Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

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Thematic (Sector/Industry)

<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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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.

<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

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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.

Equity Bottom-Up

<ul><li>Q2FY2025 earnings performance lagged estimates led by sharp volatility in PVC prices, weak infrastructure demand and extended monsoons.</li><li>However, adjusted OPMs beat estimates.</li><li>The management lowered overall volume growth guidance to 14-15% y-o-y and plastic piping volume growth to 16-18% y-o-y for FY2025. Consolidated OPM guidance marginally lowered to 14.5-15.25%.</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.

Q2FY2025 earnings performance lagged estimates led by sharp volatility in PVC prices, weak infrastructure demand and extended monsoons.However, adjusted OPMs beat estimates.The management lowered overall volume growth guidance to 14-15% y-o-y and plastic piping volume growth to 16-18% y-o-y for FY2025. Consolidated OPM guidance marginally lowered to 14.5-15.25%.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.

Supreme Industries Ltd - Steep PVC Volatility Dent Q2; Dip Offers Buying Opportunity

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

<ul><li>In Q2FY25, Supreme Industries (SI) reported disappointing operational performance.</li><li>Blended plastic volume was flat YoY with pipes volume being flat too YoY (-27.1% QoQ; 5-year CAGR of 8.6%).</li><li>As per management, volumes were tepid in Q2 due to PVC price volatility, adverse weather and low infra spending.</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, Supreme Industries (SI) reported disappointing operational performance.Blended plastic volume was flat YoY with pipes volume being flat too YoY (-27.1% QoQ; 5-year CAGR of 8.6%).As per management, volumes were tepid in Q2 due to PVC price volatility, adverse weather and low infra spending.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.

Supreme Industries - Volumes and Profitability Disappoint; Pipe Volume Guidance Cut Sharply

<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

India

Supreme Industries Limited manufactures industrial and engineered molded products and storage and material handling crates.  The Company also manufactures chemicals, multilayer sheets, multilayer films, packaging films and expanded polyethylene foam, PVC pipes and fittings, molded furniture and disposable EPS containers.

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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

Supreme Industries Ltd - Steep PVC Volatility Dent Q2; Dip Offers Buying Opportunity

Q2FY2025 earnings performance lagged estimates led by sharp volatility in PVC prices, weak infrastructure demand and extended monsoons. However,...

Sharekhan

Supreme Industries - Volumes and Profitability Disappoint; Pipe Volume Guidance Cut Sharply

In Q2FY25, Supreme Industries (SI) reported disappointing operational performance. Blended plastic volume was flat YoY with pipes volume being flat...

ICICI Securities Limited

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

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

Supreme Industries Ltd - Steep PVC Volatility Dent Q2; Dip Offers Buying Opportunity

Q2FY2025 earnings performance lagged estimates led by sharp volatility in PVC prices, weak infrastructure demand and extended monsoons. However,...

Sharekhan

Supreme Industries - Volumes and Profitability Disappoint; Pipe Volume Guidance Cut Sharply

In Q2FY25, Supreme Industries (SI) reported disappointing operational performance. Blended plastic volume was flat YoY with pipes volume being flat...

ICICI Securities Limited

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

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