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. 

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Equity Bottom-Up

<ul><li>Structural Margin Improvement: Greenply’s expected profitability is set to improve steadily as operating leverage strengthens and new efficiency initiatives begin contributing.</li><li>Management reiterated confidence in achieving 10%+ plywood EBITDA margins as plant utilisation normalises and quarterly plywood revenues exceed Rs 600 Cr. MDF EBITDA margins are expected to remain at 16–17%, with potential to improve to 17–18% as the second MDF line scales up.</li><li>Additionally, benefits from the Conti Roll technology, superior product mix and selective pricing actions should help offset raw material cost volatility and support margin expansion. </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.

Structural Margin Improvement: Greenply’s expected profitability is set to improve steadily as operating leverage strengthens and new efficiency initiatives begin contributing.Management reiterated confidence in achieving 10%+ plywood EBITDA margins as plant utilisation normalises and quarterly plywood revenues exceed Rs 600 Cr. MDF EBITDA margins are expected to remain at 16–17%, with potential to improve to 17–18% as the second MDF line scales up.Additionally, benefits from the Conti Roll technology, superior product mix and selective pricing actions should help offset raw material cost volatility and support margin expansion. 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 - Strong Demand and Capacity Ramp-Up Drive Positive Outlook

<ul><li>Structural Margin Improvement: Greenply has demonstrated a clear shift towards sustainable profitability, with Q4 margins likely becoming the new baseline.</li><li>MDF margins are supported by operating leverage, while plywood margins are improving due to process innovation and a better product mix.</li><li>The introduction of advanced manufacturing technology is expected to enhance quality and reduce costs, especially in H2FY27. </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.

Structural Margin Improvement: Greenply has demonstrated a clear shift towards sustainable profitability, with Q4 margins likely becoming the new baseline.MDF margins are supported by operating leverage, while plywood margins are improving due to process innovation and a better product mix.The introduction of advanced manufacturing technology is expected to enhance quality and reduce costs, especially in H2FY27. 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 - Good Quarter; Volume Led Growth with Margin Protection

Thematic (Sector/Industry)

<ul><li>Demand Remains Resilient: In Q1FY27, our coverage universe reported pre-sales de-growth of ~40% YoY, amounting to ~Rs 10,300 Cr.</li><li>This was primarily due to the shift of major launches to H2, compared with the previous year’s quarter, which benefited from 2–3 high-value launches.</li><li>We observed sustenance sales traction in Oberoi, Prestige and Arvind, which performed in line with expectations. </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.

Demand Remains Resilient: In Q1FY27, our coverage universe reported pre-sales de-growth of ~40% YoY, amounting to ~Rs 10,300 Cr.This was primarily due to the shift of major launches to H2, compared with the previous year’s quarter, which benefited from 2–3 high-value launches.We observed sustenance sales traction in Oberoi, Prestige and Arvind, which performed in line with expectations. 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.

High Conviction Ideas:Real Estate, Durable Goods & Hospitality

<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>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 - Strong Demand and Capacity Ramp-Up Drive Positive Outlook

Greenply’s expected profitability is set to improve steadily as operating leverage strengthens and new efficiency initiatives begin contributing.

Axis Direct

Greenply Industries Ltd - Good Quarter; Volume Led Growth with Margin Protection

Structural Margin Improvement: Greenply has demonstrated a clear shift towards sustainable profitability, with Q4 margins likely becoming the new...

Axis Direct

High Conviction Ideas:Real Estate, Durable Goods & Hospitality

This was primarily due to the shift of major launches to H2, compared with the previous year’s quarter, which benefited from 2–3 high-value launches.

Axis Direct

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

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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