Century Plyboards (India) Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 1,780.04 Cr (+28.47% YoY) and PAT growth of +46.03% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 04, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,780.04 Cr (+28.47% YoY) |
| PAT (Q2) | Rs. 103.63 Cr (+46.03% YoY) |
| EBITDA margin | 13.02% (+28 bps YoY) |
| EPS (Q2) | Rs. 4.53 (+46.13% YoY) |
Century Plyboards delivered 28.47% revenue growth and 46.03% PAT growth with EBITDA margin expanding to 13.02%, and H1 growth of 30.79% already exceeds the pace needed to meet management's FY27 growth objective. The offset is a cash-quality issue: H1 CFO fell 38.73% YoY, free cash flow was negative Rs.191.90 cr, and debt rose 18.35% against the ≤1x EBITDA long-term objective, while MDF margins at 4.97% remain far from the stated 15%-plus target. Particle Board's loss narrowing and Logistics' 205% EBIT growth are the emerging drivers to watch into H2.
| Driver | What happened | Verdict |
|---|---|---|
| Revenue "likely ahead YoY on a decelerating base" vs Q1's +33.5% | +28.47% YoY, +14.00% QoQ | Played out |
| Margins "flat-to-under-pressure"; MDF/PB compression candidates; plywood has pricing cover | Headline margin expanded (13.02% vs 12.81% Q1); MDF EBIT margin 4.97% vs 12.97% YoY; Plywood 15.74% vs 14.62% — filing has no ex-forex split | Partially |
| Particle Board inflection: "does Q2 show the turn?" | Loss narrowed to −Rs.4.44 cr | Played out |
| Forex line vs Q1's Rs.4.03 cr — "the number to reconcile" | Ex-forex split not disclosed in filing; H1 unrealised FX loss Rs.5.96 cr | Not observable |
| Guidance stance unchanged (suspended) | Filing carries no guidance either way | Not observable |
| OCF "tracks the H1 FY26 benchmark of Rs.269.4 cr" | Consol H1 CFO Rs.176.37 cr, −38.73% YoY | Contradicted |
| H2 FY27 balance-sheet improvement "harder, not easier" | Debt +18.35% vs Mar-26 | Played out so far |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| MDF "15% plus margins" (open-ended) | Q1 FY27 earnings call | consol MDF EBIT margin 4.97% (filing's EBIT basis; ex-forex EBITDA not disclosed in filing) — open-ended objective, far away | Missed |
| Particle Board ~15% margin by FY28; QoQ improvement promised | Q1 FY27 earnings call | consol segment loss −Rs.4.44 cr vs −Rs.7.85 cr Q1 / −Rs.14.61 cr YoY — direction | On Track |
| Debt within 1:1 EBITDA (long-term) | Q1 FY27 earnings call | 2.92× FY26 EBITDA / 2.23× H1-annualized — long-term | Missed |
| FY27 growth similar to or better than FY26 (+19.2%) | Q1 FY27 earnings call | H1 revenue +30.79% YoY | On Track |
| Hoshiarpur (Q3 FY27), Chennai 150k CBM (Q3 FY27), MDF +70k CBM (Q1 FY27) | Q1 FY27 earnings call | not addressed in the filing; CWIP Rs.283.89 cr vs Rs.179.58 cr at Mar-26 | Too Early |
| H2 FY27 balance-sheet improvement | Q1 FY27 earnings call | debt +18.35% vs Mar-26 — trend adverse so far | Too Early |
| FY27 to look similar to, if not better than, FY26 | Q1 FY27 call | H1 +30.79% vs FY26 +19.2% | Confirmed |
| Pass on cost increases to protect (not expand) EBITDA margins | Q1 FY27 call, management commentary | EBITDA margin 13.02% vs 12.74% YoY | Confirmed |
| Particle Board margins to improve QoQ with utilization | Q1 FY27 call | loss narrowed to −Rs.4.44 cr from −Rs.7.85 cr Q1 | Confirmed |
| Metric | Q2 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|
| Revenue (Rs. cr) | 1,385.53 | 1,561.38 | 1,780.04 |
| EBITDA, company basis (Rs. cr) | 176.54 | 199.95 | 231.83 |
| EBITDA margin % | 12.74 | 12.81 | 13.02 |
| PAT (Rs. cr) | 70.94 | 83.30 | 103.63 |
| PAT to owners (Rs. cr) | 68.90 | 80.30 | 100.75 |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.