Nuvama has maintained its buy rating on Century Plyboards with a target price of ₹901, citing strong growth visibility across product categories and margin stability. The company has guided for volume growth of 10% in plywood, 20% in laminates, 20% in MDF, and 40% in particleboard, reflecting robust demand across the value chain.
Management has also provided EBITDA margin guidance of 12–14% for plywood, high single digits for laminates, 15% for MDF, and low single digits for particleboard. The company is exploring new avenues, including furniture fittings, which will first be tested via a trading model before being scaled up into manufacturing. PVC boards are also expected to generate revenues of ₹100 crore, adding to diversification.
Nuvama said Century Ply’s diversified portfolio, disciplined margin guidance, and clear growth roadmap underpin its bullish view. The brokerage added that the combination of steady growth in core categories and expansion into adjacencies strengthens Century Ply’s long-term earnings profile.
Disclaimer: The views and recommendations made in this article are those of Nuvama. This article does not constitute investment advice. Investors should consult their financial advisors before making any investment decisions.
