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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

Thematic (Sector/Industry)

<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

<ul><li>Bharat Forge: Bharat Forge’s consolidated revenue grew 6% YoY to INR 41.1bn, aided by recovery in its oil &amp; gas vertical</li><li>Due to benign material costs, EBITDA at INR 7.4bn beat our estimate of INR 6.6bn</li><li>The outlook remains positive, with growth across forgings, castings, and defence and improvement in the operational performance of overseas subsidiaries</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.

Bharat Forge: Bharat Forge’s consolidated revenue grew 6% YoY to INR 41.1bn, aided by recovery in its oil &amp; gas verticalDue to benign material costs, EBITDA at INR 7.4bn beat our estimate of INR 6.6bnThe outlook remains positive, with growth across forgings, castings, and defence and improvement in the operational performance of overseas subsidiariesContent 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.

HSIE Results Daily: Bharat Forge, Deepak Nitrite, Bata India, Century Plyboards India

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

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

HSIE Results Daily: Bharat Forge, Deepak Nitrite, Bata India, Century Plyboards India

Bharat Forge: Bharat Forge’s consolidated revenue grew 6% YoY to INR 41.1bn, aided by recovery in its oil & gas vertical

HDFC Securities

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