• Growth performance: Century Plyboards achieved nearly 30% growth in its plywood division in Q1, with July marking the highest monthly turnover in company history and supporting an annual target of 20% plus growth.
• Guidance visibility: The company is withholding formal annual guidance due to war-related disruptions, with plans to potentially resume guidance at the end of Q2.
• Pricing and margins: Price hikes have been partly rolled back in MDF and laminates amid easing cost pressures, while price increases have been largely retained in plywood; margins are expected to trend upward as heavy capex is now largely completed.
• Capacity ramp-up: The new MDF capacity is expected to exit Q4 at close to 90% utilization, while the commissioned Chennai particle board unit continues steady volume ramp-up after record Q1 performance.
• Expansion strategy: Future expansion in Uttar Pradesh and Odisha will prioritize plywood capacity to address strong demand and near-peak utilization, though land acquisition timelines in Odisha remain uncertain.