External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Infosys: Infosys (INFO IN) delivered strong growth in Q1, offset by steeper impact on margins (yet relative outperformance vs peers)</li><li>INFO increased its revenue guidance for FY23E to 14-16% (vs 13-15% earlier) and EBITM guidance was maintained at 21-23%, with a tilt to the lower end</li><li>We expect INFO’s margin recovery ahead, supported by sub-contractor optimisation (~100bps lever) and utilisation increase on trainee productivity (~50bps lever)</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.

Infosys: Infosys (INFO IN) delivered strong growth in Q1, offset by steeper impact on margins (yet relative outperformance vs peers)INFO increased its revenue guidance for FY23E to 14-16% (vs 13-15% earlier) and EBITM guidance was maintained at 21-23%, with a tilt to the lower endWe expect INFO’s margin recovery ahead, supported by sub-contractor optimisation (~100bps lever) and utilisation increase on trainee productivity (~50bps lever)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.

HSIE Results Daily: Infosys, Axis Bank, Tech Mahindra, Crompton Consumer

<div><ul><li>Tiles and bathware: Demand was impacted in the quarter amid intense heat.</li><li>Plastic pipes demand also remained subdued in Q1FY23 (though higher YoY on a low base).</li><li>Performance of companies: We expect national ceramic players to deliver ~50% YoY volume growth (on a low base), lower by ~7-10% 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.</div>

Tiles and bathware: Demand was impacted in the quarter amid intense heat.Plastic pipes demand also remained subdued in Q1FY23 (though higher YoY on a low base).Performance of companies: We expect national ceramic players to deliver ~50% YoY volume growth (on a low base), lower by ~7-10% QoQ.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 - Tiles, Pipes Segments Face Cost Headwinds

<ul>
<li>In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base</li>
<li>Despite earlier cost pass-through, we estimate margin compression YoY amid elevated gas prices for tiles companies, higher resin prices, and absence of inventory gains for plastic pipe companies</li>
<li>Hence, we expect aggregate revenue for our coverage universe to firm up 19% YoY</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 Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base
Despite earlier cost pass-through, we estimate margin compression YoY amid elevated gas prices for tiles companies, higher resin prices, and absence of inventory gains for plastic pipe companies
Hence, we expect aggregate revenue for our coverage universe to firm up 19% YoY

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 (Q4FY22 Results Preview): Healthy demand

Equity Bottom-Up

<ul><li>We have interacted with the Supreme Industries’ management</li><li>The management has guided 14-15% YoY consolidated volume growth (15-17% plumbing volume growth) and 14.5-15.5% EBITDAM for FY26</li><li>Wavin India acquisition costing INR 3.1bn was completed at the end of July 2025</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 have interacted with the Supreme Industries’ managementThe management has guided 14-15% YoY consolidated volume growth (15-17% plumbing volume growth) and 14.5-15.5% EBITDAM for FY26Wavin India acquisition costing INR 3.1bn was completed at the end of July 2025Content 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.

Supreme Industries: Demand Gains Momentum, Healthy Outlook. Maintain ADD

<ul><li>We maintain our ADD rating on Supreme with a TP of INR 4,110/sh</li><li>We value the company at 40x Mar’27 EPS and its 30.8% holding in its associate Supreme Petrochem at a 30% discount to its current market cap</li><li>We like Supreme for its industry-leading plumbing volume growth, strong margins, healthy return ratios, and robust balance sheet</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 maintain our ADD rating on Supreme with a TP of INR 4,110/shWe value the company at 40x Mar’27 EPS and its 30.8% holding in its associate Supreme Petrochem at a 30% discount to its current market capWe like Supreme for its industry-leading plumbing volume growth, strong margins, healthy return ratios, and robust balance sheetContent 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.

Supreme Industries: Likely Demand Revival, Organic, Inorganic Plans. Maintain ADD

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)

HSIE Results Daily: Infosys, Axis Bank, Tech Mahindra, Crompton Consumer

Infosys: Infosys (INFO IN) delivered strong growth in Q1, offset by steeper impact on margins (yet relative outperformance vs peers)

HDFC Securities

Building Materials - Tiles, Pipes Segments Face Cost Headwinds

In Q1FY23, we expect volumes of both tiles and plastic pipe companies to moderate QoQ. However, given last year’s low base, we expect a strong...

HDFC Securities

Building Materials (Q4FY22 Results Preview): Healthy demand

In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base Despite earlier cost pass-through, we...

HDFC Securities

Supreme Industries: Demand Gains Momentum, Healthy Outlook. Maintain ADD

The management has guided 14-15% YoY consolidated volume growth (15-17% plumbing volume growth) and 14.5-15.5% EBITDAM for FY26

HDFC Securities

Supreme Industries: Likely Demand Revival, Organic, Inorganic Plans. Maintain ADD

We value the company at 40x Mar’27 EPS and its 30.8% holding in its associate Supreme Petrochem at a 30% discount to its current market cap

HDFC Securities

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