Hold Century Plyboard I; target of Rs 845: Prabhudas Lilladher

Prabhudas Lilladher recommended hold rating on Century Plyboard I with a target price of Rs 845 in its research report dated November 13, 2025.

Broker Research

November 14, 2025 / 13:17 IST

Hold

26 Aug, 2025 12:21

Volume

Todays L/H

Prabhudas Lilladher's research report on Century Plyboard I

CPBI has guided revenue growth of 13%+/15-17%/25%/40% in FY26 across its Plywood/Laminate/MDF/PB segments with expected EBITDA margin of 12- 14%/8-10%/15%/low single digit for Plywood/Laminate/MDF/PB. We believe Plywood performance will continue with healthy volume growth. The Particle Board segment’s Q2FY26 performance was impacted as Rs 230mn of sales from trial-run production were capitalized in line with applicable accounting norms and, hence, not reported as revenue. We expect overall revenue/EBITDA/PAT CAGR of 14.3%/22.7%/40.4% with Plywood/Laminate/MDF volume CAGR of 13.0%/11.3%/18.1%.

Outlook

We upward revise Century Plyboards (CPBI) FY27E/FY28E earnings by 3.3%/3.3% due to healthy performance across segments in Q2FY26 and maintain ‘HOLD’ rating with TP of Rs 845 (Earlier 818), valuing at 40x Sep’27E.

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