Sharekhan's research report on Century Plyboards
For Q2FY2024, Century reported broadly in-line standalone performance, led by strong revenue growth and expansion in operating margins in plywood. MDF and laminates stayed weak. For H2FY2025, management targets strong growth in MDF and Plywood, decent for laminates and flattish for particle board. The company has taken price hike in MDF. Deleveraging balance sheet to commence from Q1FY2026 with capex plans coming to an end by FY2025 end with commencement of particle board unit.
Outlook
We retain BUY on Century Plyboards with an unchanged PT of Rs. 840, considering its strong earnings growth outlook over the next 2-3 years.
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