External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>In Q1FY25, our coverage universe’s revenue is expected to grow by 13% YoY (volume-driven)</li><li>Like earlier quarters, volume growth remains healthy in the pipes sector</li><li>The tiles and wood panel sectors continue to deliver muted 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 Q1FY25, our coverage universe’s revenue is expected to grow by 13% YoY (volume-driven)Like earlier quarters, volume growth remains healthy in the pipes sectorThe tiles and wood panel sectors continue to deliver muted 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 (Q1FY25 Results Preview): Sectoral Dynamics Remain Unchanged

<ul><li>UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 10,820 (16.5x Mar-26E consolidated EBITDA)</li><li>We continue to like UTCEM for its robust growth and margin outlook and balance sheet management</li><li>During Q4FY24, UTCEM reported all-around performance: volumes rose 11/28% YoY/QoQ and the margin remained flattish and strong at INR 1173/MT</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.

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 10,820 (16.5x Mar-26E consolidated EBITDA)We continue to like UTCEM for its robust growth and margin outlook and balance sheet managementDuring Q4FY24, UTCEM reported all-around performance: volumes rose 11/28% YoY/QoQ and the margin remained flattish and strong at INR 1173/MTContent 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: UltraTech Cement, Trent, Supreme Industries

<ul><li>In Q3FY24, our coverage universe’s revenue/EBITDA/APAT are expected to grow by 8/31/43% YoY respectively</li><li>Revenue growth is muted owing to sub-par demand for tiles, wood panels and lower realisation for pipes</li><li>EBITDA/ PAT will rise strongly, mainly owing to higher inventory loss (pipes) and gas price (tiles) in the base quarter</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 Q3FY24, our coverage universe’s revenue/EBITDA/APAT are expected to grow by 8/31/43% YoY respectivelyRevenue growth is muted owing to sub-par demand for tiles, wood panels and lower realisation for pipesEBITDA/ PAT will rise strongly, mainly owing to higher inventory loss (pipes) and gas price (tiles) in the base quarterContent 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 (Q3FY24 Results Preview): No Sign of Demand Revival, Stable Margins

<ul><li>TVS Motor: TVS Motors’ Q2 PAT at INR 5.4bn came in line with our estimates</li><li>The highlight for Q2 was the record-high 11% margin despite the ramp-up of i-Qube to 58k units</li><li>While TVS gained about 300bps market share in motorcycles in H1 to 10.3%, it has maintained its share in scooters</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.

TVS Motor: TVS Motors’ Q2 PAT at INR 5.4bn came in line with our estimatesThe highlight for Q2 was the record-high 11% margin despite the ramp-up of i-Qube to 58k unitsWhile TVS gained about 300bps market share in motorcycles in H1 to 10.3%, it has maintained its share in scootersContent 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: TVS Motor, Macrotech Developers, Marico

<ul><li>In Q1FY24, our coverage universe’s revenue/EBITDA/APAT are expected to grow by 6/19/18% YoY respectively</li><li>We estimate tile majors to report healthy ~9-10% YoY volume growth (supported by a pick-up in exports)</li><li>We expect some dip in realisation QoQ, as lower fuel prices are partially passed on to the customers</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 Q1FY24, our coverage universe’s revenue/EBITDA/APAT are expected to grow by 6/19/18% YoY respectivelyWe estimate tile majors to report healthy ~9-10% YoY volume growth (supported by a pick-up in exports)We expect some dip in realisation QoQ, as lower fuel prices are partially passed on to the customersContent 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 - Another Quarter of Mixed Trends

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)

Building Materials (Q1FY25 Results Preview): Sectoral Dynamics Remain Unchanged

In Q1FY25, our coverage universe’s revenue is expected to grow by 13% YoY (volume-driven). Like earlier quarters, volume growth remains healthy in...

HDFC Securities

HSIE Results Daily: UltraTech Cement, Trent, Supreme Industries

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 10,820 (16.5x Mar-26E consolidated EBITDA)

HDFC Securities

Building Materials (Q3FY24 Results Preview): No Sign of Demand Revival, Stable Margins

In Q3FY24, our coverage universe’s revenue/EBITDA/APAT are expected to grow by 8/31/43% YoY respectively. Revenue growth is muted owing to sub-par...

HDFC Securities

HSIE Results Daily: TVS Motor, Macrotech Developers, Marico

TVS Motor: TVS Motors’ Q2 PAT at INR 5.4bn came in line with our estimates. The highlight for Q2 was the record-high 11% margin despite the ramp-up...

HDFC Securities

Building Materials - Another Quarter of Mixed Trends

In Q1FY24, our coverage universe’s revenue/EBITDA/APAT are expected to grow by 6/19/18% YoY respectively. We estimate tile majors to report healthy...

HDFC Securities

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