🪚 At a Glance
CMP: ₹799.00
- 📈 FY25 Revenue: ₹3,532 Cr (↑4.7% YoY)
- 💰 PAT: ₹413 Cr (↓5.6% YoY)
- 💸 EBITDA: ₹632 Cr | Margin: 17.9%
- 🏭 Capacity expansion in Andhra, Punjab, Hoshiarpur
- 🪵 Plywood, MDF, laminate and particle board biz all scaling
- 🧾 Final Dividend: ₹2/share
- 📦 Subsidiary Century Infra surging too
🧱 About the Company
Century Ply is India’s largest manufacturer of plywood, laminates, MDF, and allied building materials. If your modular kitchen didn’t use their product, your neighbour’s definitely did.
Their brands include:
- Sainik Ply
- Zykron
- Starline Laminates
- Century MDF
They’re deeply linked to housing demand, infrastructure buildout, and even B2B interiors — riding the post-COVID real estate boom.
👥 Key Managerial Personnel
| Name | Role |
|---|---|
| Sajjan Bhajanka | Chairman |
| Keshav Bhajanka | Executive Director |
| Sanjay Agarwal | CFO |
📊 FY25 Financials Summary
| Metric | FY25 | FY24 | Change |
|---|---|---|---|
| Revenue from Ops | ₹3,532 Cr | ₹3,372 Cr | ⬆️ +4.7% |
| EBITDA | ₹632 Cr | ₹613 Cr | ⬆️ +3.1% |
| EBITDA Margin (%) | 17.9% | 18.2% | Slight dip |
| PAT | ₹413 Cr | ₹437 Cr | 🔻 -5.6% |
| EPS | ₹18.55 | ₹19.62 | 🔻 |
🏭 Segmental Business Breakdown
| Segment | FY25 Revenue | Growth YoY | Commentary |
|---|---|---|---|
| Plywood | ₹1,774 Cr | Flat | Industry slowdown |
| MDF | ₹900 Cr+ | ⬆️ 11% | High margin, strong demand |
| Laminates & Allied | ₹758 Cr | ⬆️ 6% | Steady B2B demand |
| Particle Boards | New segment | Ramping up | via Punjab & Andhra facilities |
📦 MDF and Laminates are the margin machines. Plywood is mature and flattening.
💰 Balance Sheet Highlights
| Item | FY25 |
|---|---|
| Net Worth | ₹2,151 Cr |
| Gross Debt | ₹169 Cr |
| Cash & Cash Equiv. | ₹381 Cr |
| Net Cash Position | ₹212 Cr |
| ROE | ~19.2% |
Debt-Free FMCG-style manufacturing business.
🧱 CAPEX & Expansion Update
- 🏗️ Commissioned greenfield unit in Punjab for laminates
- 🏭 MDF capacity doubled in Andhra Pradesh
- 🔩 Particle board plant in Hoshiarpur operational
- 🏢 Century Infra subsidiary doing commercial leasing
Capex funded via internal accruals. High growth, no dilution. Smart play.
💼 Q4 FY25 Snapshot
| Metric | Q4 FY25 | Q4 FY24 | Change |
|---|---|---|---|
| Revenue | ₹942 Cr | ₹900 Cr | ⬆️ 4.6% |
| EBITDA | ₹157 Cr | ₹145 Cr | ⬆️ |
| PAT | ₹104 Cr | ₹113 Cr | 🔻 -8% |
Quarterly dip in profit, but overall FY margins hold steady.
🧠 EduInvesting Take
Century Ply is a silent compounder. Not sexy like tech. Not volatile like defense. But exactly the kind of stock that:
- 🏡 Rides India’s housing & infra boom
- 💰 Maintains margins
- 📉 Trades at reasonable 43x P/E with actual growth
- 🔋 Funds expansion without debt
CMP ₹799. EPS ₹18.55 → P/E ~43x
Fair for a consumer-facing infra brand. And if real estate demand sustains — MDF + laminates will become FMCG 2.0.
🚩 Risks & Watchouts
- 🏠 Demand is cyclical — depends on real estate & infra
- 📉 Plywood margin pressure persists
- ⚙️ MDF pricing volatility with imports from Vietnam
- 🏗️ Execution delays in new plants could compress ROCE
📦 Final Dividend
- Proposed: ₹2/share
- Total dividend for FY25: ₹4/share
- Dividend payout ratio: ~22%
📈 Should You Track This Stock?
Absolutely.
It’s not plywood anymore — it’s a proxy for India’s middle class upgrade.
Century Ply isn’t making just furniture panels — they’re packaging Indian aspirations in brown laminate, and that business is only going to grow.
Tags: Century Ply FY25 results, Century MDF, plywood stocks India, infra sector stocks, housing play India, Bhajanka group, Century Infra, building material stocks, Century PLY earnings
Author: Prashant Marathe
Date: May 29, 2025
