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>In Q2FY23, we expect tiles volume to increase QoQ on good demand while we expect pipes demand to remain weak, owing to sharp fall in resin prices, which would keep buyers at bay</li><li>We expect EBITDA margin to decline for both tiles and pipes, owing to rising gas prices (for tiles) and inventory losses (in pipes)</li><li>Hence, we expect aggregate revenue for our coverage universe to rise 2% YoY</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>

In Q2FY23, we expect tiles volume to increase QoQ on good demand while we expect pipes demand to remain weak, owing to sharp fall in resin prices, which would keep buyers at bayWe expect EBITDA margin to decline for both tiles and pipes, owing to rising gas prices (for tiles) and inventory losses (in pipes)Hence, we expect aggregate revenue for our coverage universe to rise 2% YoYContent 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 (Q2FY23 Results Preview): Both tiles and pipes under pressure

<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><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></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

<div><div><div><p>Godrej Consumers: GCPL’s Q4 performance was a mixed bag, with in-line revenue but a miss on EBITDA margin.</p><div><div><div><p>JK Lakshmi Cement: We maintain our BUY rating on JK Lakshmi Cement (JKLC) with a revised TP of INR 735/share (8x Mar-24E consolidated EBITDA).</p><div><div><div><p>Somany Ceramics: We maintain BUY on Somany Ceramics with a revised target price of INR 950/share (13x Mar-24E consolidated EBITDA).</p></div></div></div></div></div></div></div></div></div><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>

Godrej Consumers: GCPL’s Q4 performance was a mixed bag, with in-line revenue but a miss on EBITDA margin.JK Lakshmi Cement: We maintain our BUY rating on JK Lakshmi Cement (JKLC) with a revised TP of INR 735/share (8x Mar-24E consolidated EBITDA).Somany Ceramics: We maintain BUY on Somany Ceramics with a revised target price of INR 950/share (13x Mar-24E consolidated EBITDA).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: Godrej Consumers, JK Lakshmi Cement, Somany Ceramics

<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>
<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>


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

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>Continuing our focus on building products, for this Insight, we speak to RM supplier, a manufacturer, a few retailers and dealers to understand the demand outlook going forward </li>
<li>Government spending remains one of the primary drivers in the Industry right now.</li>
<li>There is minor down trading seen in tiles, while the market structure in pipes seems to be in favour of organised players. </li>
</ul>


Continuing our focus on building products, for this Insight, we speak to RM supplier, a manufacturer, a few retailers and dealers to understand the demand outlook going forward 
Government spending remains one of the primary drivers in the Industry right now.
There is minor down trading seen in tiles, while the market structure in pipes seems to be in favour of organised players. 


Channel Insight #31 - Building Products (RM Supplier, Manufacturer, Retailer, Dealer)

India

Stylam Industries Ltd. manufactures high-pressure laminates.  The Company produces laminates in many colors and that simulate wood grain and metals.

Acrysil Limited manufactures and exports Composite Quartz Granite Kitchen Sinks from India.

Everest Industries Ltd. manufactures asbestos cement sheeting products such as corrugated roofing sheets, corrugated curved tanks, roofing extractors, etc. The Company also manufactures accessories for roofing sheets and its products are sold under the brand name "Everest."

Asian Granito India Limited manufactures a wide range of vitrified tiles.

Rushil Decor Ltd. manufactures building products.  The Company produces particle board, medium density fiberboard, and decorative high pressure laminate sheets.

Orient Bell Ltd manufactures glazed white, colored and decorative ceramic wall and floor tiles.

Nitco Ltd. manufactures wall and floor tiles. The Company produces and imports mosaic, ceramic, vitrified and paving tiles, and imports marble.

Murudeshwar Ceramics Ltd. manufactures ceramic floor and wall tiles. The Company is also in the business of natural granite.

Sintex Industries Limited is a diversified manufacturing and engineering company.  The Group, through its numerous divisions, manufactures a variety of textile products, plastics containers, and organic chemicals.

Alstom India Limited supplies power generation services and equipment. The Company provides energy generation through hydro power, gas turbine-based combined power plants, and steam power plants. The Company also designs, manufactures, and supplies large scale transportation systems, electricity transmission systems, and energy management systems.

Shanghai Everjoy Health Group Co Ltd produces precision ceramics, building ceramics, sanitary ceramics and interior and exterior building decoration.

Shanghai Everjoy Health Group (002162 CH)

Xxentria Technology Materials Co., Ltd. manufactures aluminum composite panels, galvanized composite panels, PP (Polypropylene) sheets, and LCD (liquid crystal display) monitors.  The Company markets its products under the brand names Alcopla and Polydiamon.

LX Hausys, Ltd. manufactures various building materials such as wallcoverings, windows, floor coverings, and acrylic solid surfaces. The Company also produces finishing materials like high-gloss sheets used in home appliances and injection -molded parts & interior coverstocks for auto industry. LX Hausys markets its products worldwide.

Huasu Holdings Co., Ltd. trades building materials. The Company also manufactures apparel.

Hubei Sanxia New Building Material Co., Ltd. manufactures a variety of glass and gypsum products for the construction industry.  The Company's products include float glass, tempered glass, plaster tablet, and plaster powder.

Luoyang Glass Company Limited produces and sells float flat glass and reprocessed automobile glass.

GuangDong Golden Glass Technologies Ltd. manufactures and markets glass products used in construction projects.  The Company's products include fire resistant glass, blast resistant glass, noise control glass, tempered glass, insulated glass, etc.

 Yichen is welding wire expert engaged in R&D, manufacturing, sales and services supply.

Shandong Donghong Pipe Industry Co., Ltd. manufactures and distributes plastic pipes. The Company produces rigid polyvinyl chloride pipes, foamed sandwich pipes, spiral tubes, double wall corrugated pipes, polyethylene pipes, and other related products. Shandong Donghong Pipe Industry markets its products worldwide.

GWA Group Ltd. manufactures building fittings for households and commercial premises.  The Company designs, manufactures, imports and distributes domestic and commercial bathroom, kitchen and laundry products; manufactures and imports hot water and ducted heating and cooling systems; and designs, manufactures, imports and distributes door hardware and fittings and garage doors and openers.

Somany Ceramics Limited manufactures ceramic wall and floor tiles. The Group exports its products to Europe, the Middle East, Australia, New Zealand, Mauritius, South Africa and Sri Lanka.

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Somany Ceramics (SOMC IN)

Building Materials (Q2FY23 Results Preview): Both tiles and pipes under pressure

In Q2FY23, we expect tiles volume to increase QoQ on good demand while we expect pipes demand to remain weak, owing to sharp fall in resin prices,...

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

HSIE Results Daily: Godrej Consumers, JK Lakshmi Cement, Somany Ceramics

Godrej Consumers: GCPL’s Q4 performance was a mixed bag, with in-line revenue but a miss on EBITDA margin. Consolidated revenue grew 7% YoY

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

Channel Insight #31 - Building Products (RM Supplier, Manufacturer, Retailer, Dealer)

Continuing our focus on building products, for this Insight, we speak to RM supplier, a manufacturer, retailers and dealers to understand the...

Pranav Bhavsar

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