Century Plyboards (India) Ltd (NSE: CENTURYPLY) Q1 2026 Earnings Call dated Aug. 08, 2025
Corporate Participants:
Unidentified Speaker
Sanjay Agarwal — Managing Director and Chief Executive Officer
Nikita Bansal — Executive Director
Arun Julasaria — Chief Financial Officer
Keshav Bhajanka — Executive Director
Sumant Wattas — CEO – MDF, PB & New Business
Analysts:
Unidentified Participant
Vaibhav Pachisia — Analyst
Rahul Agarwal — Analyst
Sneha Talreja — Analyst
Ritesh Shah — Analyst
Sucrit Patil — Analyst
Ashutosh Khetan — Analyst
Shivkumar Prajapati — Analyst
Yash Sonthalia — Analyst
Nandita Rajhansa — Analyst
Varun Singh — Analyst
Udit Gajiwala — Analyst
Bhavin Rupani — Analyst
Presentation:
operator
Good Day ladies and gentlemen and welcome to Century Flyboards India Limited’s Q1 FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing 0 on your touchtone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr. Weber Vajeesya from SKP Securities. Thank you. And over to you, sir.
Vaibhav Pachisia — Analyst
Thank you. Good afternoon, ladies and gentlemen. I’m pleased to welcome you to this Q1 FY26 financial results conference call. On behalf of century plyboards and SKP securities, we have with us Mr. Sanjay Agarwal, MD and CEO, along with Mr. Keshav Bajanka, Executive Director, Mrs. Nikita Bansal, Executive Director, Mr. Arun Jhula Sariyar, Chief Financial Officer, Mr. Sumant Vatas, CEO, MDF and Particle Board Business and Mr. Vishu Goel, CEO, Laminates Business. We will have the opening remarks from Mr. Sanjay Agarwal followed by a Q and A session. Thank you. And over to you, Mr. Agarwal.
Sanjay Agarwal — Managing Director and Chief Executive Officer
Thank you. Thank you. Good afternoon, ladies and gentlemen. Welcome to the FY25 Q2 earning call for century ply. Before we begin, I would like to provide the standard disclaimer. This discussion will focus on the company’s historical performance and future prospects and is not intended as an invitation to invest in the company. The results and analytical presentations have been shared with you and are available on the Stock Exchange website. Revenue Performance I’m pleased to share that our Q1 FY26 performance is in line with the guidance we shared during our previous investor call. On a year on year basis, we delivered a healthy revenue growth of 6.8% on a standalone level and 16.3% on consolidated basis.
This performance underscores the resilience and agility of our strong business model. EBITDA Performance now moving to profitability. On a standalone basis, our EBITDA excluding foreign Forex impact came at 12.7%, slightly lower than last year. Q1 13.5. This marginal decline is largely due to higher advertising and promotional spend we undertook during the quarter to support our growth initiative. On a consolidated basis, EBITDA excluding Forex impact improved significantly to 12.5% compared to 11.2% in Q1 FY25. This uptick is primarily driven by the positive contribution from our Budwell plant which was an early ramp up faced during the same period last year.
Now to Business Segment Highlights Plywood the segment continues to lead our portfolio with 15.3% year over year growth in top line supported by strong volume growth. The EBITDA margin in this segment stood at an impressive 13.8% placing us amongst the best. The plywood industry in India is poised for steady growth over the medium to long term supported by structural tailwinds such as urbanization, rising disposable incomes, government focus on affordable housing and the shift towards branded and organized products. As consumer awareness around quality, sustainability and aesthetics increase, demand is expected to shift further in favor of premium and eco friendly plywood solutions.
The ongoing formalization of the sector aided by BIS implementation and stricter environmental regulations is anticipated to benefit organized players leading to consolidation in the market. Despite near term challenges from input cost, volatility and subdued real estate cycles in certain regions, the long term outlook remains optimistic. With continued infrastructure development, a revival in private capex and robust demand from the furniture and interior decor segments, the private sector is expected to witness a good growth over next three to five years and I am happy to share that. July 25 marked a historic milestone for us as we recorded our ever heisted highest ever sales volume in plywood.
Now to laminates. I am happy to report that this segment is showing early signs of a turnaround. We recorded a 12.8% year over year and 1.9% QR quarter on quarter growth in consolidated revenue. The EBITDA margin came in as 5.9% and we are optimistic about continued gradual recovery in the quarters ahead. To support margin expansion, we are focusing on strategic cost saving interventions across operations. MDF Our MDF business has performed very well with a 23.7% year on year revenue growth on a consolidated basis and an EBITDA margin of 14.3% among the highest in the industry.
The improved results are a reflection of better capacity utilization, especially at our Budwell facility and cost optimization at both the plants. Article Board the segment continues to be in recovery phase. Although revenue has declined year on year compared to Q1 of last year, there has been a sequential improvement over Q4. Margins remain under pressure primarily due to elevated timber cost and ongoing pricing challenges. However, with the launch of our new facility which offers a cost advantage, we anticipate an improvement in margins going forward. Capacity Expansion Update I am also pleased to share that commercial production at our new particle board plant in Tamil Nadu commenced towards the end of Q1.
We believe this addition will not only support our growth trajectory but also help improve our cost structure over the medium term working capital cycle. The working capital cycle, which had increased in the previous quarter due to higher inventory levels has improved this quarter coming down from 76 days to 71 days. Primarily driven by better management of raw material inventory. To conclude, we remain confident in our long term strategy and we are focused on execution, efficiency and innovation across all segments. We thank you for your continued trust and look forward to updating you again next quarter.
Now I open the forum for questions and answers.
Questions and Answers:
operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Rahul Agarwal from Miki Gyat. Please go ahead.
Rahul Agarwal
Hello everybody.
Rahul Agarwal
Sir. Quick questions, four of them. Firstly, on plywood, obviously we are running ahead of our guidance. I also see that last year, rest of the nine months from July to March, we have seen a very strong revenue growth going forward. Guidance remains the same at 10% sales growth. Does that mean we are basically looking at normalization in growth going forward? Because July looks like highest ever. So just some sense on plywood. Top line please. That’s the first question.
Nikita Bansal
See, in plywood we’ve always believed to give a 10% plus. Now 10% plus can vary, market dynamics can change, etc. So we would like to continue giving that guidance. Obviously we will not have a degrowth and these are things that investors understand. They see the trend, they’ve seen the trend last year. But if you have to give a guidance from the company, we will continue to say that we will deliver 10% plus growth this year.
Rahul Agarwal
Okay, get it. So essentially we are looking at normalization, right? Because last year nine months, the growth was very high. Is that fair to understand?
Keshav Bhajanka
So again, like we said, the objective will always be to deliver better. Guidance is at 10%. But our company will always try to deliver best in case in terms of value and volume growth. I hope that clarifies.
Rahul Agarwal
Similar question on MDF. I think we’ve achieved 15% consolidated. Looks like things are getting better. I’m assuming this. We just comment on, you know, what’s really happening with the supply side of MDF right now. I know exports are much lower. Sorry, imports are much lower. But domestic supply and the pricing trends looks better going forward. You know, console margins at 15% is it fair enough or there is some upside potential here?
Keshav Bhajanka
Rahul, you’re right. On both accounts imports are much lower and exports also much lower. So you are correct there. But having said that, I think that yes, there is still some oversupply in the market. You know a lot of capacity will come up and three monthly delight lines have started over the course of the last year. But going forward I think we are reaching a stage where capacity utilization has begun to improve right across the industry. In the next few quarters we are seeing this continuing. The reason for 15% achievement and continue with 15% guidance is that right now our focus is going to be on market share gains.
We are going to definitely try and meet the EBITDA number. But at the same time this is a time period with BIS coming in with the imports being curbed where we can expand substantially and we are trying to gain a foothold as a market leader. So I think that for the current foreseeable future, let’s say nine months, next three quarters, the guidance holds.
Rahul Agarwal
Got it. Thirdly, on inventory I think Sanjay mentioned we are obviously reduced raw material inventory. But when I look at balance sheet reported as of March, right It was about 986 crores. I think that’s a function of raw material, finished goods and wip. In the presentation we have raw material and finished goods. Just wanted to know is it possible to share the overall inventory total as of June end? Is it possible to share that when?
Keshav Bhajanka
I will take it up. Sorry, just give me a second. I think our team will get back to you on that. The CFO will get back to you with details on the same. I don’t have it in front of me right now.
Rahul Agarwal
Okay. And lastly on pricing trends for timber on MDF and plywood, you know if you just discuss a bit on qualitatively what’s really happening because we’ve heard there is some bit of timber deflation. If you could just help us understand it better over the balance of the. Year that will help. That’s all from my take.
Keshav Bhajanka
You’re absolutely right. In MDF and particle board the timber prices seem to be rebounding slightly. There seems to be a little bit of leaving out but I think it’s still wait and watch. Currently in the in this month itself prices have jumped up because of monsoon. So that’s a trend that takes place every year seasonally. But I do hope that the peak of timber prices are behind us and we should see some slight respite during the course of the current year. As far as plywood is concerned. I think timber prices are pretty much at similar levels. But that also does mean that the increase that we have seen over the course of the past couple of years, there is no steep jump. As of now prices are more or less at similar levels. So MDF particle work should benefit from slightly lower orbital cost in plywood. It will more or less remain in line with what it has been.
Sanjay Agarwal
The plywood timber to grow takes longer time. So the price reduction will happen still I don’t think before the next year or the year end of the next year I think should be a little bit of a help because it takes longer time to mature the tree required for plywood.
Rahul Agarwal
Go ahead sir. Completely understand. Thank you so much and best wishes for the rest of the year.
Sanjay Agarwal
Thank you Rahul. Thank you.
operator
Thank you. Next question is from the land of Snehat Al Raja from Nuamal. Please go ahead.
Sneha Talreja
Hi, good afternoon team and thanks a lot for the opportunity and congratulations on the set of numbers. Hello sir, just couple of questions from my end. Just wanted to understand. We’ve seen good amount of improvement with your gross margins in the plywood segment but that’s not translated into EBITDA margins there. We’ve seen some on the phone. Is it some, you know, increase in app spend or something that we’ve seen particularly this particular quarter.
Nikita Bansal
So this quarter we were in IPL so that is a massive spend which happens in Q1 because of which you are not seeing a translated into ebitda. But going forward obviously we will continue to spend and we are also investing a lot more in our grant. But we won’t have the IPL cost for the rest of the year.
Sneha Talreja
And Mr. What could be the percentage of AD spend this particular quarter?
Nikita Bansal
Sorry, can you repeat your question?
Sneha Talreja
What will be the percentage of AD spend for only plywood division this particular quarter?
Nikita Bansal
Oh, so we usually do have it. We keep it four but what was in Q1? Okay, so we’ll get back. Usually throughout the year we keep it as a 4% but we don’t know what it was. Obviously it was higher in Q1 but the exact percentage will come back it was 5.1.
Sneha Talreja
Thanks, thanks a lot for that. That was helpful. Secondly, what I wanted to ask is your scale up and MDs, you know, segment has been pretty great. We’ve seen that over the years. My similar question was in the particle boss segment. How are we planning things? Because when I look at your current business at this point of time we are still seeing some drop in terms of volumes. Whereas our new Capacity has just come up there. Margins of course on the falling trend, of course that can be given because the sector itself is probably not doing that well. In terms of particle board, how are we seeing scenario improving? Because our new capacity has already come on board. Do we have visibility already starting up from OEMs? So I think this couple of these things would be helpful.
Keshav Bhajanka
I think you’re absolutely correct but the only point of difference that I have is that the new line is a continuous line. So the quality of product that is very, very different as compared to the earlier product. Whereas in the market pricing is similar. So the multi client line was competing against continuous line that have been brought in by two large scale players in the industry. And as a result of that the traction that we had because the quality parameters have changed. But I’m very happy to tell you that the quality that we are working from the new line, well once you see the board, it looks more like an MDF than a particle board.
So we are very happy with the product quality that has been established. The product has started selling the market. The response from OEMs and the market in general has been superb. I think with this quality of product you shall see a rapid scale up in the volumes. Maybe this quarter we will take a little time to stabilize the new plant because like I said it’s just commissioned. But from next quarter onwards in H2 you will see a huge spike as far as particular work in the contract.
Sneha Talreja
This was really helpful. And what are we estimating for particle board in the first second for you everybody?
Keshav Bhajanka
Yes, I can hear you but the MD just reminded me of one more point. We have not currently been in the eight by four market in particle mode. As you remember our earlier line was a 9 by 6 multi led press where we could manufacture 9 by 6 and 8 by 6. So a huge chunk of the market which said as per 8 by 4 size that was not available to us. However now because they have a 8ft wide line we can manufacture 8 by 4 as well. So this again will help us to increase volumes.
Sneha Talreja
This was again helpful. Just lastly on the particle watch segment because this is a new segment, just wanted to you know, you know, get some numbers here. What could be the revenue looking like in first, second, third year of operation and eventually how does the scale up happens in terms of margins because you know, romkey sizes have been easing out but other players what I’m seeing are, you know, still doing losses who have recently commissioned. So just some sense from you would be helpful.
Keshav Bhajanka
Particle board right again yes yes, yes. For particle board you will see our total turnover potential will be in excess of 500 crores from the existing line. Of course the objective will be to push it higher. And as you know that we always attempt to reach 100% capacity utilization 90% plus by the third year. Arin said that EBITDA margin, that steady state will look at 15% during the ramp up phase. It’s very difficult for me to give you guidance but I’m assuming that from next year we will be at double digit EBITDA plus and going forward by year three we should definitely be at 15% plus.
Sneha Talreja
This was really, really helpful. Thanks. Thanks. Thanks a lot Keshav and all the very best teams.
operator
Thank you. Participants, you may press star and one to ask the question. Next question is from the line of Ritesha from Investech India. Please go ahead.
Ritesh Shah
Yeah. Hi. Hi sir. Namaste. Sir. Two basic questions. Sir. One is wanted to understand how do we look at commercial mdf? Is it as a part of our product portfolio or is it absolutely a no go zone for us? That’s the first question.
Sumant Wattas
Look. Hi, this is Suman sir, good afternoon. We offer products to different segments, be it OEMs, be it trade, etc. So we can offer the full gambit. There are no red zones or no go zones. But as a company we want to. Offer products that are the highest quality. So we’ll never compromise on quality. Of course, individual specific requirements we cater to. So no red zones but at the century certified quality.
Ritesh Shah
Okay, so would it be possible for us to indicate what percentage of volumes would that be? And a follow up over here you do indicate like century level of quality which is great. But if I had to just push you a little further, would it qualify under the BIS norms?
Sumant Wattas
Let me answer your first question. First, you know we won’t be able to share any details on our product mix percentages that we don’t usually share. And second, you know, of course, you. Know we strive for BIS and much. More BIS and hygiene.
Ritesh Shah
Okay, that’s helpful. My second question is on the page side. Are we looking to the way in which we position Sinek 710 and 303 in the marketplace, Are we looking to reject our strategy? Specifically post, I wouldn’t say dilution. Probably dilution of BIS norms has our strategy around product positioning 710 versus 303 changed?
Sanjay Agarwal
What do you mean by policy change?
Ritesh Shah
So are we continuing with Sanic 710 in the marketplace after the new norms from BIS came in two weeks back.
Sanjay Agarwal
Cynic 710 is just a brand. And we clearly writing down on the listing whether what bis norm it is. It will be written on every piece of plywood. So even earlier it was there. Even in future it will be there. So there is no policy change. And Sanix 710 is a brand. So that brand stage.
Ritesh Shah
Okay sir, I will call you offline for this. Thank you. Thank you so much for the.
Sanjay Agarwal
Thank you.
operator
Thank you. Participants, you may press star and one to ask a question. Next question is from. From Eyesight Fin Trade. Please go ahead.
Sucrit Patil
Good afternoon to the Century Fly team And my to Mr. Sanjay, are you there?
Sanjay Agarwal
Yes, I am here.
Sucrit Patil
Yes sir, good afternoon. My question is given Century flies strong year on year growth and stable margins despite inflationary pressures. I want to understand how are you thinking about deploying AI driven demand forecasting or automated stock keeping units rationalization across your dealer networks by the next two years. And do you think by doing this it could unlock working capital efficiencies and improve product market fit in the Tier 2, Tier 3 cluster? As managing director, what is your vision on this? I want to understand that. Thank you very much.
Sanjay Agarwal
See, Century Plywood has been trying to make plywood as an essence good. And we have been doing many other things. As far as credit control is concerned, distribution is concerned. But the plywood market does not accept the dms. Until this we can install software which is known as DMS Distribution management system. Till then we do not have visibility of what happens after the wholesaler or the dealer. Of course we have started other screens through which we are now having some data about the retailers and all that. So we get data how much material is being bought by the 4,000 retailers or 5,000 retailers across the country from our dealers.
That data now we have and we pay some incentive on that. We are working in on a very, very recently we have decided to actually implement DMS in a very small area and try a new effort. But it is going to be a herculean task. So I cannot put any timeline. But yes, as far as Century Plywood is concerned, we are very strongly pushing AI in every department in our company. And we believe that we will be in line with everybody else in every other industry as far as AI is concerned. But I think Nikita wants to say something.
Nikita Bansal
Yeah, yeah. So I would just like to add that. See as a company, I mean you also read in our annual report that we’ve taken a three year digitization plan and no digitization plan can be complete without AI being there. So we have. We are Taking up AI in a big way. We are also training our people in AI because today AI is something that not many people understand. It is not as just as going. And gen AI has become the most inward right now. So we are training our people about AI and then encouraging everyone to use.
And as far as dealer segment goals, see we have so many lines of business. So in the laminate business we are using AI. We are using. We are going to use AI. If it is successful there, we will use it in other divisions. So if you really look at the next five year roadmap, I think if a company does not adopt AI and does not utilize AI to its fullest extent, it will be at a loss. So and Century Flyer always been ahead of the curve. So we will continue to be ahead of the curve.
Sucrit Patil
Great. Thank you. That pretty much answers my question. So just on the ending note, would it be. Would I be right to assume that in the next two to three years you will start implementing all those things which you have just mentioned right now.
Nikita Bansal
Probably earlier.
Sucrit Patil
Okay, great. Thank you very much. Have a nice day.
operator
Thank you. Participants, you may press star and one to ask the question. Next question is from Nano Sagnik Sarkar from SKP Securities. Please go ahead.
Sanjay Agarwal
Hi Mr. Sarkar.
operator
May I request you to unmute your line and proceed with your question. Dt no response. We move on to the next participant. Next question is from line of Ashutosh Khetan from Asian Market Securities. Please go ahead.
Ashutosh Khetan
Hi, I have a question on supply segment. So basically what’s the update on the new capex for the plywood hosharpur plant? Sir.
Nikita Bansal
The update is they are progressing. We’re gonna soon start work and we should have something by. It should go live by next year Q2 this time.
Ashutosh Khetan
So it’s Q2 of FY27.
Nikita Bansal
Yes.
Ashutosh Khetan
Okay. And next is on the price hikes. Like have you taken any price hikes for this quarter in plywood or any other division?
Nikita Bansal
So in plywood we did take a price hike at the end of April we took a 2% price hike as far as MDF and laminate. And as far as other segments go, we did not take any share hike. And in laminate, sorry.
Keshav Bhajanka
Yes. We’ve also taken a price increase in laminates to a June of 2 and a half percent which has been implemented on one particular portfolio within the domestic segment which is the 1 mm portfolio.
Ashutosh Khetan
Okay. That’S it from my side. Thank you.
operator
Thank you. Next question is from land of Shiv Kumar from Ambed Capital. Please go ahead.
Shivkumar Prajapati
Yeah. Hi, good afternoon and thanks for giving me the opportunity. First of all, congratulations on great set of numbers. So my first question is on the industry front like wood panel as a whole. So I just want to understand what was the organized, I mean just want to understand the organized versus unorganized share across all segments as of suppose FY25 and what was the share like two, three years before and the demand versus the capacity across all segments that we operate. This is my first part.
Keshav Bhajanka
So basically there’s authenticated data and I understand it is all on the basis of estimates. But what I can tell you safely is that the industry has not been growing at a fast pace, which is obvious from results that you will see right across. Whereas we have been going at quite a fast pace, whether it be plywood or mdf. So in plywood and MDF we have definitely increased our market share but there is no authenticated source of data. So flywood, the total market size has been. We have been saying 25 to 30,000 crores based on various publications for the past so many years. So unfortunately we cannot give you much closer representation. But in terms of market share, you’re absolutely right. We would have gained market share with course of the last five to six years.
Shivkumar Prajapati
Okay. And sir, is there any sign of industry consolidation in any of these segments that we operate?
Keshav Bhajanka
Yes, definitely. You see, if the industry is not growing and some of the organizers are doing well, that shows that there is a certain amount of consolidation that is taking place. So I think there is some amount of consolidation taking place in Plywood. There’s some amount of consolidation taking place in mdf. This should get accelerated by bis. But BIS on SME industries will only become effective from this month onwards. So let’s wait and watch how it came out.
Shivkumar Prajapati
All right sir, thank you. That’s it for my end.
operator
Thank you. Next question is from line of Yash Son Thalia from Edelweiss Public alternates, please go ahead.
Yash Sonthalia
Hi Tim, thank you for taking my question. So my first question is like you already alluded, we haven’t taken any price hike in MDF while there was some correction in prices of timber. So can you help me with what’s margin guidance if this price is sustained going ahead and are there any plans or chances of we taking price cuts or price hike. Yeah, volume discounts or taking back the volume discounts.
Keshav Bhajanka
again. You know markets are dynamic. So as and when markets marion folds we will definitely have to look at pricing discounts and so on so forth. But in terms of guidance like I’ve already mentioned 20% revenue growth with 15%. This is what we are looking at and we will attempt our best to deliver the same for you.
Yash Sonthalia
Got you. Thank you. That’s all from my side.
operator
Thank you. Next question is from line of Nandita. For more Celeste investment managers please go ahead.
Nandita Rajhansa
Thank you so much and congratulations to the century ply of both team for excellent set of numbers. I had a couple of questions. First of which is related to the real estate cycle. So we keep seeing data from Anadoc and other research organizations that come out with the data on real estate saying that sales have actually gone down. Now that the industry, the whole cycle is sort of turning in real estate. The growth that we saw in FY23 24 is now coming off. So I wanted to understand how does the plywood market work out? When will most of the orders for plywood be coming in? Given where we are in the cycle, how does that play out?
And secondly my question is on your laminates division, what is the game plan going forward? Because I think this was one of those first quarters where both volume and realization growth was pretty solid after multiple quarters of regrowth. So I wanted to understand where do you see the division going forward in the next one to two years.
Nikita Bansal
So with respect to the first question, see the thing is that, sorry, on the real estate cycle for a very long time in plywood division we have to guide ourselves. This is the real estate cycle. But what we’re realizing truly and it’s about even though we don’t have authenticated market share data, the fact remains that because organized is such a small part of the entire industry we need to stop looking at cycles and we need to start concentrating more towards capturing the unorganized to organize. And if that is going to be the focus, the growth is going to be there irrespective of the real estate cycle. So that has been our goal. I don’t. There might be years we succeed the years we don’t succeed. But I would like to not follow this these real estate cycles because there is a substantial base that is going to remain even if there is a degrowth or a growth in the industry.
Nandita Rajhansa
Fair enough. I just had one follow up on this. So I completely understand where you’re coming from. The follow up that I have over here is then from a particle board and MDF division perspective. Especially going forward from this real estate cycle. Because we see that commercial real estate is actually going really strong and because MDF and particular world is basically, you know, it doesn’t have this entire dynamic of a very large unorganized market. It’s mostly organized or imported and imports have really stocked. Now because of the BIS norm. Where do you do you have any clarity on how your demand and how your volumes will go especially in the context of the commercial real estate cycle in the next one to two years?
Sumant Wattas
I think on the MDF and article board, the industrial way innocent. Right. Like you know, if you look at the entire industry, MDF has barely penetrated 20, 25% of the industry. So I think at this early stage of the category in the industry we are actually immune to real estate cycles and therefore we see robust demand, you know, going forward. I think right now for us the game is to create the categories.
Nandita Rajhansa
Okay, all right. Yeah. And my second question with the laminates division question is. Yeah. So my question was basically given that the Last quarter the Q1FY26, we saw really good volume and realization growth in the lamit section after a very long time. I wanted to understand what’s the game plan, what’s the strategy surrounding volumes and what is your guidance for realization and volumes going forward in the next one to two years.
Keshav Bhajanka
So like I said, our target Is to do 20% plus in terms of revenue growth. And this together with high single digit or mid to high single digit EBITDA for the current year. That is what we are targeting. However, I think we have just started on the journey towards correction. There were of course mistakes that have been made. But with new leadership in place and with a lot of good initiatives that we have put into execution, I think both on domestic and export fronts, people been doing better. So hopefully this will persist. So I think this year 20% revenue plus mid to high single digit EBITDA should be realistic for laminated.
Nandita Rajhansa
All right, that answers all my questions. Thank you so much.
operator
Thank you. Next question is from Rahul Agarwal from Akgai Asset Managers. Please go ahead.
Rahul Agarwal
Thank you so much for the follow up. I think you talked about new product development and launches for particle board. Something like the sizes which were not present earlier. Now you have similarly, could you share some color on laminates and MTF in terms of overall century Plyboard, the entire company and the thought process over the next 12 months in terms of filling white spaces across whatever product segments we are talking about now we also have a lot of many plants which are running. It could help us on laminates. MDF would really help you.
Keshav Bhajanka
Sure. So as far as MDF is concerned, over the course of the past year we have Senboy plus which is our highest density, highest waterproof MDF product till date. In particle board, like you rightly mentioned, we have already launched our new product which has been very well accepted in the market which is fast be interior version of the earlier erstwhile particle board that we are manufacturing. Alongside that we have launched a whole new range as far as particle board and MDF are concerned. In terms of VLAM and our shade selection and our shade cards. This will be on display within the next few exhibitions which starts off with Matisha which takes place this month in Delhi itself.
In PVC boards, we have launched a new category called Louvers which is gaining good traction from the market. And again it is another product launch that will be displayed at the upcoming events. In laminates, we have launched acrylic laminates. So acrylic laminates, this is a product category that in India has been selling well for quite some time. But nobody has been able to give a guarantee or a warranty because the product quality is normally considered to be quite inferior. We have finally been able to develop a superior quality product and we will be launching it in the current month. So there are so many apps or so many new opportunities that keep arising and as of now these are three of the launches that we are focusing on. Going forward, we will update you as and when new flood categories start coming up.
Rahul Agarwal
Anything on the ply side as well?
Keshav Bhajanka
There is a lot of work that is going on on the plywood side but I think it is too early to share details on the same. We can update as and when further progress. We made.
Rahul Agarwal
Fair point. Anything on the furniture fittings? Things have moved forward from there on.
Keshav Bhajanka
Sorry, could you just repeat what your.
Rahul Agarwal
Voice cracked for the furniture fittings? Have things moved forward on that?
Keshav Bhajanka
Yes, we have definitely moved forward. We’ve already created a senior team and we are at a very advanced stage of understanding the segment. However, you, you know, essentially we are very prudent when it comes to new product categories and to cash injection in particular. So we will be studying the segment. I think maybe over the course of next six to nine months we will be able to take a call of whether we are committed to going into the segment or not. But it is not something that we will be able to tell you in a month or so.
Rahul Agarwal
Perfect, got it. And lastly bookkeeping on the debt side, I think consolidated Debt was about 1400 crores as of March. How does this number look like? End of 3-26-27. Based on the cash flow planning, I.
Keshav Bhajanka
Think we should be looking more towards the long term debt, the short term debt will be a part of it. Considering the scale at which the company is growing, as returnover increases, working capital requirements do tend to increase. But having said that, long term debt, within the course of next two years, I think we’ll be able to repay the majority of the long term debt. And unless until we come up with another large or something of that sort, we’ll be coming close to zero long term debt on the books.
Rahul Agarwal
Which is 400 crores repayment, right? Approximately 4 uninsured fair number, yes, more.
Keshav Bhajanka
Than 400 crores repayment. So we will be looking to bring long term debt as close to zero as possible. But yes, cash flow generation has been strong. Over the course of next few quarters, most of the cash flow is going to be towards debt repayment.
Rahul Agarwal
Thank you so much for asking the question. Thank you. All the best. Thank you.
operator
Thank you. Next question is from Nano Varun Singh from aaapms. Please go ahead.
Varun Singh
Thanks for the opportunity. Would you like to call out timber. Pricing for us in north and south and maybe how much it would have declined in the quarter?
Sumant Wattas
Yeah, so you know timber prices did decline marginally for Q1. Our north pricing was close to about 6.3 rupees per kilogram and south was about 10% lower. And over the quarter they would have declined by, you know, about 8 to 10% Q4 over Q1 over Q4. And as Ed mentioned a while back, this quarter there might be a slight increase on account of monsoons. But on the long term we hope that the timber prices stabilize.
Varun Singh
Okay, understood. And secondly, I’m not sure if you. Have already answered this question, so please pardon, I joined call a little bit. Late so on in MDF when you. Talk about competitive intensity etc. Or that the industry is consolidating. So can we safely assume that now. Maybe there is no more kind prize war kind of a situation and we are able to, or everyone is able to comfortably sell their product at some equilibrium rate. I mean, how should we judge the competition as of now?
Keshav Bhajanka
I think what you can safely assume is that there are two plants that we have put in place which are located at strategic locations within India. And considering that we are a brand which has tremendous plan with high premium in terms of pricing, alongside which we have perhaps the lowest cost of production in the country on the margin front we should be able to do okay despite whatever happens in the market. While there is no trend for price war, there’s also no trend for a price increase. So we’ll have to see how the market plays out but I think in terms of ETA margin we will be doing better than the industry so to say.
Varun Singh
Understood, Understood. So sir, that is from my side. Thank you and wish you all the best.
operator
Thank you very much. A reminder to all the participants, you may press star and one to ask a question. Next question is from line of UDIT Gajeewala from yes, securities. Please go ahead.
Udit Gajiwala
Good afternoon team. Thank you for taking my question and congratulations on the great set of numbers.
Sanjay Agarwal
Thank you.
Udit Gajiwala
With the major questions, answers are just one thing. In your plywood, what was the imported timber question for this quarter?
Nikita Bansal
So we have pretty much moved to imported timber now. I would say that it is to. The. We don’t share such details but I would say majority is importer things.
Udit Gajiwala
Okay. And what would be the margin, you know, the kind of difference between the domestic and the imports now and going ahead, if the domestic price expected to come down, could you shift back? I mean what’s the thought process there?
Nikita Bansal
So currently we are looking at it as that quality is the most important thing for us at entry. And we believe that the quality of the imported infer is far superior the domestic quality currently available in the country. So I think in the foreseeable future we will continue to import.
Udit Gajiwala
All right, thank you.
operator
Thank you. Next question is from man of Bhavan Tripani from Investec India. Please go ahead.
Bhavin Rupani
Yeah. Hi sir. Thank you so much. Hi sir. So my first question is related to plywood. So what is our current capacity and what is the utilization in that capacity? And also if you can spell out what is the proportion of in house versus outsourcing right now versus what it was last year.
Nikita Bansal
Okay, so our current capacity is 3,66,000 cbm and we have a utilization of 91% and we are going to be increasing our capacity in H2 by another 50,000.
Bhavin Rupani
And what is the proportion of in house versus outsourcing?
Nikita Bansal
We do not share that number. Unfortunately we don’t share these numbers.
Bhavin Rupani
All right. And as far as MDF is concerned, if I’m not wrong, we have some export obligations over there, right? So when do we start exporting exports from this new plant? And what is the export obligation in absolute. If you can spell out that.
Sanjay Agarwal
Can you repeat your voice again? Sorry, I think.
Bhavin Rupani
Hello. Is it clear now? So for MDF plant we have some export obligations, right? So what, when do we start with the exports from this new plant? And what is the export obligation in absolute terms?
Keshav Bhajanka
So we have already started with regards to exports. The value of the export obligation, I don’t have with me on offhand, but our CFO can share the same with you. But currently the potential to export from this plant is very limited because timber prices are still elevated. They are not as high as seven rupees which had gone. But the viability in exports isn’t substantial. So we are working on it. And once viability comes back then I think the export quantum will move up. We have started exports but in a very limited quantity. Predominantly commodities.
Bhavin Rupani
Okay. And what would be the proportion right now?
Keshav Bhajanka
Very negligible. I think less than 5%.
Bhavin Rupani
Okay. And anything on particle boards, do we have similar obligations in particular plant as well?
Keshav Bhajanka
No, we would have some small obligations. I don’t have the numbers offhand but we can share the same.
Nikita Bansal
And the question of outsource, I will just like to mention one more thing in plywood that all main brands are completely manufactured in our plants. It’s a very small percentage of Senec Mr. That we outsource. But all our main brands which is Senec 710 and obviously all brands of henchy fry are manufactured in house.
Bhavin Rupani
All right. And so next question is on laminates. It was encouraging to see our revenue and EBITDA grow in this segment. I wanted to understand was it due to increase in exports or due to domestic market?
Keshav Bhajanka
I think we’ve done well on both sides. There’s been growth in domestic as well as in exports. And the execution on the ground, the execution result which perhaps wasn’t as great for the past few quarters now that has started to kick in. So I’m hopeful that we’ll see results improving quarter on quarter.
Bhavin Rupani
All right. And so last question on particle board and mdf. Given the competitive intensity and the oversupply in this category, we are saying right now do we have plans to launch anything similar to SANEC plywood in this categories?
Keshav Bhajanka
No, we are not.
Bhavin Rupani
Perfect. All right. Thank you. Thank you.
operator
Thank you very much. A reminder to all the participants. You may press star and one to ask the question. As there are no further questions I would now like to hand the conference over to Mr. Sanjay Agarwal for closing comments.
Sanjay Agarwal
Thank you. Thank you everyone for their support. We look forward to meet you again for briefing on the Q2. Thank you.
operator
Thank you very much on behalf of securities Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.