Century Plyboard Q2 FY27 Results (NSE: CENTURYPLY)
Signal: Growth decelerated
The read
The trajectory is broadening beyond plywood: consolidated revenue rose 28.5% YoY to ₹1,78,004.49 lakh and PAT rose 51.7% to ₹10,628.12 lakh, but segment operating profit grew 22.4% to ₹19,689.82 lakh while H1 operating cash flow fell 38.7% to ₹17,637.28 lakh as CWIP and receivables expanded.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,780.04 Cr | 28.5% | 14.0% |
| Net profit | ₹106.28 Cr | 51.7% | |
| EPS | ₹4.53 | 46.1% |
P&L walk
Revenue increased to ₹1,78,004.49 lakh, +28.5% YoY and +14.0% QoQ, while gross margin expanded 60bps YoY to 53.8%; segment operating profit rose 22.4% YoY to ₹19,689.82 lakh, finance cost increased 6.8% YoY to ₹3,394.00 lakh, and PAT rose 51.7% to ₹10,628.12 lakh.
Segments
Plywood and Allied Products remained the primary driver with revenue of ₹86,123.08 lakh and segment profit of ₹15,456.26 lakh; MDF contributed ₹33,409.22 lakh of revenue and ₹1,884.96 lakh of profit, while Particle Board remained loss-making at negative ₹444.46 lakh.
Key positives
- Consolidated revenue reached ₹1,78,004.49 lakh, up 28.5% YoY and 14.0% QoQ, with plywood revenue at ₹86,123.08 lakh and MDF revenue at ₹33,409.22 lakh.
- Consolidated PAT rose 51.7% YoY to ₹10,628.12 lakh and EPS rose 46.1% to ₹4.53, outpacing revenue growth.
- Plywood and Allied Products generated ₹15,456.26 lakh of segment profit, while Logistics Services contributed ₹912.02 lakh of profit.
Key concerns
- H1 operating cash flow declined 38.7% YoY to ₹17,637.28 lakh despite H1 profit before tax of ₹25,749.40 lakh, indicating weaker cash conversion.
- CWIP increased to ₹28,388.88 lakh from ₹17,058.26 lakh and H1 capex outflow was ₹36,826.66 lakh, raising execution and returns-on-capital sensitivity.
- Particle Board remained loss-making with a segment loss of ₹444.46 lakh in the quarter, and segment operating profit grew 22.4% versus revenue growth of 28.5%.
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