External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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>Following discussions with Astral management, we note that plumbing product demand remains muted in Q4FY25</li><li>PVC resin prices declined in February and March, keeping channel inventory low</li><li>Management reiterated their focus on margin maintenance over sales growth in the subdued market</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.

Following discussions with Astral management, we note that plumbing product demand remains muted in Q4FY25PVC resin prices declined in February and March, keeping channel inventory lowManagement reiterated their focus on margin maintenance over sales growth in the subdued marketContent 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: Focus on Margin over Volume. Maintain ADD

Thematic (Sector/Industry)

<ul><li>The building materials sector experienced muted demand in Q2FY26, impacted by heavy rainfall</li><li>We project a 7% YoY revenue growth for our coverage universe, driven by volume growth, leading to an 11% YoY growth in EBITDA and a 7% YoY increase in APAT</li><li>We believe that the volume growth of major tile companies was negatively affected by weak export performance and soft domestic demand</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 building materials sector experienced muted demand in Q2FY26, impacted by heavy rainfallWe project a 7% YoY revenue growth for our coverage universe, driven by volume growth, leading to an 11% YoY growth in EBITDA and a 7% YoY increase in APATWe believe that the volume growth of major tile companies was negatively affected by weak export performance and soft domestic demandContent 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.

Building Materials (Q2FY26 Results Preview): Demand recovery yet to come

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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>The Building Products sector in India is poised for a strong demand revival from FY26, aligning with the typical 1.5–2-year lag following a real estate upcycle.</li><li>Real estate absorptions rose nearly 30% in FY22 and 12% in FY23, with unsold inventory reaching a 10-year low in FY24, indicating building material consumption is gaining momentum.</li><li>FY25 experienced temporary softness due to election-related liquidity constraints and a short-term shift in discretionary spending.</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 Building Products sector in India is poised for a strong demand revival from FY26, aligning with the typical 1.5–2-year lag following a real estate upcycle.Real estate absorptions rose nearly 30% in FY22 and 12% in FY23, with unsold inventory reaching a 10-year low in FY24, indicating building material consumption is gaining momentum.FY25 experienced temporary softness due to election-related liquidity constraints and a short-term shift in discretionary spending.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.

Building Materials Sector - 16th July 2025

<ul><li>The building materials sector experienced soft demand in Q1FY26</li><li>Demand was satisfactory in April and May but decelerated in June due to the early onset of monsoons</li><li>We project a 6% YoY revenue growth for our coverage universe, driven by volume growth</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 building materials sector experienced soft demand in Q1FY26Demand was satisfactory in April and May but decelerated in June due to the early onset of monsoonsWe project a 6% YoY revenue growth for our coverage universe, driven by volume growthContent 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.

Building Materials (Q1FY26 Results Preview): Another Subdued Quarter

<ul><li>The Plumbing division reported a volume de-growth of 2.5% YoY, while realisations increased to Rs 190/kg. </li><li>In Q2FY25, average realisations stood at Rs 190/kg (up 1.1% YoY) and EBITDA remained stable at Rs 35/kg (up 3% YoY).</li><li>During the quarter, PVC/CPVC raw material prices decreased, leading to destocking. </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 Plumbing division reported a volume de-growth of 2.5% YoY, while realisations increased to Rs 190/kg. In Q2FY25, average realisations stood at Rs 190/kg (up 1.1% YoY) and EBITDA remained stable at Rs 35/kg (up 3% YoY).During the quarter, PVC/CPVC raw material prices decreased, leading to destocking. 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 - Weak Performance & Declining Growth

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Astral Ltd (ASTRA IN)

Astral: Focus on Margin over Volume. Maintain ADD

We maintain an ADD rating on Astral with a revised target price of INR 1,540 per share, valuing the company at 60x EPS for Mar-27E.

HDFC Securities

Building Materials (Q2FY26 Results Preview): Demand recovery yet to come

We project a 7% YoY revenue growth for our coverage universe, driven by volume growth, leading to an 11% YoY growth in EBITDA and a 7% YoY increase...

HDFC Securities

Building Materials Sector - 16th July 2025

The Building Products sector in India is poised for a strong demand revival from FY26, aligning with the typical 1.5–2-year lag following a real...

Axis Direct

Building Materials (Q1FY26 Results Preview): Another Subdued Quarter

The building materials sector experienced soft demand in Q1FY26. Demand was satisfactory in April and May but decelerated in June due to the early...

HDFC Securities

Astral Ltd - Weak Performance & Declining Growth

In Q2FY25, average realisations stood at Rs 190/kg (up 1.1% YoY) and EBITDA remained stable at Rs 35/kg (up 3% YoY). During the quarter, PVC/CPVC...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)