CENTURYPLY Q2 income hits Rs 1,780 crore, PAT rises 46%

Century Plyboards (India) Limited, referred to as CENTURYPLY, reported record quarterly total income of Rs 1,780.04 crore in Q2 FY 2026-27, up 28.5% year on year, while profit after tax rose 46.1% to Rs 103.63 crore. EBITDA increased 31.3% to Rs 231.83 crore and the reported EBITDA margin reached 13.0%.

What drove CENTURYPLY's record Q2 income?

CENTURYPLY's Q2 FY 2026-27 total income increased to Rs 1,780.04 crore from Rs 1,385.53 crore in Q2 FY 2025-26 and Rs 1,561.38 crore in Q1 FY 2026-27. Net turnover rose 27.9% year on year and 13.8% quarter on quarter to Rs 1,761.29 crore, while other operating income increased to Rs 18.75 crore from Rs 8.92 crore a year earlier. The company identified this as its highest-ever quarterly revenue.

Growth extended across the operating segments cited in the presentation. Management reported Q2 revenue growth of 28.6% year on year for plywood, 20.6% for laminates, 10.5% for medium-density fibreboard, or MDF, 211.0% for particle board and 72.7% for logistics. Plywood was the largest disclosed business by net turnover, contributing Rs 971.61 crore, or more than half of the consolidated Rs 1,761.29 crore turnover.

Plywood's quarterly net turnover increased from Rs 754.52 crore in Q2 FY 2025-26 and Rs 854.59 crore in Q1 FY 2026-27 to Rs 971.61 crore. That represented 28.8% year-on-year and 13.7% sequential growth. Its total income, including other operating income, was Rs 982.21 crore, compared with Rs 763.62 crore a year earlier, showing that the largest disclosed segment supplied a substantial share of the consolidated expansion.

How did CENTURYPLY's Q2 profit and margins change?

CENTURYPLY's profit after tax, or PAT, was Rs 103.63 crore in Q2 FY 2026-27, compared with Rs 70.95 crore in Q2 FY 2025-26 and Rs 83.30 crore in Q1 FY 2026-27. The 46.1% year-on-year increase in PAT exceeded the 28.5% increase in total income. PAT as a proportion of total income rose to 5.8% from 5.1% a year earlier and 5.3% in the preceding quarter.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, rose to Rs 231.83 crore from Rs 176.57 crore a year earlier and Rs 199.95 crore in Q1 FY 2026-27. The reported EBITDA margin moved to 13.0% from 12.7% in Q2 FY 2025-26 and 12.8% in Q1. Excluding foreign-exchange, or forex, and extraordinary items, EBITDA was Rs 232.34 crore and the margin was 13.1%, unchanged year on year.

Profit before tax increased 44.3% year on year to Rs 141.21 crore, while total borrowing cost rose 9.2% to Rs 33.94 crore. Interest expense was Rs 31.25 crore, up 34.1%, and depreciation was Rs 56.68 crore, up 19.1%. Total tax expense increased 39.6% to Rs 37.58 crore, with the tax rate at 26.6% of profit before tax, compared with 27.5% a year earlier.

Which CENTURYPLY business led Q2 growth?

CENTURYPLY's plywood segment led the disclosed businesses, with Rs 971.61 crore of net turnover and Rs 155.49 crore of EBITDA in Q2 FY 2026-27. Plywood EBITDA was Rs 115.04 crore in Q2 FY 2025-26 and Rs 143.92 crore in Q1 FY 2026-27. The segment's reported EBITDA margin was 15.8%, compared with 15.1% a year earlier, although it was below the 16.7% recorded in the June quarter.

Within plywood, plywood sales rose 30.4% year on year to Rs 919.90 crore as volume increased 20.8% to 152,560 cubic metres. Average realisation increased to Rs 60,297 per cubic metre from Rs 55,854 in Q2 FY 2025-26. Decoply revenue was Rs 42.43 crore, up 3.5%, while commercial veneer revenue rose 15.8% to Rs 9.28 crore. The different growth rates show that plywood was the principal contributor within the segment.

Laminates reported Rs 223.11 crore of quarterly net sales, up 19.3% year on year and 13.7% sequentially. Laminate volume declined 1.6% year on year to 1,926,680 units, while average realisation rose 21.3% to Rs 1,158 per unit from Rs 955. Management reported EBITDA margins excluding forex losses of 11.6% for laminates, 8.9% for MDF, 7.4% for particle board and 25.5% for logistics.

MDF's 10.5% year-on-year revenue growth was slower than plywood's 28.6% and laminates' management-reported 20.6% growth. By contrast, particle board expanded 211.0% and logistics 72.7% from their respective prior-year bases, according to the highlights. The presentation does not provide the underlying quarterly revenue amounts for MDF, particle board or logistics in the supplied pages, so their absolute contributions cannot be calculated from this disclosure.

What changed in CENTURYPLY's debt and working capital?

CENTURYPLY's total debt rose to Rs 1,771.38 crore at Q2 FY 2026-27 from Rs 1,644.21 crore at Q1 FY 2026-27 and Rs 1,531.26 crore at FY 2025-26. Shareholders' equity increased to Rs 2,795.08 crore from Rs 2,713.32 crore in the preceding quarter. The total debt-to-equity ratio was consequently 0.69 at Q2, compared with 0.65 at Q1 and 0.62 at FY 2025-26.

The quarterly debt movement included a rise in long-term Indian-rupee debt to Rs 690.61 crore from Rs 501.31 crore, while short-term bank debt declined to Rs 697.08 crore from Rs 811.79 crore. Capital-expenditure buyers' credit increased to Rs 239.46 crore from Rs 232.52 crore. CENTURYPLY classifies buyers' credit related to import vendors within current liabilities for analytical purposes.

Receivables rose to Rs 787.22 crore at Q2 from Rs 677.89 crore at Q1, and annualised debtor days increased to 40.35 from 39.62. Raw-material inventory declined to Rs 662.37 crore from Rs 667.95 crore, with inventory days falling to 33.95 from 39.04. Finished-goods inventory increased to Rs 497.18 crore, though finished-goods days declined to 25.49 from 26.90 because of the higher sales base.

The cash conversion cycle declined to 67.87 days in Q2 FY 2026-27 from 68.86 days in Q1 and 81.19 days in FY 2025-26. Total payables were Rs 622.89 crore, slightly below Rs 627.95 crore at Q1, while annualised payable days fell to 31.93 from 36.70. Cash, bank balances and liquid funds were Rs 83.57 crore at Q2, compared with Rs 82.32 crore at Q1.

Conclusion

CENTURYPLY paired record Q2 FY 2026-27 total income of Rs 1,780.04 crore with a faster 46.1% increase in PAT to Rs 103.63 crore. Plywood was the largest disclosed contributor to sales and EBITDA, while the consolidated EBITDA margin rose to 13.0%. The balance sheet also showed total debt increasing by Rs 127.17 crore from the June quarter even as the cash conversion cycle shortened.

The next measure is management's FY 2026-27 guidance: revenue growth above 25% for plywood, above 20% for laminates, 16% to 18% for MDF, above 100% for particle board and above 65% for logistics. Management also targets double-digit EBITDA margins for MDF and particle board by the end of FY 2026-27.