External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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Equity Bottom-Up

<ul><li>P&amp;F reported modest volume increase of 5.5% YoY due to weak season for agri business and delays in ADD on PVC resin prices.</li><li>The company has guided single digit volume growth for FY25, which leads to high single digit volume growth in Q4FY25. The management indicated double digit volume growth for FY26, with improvement in margins as competitive prices will improve with demand and normalization in channel inventory.</li><li>EBIT/kg for the P&amp;F segment moderated at Rs3.7 with lower PVC-EDC spread at USD 517/MT and 5.1% YoY lower realization.</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.

P&amp;F reported modest volume increase of 5.5% YoY due to weak season for agri business and delays in ADD on PVC resin prices.The company has guided single digit volume growth for FY25, which leads to high single digit volume growth in Q4FY25. The management indicated double digit volume growth for FY26, with improvement in margins as competitive prices will improve with demand and normalization in channel inventory.EBIT/kg for the P&amp;F segment moderated at Rs3.7 with lower PVC-EDC spread at USD 517/MT and 5.1% YoY lower realization.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.

Finolex Industries (FNXP IN) - Margin Contracted, Modest Volume Growth

<ul><li>Prabhudas Lilladher's research report onFinolex Industries We upward revise our FY25/FY26E adjusted earnings by 6.9%/8.1% on account of improvement in margins with operational efficiency and stable PVC-EDC spread, which expected to continue.</li><li>FNXP reported healthy volume growth of 23.0% YoY in its seasonally strong quarter for agri. business.</li><li>Management indicated high single-digit volume growth in its agri. business (~68% cont. in FY24) and ~20% growth in non-agri pipes and fittings segment.</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.

Prabhudas Lilladher's research report onFinolex Industries We upward revise our FY25/FY26E adjusted earnings by 6.9%/8.1% on account of improvement in margins with operational efficiency and stable PVC-EDC spread, which expected to continue.FNXP reported healthy volume growth of 23.0% YoY in its seasonally strong quarter for agri. business.Management indicated high single-digit volume growth in its agri. business (~68% cont. in FY24) and ~20% growth in non-agri pipes and fittings segment.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.

Finolex Industries (FNXP IN) - Healthy Volumegrowth, Improvement in Margins

India

Finolex Industries Limited manufactures PVC pipes and fittings, which are sold primarily to businesses in the agricultural sector.  The Company also manufactures PVC resins, which are used as raw materials for PVC pipes and fittings.

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Finolex Industries (FNXP IN)