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.

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

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>PVC‐pipe makers endured FY 25’s perfect storm, resin prices crashed, trade channels destocked, volumes wobbled, yet April-May demand snapped back and resin prices appear to have bottomed.</li>
<li>Anti-Dumping duties plus the coming BIS quality curb on Chinese resin should lock in price discipline; government infra-spend, real-estate and irrigation needs set up 10-12 % volume CAGR for FY27.</li>
<li>With inventory now thin, even a modest restocking cycle could turbo-charge revenues while stabilising input costs let organised players claw back EBITDA margins; diversified leaders look best placed.</li>
</ul>


PVC‐pipe makers endured FY 25’s perfect storm, resin prices crashed, trade channels destocked, volumes wobbled, yet April-May demand snapped back and resin prices appear to have bottomed.
Anti-Dumping duties plus the coming BIS quality curb on Chinese resin should lock in price discipline; government infra-spend, real-estate and irrigation needs set up 10-12 % volume CAGR for FY27.
With inventory now thin, even a modest restocking cycle could turbo-charge revenues while stabilising input costs let organised players claw back EBITDA margins; diversified leaders look best placed.


Thematic Report: Indian Pipe Sector Turnaround

<ul>
<li>India has imposed anti-dumping duties of up to USD 707/tonne on PVC paste resin imports from six countries, including China and Korea, effective March 21, 2025.  </li>
<li>The move follows complaints from domestic producers citing dumping, margin pressure, and a surge in substandard resin imports disrupting market stability and quality standards.  </li>
<li>The duty will likely improve profitability for Indian manufacturers, stabilize resin prices, and reduce unfair competition, though it may raise costs for import-dependent sectors in the short term.</li>
</ul>


India has imposed anti-dumping duties of up to USD 707/tonne on PVC paste resin imports from six countries, including China and Korea, effective March 21, 2025.  
The move follows complaints from domestic producers citing dumping, margin pressure, and a surge in substandard resin imports disrupting market stability and quality standards.  
The duty will likely improve profitability for Indian manufacturers, stabilize resin prices, and reduce unfair competition, though it may raise costs for import-dependent sectors in the short term.


Will India's Anti-Dumping Duty Impact the PVC Industry Players In India?

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)

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

Thematic Report: Indian Pipe Sector Turnaround

PVC pipe makers faced challenges in FY25 but rebounded in April-May with potential for growth in FY27 due to government spending and quality...

Nimish Maheshwari

Will India's Anti-Dumping Duty Impact the PVC Industry Players In India?

India imposes anti-dumping duties on PVC paste resin imports to protect domestic producers from unfair competition and stabilize market prices,...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Thematic Report: Indian Pipe Sector Turnaround

​PVC pipe makers faced challenges in FY25 but rebounded in April-May with potential for growth in FY27 due to government spending and quality...

Nimish Maheshwari

Will India's Anti-Dumping Duty Impact the PVC Industry Players In India?

​India imposes anti-dumping duties on PVC paste resin imports to protect domestic producers from unfair competition and stabilize market prices,...

Nimish Maheshwari

PVC pipe makers faced challenges in FY25 but rebounded in April-May with potential for growth in FY27 due to government spending and quality...

India imposes anti-dumping duties on PVC paste resin imports to protect domestic producers from unfair competition and stabilize market prices,...