Century Plyboard (I) (CPBI IN) – Q1FY27 Result Update – Capacity Expansion & Brand Strength Reinforce Growth – ACCUMULATE
Published on 04 Aug 2026
CPBI refrained from providing FY27 guidance due to geopolitical uncertainties and volatile raw material prices. The company implemented price hikes of ~7% in plywood, ~15% in MDF (rolled back) and ~10% in laminates to offset higher input costs. Management aims to increase its plywood market share from the current ~9.5–10% to ~15% over the next five years. While the plywood industry is growing at ~5–7%, CPBI continues to outperform through market share gains, superior product quality and strong brand positioning. Management expects the MDF segment's EBITDA margin to gradually improve and reach around 15% over the coming years. We expect overall Revenue/EBITDA/PAT CAGR of 16.1%/22.7%/29.4% with Plywood/Laminate/MDF volume CAGR of 16.1%/3.9%/15.9% over FY26-28E. We upward revise our earnings estimates for FY27/FY28 by 2.3%/3.2% with TP of INR 878 (earlier INR 862), valuing at 35x Mar’28E. Maintain ‘Accumulate’.
