Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

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Equity Bottom-up Research

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/stylam-industries-ltd" target="_blank" data-smartkarma-citation="entities:13492:1" rel="noopener">Stylam Industries (SYIL IN)</a> is a play on the Indian laminate space with a 25% CAGR growth predicated on growth in both international and domestic markets.</li>
<li>The stock trades at 23.6x/19x FY24e/25e. While this is not cheap by any stretch of the imagination, the company is a high grower/best in class amongst its competitors. </li>
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<a href="https://www.smartkarma.com/entities/stylam-industries-ltd" target="_blank" data-smartkarma-citation="entities:13492:1" rel="noopener">Stylam Industries (SYIL IN)</a>  is completing an expansion to increase capacity by 40% in FY24 and expanding in a new segment that can double its revenue over FY23-25e. </li>
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Stylam Industries (SYIL IN) is a play on the Indian laminate space with a 25% CAGR growth predicated on growth in both international and domestic markets.
The stock trades at 23.6x/19x FY24e/25e. While this is not cheap by any stretch of the imagination, the company is a high grower/best in class amongst its competitors. 

Stylam Industries (SYIL IN)  is completing an expansion to increase capacity by 40% in FY24 and expanding in a new segment that can double its revenue over FY23-25e. 


Stylam (SYIL IN): Laminate Growth Play In India with 25% CAGR Growth

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>We maintain our BUY rating with an unchanged target price of INR 420/share (12/20x its Mar’25E consolidated EBITDA/APAT)</li><li>We like Greenpanel for its leadership positioning in the MDF segment, high value-added share, large retail presence (85% in FY23), healthy margin, and working capital profile</li><li>Greenpanel’s consolidated revenue/EBITDA fell 13/14% QoQ in Q1FY24 as MDF volume and margin declined</li></ul><p><em>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.</em></p>

We maintain our BUY rating with an unchanged target price of INR 420/share (12/20x its Mar’25E consolidated EBITDA/APAT)We like Greenpanel for its leadership positioning in the MDF segment, high value-added share, large retail presence (85% in FY23), healthy margin, and working capital profileGreenpanel’s consolidated revenue/EBITDA fell 13/14% QoQ in Q1FY24 as MDF volume and margin declinedContent 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.

Greenpanel Industries (Q1FY24) - Enhanced Competition Stresses Volume and Margin.

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>Greenply Industries (GIL) is one the leading players in the plywood business in India</li><li>It has a distribution network of 2,300+dealers/authorised stockists pan-India</li><li>It is foraying into the MDF boards business with greenfield manufacturing set-up at Vadodara, Gujarat of 800 CBM/day (capex of ~Rs 555 crore)</li></ul><div class="content-highlight"><em>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.</em></div>

Greenply Industries (GIL) is one the leading players in the plywood business in IndiaIt has a distribution network of 2,300+dealers/authorised stockists pan-IndiaIt is foraying into the MDF boards business with greenfield manufacturing set-up at Vadodara, Gujarat of 800 CBM/day (capex of ~Rs 555 crore)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.

Greenply Industries: Margins Decline Owing to Higher Input Prices

External broker reports(aggregated public sources), BOB Capital Markets Ltd

BOB Capital Markets Ltd.

<p>Consolidated Q1 revenue grew 97% YoY backed by a 98% upswing in India business</p><div class="content-highlight"><em>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.</em></div>

Consolidated Q1 revenue grew 97% YoY backed by a 98% upswing in India businessContent 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.

Greenply Industries (HOLD): Low base aids Q1; MDF foray to be beneficial in long run

<p>GIL's stricter working capital control and cost has brought about a strength in balance sheet. The continued demand from Europe and newer areas will hold the key for Gabon, going ahead, albeit the management has guided for muted H1FY22 given logistic issues. Furthermore, while plywood will witness decent growth on a benign base, GIL's relative market share and traction thereafter will be key for further rerating after sharp run up in share price.</p><div class="content-highlight"><em>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.</em></div>

GIL's stricter working capital control and cost has brought about a strength in balance sheet. The continued demand from Europe and newer areas will hold the key for Gabon, going ahead, albeit the management has guided for muted H1FY22 given logistic issues. Furthermore, while plywood will witness decent growth on a benign base, GIL's relative market share and traction thereafter will be key for further rerating after sharp run up in share price.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.

Greenply Industries: Plywood Recovers, Logistics Issues Impact Gabon

India

Greenply Industries Ltd. is an interior infrastructure company.  The Company manufactures plywood and boards, flush doors, decorative veneers and laminates, fibreboard, and particleboard.

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Greenply Industries (MTLM IN)

Stylam (SYIL IN): Laminate Growth Play In India with 25% CAGR Growth

Stylam is a high-growth (25% CAGR) player in the laminate industry. This piece highlights its competitive edge and why it's a good long-term...

Sameer Taneja

Greenpanel Industries (Q1FY24) - Enhanced Competition Stresses Volume and Margin.

We maintain our BUY rating with an unchanged target price of INR 420/share (12/20x its Mar’25E consolidated EBITDA/APAT)

HDFC Securities

Greenply Industries: Margins Decline Owing to Higher Input Prices

Greenply Industries (GIL) is one the leading players in the plywood business in India. It has a distribution network of 2,300+dealers/authorised...

ICICI Securities Limited

Greenply Industries (HOLD): Low base aids Q1; MDF foray to be beneficial in long run

Consolidated Q1 revenue grew 97% YoY backed by a 98% upswing in India business

BOB Capital Markets Ltd.

Greenply Industries: Plywood Recovers, Logistics Issues Impact Gabon

GIL's stricter working capital control and cost has brought about a strength in balance sheet. The continued demand from Europe and newer areas...

ICICI Securities Limited

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