External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul>
<li>Secondary demand in the building materials sector remained largely steady in Q4FY26</li>
<li>However, channel restocking and recent price hikes are expected to support strong ~19% YoY revenue growth, translating into robust ~46–47% YoY growth in EBITDA and APAT.</li>
<li>Coverage pipes companies are likely to report healthy ~27% YoY volume growth in Q4FY26, primarily driven by aggressive channel restocking amid a sharp increase in PVC resin prices.</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.


Secondary demand in the building materials sector remained largely steady in Q4FY26
However, channel restocking and recent price hikes are expected to support strong ~19% YoY revenue growth, translating into robust ~46–47% YoY growth in EBITDA and APAT.
Coverage pipes companies are likely to report healthy ~27% YoY volume growth in Q4FY26, primarily driven by aggressive channel restocking amid a sharp increase in PVC resin prices.

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 (Q4FY26 Results Preview): Strong quarter: inventory build and price hikes

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

<ul>
<li>Middle East tensions have increased the risk of Brent crude moving toward USD 85-90 per barrel in the near term.</li>
<li>For India, every USD 10 rise in crude can add around 30 bps to inflation and widen the current account deficit.</li>
<li>The impact will vary by sector. Upstream oil companies benefit, while oil-intensive sectors face margin pressure if prices stay elevated.</li>
</ul>


Middle East tensions have increased the risk of Brent crude moving toward USD 85-90 per barrel in the near term.
For India, every USD 10 rise in crude can add around 30 bps to inflation and widen the current account deficit.
The impact will vary by sector. Upstream oil companies benefit, while oil-intensive sectors face margin pressure if prices stay elevated.


Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Q3 FY26 calls show revival: PVC stabilized, volumes up 12–18% YoY, channel restocking returning, margins recovering across leaders.</li>
<li>After 15–20 months of price wars and destocking, arrested price erosion plus government capex can lift realizations and EBITDA sustainably.</li>
<li>Near-Term earnings skew improves into Q4 FY26–Q1 FY27; leaders with scale and value-added mix look better positioned for share gains.</li>
</ul>


Q3 FY26 calls show revival: PVC stabilized, volumes up 12–18% YoY, channel restocking returning, margins recovering across leaders.
After 15–20 months of price wars and destocking, arrested price erosion plus government capex can lift realizations and EBITDA sustainably.
Near-Term earnings skew improves into Q4 FY26–Q1 FY27; leaders with scale and value-added mix look better positioned for share gains.


Indian Pipe Sector: Signs of Revival Amid Volatility – Q3 FY26 Insights

<ul><li>The building materials sector saw subdued demand in Q3FY26</li><li>Our coverage universe is expected to post 9% YoY revenue growth, fueled by volume expansion, resulting in 23% YoY growth in both EBITDA and APAT, supported by a low prior-year base</li><li>We believe that the volume growth of major tile companies remained subdued affected by muted export performance and soft domestic demand</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 materials sector saw subdued demand in Q3FY26Our coverage universe is expected to post 9% YoY revenue growth, fueled by volume expansion, resulting in 23% YoY growth in both EBITDA and APAT, supported by a low prior-year baseWe believe that the volume growth of major tile companies remained subdued affected by muted export performance and soft domestic demandContent 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 (Q3FY26 Results Preview): Lackluster quarter, revival hopes pinned

<ul><li>Bajaj Finance: Bajaj Finance’s (BAF) Q2FY26 earnings were marginally lower than our estimates, with high credit costs (2.02%) partly offset by steady AUM growth (+23.6% YoY) and improving operating efficiency</li><li>Credit costs remained elevated largely driven by MSME (11% of AUM) and captive 2W/3W (1.5% of AUM), leading to management guidance for credit costs of upper end of 1.85-1.95% range for FY26</li><li>However, BAF’s post-pandemic cross-functional investments continue to drive higher throughput and efficiency gains (C/I at 33%, opex-to-AUM at 3.8%), which is likely to sustain during FY26-FY28E</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.

Bajaj Finance: Bajaj Finance’s (BAF) Q2FY26 earnings were marginally lower than our estimates, with high credit costs (2.02%) partly offset by steady AUM growth (+23.6% YoY) and improving operating efficiencyCredit costs remained elevated largely driven by MSME (11% of AUM) and captive 2W/3W (1.5% of AUM), leading to management guidance for credit costs of upper end of 1.85-1.95% range for FY26However, BAF’s post-pandemic cross-functional investments continue to drive higher throughput and efficiency gains (C/I at 33%, opex-to-AUM at 3.8%), which is likely to sustain during FY26-FY28EContent 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.

HSIE Results Daily: Bajaj Finance, Petronet LNG, Birla Corporation, Greenlam Industries...

India

Prince Pipes and Fittings Limited is a leading Indian manufacturer and supplier of polymer-based piping solutions. The company offers a comprehensive range of products, including CPVC, UPVC, HDPE, and PPR pipes and fittings, catering to plumbing, irrigation, sewerage, and industrial applications. It was established in 1987 and is headquartered in Mumbai, India.

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Prince Pipes And Fittings (PRINCPIP IN)

Building Materials (Q4FY26 Results Preview): Strong quarter: inventory build and price hikes

Coverage pipes companies are likely to report healthy ~27% YoY volume growth in Q4FY26, primarily driven by aggressive channel restocking amid a...

HDFC Securities

Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

Sudarshan Bhandari

Indian Pipe Sector: Signs of Revival Amid Volatility – Q3 FY26 Insights

Q3 FY26 calls indicate PVC market stabilization, volume growth, and margin recovery, with potential for sustained EBITDA improvement in the coming...

Nimish Maheshwari

Building Materials (Q3FY26 Results Preview): Lackluster quarter, revival hopes pinned

We believe that the volume growth of major tile companies remained subdued affected by muted export performance and soft domestic demand

HDFC Securities

HSIE Results Daily: Bajaj Finance, Petronet LNG, Birla Corporation, Greenlam Industries...

Bajaj Finance’s (BAF) Q2FY26 earnings were marginally lower than our estimates, with high credit costs (2.02%) partly offset by steady AUM growth...

HDFC Securities

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52-week Range

Market Cap (USDm)

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Building Materials (Q4FY26 Results Preview): Strong quarter: inventory build and price hikes

Coverage pipes companies are likely to report healthy ~27% YoY volume growth in Q4FY26, primarily driven by aggressive channel restocking amid a...

HDFC Securities

Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

​Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

Sudarshan Bhandari

Indian Pipe Sector: Signs of Revival Amid Volatility – Q3 FY26 Insights

​Q3 FY26 calls indicate PVC market stabilization, volume growth, and margin recovery, with potential for sustained EBITDA improvement in the coming...

Nimish Maheshwari

Building Materials (Q3FY26 Results Preview): Lackluster quarter, revival hopes pinned

We believe that the volume growth of major tile companies remained subdued affected by muted export performance and soft domestic demand

HDFC Securities

HSIE Results Daily: Bajaj Finance, Petronet LNG, Birla Corporation, Greenlam Industries...

Bajaj Finance’s (BAF) Q2FY26 earnings were marginally lower than our estimates, with high credit costs (2.02%) partly offset by steady AUM growth...

HDFC Securities

Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

Q3 FY26 calls indicate PVC market stabilization, volume growth, and margin recovery, with potential for sustained EBITDA improvement in the coming...