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

<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

Thematic (Sector/Industry)

<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

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

<ul><li>We maintain our BUY rating with an unchanged target price of INR 420/share (12/20x its Mar’25E consolidated EBITDA/APAT)</li><li>We like Greenpanel for its leadership positioning in the MDF segment, high value-added share, large retail presence (85% in FY23), healthy margin, and working capital profile</li><li>Greenpanel’s consolidated revenue/EBITDA fell 13/14% QoQ in Q1FY24 as MDF volume and margin declined</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.

We maintain our BUY rating with an unchanged target price of INR 420/share (12/20x its Mar’25E consolidated EBITDA/APAT)We like Greenpanel for its leadership positioning in the MDF segment, high value-added share, large retail presence (85% in FY23), healthy margin, and working capital profileGreenpanel’s consolidated revenue/EBITDA fell 13/14% QoQ in Q1FY24 as MDF volume and margin declinedContent 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.

Greenpanel Industries (Q1FY24) - Enhanced Competition Stresses Volume and Margin.

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

<ul><li>Greenply Industries (GIL) is one the leading players in the plywood business in India</li><li>It has a distribution network of 2,300+dealers/authorised stockists pan-India</li><li>It is foraying into the MDF boards business with greenfield manufacturing set-up at Vadodara, Gujarat of 800 CBM/day (capex of ~Rs 555 crore)</li></ul><div class="content-highlight">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.</div>

Greenply Industries (GIL) is one the leading players in the plywood business in IndiaIt has a distribution network of 2,300+dealers/authorised stockists pan-IndiaIt is foraying into the MDF boards business with greenfield manufacturing set-up at Vadodara, Gujarat of 800 CBM/day (capex of ~Rs 555 crore)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: Margins Decline Owing to Higher Input Prices

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

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

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

Greenpanel Industries (Q1FY24) - Enhanced Competition Stresses Volume and Margin.

We maintain our BUY rating with an unchanged target price of INR 420/share (12/20x its Mar’25E consolidated EBITDA/APAT)

HDFC Securities

Greenply Industries: Margins Decline Owing to Higher Input Prices

Greenply Industries (GIL) is one the leading players in the plywood business in India. It has a distribution network of 2,300+dealers/authorised...

ICICI Securities Limited

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