Century Plyboards Q1: consolidated PAT +57% YoY to ₹83 Cr, revenue up 33%, margins widen

Century Plyboards opened FY27 with a strong print on a consolidated basis: revenue from operations rose ~33.5% YoY to ₹1,561 Cr and net profit jumped ~57% YoY to ₹83.3 Cr (₹52.9 Cr in Q1FY26), with the EBITDA margin expanding to ~12.7% from ~11.0% a year ago. Sequentially the gains were modest (revenue +4.6%, PAT +4.9% vs Q4FY26's ₹1,492 Cr / ₹79.4 Cr) — the YoY step-up, not the QoQ, is the real story. Standalone told a similar but milder tale: revenue +32.5% to ₹1,348 Cr and PAT +39.3% to ₹94.5 Cr. The two bases diverge (consolidated PAT +57% vs standalone +39%) because the year-ago consolidated base was depressed by subsidiary losses; note that in absolute terms consolidated PAT (₹83.3 Cr) sits below standalone (₹94.5 Cr), as six subsidiaries booked an aggregate net loss of ~₹10.5 Cr this quarter.

The growth is broad-based on the top line but uneven on profitability. Plywood — the core — carried the quarter with segment profit of ₹142.5 Cr on ₹861 Cr revenue, and Laminates improved. The drag sat in the newer capacity: the MDF segment's profit collapsed to ₹7.3 Cr from ₹22.8 Cr in Q4 despite higher MDF revenue (₹334 Cr), and the Particle Board segment stayed loss-making at ₹7.8 Cr even as its revenue more than doubled YoY to ₹88 Cr — the ramp-up of new lines is diluting blended margins. Finance cost climbed ~33% YoY to ₹29.6 Cr, consistent with the debt behind the expansion programme. This quarter also carried no exceptional item on either basis, so the ~57% consolidated PAT growth is clean and needs no adjustment.

The stock went into the print at ₹820, up 9.5% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.

HDFC Securities' 3-Jul-2026 building-materials preview kept Century as its top sector pick but flagged subdued volume growth and early-quarter export headwinds from geopolitical tension, with growth expected to lean on realisation — against that cautious bar the ~33% topline reads as a beat, though no hard consensus PAT number is on record. Management gave no quantitative FY27 guidance on the Q4 call, guiding only for continued improvement in profitability and capital efficiency off strong FY26 and ongoing capacity expansion; this quarter's margin expansion is consistent with that framing. The print lands alongside the quarter's corporate actions — the ₹870 Cr new Odisha unit announced in May, the Century Adhesives & Chemicals unit starting production, a ₹1 FY26 dividend, and board-level reappointments — all reinforcing the capacity-led growth thesis, even as the MDF/Particle Board margin softness is the item to watch.