We recently interacted with the management of Century Plyboards (CPBI). The management indicated demand has improved QoQ in Q4-TD for plywood, remained steady for MDF (due to lack of additional capacities) whereas in laminates it continues to remain tepid. CPBI has expanded its MDF brownfield capacity by ~70% at Hoshiarpur (Punjab) which has been commissioned in early-Mar’23 and is expected to ramp-up from Q1FY24 and thus aid growth for the company from this segment.