with an upside potential of 16% from current levels.

More Info

At 17:30 Century Plyboards was quoting at Rs 641.70, up Rs 4.55, or 0.71 percent.

It has touched an intraday high of Rs 659.25 and an intraday low of Rs 639.00.

It was trading with volumes of 15,417 shares, compared to its thirty day average of 15,864 shares, a decrease of -2.82 percent.

In the previous trading session, the share closed up 4.73 percent or Rs 28.75 at Rs 637.15.

The share touched its 52-week high Rs 714.95 and 52-week low Rs 271.70 on 18 November, 2021 and 05 February, 2021, respectively.

Currently, it is trading 10.48 percent below its 52-week high and 135.55 percent above its 52-week low.

Market capitalisation stands at Rs 14,256.84 crore.

For all recommendations report, click here

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