External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>We recently met Stylam’s promoter, Jagdish Gupta, MD, and Kishan Nagpal, CFO, during a visit to their manufacturing plant, which is Asia’s largest single-location manufacturing facility in Chandigarh</li><li>The management senses a revival in export market demand and expects an uptick in domestic demand soon</li><li>For exports, it expects Q3FY24 volume to take a hit owing to the war situation in Israel</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 recently met Stylam’s promoter, Jagdish Gupta, MD, and Kishan Nagpal, CFO, during a visit to their manufacturing plant, which is Asia’s largest single-location manufacturing facility in ChandigarhThe management senses a revival in export market demand and expects an uptick in domestic demand soonFor exports, it expects Q3FY24 volume to take a hit owing to the war situation in IsraelContent 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.

Stylam Industries: Demand to Revive Soon, Expansion on Track. Maintain BUY

<ul><li>In Q2FY24, Stylam’s revenue fell 5% YoY owing to global turmoil, lower NSR, and a cool-off in ocean freight rates.</li><li>However, EBITDA rose 18% YoY on continued cool-off in raw material prices and lower other expenses.</li><li>EBITDAM recovers for the sixth consecutive quarter to 19.9% (up 385/145 bps YoY/QoQ)— its best in the past nine quarters.</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.

In Q2FY24, Stylam’s revenue fell 5% YoY owing to global turmoil, lower NSR, and a cool-off in ocean freight rates.However, EBITDA rose 18% YoY on continued cool-off in raw material prices and lower other expenses.EBITDAM recovers for the sixth consecutive quarter to 19.9% (up 385/145 bps YoY/QoQ)— its best in the past nine quarters.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.

Stylam Industries - Strong Margin Offsets Weak Volume Offtake

<ul><li>We initiate coverage on Stylam Industries with a BUY rating and a target price of INR 2,300 (22x its Sep-25 EPS)</li><li>We like the company for its industry-leading growth and EBITDA margins, healthy balance sheet, and return ratio profile</li><li>We believe it still has room to expand its geographical reach and penetration in existing domestic and export markets, offering strong revenue growth visibility</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 initiate coverage on Stylam Industries with a BUY rating and a target price of INR 2,300 (22x its Sep-25 EPS)We like the company for its industry-leading growth and EBITDA margins, healthy balance sheet, and return ratio profileWe believe it still has room to expand its geographical reach and penetration in existing domestic and export markets, offering strong revenue growth visibilityContent 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.

Stylam Industries: Fastest-Growing Laminate Company in India. BUY

Stylam Industries-  Fastest-Growing Laminate Company in India.

India

Stylam Industries Limited is a leading manufacturer and exporter of decorative laminates, solid surface panels, and other allied surfacing products for residential, commercial, and industrial interior design needs. Their product portfolio includes high-pressure laminates, compact laminates, specialty laminates, and acrylic solid surfaces. The company is headquartered in Chandigarh, India, and was founded in 1991.

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Stylam Industries (SYIL IN)

Stylam Industries: Demand to Revive Soon, Expansion on Track. Maintain BUY

We recently met Stylam’s promoter, Jagdish Gupta, MD, and Kishan Nagpal, CFO, during a visit to their manufacturing plant

HDFC Securities

Stylam Industries - Strong Margin Offsets Weak Volume Offtake

In Q2FY24, Stylam’s revenue fell 5% YoY owing to global turmoil, lower NSR, and a cool-off in ocean freight rates. However, EBITDA rose 18% YoY on...

HDFC Securities

Stylam Industries: Fastest-Growing Laminate Company in India. BUY

We initiate coverage on Stylam Industries with a BUY rating and a target price of INR 2,300 (22x its Sep-25 EPS) We like the company for its...

HDFC Securities

Stylam Industries- Fastest-Growing Laminate Company in India.

We initiate coverage on Stylam Industries with a BUY rating and a target price of INR 2,300 (22x its Sep-25 EPS). We like the company for its...

HDFC Securities

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