External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL), with a target price of INR 726/share</li><li>AIL's constant focus on Capex and R&amp;D will enable it to remain competitive and expand its customer base</li><li>The toluene segment in India is mainly untapped and catered to through imports AIL will benefit in the long term by entering this segment</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.

Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL), with a target price of INR 726/shareAIL's constant focus on Capex and R&amp;D will enable it to remain competitive and expand its customer baseThe toluene segment in India is mainly untapped and catered to through imports AIL will benefit in the long term by entering this segmentContent 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: Aarti Industries, Westlife Foodworld, Kalpataru Power Transmission

HSIE Results Daily - Aarti Industries, Westlife Foodworld, Kalpataru Power Transmission

<ul><li>Our chemical universe is expected to report a muted sequential growth, owing to subdued demand, courtesy the global recessionary headwinds faced by various end-user industries</li><li>Revenue for our coverage universe is likely to improve by ~6/5% YoY/QoQ.</li><li>EBITDA margin could deteriorate by 188bps YoY and remain flattish sequentially at 21%, owing to the elevated raw material cost and lower absorption of fixed cost.</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.

Our chemical universe is expected to report a muted sequential growth, owing to subdued demand, courtesy the global recessionary headwinds faced by various end-user industriesRevenue for our coverage universe is likely to improve by ~6/5% YoY/QoQ.EBITDA margin could deteriorate by 188bps YoY and remain flattish sequentially at 21%, owing to the elevated raw material cost and lower absorption of fixed cost.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.

<ul><li>Dalmia Bharat: We maintain our BUY rating on Dalmia Bharat (DALBHARA), with an unchanged TP of INR 2,440/sh (13x its Mar-25E consolidated EBITDA)</li><li>We continue to like DALBHARA for its robust volume and margin outlook</li><li>Dalmia reported strong volume growth (+12/9% YoY/QoQ) and healthy unit EBITDA recovery (+INR 300/365/MT YoY/QoQ) to solid INR 1,021 per MT, driven by both realisation firm-up and cost reduction</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.

Dalmia Bharat: We maintain our BUY rating on Dalmia Bharat (DALBHARA), with an unchanged TP of INR 2,440/sh (13x its Mar-25E consolidated EBITDA)We continue to like DALBHARA for its robust volume and margin outlookDalmia reported strong volume growth (+12/9% YoY/QoQ) and healthy unit EBITDA recovery (+INR 300/365/MT YoY/QoQ) to solid INR 1,021 per MT, driven by both realisation firm-up and cost reductionContent 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: Dalmia Bharat, Sundaram Finance, Apollo Tyres

<ul><li>The Indian chemical industry continues to be an attractive hub of opportunities, even in an environment of global uncertainty</li><li>The uniqueness of the chemical industry is that it requires both the creation of tangible assets and technical manpower</li><li>We believe domestic chemical companies have abundant opportunities to partner in technology</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.

The Indian chemical industry continues to be an attractive hub of opportunities, even in an environment of global uncertaintyThe uniqueness of the chemical industry is that it requires both the creation of tangible assets and technical manpowerWe believe domestic chemical companies have abundant opportunities to partner in technologyContent 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.

Indian Chemical Sector 2.0 - Catalysts for Growth in Place

India

Aarti Industries Limited develops and manufactures basic bulk chemicals, dyes and pigment intermediates, pharmaceuticals and agrochemicals, rubber chemicals, surfactant intermediates, and specialty chemicals. The company sells its products in India and elsewhere throughout the world.

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Aarti Industries (ARTO IN)

HSIE Results Daily: Aarti Industries, Westlife Foodworld, Kalpataru Power Transmission

The toluene segment in India is mainly untapped and catered to through imports AIL will benefit in the long term by entering this segment

HDFC Securities

HSIE Results Daily - Aarti Industries, Westlife Foodworld, Kalpataru Power Transmission

The toluene segment in India is mainly untapped and catered to through imports AIL will benefit in the long term by entering this segment

HDFC Securities

Chemicals: Recovery and stability ahead!

Our chemical universe is expected to report a muted sequential growth, owing to subdued demand, courtesy the global recessionary headwinds faced by...

HDFC Securities

HSIE Results Daily: Dalmia Bharat, Sundaram Finance, Apollo Tyres

Dalmia Bharat: We maintain our BUY rating on Dalmia Bharat (DALBHARA), with an unchanged TP of INR 2,440/sh (13x its Mar-25E consolidated EBITDA)

HDFC Securities

Indian Chemical Sector 2.0 - Catalysts for Growth in Place

The Indian chemical industry continues to be an attractive hub of opportunities, even in an environment of global uncertainty

HDFC Securities

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