External broker reports(aggregated public sources), HDFC Securities

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Equity Bottom-Up

<ul><li>We attended Somany Ceramics' analyst meet, represented by Mr</li><li>Abhishek Somany (MD and CEO), Mr Sailesh Kedawat (CFO), and Mr Ameya Somany (KMP – son of MD)</li><li>Management indicated that demand is showing signs of recovery</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 attended Somany Ceramics' analyst meet, represented by MrAbhishek Somany (MD and CEO), Mr Sailesh Kedawat (CFO), and Mr Ameya Somany (KMP – son of MD)Management indicated that demand is showing signs of recoveryContent 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.

Somany Ceramics: Recovery Building, Normalcy Distant. Maintain ADD

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

<ul><li>We met with Somany Ceramics' management, including Mr. Abhishek Somany (MD and CEO), Mr. Sailesh Kedawat (CFO), and Mr. Kumar Sunit (Head— Strategy and IR).</li><li>The management reported that in Q1, the industry saw good demand in the first half, which then slowed due to the monsoon's onset.</li><li>The company is hopeful of a price hike in the coming months. For FY26, it forecasts high-single to low-double-digit volume growth. </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 met with Somany Ceramics' management, including Mr. Abhishek Somany (MD and CEO), Mr. Sailesh Kedawat (CFO), and Mr. Kumar Sunit (Head— Strategy and IR).The management reported that in Q1, the industry saw good demand in the first half, which then slowed due to the monsoon's onset.The company is hopeful of a price hike in the coming months. For FY26, it forecasts high-single to low-double-digit volume growth. 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.

Somany Ceramics: Not yet a Surge, Demand Is Just a Murmur. Downgrade to ADD

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

<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

India

Somany Ceramics Limited manufactures ceramic wall and floor tiles. The Group exports its products to Europe, the Middle East, Australia, New Zealand, Mauritius, South Africa and Sri Lanka.

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Somany Ceramics (SOMC IN)

Somany Ceramics: Recovery Building, Normalcy Distant. Maintain ADD

We attended Somany Ceramics' analyst meet, represented by Mr. Abhishek Somany (MD and CEO), Mr. Sailesh Kedawat (CFO), and Mr. Ameya Somany (KMP –...

HDFC Securities

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

Somany Ceramics: Not yet a Surge, Demand Is Just a Murmur. Downgrade to ADD

We met with Somany Ceramics' management, including Mr. Abhishek Somany (MD and CEO), Mr. Sailesh Kedawat (CFO), and Mr. Kumar Sunit (Head— Strategy...

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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Somany Ceramics: Recovery Building, Normalcy Distant. Maintain ADD

We attended Somany Ceramics' analyst meet, represented by Mr. Abhishek Somany (MD and CEO), Mr. Sailesh Kedawat (CFO), and Mr. Ameya Somany (KMP –...

HDFC Securities

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

Somany Ceramics: Not yet a Surge, Demand Is Just a Murmur. Downgrade to ADD

We met with Somany Ceramics' management, including Mr. Abhishek Somany (MD and CEO), Mr. Sailesh Kedawat (CFO), and Mr. Kumar Sunit (Head— Strategy...

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

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

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