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>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>
<p><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></p>


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

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), 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

<p>Q1FY22 results of Astral Limited were better than our expectations. Revenue grew by 73%, majorly on account of added plastics (+63%, YoY) and adhesives (+107.2%) segment. However, in Q1FY22, performance was hit by COVID 2.0 led disruptions – demand in both pipes and adhesives impacted while recovery in the second half of June has been strong</p><p>We expect revenue and PAT CAGR of 19% and 17.5% over FY21-24E and recommend HOLD' with TP of Rs 2,250.</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>

Q1FY22 results of Astral Limited were better than our expectations. Revenue grew by 73%, majorly on account of added plastics (+63%, YoY) and adhesives (+107.2%) segment. However, in Q1FY22, performance was hit by COVID 2.0 led disruptions – demand in both pipes and adhesives impacted while recovery in the second half of June has been strongWe expect revenue and PAT CAGR of 19% and 17.5% over FY21-24E and recommend HOLD' with TP of Rs 2,250.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: Strong Growth Across Verticals; Rich Valuations

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

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 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

Astral: Strong Growth Across Verticals; Rich Valuations

We expect revenue and PAT CAGR of 19% and 17.5% over FY21-24E and recommend HOLD; with TP of Rs 2,250. Q1FY22 results of Astral Limited were better...

Axis Direct

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