Buy Century Plyboards India; target of Rs 715: HDFC Securities

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26 Aug, 2025 12:21

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HDFC Securities' research report on Century Plyboards India

We like Century for its strong franchise (pan-India distribution, aggressive marketing, and a wide range of SKUs), leadership presence in most wood segments and healthy return ratios. In Q3FY23, its consolidated revenue rose 3% YoY, led by growth in the plywood segment. However, EBITDA/APAT fell 14/13% YoY owing to elevated timber prices, decline in laminate sales and on rising-imports led drag on MDF/particle board sales and margin. Despite the expected margin pressure in MDF and particle boards during FY24/25E, We expect Century to deliver a 15% EBITDA CAGR during FY22-25E.

Outlook

We maintain our BUY rating on Century Ply, with an unchanged target price of INR 715/sh (20x its Mar’25E consolidated EBITDA).

For all recommendations report, click here

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Century Plyboards India - 10 -02 - 2023 -hdfc