CPIL's MDF facility operated at 68% capacity utilisation in Q4FY19. It could not achieve targeted 80% utilisation as the plant was shut 15 days due to technical fault in Q4FY19. MDF realisations declined 2% QoQ to | 21,469/CBM in Q4FY19 due to stiff competition. Consequently, MDF EBITDA margins declined 60 bps QoQ to 15.3% in Q4FY19. With no price cuts taken by MDF players in the last 45-60 days, the management expects prices to remain stable. Also, it aims 90% capacity utilisation by Q2FY20E. Overall,...