External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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>Operating Leverage from MDF Capacity Expansion: The MDF business continues to be an important growth driver for Greenply.</li><li>The company has increased its capacity from 800 to 1,000 CBM per day, and the plant is now running at higher utilisation levels.</li><li>Management is focusing on using the plant more efficiently, reducing costs, and selling more industrialgrade MDF, which offers better margins. </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.

Operating Leverage from MDF Capacity Expansion: The MDF business continues to be an important growth driver for Greenply.The company has increased its capacity from 800 to 1,000 CBM per day, and the plant is now running at higher utilisation levels.Management is focusing on using the plant more efficiently, reducing costs, and selling more industrialgrade MDF, which offers better margins. 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.

Greenply Industries Ltd - Steady Growth; Margin Recovery Expected

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.

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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.

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Thematic (Sector/Industry)

<ul>
<li>The full enforcement of Bureau of Indian Standards (BIS) Quality Control Orders (QCO) has triggered a supply shock, collapsing wood panel imports by 90% as of late 2025.</li>
<li>This creates an immediate INR3,000+ crore revenue vacuum. Combined with a K-shaped real estate recovery favoring premium homes, demand is shifting from unorganized sector (70% share) to compliant listed leaders.</li>
<li>The industry is transitioning from a fragmented, low-entry-barrier market into a compliance-driven oligopoly. Organized leaders with scale, certification, and capital efficiency are positioned to capture disproportionate value.</li>
</ul>


The full enforcement of Bureau of Indian Standards (BIS) Quality Control Orders (QCO) has triggered a supply shock, collapsing wood panel imports by 90% as of late 2025.
This creates an immediate INR3,000+ crore revenue vacuum. Combined with a K-shaped real estate recovery favoring premium homes, demand is shifting from unorganized sector (70% share) to compliant listed leaders.
The industry is transitioning from a fragmented, low-entry-barrier market into a compliance-driven oligopoly. Organized leaders with scale, certification, and capital efficiency are positioned to capture disproportionate value.


Thematic Report on Indian Wood Panel Industry: The "Compliance Moat" Supercycle

<ul><li>Showing early signs of demand recovery: Greenply’s Apr’25 and May’25 aligned with its expectation, with the third month being a laggard.</li><li>The company is seeing further recovery in Jul’25 and expects a better quarter going forward.</li><li>This quarter, the plywood segment experienced a 3% decline in volumes, even as realisations rose 4% 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.

Showing early signs of demand recovery: Greenply’s Apr’25 and May’25 aligned with its expectation, with the third month being a laggard.The company is seeing further recovery in Jul’25 and expects a better quarter going forward.This quarter, the plywood segment experienced a 3% decline in volumes, even as realisations rose 4% 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.

Greenply Industries Ltd - Slow Quarter; Growth Supported by Capacity Expansions and Product Mix

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/stylam-industries-ltd" target="_blank" data-smartkarma-citation="entities:13492:1" rel="noopener">Stylam Industries (SYIL IN)</a> is a play on the Indian laminate space with a 25% CAGR growth predicated on growth in both international and domestic markets.</li>
<li>The stock trades at 23.6x/19x FY24e/25e. While this is not cheap by any stretch of the imagination, the company is a high grower/best in class amongst its competitors. </li>
<li>
<a href="https://www.smartkarma.com/entities/stylam-industries-ltd" target="_blank" data-smartkarma-citation="entities:13492:1" rel="noopener">Stylam Industries (SYIL IN)</a>  is completing an expansion to increase capacity by 40% in FY24 and expanding in a new segment that can double its revenue over FY23-25e. </li>
</ul>



Stylam Industries (SYIL IN) is a play on the Indian laminate space with a 25% CAGR growth predicated on growth in both international and domestic markets.
The stock trades at 23.6x/19x FY24e/25e. While this is not cheap by any stretch of the imagination, the company is a high grower/best in class amongst its competitors. 

Stylam Industries (SYIL IN)  is completing an expansion to increase capacity by 40% in FY24 and expanding in a new segment that can double its revenue over FY23-25e. 


Stylam (SYIL IN): Laminate Growth Play In India with 25% CAGR Growth

<ul><li>The Building Products sector in India is poised for a strong demand revival from FY26, aligning with the typical 1.5–2-year lag following a real estate upcycle.</li><li>Real estate absorptions rose nearly 30% in FY22 and 12% in FY23, with unsold inventory reaching a 10-year low in FY24, indicating building material consumption is gaining momentum.</li><li>FY25 experienced temporary softness due to election-related liquidity constraints and a short-term shift in discretionary spending.</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 Products sector in India is poised for a strong demand revival from FY26, aligning with the typical 1.5–2-year lag following a real estate upcycle.Real estate absorptions rose nearly 30% in FY22 and 12% in FY23, with unsold inventory reaching a 10-year low in FY24, indicating building material consumption is gaining momentum.FY25 experienced temporary softness due to election-related liquidity constraints and a short-term shift in discretionary spending.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 Sector - 16th July 2025

India

Greenply Industries Ltd. is an interior infrastructure company.  The Company manufactures plywood and boards, flush doors, decorative veneers and laminates, fibreboard, and particleboard.

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Greenply Industries (MTLM IN)

Greenply Industries Ltd - Steady Growth; Margin Recovery Expected

Operating Leverage from MDF Capacity Expansion: The MDF business continues to be an important growth driver for Greenply. The company has increased...

Axis Direct

Thematic Report on Indian Wood Panel Industry: The "Compliance Moat" Supercycle

BIS enforcement collapses wood panel imports by 90%, creating INR3,000+ crore revenue gap and shifting demand to compliant listed leaders in a...

Nimish Maheshwari

Greenply Industries Ltd - Slow Quarter; Growth Supported by Capacity Expansions and Product Mix

Showing early signs of demand recovery: Greenply’s Apr’25 and May’25 aligned with its expectation, with the third month being a laggard.

Axis Direct

Stylam (SYIL IN): Laminate Growth Play In India with 25% CAGR Growth

Stylam is a high-growth (25% CAGR) player in the laminate industry. This piece highlights its competitive edge and why it's a good long-term...

Sameer Taneja

Building Materials Sector - 16th July 2025

The Building Products sector in India is poised for a strong demand revival from FY26, aligning with the typical 1.5–2-year lag following a real...

Axis Direct

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Greenply Industries Ltd - Steady Growth; Margin Recovery Expected

Operating Leverage from MDF Capacity Expansion: The MDF business continues to be an important growth driver for Greenply. The company has increased...

Axis Direct

Thematic Report on Indian Wood Panel Industry: The "Compliance Moat" Supercycle

​BIS enforcement collapses wood panel imports by 90%, creating INR3,000+ crore revenue gap and shifting demand to compliant listed leaders in a...

Nimish Maheshwari

Greenply Industries Ltd - Slow Quarter; Growth Supported by Capacity Expansions and Product Mix

Showing early signs of demand recovery: Greenply’s Apr’25 and May’25 aligned with its expectation, with the third month being a laggard.

Axis Direct

Stylam (SYIL IN): Laminate Growth Play In India with 25% CAGR Growth

Stylam is a high-growth (25% CAGR) player in the laminate industry. This piece highlights its competitive edge and why it's a good long-term...

Sameer Taneja

Building Materials Sector - 16th July 2025

The Building Products sector in India is poised for a strong demand revival from FY26, aligning with the typical 1.5–2-year lag following a real...

Axis Direct

BIS enforcement collapses wood panel imports by 90%, creating INR3,000+ crore revenue gap and shifting demand to compliant listed leaders in a...