Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<ul>
<li>Continuing our focus on building products, for this Insight, we speak to RM supplier, a manufacturer, a few retailers and dealers to understand the demand outlook going forward </li>
<li>Government spending remains one of the primary drivers in the Industry right now.</li>
<li>There is minor down trading seen in tiles, while the market structure in pipes seems to be in favour of organised players. </li>
</ul>


Continuing our focus on building products, for this Insight, we speak to RM supplier, a manufacturer, a few retailers and dealers to understand the demand outlook going forward 
Government spending remains one of the primary drivers in the Industry right now.
There is minor down trading seen in tiles, while the market structure in pipes seems to be in favour of organised players. 


Channel Insight #31 - Building Products (RM Supplier, Manufacturer, Retailer, Dealer)

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Astral: We maintain our REDUCE rating on Astral with a revised TP of INR 2,180/sh (34x its Dec-23E consolidated EBITDA, implying 53x P/E)</li><li>Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL) with a target price of INR 1,380/share</li><li>Aditya Birla Capital: We maintain BUY on ABCL with a revised SOTP-based TP of INR157 and initiate coverage on ABSLAMC with a target price of INR720</li></ul><div class="content-highlight"><em>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.</em></div>

Astral: We maintain our REDUCE rating on Astral with a revised TP of INR 2,180/sh (34x its Dec-23E consolidated EBITDA, implying 53x P/E)Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL) with a target price of INR 1,380/shareAditya Birla Capital: We maintain BUY on ABCL with a revised SOTP-based TP of INR157 and initiate coverage on ABSLAMC with a target price of INR720Content 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: Astral, Aarti Industries , Aditya Birla Capital, Narayana Health, Radico...

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Astral Ltd (ASTRAL) reported a healthy set of numbers for Q3FY22 in both pipes and adhesives, despite the inflation in raw material prices</li><li>Consol. revenue/EBITDA/PAT grew 22.4%/2.9%/3.2% YoY, respectively, in-line with our estimates of 20%/0.6%/1.6% YoY</li><li>Revenue for Q3FY22 came in at INR1099cr, led by the healthy performance of the pipes business(up ~24% YoY).</li></ul><div class="content-highlight"><em>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.</em></div>

Astral Ltd (ASTRAL) reported a healthy set of numbers for Q3FY22 in both pipes and adhesives, despite the inflation in raw material pricesConsol. revenue/EBITDA/PAT grew 22.4%/2.9%/3.2% YoY, respectively, in-line with our estimates of 20%/0.6%/1.6% YoYRevenue for Q3FY22 came in at INR1099cr, led by the healthy performance of the pipes business(up ~24% YoY).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.

Astral Ltd: Robust Performance with Market Share Gain Continues

<ul><li>Astral Ltd (ASTRAL) reported healthy set of Q2FY22 numbers in both pipes and adhesives, despite the raw materials inflations.</li><li>Revenue for Q2FY22 came in at INR1154cr, led by better-than-expected performance in Adhesives (up 34.2% YoY).</li><li>We remain positive on ASTRAL. Maintain ‘BUY’ with a revised target price of INR2,500/share.</li></ul><div class="content-highlight"><em>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.</em></div>

Astral Ltd (ASTRAL) reported healthy set of Q2FY22 numbers in both pipes and adhesives, despite the raw materials inflations.Revenue for Q2FY22 came in at INR1154cr, led by better-than-expected performance in Adhesives (up 34.2% YoY).We remain positive on ASTRAL. Maintain ‘BUY’ with a revised target price of INR2,500/share.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.

Astral Ltd: Industry Leading Performance Continue

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>However, given limited short-term upside potential from the current levels but a positive long-term outlook on the company, we recommend a HOLD' rating on the stock with a TP of Rs 2,250/share, implying a downside of -4.6% from CMP.</p><div class="content-highlight"><em>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.</em></div>

However, given limited short-term upside potential from the current levels but a positive long-term outlook on the company, we recommend a HOLD' rating on the stock with a TP of Rs 2,250/share, implying a downside of -4.6% from CMP.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.

Astral Poly Technik: Innovator and Trendsetter in the Piping Segment

India

Astral Polytechnik Limited manufactures and markets CPVC plumbing systems for residential and industrial applications. The Company also manufactures ASTM solvent weld lead free PVC plumbing systems.

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Astral Ltd (ASTRA IN)

Channel Insight #31 - Building Products (RM Supplier, Manufacturer, Retailer, Dealer)

Continuing our focus on building products, for this Insight, we speak to RM supplier, a manufacturer, retailers and dealers to understand the...

Pranav Bhavsar

HSIE Results Daily: Astral, Aarti Industries , Aditya Birla Capital, Narayana Health, Radico...

Prince Pipes: We maintain our BUY rating on Prince Pipes, with an unchanged target price of INR 940/sh (18.5x its Dec-23E EBITDA, implying 31x P...

HDFC Securities

Astral Ltd: Industry Leading Performance Continue

Astral Ltd (ASTRAL) reported healthy set of Q2FY22 numbers in both pipes and adhesives, despite the raw materials inflations.

Edelweiss

Astral Poly Technik: Innovator and Trendsetter in the Piping Segment

Given limited short-term upside potential from the current levels but a positive long-term outlook on the company, we recommend a HOLD rating on...

Axis Direct

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