External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<div><ul><li>Tiles and bathware: Demand was impacted in the quarter amid intense heat.</li><li>Plastic pipes demand also remained subdued in Q1FY23 (though higher YoY on a low base).</li><li>Performance of companies: We expect national ceramic players to deliver ~50% YoY volume growth (on a low base), lower by ~7-10% QoQ.</li></ul><p><em>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.</em></p></div>

Tiles and bathware: Demand was impacted in the quarter amid intense heat.Plastic pipes demand also remained subdued in Q1FY23 (though higher YoY on a low base).Performance of companies: We expect national ceramic players to deliver ~50% YoY volume growth (on a low base), lower by ~7-10% QoQ.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 - Tiles, Pipes Segments Face Cost Headwinds

<div><div><div><ul><li>Ashok Leyland: In Q4, Ashok Leyland’s (AL) margin improved 130bps YoY to 8.9%, led by (1) 11% YoY volume growth and (2) 13% YoY realisation growth.</li><li>Alkyl Amines: We maintain SELL on Alkyl Amines with a price target of INR 2,375 (WACC 11%, terminal growth 5%).</li></ul></div></div></div><div><div><div><div><div><div><ul><li>Prince Pipes: We maintain BUY on Prince Pipes with a revised target price of INR 875/sh (18.5x its Mar-24E EBITDA).</li></ul></div></div></div></div></div></div><p><em>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.</em></p>

Ashok Leyland: In Q4, Ashok Leyland’s (AL) margin improved 130bps YoY to 8.9%, led by (1) 11% YoY volume growth and (2) 13% YoY realisation growth.Alkyl Amines: We maintain SELL on Alkyl Amines with a price target of INR 2,375 (WACC 11%, terminal growth 5%).Prince Pipes: We maintain BUY on Prince Pipes with a revised target price of INR 875/sh (18.5x its Mar-24E EBITDA).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.

HSIE Results Daily: Ashok Leyland, Alkyl Amines, Prince Pipes

<ul>
<li>In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base</li>
<li>Despite earlier cost pass-through, we estimate margin compression YoY amid elevated gas prices for tiles companies, higher resin prices, and absence of inventory gains for plastic pipe companies</li>
<li>Hence, we expect aggregate revenue for our coverage universe to firm up 19% YoY</li>
</ul>
<p><em>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.</em></p>


In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base
Despite earlier cost pass-through, we estimate margin compression YoY amid elevated gas prices for tiles companies, higher resin prices, and absence of inventory gains for plastic pipe companies
Hence, we expect aggregate revenue for our coverage universe to firm up 19% 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.

Building Materials (Q4FY22 Results Preview): Healthy demand

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>Continuing our focus on building products, for this Insight, we speak to RM supplier, a manufacturer, a few retailers and dealers to understand the demand outlook going forward </li>
<li>Government spending remains one of the primary drivers in the Industry right now.</li>
<li>There is minor down trading seen in tiles, while the market structure in pipes seems to be in favour of organised players. </li>
</ul>


Continuing our focus on building products, for this Insight, we speak to RM supplier, a manufacturer, a few retailers and dealers to understand the demand outlook going forward 
Government spending remains one of the primary drivers in the Industry right now.
There is minor down trading seen in tiles, while the market structure in pipes seems to be in favour of organised players. 


Channel Insight #31 - Building Products (RM Supplier, Manufacturer, Retailer, Dealer)

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.

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

Event-Driven

<ul>
<li>The Union Cabinet on 10 March 2026 approved JJM 2.0 with a total outlay of Rs 8.69 lakh crore extending the mission to December 2028.</li>
<li>The shift from capex-heavy pipe-laying to operations and maintenance fundamentally changes the sector's revenue model, favouring O&amp;M-linked EPC players and water treatment technology companies over pure commodity pipe suppliers.</li>
<li>Companies with deep O&amp;M annuity pipelines: VA Tech Wabag, EMS Limited, and Welspun Enterprises are structurally better positioned for the 2.0 era.</li>
</ul>


The Union Cabinet on 10 March 2026 approved JJM 2.0 with a total outlay of Rs 8.69 lakh crore extending the mission to December 2028.
The shift from capex-heavy pipe-laying to operations and maintenance fundamentally changes the sector's revenue model, favouring O&amp;M-linked EPC players and water treatment technology companies over pure commodity pipe suppliers.
Companies with deep O&amp;M annuity pipelines: VA Tech Wabag, EMS Limited, and Welspun Enterprises are structurally better positioned for the 2.0 era.


Jal Jeevan Mission 2.0: New Life to Water Related Companies in India

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 - Tiles, Pipes Segments Face Cost Headwinds

In Q1FY23, we expect volumes of both tiles and plastic pipe companies to moderate QoQ. However, given last year’s low base, we expect a strong...

HDFC Securities

HSIE Results Daily: Ashok Leyland, Alkyl Amines, Prince Pipes

Ashok Leyland: In Q4, Ashok Leyland’s (AL) margin improved 130bps YoY to 8.9%, led by (1) 11% YoY volume growth and (2) 13% YoY realisation growth.

HDFC Securities

Building Materials (Q4FY22 Results Preview): Healthy demand

In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base Despite earlier cost pass-through, we...

HDFC Securities

Channel Insight #31 - Building Products (RM Supplier, Manufacturer, Retailer, Dealer)

Continuing our focus on building products, for this Insight, we speak to RM supplier, a manufacturer, retailers and dealers to understand the...

Pranav Bhavsar

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Building Materials - Tiles, Pipes Segments Face Cost Headwinds

In Q1FY23, we expect volumes of both tiles and plastic pipe companies to moderate QoQ. However, given last year’s low base, we expect a strong...

HDFC Securities

HSIE Results Daily: Ashok Leyland, Alkyl Amines, Prince Pipes

Ashok Leyland: In Q4, Ashok Leyland’s (AL) margin improved 130bps YoY to 8.9%, led by (1) 11% YoY volume growth and (2) 13% YoY realisation growth.

HDFC Securities

Building Materials (Q4FY22 Results Preview): Healthy demand

In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base Despite earlier cost pass-through, we...

HDFC Securities

Channel Insight #31 - Building Products (RM Supplier, Manufacturer, Retailer, Dealer)

Continuing our focus on building products, for this Insight, we speak to RM supplier, a manufacturer, retailers and dealers to understand the...

Pranav Bhavsar

Jal Jeevan Mission 2.0: New Life to Water Related Companies in India

​The Union Cabinet approved JJM 2.0 with Rs 8.69 lakh crore outlay, shifting focus to O&M and favoring companies like VA Tech Wabag and Welspun...

Nimish Maheshwari

The Union Cabinet approved JJM 2.0 with Rs 8.69 lakh crore outlay, shifting focus to O&M and favoring companies like VA Tech Wabag and Welspun...