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>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>Century Plyboards India: We maintain BUY on Century with a lower target price of INR 905/sh</li><li>We value Century Ply using SOTP—ex-particle board business at 40x Mar-27E EPS and the upcoming particle board business at 2x capital employed in Mar-27E</li><li>We expect gradual ramp-up of its MDF and laminate capacity</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.

Century Plyboards India: We maintain BUY on Century with a lower target price of INR 905/shWe value Century Ply using SOTP—ex-particle board business at 40x Mar-27E EPS and the upcoming particle board business at 2x capital employed in Mar-27EWe expect gradual ramp-up of its MDF and laminate capacityContent 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: Century Plyboards India, Bata India, Greenlam Industries, Ahluwalia Contracts

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>Domestic investors (DIIs, retail, and HNIs) now hold 26.67% of non-promoter shares, narrowing the gap with FIIs, whose stakes have dropped to a 12-year low.</li>
<li>This shift signifies growing domestic confidence and a stabilizing market environment, reducing dependency on volatile FII flows amid global uncertainties.</li>
<li>Movement of the stock prices mostly dependent on FII moves rather than DII or Retail Investors. </li>
</ul>


Domestic investors (DIIs, retail, and HNIs) now hold 26.67% of non-promoter shares, narrowing the gap with FIIs, whose stakes have dropped to a 12-year low.
This shift signifies growing domestic confidence and a stabilizing market environment, reducing dependency on volatile FII flows amid global uncertainties.
Movement of the stock prices mostly dependent on FII moves rather than DII or Retail Investors. 


<ul><li>Apollo Hospitals Enterprise: EBITDA grew by 24% YoY, driven by a 14% YoY increase in sales</li><li>The hospital business saw a 13% YoY growth, led by a higher occupancy (of 68% vs 66% in Q3FY24) and ARPOB growth (+8% YoY)</li><li>HealthCo grew by 15% YoY (offline/ online sales up 14%/ 22% YoY) and AHLL grew 15% 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.

Apollo Hospitals Enterprise: EBITDA grew by 24% YoY, driven by a 14% YoY increase in salesThe hospital business saw a 13% YoY growth, led by a higher occupancy (of 68% vs 66% in Q3FY24) and ARPOB growth (+8% YoY)HealthCo grew by 15% YoY (offline/ online sales up 14%/ 22% YoY) and AHLL grew 15% YoYContent 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: Apollo Hospitals Enterprise, Berger Paints, Century Plyboards India...

Equity Bottom-Up

Century Plyboards India / Equity Bottom-Up

<ul><li>Century Plyboards India: In Q2FY25, Century’s revenue grew 19% YoY, led by healthy growth in ply and MDF segments</li><li>EBITDA declined 23% YoY, owing to multi-quarter low MDF, laminate and particle board margin</li><li>APAT declined 59% YoY, owing to weak EBITDA, higher capital charges, lower other income, and higher tax rate</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.

Century Plyboards India: In Q2FY25, Century’s revenue grew 19% YoY, led by healthy growth in ply and MDF segmentsEBITDA declined 23% YoY, owing to multi-quarter low MDF, laminate and particle board marginAPAT declined 59% YoY, owing to weak EBITDA, higher capital charges, lower other income, and higher tax rateContent 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.

Century Plyboards India - Healthy Ply Result; Other Segments Disappointed

India

Century Plyboards India Ltd. manufactures, sells, and exports plywood and veneer. The Company offers commercial, marine, concrete, shuttering, and decorative plywood. Century Plyboards products also include veneer, block board, timber, decorative laminates, prelaminated boards, fire safe plywood, flexible plywood, cement, clinker, adhesives, and chemicals.

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Century Plyboards India (CPBI IN)

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

HSIE Results Daily: Century Plyboards India, Bata India, Greenlam Industries, Ahluwalia Contracts

We value Century Ply using SOTP—ex-particle board business at 40x Mar-27E EPS and the upcoming particle board business at 2x capital employed in...

HDFC Securities

Who Is Moving Indian Markets?

Growing domestic investor confidence is reducing dependency on volatile FII flows, with DIIs now holding 26.67% of non-promoter shares.

Nimish Maheshwari

HSIE Results Daily: Apollo Hospitals Enterprise, Berger Paints, Century Plyboards India...

The hospital business saw a 13% YoY growth, led by a higher occupancy (of 68% vs 66% in Q3FY24) and ARPOB growth (+8% YoY)

HDFC Securities

Century Plyboards India - Healthy Ply Result; Other Segments Disappointed

Century Plyboards India: In Q2FY25, Century’s revenue grew 19% YoY, led by healthy growth in ply and MDF segments. EBITDA declined 23% YoY, owing...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

HSIE Results Daily: Century Plyboards India, Bata India, Greenlam Industries, Ahluwalia Contracts

We value Century Ply using SOTP—ex-particle board business at 40x Mar-27E EPS and the upcoming particle board business at 2x capital employed in...

HDFC Securities

Who Is Moving Indian Markets?

​Growing domestic investor confidence is reducing dependency on volatile FII flows, with DIIs now holding 26.67% of non-promoter shares.

Nimish Maheshwari

HSIE Results Daily: Apollo Hospitals Enterprise, Berger Paints, Century Plyboards India...

The hospital business saw a 13% YoY growth, led by a higher occupancy (of 68% vs 66% in Q3FY24) and ARPOB growth (+8% YoY)

HDFC Securities

Century Plyboards India - Healthy Ply Result; Other Segments Disappointed

Century Plyboards India: In Q2FY25, Century’s revenue grew 19% YoY, led by healthy growth in ply and MDF segments. EBITDA declined 23% YoY, owing...

HDFC Securities

Growing domestic investor confidence is reducing dependency on volatile FII flows, with DIIs now holding 26.67% of non-promoter shares.