Century Plyboard (I) (CPBI IN) – Q2FY26 Result Update – Healthy performance continues across segments – HOLD
Published on 13 Nov 2025
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%. 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.
