Century Plyboard (I) (CPBI IN) – Q3FY26 Result Update – Capacity Expansion to Drive Next-Leg Growth – Upgrade to ‘Accumulate’
Published on 06 Feb 2026
CPBI has maintained its revenue growth guidance 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. CPBI is adding plywood capacity via debottlenecking to ~4.3kCBM by Q4FY26, with Hoshiarpur (60k CBM) and Chennai (~1L total capacity) expansions by Q3FY27 and a scalable ~90k CBM UP plant planned, while MDF capacity will rise by ~70k CBM through the AP line extension by Q1FY27 (to ~6.25L CBM) along with a 3L+ CBM greenfield UP plant over the next 2–2.5 years. We expect overall Revenue/EBITDA/PAT CAGR of 15.4%/21.4%/38.0% with Plywood/Laminate/MDF volume CAGR of 12.2%/11.0%/17.3%. We downward revised Century Plyboards (CPBI) FY27E earnings by 4.8% and upward revised FY28E estimate by 4.7% and upgraded our rating to ‘Accumulate’ from ‘HOLD’ due to recent correction in the stock prices rating with TP of Rs 843, valuing at 40x Mar’28E.
