External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

Century Plyboards India / Equity Bottom-Up

<ul><li>Century Plyboards India: In Q2FY25, Century’s revenue grew 19% YoY, led by healthy growth in ply and MDF segments</li><li>EBITDA declined 23% YoY, owing to multi-quarter low MDF, laminate and particle board margin</li><li>APAT declined 59% YoY, owing to weak EBITDA, higher capital charges, lower other income, and higher tax rate</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Century Plyboards India: In Q2FY25, Century’s revenue grew 19% YoY, led by healthy growth in ply and MDF segmentsEBITDA declined 23% YoY, owing to multi-quarter low MDF, laminate and particle board marginAPAT declined 59% YoY, owing to weak EBITDA, higher capital charges, lower other income, and higher tax rateContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Century Plyboards India - Healthy Ply Result; Other Segments Disappointed

<ul><li>Century Plyboards India: In Q2FY25, Century’s revenue grew 19% YoY, led by healthy growth in ply and MDF segments</li><li>EBITDA declined 23% YoY, owing to multi-quarter low MDF, laminate and particle board margin</li><li>APAT declined 59% YoY, owing to weak EBITDA, higher capital charges, lower other income, and higher tax rate</li><li> </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Century Plyboards India: In Q2FY25, Century’s revenue grew 19% YoY, led by healthy growth in ply and MDF segmentsEBITDA declined 23% YoY, owing to multi-quarter low MDF, laminate and particle board marginAPAT declined 59% YoY, owing to weak EBITDA, higher capital charges, lower other income, and higher tax rate Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Century Plyboards India- Healthy Ply Result; Other Segments Disappointed

<ul><li>We maintain our BUY rating on Century Plyboards, with a revised TP of INR 945/sh (40x Sep-26E EPS)</li><li>In our recent interactions, the management highlighted that despite muted demand, Century will deliver double-digit revenue growth for its ply, laminates and MDF segments (market share gains)</li><li>Timber prices have slightly increased QoQ in Q2</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our BUY rating on Century Plyboards, with a revised TP of INR 945/sh (40x Sep-26E EPS)In our recent interactions, the management highlighted that despite muted demand, Century will deliver double-digit revenue growth for its ply, laminates and MDF segments (market share gains)Timber prices have slightly increased QoQ in Q2Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Century Plyboards India: Growth to Accelerate. Maintain BUY

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Resourceful Auto's IPO saw a staggering subscription of 400 times, but its current market price is half its IPO value, revealing a troubling trend in SME IPOs.</li>
<li>Many SME IPOs exhibit a "subscription mirage," creating misleading impressions of value, while underlying businesses often lack sustainable operations and liquidity.</li>
<li>Investors must prioritize fundamental analysis and awareness of liquidity risks over hype, especially in a market increasingly resembling Ponzi-like characteristics.</li>
</ul>


Resourceful Auto's IPO saw a staggering subscription of 400 times, but its current market price is half its IPO value, revealing a troubling trend in SME IPOs.
Many SME IPOs exhibit a "subscription mirage," creating misleading impressions of value, while underlying businesses often lack sustainable operations and liquidity.
Investors must prioritize fundamental analysis and awareness of liquidity risks over hype, especially in a market increasingly resembling Ponzi-like characteristics.


<ul><li>In Q2FY25, our coverage universe’s revenue is expected to grow by 4% YoY (volume-driven)</li><li>Pipes demand has weakened in Q2. Pipes channel inventory is low owing to decreasing resin prices</li><li>The tiles and wood panel sectors continue to deliver sub-par volume performance</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q2FY25, our coverage universe’s revenue is expected to grow by 4% YoY (volume-driven)Pipes demand has weakened in Q2. Pipes channel inventory is low owing to decreasing resin pricesThe tiles and wood panel sectors continue to deliver sub-par volume performanceContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Building Materials (Q2FY25 Results Preview): Muted Demand Compresses Margins

India

Century Plyboards India Ltd. manufactures, sells, and exports plywood and veneer. The Company offers commercial, marine, concrete, shuttering, and decorative plywood. Century Plyboards products also include veneer, block board, timber, decorative laminates, prelaminated boards, fire safe plywood, flexible plywood, cement, clinker, adhesives, and chemicals.

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Century Plyboards India (CPBI IN)

Century Plyboards India - Healthy Ply Result; Other Segments Disappointed

Century Plyboards India: In Q2FY25, Century’s revenue grew 19% YoY, led by healthy growth in ply and MDF segments. EBITDA declined 23% YoY, owing...

HDFC Securities

Century Plyboards India- Healthy Ply Result; Other Segments Disappointed

Century Plyboards India: In Q2FY25, Century’s revenue grew 19% YoY, led by healthy growth in ply and MDF segments. EBITDA declined 23% YoY, owing...

HDFC Securities

Century Plyboards India: Growth to Accelerate. Maintain BUY

We maintain our BUY rating on Century Plyboards, with a revised TP of INR 945/sh (40x Sep-26E EPS) In our recent interactions, the management...

HDFC Securities

The Dark Side of the SME IPO Boom!

Hype around SME IPO all across the markets! What's going on behind these highly oversubscibed IPOs and how investor can save themselves from this...

Nimish Maheshwari

Building Materials (Q2FY25 Results Preview): Muted Demand Compresses Margins

In Q2FY25, our coverage universe’s revenue is expected to grow by 4% YoY (volume-driven). Pipes demand has weakened in Q2. Pipes channel inventory...

HDFC Securities

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