Record revenue, price-fueled gains mask demand risk

Delivered ₹1,561.4 Cr; confirmed match with call opening

Delivered ₹83.3 Cr, YoY 57.4%; exact match

Mgmt admits 7% price hike + dealer stocking drove majority of growth; organic volume gains unquantified and likely <15%

Segment-specific margin unverified; consolidated OPM 12.7% is lower, suggesting mix or consolidation impact

Plywood industry only growing 5-7%; achieving 12-15% requires significant share gains or pricing premium

Prior: qualitative confidence in sustained growth + profitability. This call: zero quantitative guidance for FY27; only aspirational targets (15% margins, 15% ply share in 5yr). Explicit reason: geopolitical volatility.

7% ply hike April; MDF 15% hike 'largely rolled back' due to moving raw costs. Laminate 10% hike status unclear. Price power narrative downgraded from structural to temporary.

Prior aspiration: ₹12K Cr by 2031. Now: 'no large capex planned near-term.' Only completing committed units (Hoshiarpur, UP pending land). Growth posture more cautious.

Debt rising despite 33% growth due to 60-day WC cycle. Balance sheet leverage not improving as expected; deleveraging now H2+ timeline.

Stated 30-32% ply growth; admitted 5-7% industry growth. Means 20%+ of Century's growth is pricing/mix, not volume market share. Sustainability questionable.

Industry 5-7% growth. Century 9.5-10% share, target 15% in 5yr. 30% driven by 7% price hike + dealer stocking + efforts. Will outperform reserved targets.

ROCE +100 bps to 14.4%. No large capex planned. Cash will go to debt repayment. WC normal at 30% growth; will ease H2 as MDF margins ramp.

Don't share breakdown. Pre-lam only disclosed. Estimate on your part. Entire focus now on increasing value-added %.

Stopped giving guidance; situation volatile. Objective: 15%+ margins ASAP. Strong Q1 growth suggests momentum; will maintain trajectory.

Difficult to ascertain if demand will hold. Situation fluid. Will grow as done recently; deliver better margins quarter-on-quarter.

Yes, that's the aim. To reach 15% in 5yr, need 12-15% YoY. Reserve numbers and outperform.

UP: land by year-end, ply April '28 (Q1 FY28). Odisha: talks ongoing, no timeline. MDF UP: waiting watch, will lag ply.

No. MDF was pre-designed two-stage. Particle board: efficiencies maybe, but not 20%+ likely.

Guidance stopped. Objective: grow domestic HPL and export compact. Late entrants seeing large size traction. Domestic thin laminate, export compact focus.

Quarter-on-quarter steady increases via utilization. Target ~15% margins next year.

Consumer-centric solving: furniture = ₹15-20K vs ply ₹3K; if ply fails, consumer loses all. Full reimbursal offered. Been testing unofficially 2 years. Claim ratio 0.06% (lowest industry), so cost is low.

4-4.5% of revenues (branding, marketing, schemes, everything). No further bifurcation.

Current asset base supports ₹7.5-8K Cr. Need ₹4K added revenue with 1.5-2x asset turnover. Ballpark ₹2.5K Cr capex; depends on segment mix. Will detail as utilization improves.

Long-term debt within 1x EBITDA is target. WC debt rises at 20-30% growth but normalizes 1-2 years. That's the number we work toward.

Doing unofficially 2-2.5 years; built infrastructure. Claim ratio 0.06%, so even with launch, impact minimal. Purpose: give consumer confidence.

Your numbers don't align with our capacity setup. Objective both: move to 20% ROCE (traditional hurdle). Takes time; both segments can hit 20%.

Objective: shareholder value. Now positive EBITDA/cash. Will evaluate. Not core, so if strategic partner comes at beneficial valuation, open to it. Operating 50% phase-1; double-digit CFS growth expected.

Variable. MDF 15% but large part rolled back. Laminate 10% domestic, slightly lower exports. Rolled back as raw costs moved. From pre-war levels, price hike still across most segments.

April '28 for FY28-29 (Q1 FY28). Land acquisition conditional by year-end.

Management explicitly withdrew guidance citing geopolitical volatility ('1 week war, 1 week peace'). Only aspiration: ₹12K Cr by 2031 (5-year, not FY27).

Aspiration stated, not committed guidance. AP capacity expanded; margin recovery expected H2 FY27 from utilization ramp.

Quarterly improvement via utilization increases. New capacity commissioned; margins currently early-stage.

Hoshiarpur ₹200 Cr completing Q3 FY27. Laminate ₹25 Cr. UP ply ₹200 Cr ballpark if land acquired by year-end. Long-term: ₹2.5K Cr ballpark by 2031 to reach ₹12K Cr revenue (1.5-2x asset turnover assumption).

7% plywood hike April; 15% MDF hike already 'largely rolled back' per management. If geopolitical volatility subsides and raw costs stabilize, pricing power may erode sharply, compressing margins.

Plywood 30% growth driven by 7% price hike + dealer stocking, not pure volume demand. Industry growing only 5-7%, implying 20%+ of Century's growth is pricing/mix. Dealer inventory normalization in Q2-Q3 could halt growth sharply.

At 33% revenue growth with 60-day ply working capital cycle, debt rising. ROCE improving (14.4%) but pace slower than revenue growth. Target long-term debt within 1x EBITDA; currently above. If growth moderates, debt-to-EBITDA could breach thresholds.

Management claims 9.5-10% market share now and aspires 15% in 5 years (12-15% CAGR). However, market share data is 'very difficult' to obtain due to 90% unorganized market. Risk: stated share % are estimates; actual position unclear. Aspiration may be overstated.

Management withdrew all quantitative FY27 guidance citing geopolitical volatility ('war', 'peace', 'don't know what'). Only aspirations given (15% margins, 15% ply share in 5yr). If macro deteriorates further, even aspirations could miss. No safety buffer.