Downgrades

It has MDF boards business with manufacturing at Vadodara, Gujarat of 1000 CBM/day. It is adding capacity in plywood segment at plant in Odisha which will take total capacity to 66.3 Mn SQM/annum. Q2FY26 Performance: Revenues grew 7.5% YoY to 688.6 crore in Q2FY26. The MDF segment revenue at 146.8 crore, was up 15.9% YoY, with volumes of 47,018 CBM (+15.9% YoY) with flat realisation. The plywood segment reported revenue of 541.7 crore, up 5.4% YoY, while volumes up 7.2% YoY to 21.7 MSM. EBITDA stood at 57 crore, with EBITDA margins of 8.2% (down ~75 bps YoY), impacted by lower...

Century Plyboards' Q1FY26 profitability missed our expectations. Revenue grew by 16% YoY to Rs12bn, driven by strong growth in Plywood (+15% YoY) and MDF (+24% YoY), despite a decline in Particle boards (-7% YoY). EBITDA margin contracted by 10bps YoY to 11.0%, due to margin pressure across all segments except for MDF. Century's new particle board facility in Chennai, with revenue potential of Rs5bn+ and EBITDA margins of 15.0%, commenced operation in Q1FY26 and is expected to drive volume growth from Q2FY26 onwards. Additionally, the plywood facility at Hoshiarpur, with a capacity of 50,000 CBM,...

Century Plyboards (CPBI) reported Q1FY26 consol. revenue growth of 16.3% YoY. Plywood / laminates / MDF and allied revenue grew 14.5% / 12.8% / 23.7% YoY with volume up 10.6% / 6.8% / 19% YoY (6-year CAGR of 9.9% / 4.5% / 12.6%), respectively.

expected at 12-14%/8-10%/15%/low single digits. We believe Plywood will continue to see healthy volume growth and better realizations as the company took a price hike of 2% in Q1FY26. Also the company highlighted during the call that Jul'25 saw the highest volume growth in its history, and improvement in Laminate and MDF segments. We expect overall revenue/EBITDA/PAT CAGR of 13.2%/26.1%/47.8% with Plywood/Laminate/MDF/Particleboard volume CAGR of 11.1%/14.0%/19.0%/15.6% over FY25-27E. We maintain our rating of...

Greenpanel Industries’ (GREENP) consol. revenue dipped 10.1% YoY in Q1FY26 as MDF revenue fell 10.8% YoY. Blended MDF volume slumped 14.3% YoY (flat QoQ; 6-year CAGR of 4.9%) with an 8.6% YoY decline in domestic volume (+1.9% QoQ; 6-year CAGR of 11.7%) due to discontinuation of OEM SKUs (on BIS implementation).

Greenply's Q1FY26 Revenue grew 3% YoY to Rs6bn, driven by healthy growth in MDF segment. EBITDA increased by 6% YoY to Rs616mn, with EBITDA margin expanding by 34bps YoY to 10.3%, driven by improved margins in the MDF segment. Adj. PAT declined by 28% YoY to Rs204mn, (excluding Rs 44.3mn received on liquidation of 30% stake in GMEL-Dubai). Net debt increased by Rs74mn to Rs5.4bn, due to inventory build-up in preparation for MDF plant capacity extension in the month of Aug'25. Also, Greenply plans to set up PVC & WPC windows facility with a capex of Rs 550mn, which can achieve revenue of...

We initiate coverage of Greenply Industries Ltd (GREENPLY) with a BUY recommendation and TP of 385/share, implying an upside potential of 26% from the CMP.

Century Plyboards' Q4FY25 profitability missed our expectations. Revenue grew by 13% YoY to Rs12bn, driven by strong Plywood (+8% YoY) and MDF (+37% YoY), despite decline in Particle boards (-25% YoY). EBITDA margins contracted by 275bps YoY to 11.2% due to margin pressure across all segments except for plywood. Century plans an 50,000 CBM plywood facility at Hoshiarpur within a year, along with an additional 50,000CBM capacity through brownfield expansions and de-bottlenecking. Century expects its continuous process plant for particle board at Chennai facility to commence operation in Q1FY26,...

CPBI has guided revenue growth of 10%/20%/20%/40% in FY26 across its Plywood/Laminate/MDF/PB segments with expected EBITDA margin of 1214%/single digit/15%/low single digit for Plywood/Laminate/MDF/PB. We believe Plywood performance will continue with healthy volume growth and better realizations as company took a price hike of 2% in Q1FY26 and...

Misses EBITDA estimate by 7.7% on sharp sequential margin contraction across segments (except plywood)

More volumes pushed up Stylam’s Q4 FY25 revenue 10.6% y/y to ~Rs2.7bn, though blended realisation were soft. High input costs and product-mix changes pulled gross profit down 7.1% y/y to Rs1.1bn.

incentives of Rs350mn and expect Rs510mn over FY26/27. The company expects MDF/plywood margin of 12%/7-8% in FY26. We had considered consolidated EBITDA margin of 11.8% with 1) steep increase in timber prices, 2) higher OEM vol in the MDF segment, 3) lower domestic volumes, and 4) lower realization with competition in MDF. Timber prices will continue to impact margins in coming quarters. The management has indicated moderation in...

Beats EBITDA estimate on unexpected sharp improvement in MDF gross margin, despite weak realisations and higher timber prices

Greenply Industries’ Q4 revenue/gross profit/EBITDA grew 8.2%/16.5%/18.1% y/y to Rs6.5bn/2.7bn/681m. Easing input cost helped the gross margin to inch up 297bps y/y to 41.5%.

Broadly in-line operating performance; sharp beat in APAT by 53% in Q3 due to lower interest expense on account of forex gain

Sharp contraction in GREENP EBITDA (-71% YoY) for ninth straight quarter on supply overhang in MDF industry and high timber prices

Century Plyboards (India) Limited (CPIL) reported highest ever quarterly top-line of Rs 1,183.6 crore (+18.7% y-o-y) in 2Q FY25, driven by volume expansion in MDF (+16.4% y-o-y), Plywood (+19.3% y-o-y) and Particle Board (8.0% y-o-y). The Laminates (-9.8% y-o-y) segment saw volume de-growth.