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>Stylam Industries has announced a stake sale by the promoter family to Aica Kogyo Co Ltd., a Japan-based company</li><li>Mr Manav Gupta and family will offload their complete 27.12% stake, followed by Aica Kogyo launching an open offer to public shareholders</li><li>Subsequently, Mr Jagdish Gupta and family will contribute up to 12.88% of their stake, enabling Aica Kogyo to achieve 40% shareholding post the initial sale and open offer completion</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.

Stylam Industries has announced a stake sale by the promoter family to Aica Kogyo Co Ltd., a Japan-based companyMr Manav Gupta and family will offload their complete 27.12% stake, followed by Aica Kogyo launching an open offer to public shareholdersSubsequently, Mr Jagdish Gupta and family will contribute up to 12.88% of their stake, enabling Aica Kogyo to achieve 40% shareholding post the initial sale and open offer completionContent 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: Promoter Sell-Off: Clearing Family Dispute Cloud. Upgrade to 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>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

<ul><li>Federal Bank: Federal Bank’s (FB) Q1FY26 earnings missed our estimates, owing to elevated provisioning towards the MFI portfolio, coupled with muted growth on both sides of the balance sheet, offset by stronger traction in fee income</li><li>Deposit growth (8% YoY, 1.3% QoQ) was soft, while the CASA ratio was largely stable at 30.3% (+12 bps QoQ), driven by pick-up in savings account balances</li><li>The management indicated that the MFI stress has peaked out, with other asset classes remaining stable</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.

Federal Bank: Federal Bank’s (FB) Q1FY26 earnings missed our estimates, owing to elevated provisioning towards the MFI portfolio, coupled with muted growth on both sides of the balance sheet, offset by stronger traction in fee incomeDeposit growth (8% YoY, 1.3% QoQ) was soft, while the CASA ratio was largely stable at 30.3% (+12 bps QoQ), driven by pick-up in savings account balancesThe management indicated that the MFI stress has peaked out, with other asset classes remaining stableContent 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: Federal Bank, Stylam Industries

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: Promoter Sell-Off: Clearing Family Dispute Cloud. Upgrade to ADD

Mr Manav Gupta and family will offload their complete 27.12% stake, followed by Aica Kogyo launching an open offer to public shareholders

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

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

HSIE Results Daily: Federal Bank, Stylam Industries

Federal Bank’s (FB) Q1FY26 earnings missed our estimates, owing to elevated provisioning towards the MFI portfolio, coupled with muted growth on...

HDFC Securities

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