Motilal Oswal Recommends Buying Century Plyboards, Sets Target at Rs 927

• Motilal Oswal's research report suggests buying Century Plyboards with a target price of Rs 927.
• Revenue, EBITDA, and adjusted PAT grew 18%, 31%, and 22% year-on-year respectively.
• Gross margin improved to 49.3% (up 249bp YoY) and EBITDA margin expanded to 12.6% (up 125bp YoY).
• Plywood and MDF segments reported capacity utilization of 93% and 85% respectively.
• The target price of INR927 is based on 36x Sep’27 P/E, aligning with its 1-year forward 10-year average multiple.