Century Ply plywood sales rise 30.4% on volume and realisations

Century Ply’s plywood sales rose 30.4% year on year to Rs 919.90 crore in Quarter Sep’26, as plywood volume increased 20.8% to 1,52,560 cubic metres and average realisation rose 8.0% to Rs 60,297. The plywood segment’s EBITDA margin reached 15.8%, compared with 15.1% in Quarter Sep’25.

How did Century Ply’s plywood segment perform in Quarter Sep’26?

Century Ply’s plywood segment reported net turnover of Rs 971.61 crore in Quarter Sep’26, up 28.8% from Rs 754.52 crore in Quarter Sep’25 and 13.7% from Rs 854.59 crore in Quarter June’26. Total income, including Rs 10.60 crore of other operating income, rose 28.6% year on year to Rs 982.21 crore.

Plywood was the principal product within the segment, generating Rs 919.90 crore of sales in Quarter Sep’26, against Rs 705.54 crore a year earlier and Rs 810.72 crore in Quarter June’26. Decoply sales rose 3.5% year on year to Rs 42.43 crore, while commercial veneer sales increased 15.8% to Rs 9.28 crore.

The underlying plywood product accounted for the segment’s fastest reported sales growth among its major lines in Quarter Sep’26. Its Rs 214.36 crore year-on-year sales increase was larger than the combined Rs 2.73 crore increase in Decoply and commercial veneer sales, based on the reported product figures.

What drove Century Ply’s plywood sales growth?

Century Ply’s 30.4% plywood sales increase reflected growth in both volume and average realisation. Plywood volume rose by 26,242 cubic metres, from 1,26,318 cubic metres in Quarter Sep’25 to 1,52,560 cubic metres in Quarter Sep’26, while average realisation increased by Rs 4,443 per cubic metre from Rs 55,854 to Rs 60,297.

The sequential comparison also showed higher sales, volume and realisation. Quarter Sep’26 plywood volume was 11.4% above 1,36,995 cubic metres in Quarter June’26, sales were 13.5% above Rs 810.72 crore, and average realisation was 1.9% higher than Rs 59,179.

For the six months Sep’26, plywood volume increased 24.4% to 2,89,556 cubic metres and plywood sales rose 32.5% to Rs 1,730.62 crore. Average realisation for that six-month period was Rs 59,768, up 6.5% from Rs 56,145 in the six months Sep’25.

Other plywood-segment products showed different volume and realisation movements in Quarter Sep’26. Decoply volume fell 17.5% to 1,897 cubic metres, but its average realisation rose 25.5% to Rs 2,23,674 and sales increased 3.5%. Commercial veneer volume rose 20.8% to 3,484 cubic metres, while its average realisation declined 4.1% to Rs 26,637.

How profitable was Century Ply’s plywood segment?

Century Ply’s plywood segment EBITDA, or earnings before interest, tax, depreciation and amortisation, was Rs 155.49 crore in Quarter Sep’26, up 35.0% from Rs 115.04 crore in Quarter Sep’25. EBITDA margin rose by 0.7 percentage points to 15.8% of total income from 15.1% a year earlier.

The margin was below the 16.7% reported in Quarter June’26, although quarterly EBITDA increased 8.0% from Rs 143.92 crore. Gross profit rose 34.8% year on year to Rs 322.95 crore, and gross margin increased to 32.9% from 31.4%, against a 28.6% increase in total income.

Segment profit rose 38.4% to Rs 154.56 crore in Quarter Sep’26 from Rs 111.67 crore in Quarter Sep’25. Depreciation increased 29.9% to Rs 13.05 crore, while the reported share of unallocable expenses or income was Rs 12.12 crore, compared with Rs 6.67 crore a year earlier.

For the six months Sep’26, plywood EBITDA increased 45.1% to Rs 299.41 crore and the EBITDA margin rose to 16.2% from 14.6% in the six months Sep’25. Segment profit grew 43.5% to Rs 297.04 crore, while total income increased 30.4% to Rs 1,843.44 crore.

How did Century Ply’s plywood segment compare with other segments?

Century Ply’s plywood segment was its largest reported segment by Quarter Sep’26 net turnover, at Rs 971.61 crore, compared with Rs 376.52 crore for medium-density fibreboard, or MDF, and Rs 223.11 crore for laminates. Plywood’s 15.8% EBITDA margin also exceeded MDF’s 12.3% and laminates’ 12.3% in the quarter.

MDF net sales rose 10.8% year on year to Rs 376.52 crore in Quarter Sep’26, versus plywood segment turnover growth of 28.8%. MDF volume increased 8.9% to 1,23,853 cubic metres and its blended average realisation rose 1.7% to Rs 30,401, while EBITDA was Rs 28.00 crore, up 55.0% year on year.

Laminates net turnover increased 19.3% to Rs 223.11 crore despite a 1.6% fall in volume to 19,26,680 pieces. Its average realisation rose 21.3% to Rs 1,158 per piece, and EBITDA increased 55.0% to Rs 28.00 crore from Rs 18.06 crore in Quarter Sep’25.

At the consolidated level, Century Ply’s net turnover increased 27.9% year on year to Rs 1,761.29 crore in Quarter Sep’26 and EBITDA rose 31.3% to Rs 231.83 crore. Consolidated EBITDA margin was 13.0%, compared with the plywood segment’s 15.8% margin.

Conclusion

Century Ply’s Quarter Sep’26 plywood performance combined higher volume and realisation: volume increased 20.8%, average realisation rose 8.0%, and plywood sales grew 30.4% to Rs 919.90 crore. The broader plywood segment recorded 28.8% net-turnover growth and a 0.7-percentage-point year-on-year EBITDA-margin increase to 15.8%.

The next results will show whether the six-month plywood sales growth of 32.5% and EBITDA margin of 16.2% are sustained. Reported product trends also leave Decoply volume, down 17.5% in Quarter Sep’26 despite a 25.5% realisation increase, and commercial veneer realisation, down 4.1%, as matters to watch.