Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

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<ul>
<li>India has imposed anti-dumping duties of up to USD 707/tonne on PVC paste resin imports from six countries, including China and Korea, effective March 21, 2025.  </li>
<li>The move follows complaints from domestic producers citing dumping, margin pressure, and a surge in substandard resin imports disrupting market stability and quality standards.  </li>
<li>The duty will likely improve profitability for Indian manufacturers, stabilize resin prices, and reduce unfair competition, though it may raise costs for import-dependent sectors in the short term.</li>
</ul>


India has imposed anti-dumping duties of up to USD 707/tonne on PVC paste resin imports from six countries, including China and Korea, effective March 21, 2025.  
The move follows complaints from domestic producers citing dumping, margin pressure, and a surge in substandard resin imports disrupting market stability and quality standards.  
The duty will likely improve profitability for Indian manufacturers, stabilize resin prices, and reduce unfair competition, though it may raise costs for import-dependent sectors in the short term.


Will India's Anti-Dumping Duty Impact the PVC Industry Players In India?

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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<ul><li>Dixon Technologies: Dixon reported yet another quarter of strong operational performance with revenue/EBITDA growing by 117%/112% (+7%/+8% vs HSIE), led by 2.9x growth in the mobile &amp; EMS division revenues (ramp in volumes with existing customers and consolidation of the Ismartu acquisition)</li><li>Having achieved c.21mn smartphones in 9M, Dixon remains on track to close the year with c 30mn units</li><li>Commercialization of the display module facility remains on track to go online in 1HFY26 while it continues to look to further deepen backward integration capabilities through partnerships for precision components, mechanicals, camera modules, and battery packs</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.

Dixon Technologies: Dixon reported yet another quarter of strong operational performance with revenue/EBITDA growing by 117%/112% (+7%/+8% vs HSIE), led by 2.9x growth in the mobile &amp; EMS division revenues (ramp in volumes with existing customers and consolidation of the Ismartu acquisition)Having achieved c.21mn smartphones in 9M, Dixon remains on track to close the year with c 30mn unitsCommercialization of the display module facility remains on track to go online in 1HFY26 while it continues to look to further deepen backward integration capabilities through partnerships for precision components, mechanicals, camera modules, and battery packsContent 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: Dixon Technologies, Supreme Industries, Karur Vysya Bank, Can Fin Homes

<ul><li>Bajaj Finance: Bajaj Finance (BAF) reported a mixed set of earnings with steady loan growth (+29% YoY) and improving operating efficiency offset by elevated credit costs (2.1% annualised)</li><li>Asset quality witnessed deterioration across most segments, with higher forward flow rates during Q2FY25 as well</li><li>The management has increased its FY25 credit cost guidance by 20-30bps, although incremental focus has shifted towards asset quality</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.

Bajaj Finance: Bajaj Finance (BAF) reported a mixed set of earnings with steady loan growth (+29% YoY) and improving operating efficiency offset by elevated credit costs (2.1% annualised)Asset quality witnessed deterioration across most segments, with higher forward flow rates during Q2FY25 as wellThe management has increased its FY25 credit cost guidance by 20-30bps, although incremental focus has shifted towards asset qualityContent 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: Bajaj Finance, ICICI Prudential Life, Persistent Systems, Supreme Industries

<ul><li>Bajaj Finance: Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM compression, offsetting strong AUM growth (+31% YoY)</li><li>Loan growth continued to remain robust across segments except rural B2C (asset quality challenges) and urban sales finance (regulatory embargo)</li><li>While the management had indicated an uptick in credit costs during FY25, the sharp spike has been a negative surprise, although we expect some normalisation during H2FY25</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.

Bajaj Finance: Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM compression, offsetting strong AUM growth (+31% YoY)Loan growth continued to remain robust across segments except rural B2C (asset quality challenges) and urban sales finance (regulatory embargo)While the management had indicated an uptick in credit costs during FY25, the sharp spike has been a negative surprise, although we expect some normalisation during H2FY25Content 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: Bajaj Finance, Torrent Pharma, ICICI Prudential Life, Supreme Industries

HSIE Results Daily: Bajaj Finance, Torrent Pharma, ICICI Prudential Life

India

Supreme Industries Limited is India's largest plastics processing company, manufacturing a wide range of plastic products. Its core business activities span plastic piping systems, protective packaging, industrial components, and molded furniture. The company was founded in 1942 and is headquartered in Mumbai, India.

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Supreme Industries (SI IN)

Will India's Anti-Dumping Duty Impact the PVC Industry Players In India?

India imposes anti-dumping duties on PVC paste resin imports to protect domestic producers from unfair competition and stabilize market prices,...

Nimish Maheshwari

HSIE Results Daily: Dixon Technologies, Supreme Industries, Karur Vysya Bank, Can Fin Homes

Dixon reported yet another quarter of strong operational performance with revenue/EBITDA growing by 117%/112% (+7%/+8% vs HSIE)

HDFC Securities

HSIE Results Daily: Bajaj Finance, ICICI Prudential Life, Persistent Systems, Supreme Industries

Bajaj Finance: Bajaj Finance (BAF) reported a mixed set of earnings with steady loan growth (+29% YoY) and improving operating efficiency offset by...

HDFC Securities

HSIE Results Daily: Bajaj Finance, Torrent Pharma, ICICI Prudential Life, Supreme Industries

Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM...

HDFC Securities

HSIE Results Daily: Bajaj Finance, Torrent Pharma, ICICI Prudential Life

Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Will India's Anti-Dumping Duty Impact the PVC Industry Players In India?

​India imposes anti-dumping duties on PVC paste resin imports to protect domestic producers from unfair competition and stabilize market prices,...

Nimish Maheshwari

HSIE Results Daily: Dixon Technologies, Supreme Industries, Karur Vysya Bank, Can Fin Homes

Dixon reported yet another quarter of strong operational performance with revenue/EBITDA growing by 117%/112% (+7%/+8% vs HSIE)

HDFC Securities

HSIE Results Daily: Bajaj Finance, ICICI Prudential Life, Persistent Systems, Supreme Industries

Bajaj Finance: Bajaj Finance (BAF) reported a mixed set of earnings with steady loan growth (+29% YoY) and improving operating efficiency offset by...

HDFC Securities

HSIE Results Daily: Bajaj Finance, Torrent Pharma, ICICI Prudential Life, Supreme Industries

Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM...

HDFC Securities

HSIE Results Daily: Bajaj Finance, Torrent Pharma, ICICI Prudential Life

Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM...

HDFC Securities

India imposes anti-dumping duties on PVC paste resin imports to protect domestic producers from unfair competition and stabilize market prices,...