External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>The building materials sector experienced soft demand in Q1FY26</li><li>Demand was satisfactory in April and May but decelerated in June due to the early onset of monsoons</li><li>We project a 6% YoY revenue growth for our coverage universe, driven by 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.

The building materials sector experienced soft demand in Q1FY26Demand was satisfactory in April and May but decelerated in June due to the early onset of monsoonsWe project a 6% YoY revenue growth for our coverage universe, driven by volume growthContent 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 (Q1FY26 Results Preview): Another Subdued Quarter

<ul><li>Infoedge: Infoedge reported strong billings growth, but the margins were impacted due to higher investments</li><li>Info Edge's recruitment business billings were up 18.4% YoY in Q4FY25 and 14.6% for FY25</li><li>This growth was broad-based, observed across all segments</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.

Infoedge: Infoedge reported strong billings growth, but the margins were impacted due to higher investmentsInfo Edge's recruitment business billings were up 18.4% YoY in Q4FY25 and 14.6% for FY25This growth was broad-based, observed across all segmentsContent 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: Infoedge, Aurobindo Pharma, KEC International, TTK Prestige, Stylam Industries

Equity Bottom-Up

<ul><li>In Q2FY25, revenue grew 12% YoY owing to a higher export mix and improvement in realisation</li><li>Volume remained flat YoY as a 17% growth in export volume was offset by a 17% decline in domestic volume</li><li>Gross margin expanded by 220/450 bps YoY/QoQ to 49% owing to better product mix. So, EBITDA grew by 15/30% YoY/ QoQ</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 Q2FY25, revenue grew 12% YoY owing to a higher export mix and improvement in realisationVolume remained flat YoY as a 17% growth in export volume was offset by a 17% decline in domestic volumeGross margin expanded by 220/450 bps YoY/QoQ to 49% owing to better product mix. So, EBITDA grew by 15/30% YoY/ QoQContent 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 (Q2FY25): Superior Product Mix – Strong Margin Delivery. Maintain BUY

<ul><li>In Q2FY25, our coverage universe’s revenue is expected to grow by 4% YoY (volume-driven)</li><li>Pipes demand has weakened in Q2. Pipes channel inventory is low owing to decreasing resin prices</li><li>The tiles and wood panel sectors continue to deliver sub-par volume performance</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 Q2FY25, our coverage universe’s revenue is expected to grow by 4% YoY (volume-driven)Pipes demand has weakened in Q2. Pipes channel inventory is low owing to decreasing resin pricesThe tiles and wood panel sectors continue to deliver sub-par volume performanceContent 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 (Q2FY25 Results Preview): Muted Demand Compresses Margins

<ul><li>We interacted with the Stylam Industries (Stylam) promoter</li><li>Management is confident of doubling its revenue in the next 3-4 years</li><li>It has major plans to ramp up sales in the US market, which will accelerate the company’s growth rates</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 interacted with the Stylam Industries (Stylam) promoterManagement is confident of doubling its revenue in the next 3-4 yearsIt has major plans to ramp up sales in the US market, which will accelerate the company’s growth ratesContent 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: Growth to Pick up from FY26. Maintain BUY

India

Stylam Industries Ltd. manufactures high-pressure laminates.  The Company produces laminates in many colors and that simulate wood grain and metals.

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Stylam Industries (SYIL IN)

Building Materials (Q1FY26 Results Preview): Another Subdued Quarter

The building materials sector experienced soft demand in Q1FY26. Demand was satisfactory in April and May but decelerated in June due to the early...

HDFC Securities

HSIE Results Daily: Infoedge, Aurobindo Pharma, KEC International, TTK Prestige, Stylam Industries

Infoedge reported strong billings growth, but the margins were impacted due to higher investments. Info Edge's recruitment business billings were...

HDFC Securities

Stylam Industries (Q2FY25): Superior Product Mix – Strong Margin Delivery. Maintain BUY

We maintain a BUY rating on Stylam with a higher target price of INR 3,525/sh (30x its Sep’26E consolidated EPS). Stylam remains our top pick in...

HDFC Securities

Building Materials (Q2FY25 Results Preview): Muted Demand Compresses Margins

In Q2FY25, our coverage universe’s revenue is expected to grow by 4% YoY (volume-driven). Pipes demand has weakened in Q2. Pipes channel inventory...

HDFC Securities

Stylam Industries: Growth to Pick up from FY26. Maintain BUY

We interacted with the Stylam Industries (Stylam) promoter. Management is confident of doubling its revenue in the next 3-4 years

HDFC Securities

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