External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Lower-than-expected Volume Growth: During the quarter, the company delivered a YoY volume growth of 7%, which is below our expectations.</li><li>While Food &amp; FMCG packs achieved 28% volume growth, overall growth was dragged down by subdued paints pack volumes and a degrowth in lubes-packs.</li><li>The volumes were impacted by a delay in rampup at the Mahad plant, which is now expected to occur from Dec’24 onwards. </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.

Lower-than-expected Volume Growth: During the quarter, the company delivered a YoY volume growth of 7%, which is below our expectations.While Food &amp; FMCG packs achieved 28% volume growth, overall growth was dragged down by subdued paints pack volumes and a degrowth in lubes-packs.The volumes were impacted by a delay in rampup at the Mahad plant, which is now expected to occur from Dec’24 onwards. 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.

Mold-Tek Packaging - Disappointing Margins & Volume Growth

<ul><li>Mold-Tek Packaging's Q1FY25 numbers surpassed estimates on the revenue front but fell short on EBITDA and PAT.</li><li>The company reported revenue of Rs 197 Cr (up 6% YoY and 11% QoQ), beating estimates by 3%, as volumes grew marginally by 9% QoQ.</li><li>EBITDA was Rs 36 Cr (up 2% YoY), missing estimates due to the commencement of costs related to new plants in Opex. </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.

Mold-Tek Packaging's Q1FY25 numbers surpassed estimates on the revenue front but fell short on EBITDA and PAT.The company reported revenue of Rs 197 Cr (up 6% YoY and 11% QoQ), beating estimates by 3%, as volumes grew marginally by 9% QoQ.EBITDA was Rs 36 Cr (up 2% YoY), missing estimates due to the commencement of costs related to new plants in Opex. 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.

Mold-Tek Packaging - Volume Growth to Accelerate in Paints and Pharma; Maintain BUY

<ul><li>Volume Growth to Accelerate with Rebound in Paints: Mold-tek experienced sluggish paint volumes over the past few quarters due to the decision to discontinue business with a small paint player last year and lower volumes from its major client, Asian Paints.</li><li>The company is now repurposing those capacities for Q pack business, which offers better value addition and is likely to improve capacity utilization.</li><li>Additionally, Mold-tek has commenced commercial supplies to ABG, where steady growth is expected over the next few quarters. </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.

Volume Growth to Accelerate with Rebound in Paints: Mold-tek experienced sluggish paint volumes over the past few quarters due to the decision to discontinue business with a small paint player last year and lower volumes from its major client, Asian Paints.The company is now repurposing those capacities for Q pack business, which offers better value addition and is likely to improve capacity utilization.Additionally, Mold-tek has commenced commercial supplies to ABG, where steady growth is expected over the next few quarters. 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.

Mold-Tek Packaging - Volume Growth Revival Expected in Paints

Thematic (Sector/Industry)

<ul><li>Chemicals &amp; Agrochemicals: In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains subdued and weak pricing persists.</li><li>Volume growth is anticipated compared to the previous quarter, which was affected by several headwinds, including weak demand (with exceptions in a few segments), logistical challenges at ports, and adverse weather conditions.</li><li>Growth prospects remain uncertain as a clear upward trend has yet to emerge.</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.

Chemicals &amp; Agrochemicals: In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains subdued and weak pricing persists.Volume growth is anticipated compared to the previous quarter, which was affected by several headwinds, including weak demand (with exceptions in a few segments), logistical challenges at ports, and adverse weather conditions.Growth prospects remain uncertain as a clear upward trend has yet to emerge.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.

Q2FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Polyplex is the integrated packaging player with global manufacturing facilities catering global customers and wide industries with its wide product portfolios</li>
<li>Polyplex saw a 70% jump in exports while there has been a significant jump in product prices and spreads</li>
<li>Significant investment by an FMCG veteran into another packaging player at the bottom of the cycle further strengthens the thesis.</li>
</ul>


Polyplex is the integrated packaging player with global manufacturing facilities catering global customers and wide industries with its wide product portfolios
Polyplex saw a 70% jump in exports while there has been a significant jump in product prices and spreads
Significant investment by an FMCG veteran into another packaging player at the bottom of the cycle further strengthens the thesis.


The Beat Ideas: What Makes Polyplex a Comfortable Bet at the Bottom of Packaging Material Cycle

India

Mold-Tek Packaging Ltd. manufactures plastic packaging products.  The Company manufactures bottles for pharmaceuticals and cosmetics; child-resistant caps; flip-top tablet packs; blow-molded shampoo and medicine packs; and injection-molded pails for lubricants, chemicals, paint, ink, adhesives and bulk drugs.

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Mold Tek Packaging (MTEP IN)

Mold-Tek Packaging - Disappointing Margins & Volume Growth

Lower-than-expected Volume Growth: During the quarter, the company delivered a YoY volume growth of 7%, which is below our expectations.

Axis Direct

Mold-Tek Packaging - Volume Growth to Accelerate in Paints and Pharma; Maintain BUY

Mold-Tek Packaging's Q1FY25 numbers surpassed estimates on the revenue front but fell short on EBITDA and PAT. The company reported revenue of Rs...

Axis Direct

Mold-Tek Packaging - Volume Growth Revival Expected in Paints

The company is now repurposing those capacities for Q pack business, which offers better value addition and is likely to improve capacity utilization.

Axis Direct

Q2FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains...

Axis Direct

The Beat Ideas: What Makes Polyplex a Comfortable Bet at the Bottom of Packaging Material Cycle

The Beat Ideas: Polyplex Corporation being an integrated packaging player is the right bet on the packaging sector revival where players are seeing...

Sudarshan Bhandari

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