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>In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base</li>
<li>Despite earlier cost pass-through, we estimate margin compression YoY amid elevated gas prices for tiles companies, higher resin prices, and absence of inventory gains for plastic pipe companies</li>
<li>Hence, we expect aggregate revenue for our coverage universe to firm up 19% YoY</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.


In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base
Despite earlier cost pass-through, we estimate margin compression YoY amid elevated gas prices for tiles companies, higher resin prices, and absence of inventory gains for plastic pipe companies
Hence, we expect aggregate revenue for our coverage universe to firm up 19% 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.

Building Materials (Q4FY22 Results Preview): Healthy demand

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.

Equity Bottom-Up

<ul><li>Entering PVC Resin Manufacturing-leading to Margin Improvements: Astral has been developing CPVC resin manufacturing capabilities over the past three years and has achieved its quality and cost objectives, meeting international standards.</li><li>As CPVC resin is a key raw material for the company, it has entered into an agreement with Nexelon Chem, in which it holds an 80% equity stake.</li><li>The estimated project cost is Rs 150 Cr for a 40,000 MT capacity, with Astral committing Rs 120 Cr (80% share). </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.

Entering PVC Resin Manufacturing-leading to Margin Improvements: Astral has been developing CPVC resin manufacturing capabilities over the past three years and has achieved its quality and cost objectives, meeting international standards.As CPVC resin is a key raw material for the company, it has entered into an agreement with Nexelon Chem, in which it holds an 80% equity stake.The estimated project cost is Rs 150 Cr for a 40,000 MT capacity, with Astral committing Rs 120 Cr (80% 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.

Axis Punch: Astral Ltd - 03rd September, 2025

<ul><li>Astral’s CPVC Resin manufacturing; Margin improvement: Astral has been developing CPVC resin manufacturing capabilities over the past three years and has achieved its quality and cost objectives, meeting international standards.</li><li>As CPVC resin is a key raw material for the company, it has entered into an agreement with Nexelon Chem, in which it holds an 80% equity stake.</li><li>The estimated project cost is Rs 150 Cr for a 40,000 MT capacity, with Astral committing Rs 120 Cr (80% share). </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.

Astral’s CPVC Resin manufacturing; Margin improvement: Astral has been developing CPVC resin manufacturing capabilities over the past three years and has achieved its quality and cost objectives, meeting international standards.As CPVC resin is a key raw material for the company, it has entered into an agreement with Nexelon Chem, in which it holds an 80% equity stake.The estimated project cost is Rs 150 Cr for a 40,000 MT capacity, with Astral committing Rs 120 Cr (80% 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 - Margin Improvement and Demand Revival on Cards; Maintain BUY

<ul><li>Focus on new product launches: Astral is India’s first company to receive UL certification for its FirePro fittings. It has received ISI approval for O-PVC products.</li><li>The company has started commercial production at its Ghiloth plant for SWR fittings and will soon begin CPVC fittings, targeting the North and East markets.</li><li>It has also opened marketing offices in Dubai to target the Africa and Middle East markets for value-added products. </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.

Focus on new product launches: Astral is India’s first company to receive UL certification for its FirePro fittings. It has received ISI approval for O-PVC products.The company has started commercial production at its Ghiloth plant for SWR fittings and will soon begin CPVC fittings, targeting the North and East markets.It has also opened marketing offices in Dubai to target the Africa and Middle East markets for value-added products. 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. - Steady Margins; Maintain HOLD

<ul><li>Astral Pipes is a leading name in India’s home building materials industry, renowned for a strong presence in plastic pipes, adhesives, paints, faucets, and sanitary ware.</li><li>Backed by robust manufacturing, a wide range of products, and a trusted brand, the company has consistently outpaced industry growth.</li><li>Its resilience and operational excellence have cemented its position as a dominant force in the 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.

Astral Pipes is a leading name in India’s home building materials industry, renowned for a strong presence in plastic pipes, adhesives, paints, faucets, and sanitary ware.Backed by robust manufacturing, a wide range of products, and a trusted brand, the company has consistently outpaced industry growth.Its resilience and operational excellence have cemented its position as a dominant force in the market.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.

Pick of the Week: Astral Ltd - 05 April, 2025

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 (Q4FY22 Results Preview): Healthy demand

In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base Despite earlier cost pass-through, we...

HDFC Securities

Axis Punch: Astral Ltd - 03rd September, 2025

Astral has been developing CPVC resin manufacturing capabilities over the past three years and has achieved its quality and cost objectives,...

Axis Direct

Astral Ltd - Margin Improvement and Demand Revival on Cards; Maintain BUY

Astral has been developing CPVC resin manufacturing capabilities over the past three years and has achieved its quality and cost objectives,...

Axis Direct

Astral Ltd. - Steady Margins; Maintain HOLD

Focus on new product launches: Astral is India’s first company to receive UL certification for its FirePro fittings. It has received ISI approval...

Axis Direct

Pick of the Week: Astral Ltd - 05 April, 2025

Astral Pipes is a leading name in India’s home building materials industry, renowned for a strong presence in plastic pipes, adhesives, paints,...

Axis Direct

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