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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

<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>The building materials sector experienced muted demand in Q2FY26, impacted by heavy rainfall</li><li>We project a 7% YoY revenue growth for our coverage universe, driven by volume growth, leading to an 11% YoY growth in EBITDA and a 7% YoY increase in APAT</li><li>We believe that the volume growth of major tile companies was negatively affected by weak 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 experienced muted demand in Q2FY26, impacted by heavy rainfallWe project a 7% YoY revenue growth for our coverage universe, driven by volume growth, leading to an 11% YoY growth in EBITDA and a 7% YoY increase in APATWe believe that the volume growth of major tile companies was negatively affected by weak 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 (Q2FY26 Results Preview): Demand recovery yet to come

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

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

Building Materials (Q2FY26 Results Preview): Demand recovery yet to come

We project a 7% YoY revenue growth for our coverage universe, driven by volume growth, leading to an 11% YoY growth in EBITDA and a 7% YoY increase...

HDFC Securities

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