India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/finolex-industries-ltd" target="_blank" data-smartkarma-citation="entities:1469:1" rel="noopener">Finolex Industries (FNXP IN)</a> is a leading, vertically integrated Indian PVC manufacturer, the 2nd largest in PVC resin and 3rd in pipes &amp; fittings, with captive production offering cost advantage.</li>
<li>Margin recovery in FY26 is targeted post headwinds faced by industry via pricing correction, improved product mix, enhanced discount management, and cost efficiency programs. </li>
<li>Potential ADD/BIS mandates mid-FY26 may curb Chinese imports, possibly enabling a 5–10% domestic price increase, reshaping the market.</li>
</ul>



Finolex Industries (FNXP IN) is a leading, vertically integrated Indian PVC manufacturer, the 2nd largest in PVC resin and 3rd in pipes &amp; fittings, with captive production offering cost advantage.
Margin recovery in FY26 is targeted post headwinds faced by industry via pricing correction, improved product mix, enhanced discount management, and cost efficiency programs. 
Potential ADD/BIS mandates mid-FY26 may curb Chinese imports, possibly enabling a 5–10% domestic price increase, reshaping the market.


The Beat Ideas: Finolex Industries Ltd ~ Vertically Integrated PVC Manufacturer

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India's PVC market faces high import dependency, reaching 63% in FY25, due to stagnant domestic capacity and a widening 3 MMT demand-supply gap. </li>
<li>Adani and Reliance plan 2.5 MTPA domestic capacity expansion, bolstering production to reduce import reliance. </li>
<li>This aims to cut import dependency from 63% to under 30% by FY27, narrowing the gap to 1.4 MMT, enhancing domestic profitability.</li>
</ul>


India's PVC market faces high import dependency, reaching 63% in FY25, due to stagnant domestic capacity and a widening 3 MMT demand-supply gap. 
Adani and Reliance plan 2.5 MTPA domestic capacity expansion, bolstering production to reduce import reliance. 
This aims to cut import dependency from 63% to under 30% by FY27, narrowing the gap to 1.4 MMT, enhancing domestic profitability.


The Adani Factor: Creating India's Biggest PVC Capacity

Thematic (Sector/Industry)

<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

Prince Pipes and Fittings / Equity Bottom-Up

<ul>
<li>Prince Pipes entered the premium bathware segment with the Aquel acquisition, expanding into lifestyle plumbing beyond traditional piping systems.</li>
<li>This move broadens its addressable market and margin profile, creating cross-selling opportunities across its large dealer network. 
</li>
<li>With margin recovery likely and industry destocking easing, Prince Pipes appears well-positioned for rerating and multi-year profit growth.</li>
</ul>


Prince Pipes entered the premium bathware segment with the Aquel acquisition, expanding into lifestyle plumbing beyond traditional piping systems.
This move broadens its addressable market and margin profile, creating cross-selling opportunities across its large dealer network. 

With margin recovery likely and industry destocking easing, Prince Pipes appears well-positioned for rerating and multi-year profit growth.


The Beat Ideas: Prince Pipes- Margin Recovery and Market Expansion in Full Flow

<ul>
<li>HP Adhesives has expanded its product portfolio with high-growth categories like silicone sealants and diversified into high-margin niches such as epoxy putties, strengthening its market position. </li>
<li>The company’s strategic distribution expansion, along with product innovation, aligns well with the growing demand in the Indian adhesives market, positioning HPAL for sustainable growth across various sectors. </li>
<li>While facing challenges like raw material price volatility and competition from market leaders, HPAL’s strong capacity expansion and focus on high-margin products indicate significant potential for long-term value creation.</li>
</ul>


HP Adhesives has expanded its product portfolio with high-growth categories like silicone sealants and diversified into high-margin niches such as epoxy putties, strengthening its market position. 
The company’s strategic distribution expansion, along with product innovation, aligns well with the growing demand in the Indian adhesives market, positioning HPAL for sustainable growth across various sectors. 
While facing challenges like raw material price volatility and competition from market leaders, HPAL’s strong capacity expansion and focus on high-margin products indicate significant potential for long-term value creation.


Business Breakdown: HP Adhesives- Building a Brand or Battling Giants

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)

The Beat Ideas: Finolex Industries Ltd ~ Vertically Integrated PVC Manufacturer

Finolex Industries is a top Indian PVC manufacturer, aiming for margin recovery in FY26 through various strategies, with potential for domestic...

Sudarshan Bhandari

The Adani Factor: Creating India's Biggest PVC Capacity

India's PVC market heavily reliant on imports at 63%, plans for domestic capacity expansion to reduce dependency and boost profitability by FY27.

Nimish Maheshwari

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

The Beat Ideas: Prince Pipes- Margin Recovery and Market Expansion in Full Flow

Prince Pipes expands into premium bathware segment through Aquel acquisition, creating cross-selling opportunities and positioning for profit...

Sudarshan Bhandari

Business Breakdown: HP Adhesives- Building a Brand or Battling Giants

HP Adhesives strategically expands product portfolio and distribution to capitalize on growing demand in Indian adhesives market, positioning for...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Finolex Industries Ltd ~ Vertically Integrated PVC Manufacturer

​Finolex Industries is a top Indian PVC manufacturer, aiming for margin recovery in FY26 through various strategies, with potential for domestic...

Sudarshan Bhandari

The Adani Factor: Creating India's Biggest PVC Capacity

​India's PVC market heavily reliant on imports at 63%, plans for domestic capacity expansion to reduce dependency and boost profitability by FY27.

Nimish Maheshwari

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

The Beat Ideas: Prince Pipes- Margin Recovery and Market Expansion in Full Flow

​Prince Pipes expands into premium bathware segment through Aquel acquisition, creating cross-selling opportunities and positioning for profit...

Sudarshan Bhandari

Business Breakdown: HP Adhesives- Building a Brand or Battling Giants

​HP Adhesives strategically expands product portfolio and distribution to capitalize on growing demand in Indian adhesives market, positioning for...

Sudarshan Bhandari

Finolex Industries is a top Indian PVC manufacturer, aiming for margin recovery in FY26 through various strategies, with potential for domestic...

India's PVC market heavily reliant on imports at 63%, plans for domestic capacity expansion to reduce dependency and boost profitability by FY27.

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

Prince Pipes expands into premium bathware segment through Aquel acquisition, creating cross-selling opportunities and positioning for profit...

HP Adhesives strategically expands product portfolio and distribution to capitalize on growing demand in Indian adhesives market, positioning for...