External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>In Q2FY25, revenue grew 12% YoY owing to a higher export mix and improvement in realisation</li><li>Volume remained flat YoY as a 17% growth in export volume was offset by a 17% decline in domestic volume</li><li>Gross margin expanded by 220/450 bps YoY/QoQ to 49% owing to better product mix. So, EBITDA grew by 15/30% YoY/ 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.

In Q2FY25, revenue grew 12% YoY owing to a higher export mix and improvement in realisationVolume remained flat YoY as a 17% growth in export volume was offset by a 17% decline in domestic volumeGross margin expanded by 220/450 bps YoY/QoQ to 49% owing to better product mix. So, EBITDA grew by 15/30% YoY/ QoQContent 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.

Stylam Industries (Q2FY25): Superior Product Mix – Strong Margin Delivery. Maintain BUY

<ul><li>We interacted with the Stylam Industries (Stylam) promoter</li><li>Management is confident of doubling its revenue in the next 3-4 years</li><li>It has major plans to ramp up sales in the US market, which will accelerate the company’s growth rates</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 interacted with the Stylam Industries (Stylam) promoterManagement is confident of doubling its revenue in the next 3-4 yearsIt has major plans to ramp up sales in the US market, which will accelerate the company’s growth ratesContent 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.

Stylam Industries: Growth to Pick up from FY26. Maintain BUY

<ul><li>We recently met Stylam’s promoter, Jagdish Gupta, MD, and Kishan Nagpal, CFO, during a visit to their manufacturing plant, which is Asia’s largest single-location manufacturing facility in Chandigarh</li><li>The management senses a revival in export market demand and expects an uptick in domestic demand soon</li><li>For exports, it expects Q3FY24 volume to take a hit owing to the war situation in Israel</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 recently met Stylam’s promoter, Jagdish Gupta, MD, and Kishan Nagpal, CFO, during a visit to their manufacturing plant, which is Asia’s largest single-location manufacturing facility in ChandigarhThe management senses a revival in export market demand and expects an uptick in domestic demand soonFor exports, it expects Q3FY24 volume to take a hit owing to the war situation in IsraelContent 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.

Stylam Industries: Demand to Revive Soon, Expansion on Track. Maintain BUY

Thematic (Sector/Industry)

<ul><li>In Q2FY25, our coverage universe’s revenue is expected to grow by 4% YoY (volume-driven)</li><li>Pipes demand has weakened in Q2. Pipes channel inventory is low owing to decreasing resin prices</li><li>The tiles and wood panel sectors continue to deliver sub-par volume performance</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, our coverage universe’s revenue is expected to grow by 4% YoY (volume-driven)Pipes demand has weakened in Q2. Pipes channel inventory is low owing to decreasing resin pricesThe tiles and wood panel sectors continue to deliver sub-par volume performanceContent 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 (Q2FY25 Results Preview): Muted Demand Compresses Margins

<ul><li>In Q1FY25, our coverage universe’s revenue is expected to grow by 13% YoY (volume-driven)</li><li>Like earlier quarters, volume growth remains healthy in the pipes sector</li><li>The tiles and wood panel sectors continue to deliver muted volume performance</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 Q1FY25, our coverage universe’s revenue is expected to grow by 13% YoY (volume-driven)Like earlier quarters, volume growth remains healthy in the pipes sectorThe tiles and wood panel sectors continue to deliver muted volume performanceContent 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 (Q1FY25 Results Preview): Sectoral Dynamics Remain Unchanged

India

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

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Stylam Industries (SYIL IN)

Stylam Industries (Q2FY25): Superior Product Mix – Strong Margin Delivery. Maintain BUY

We maintain a BUY rating on Stylam with a higher target price of INR 3,525/sh (30x its Sep’26E consolidated EPS). Stylam remains our top pick in...

HDFC Securities

Stylam Industries: Growth to Pick up from FY26. Maintain BUY

We interacted with the Stylam Industries (Stylam) promoter. Management is confident of doubling its revenue in the next 3-4 years

HDFC Securities

Stylam Industries: Demand to Revive Soon, Expansion on Track. Maintain BUY

We recently met Stylam’s promoter, Jagdish Gupta, MD, and Kishan Nagpal, CFO, during a visit to their manufacturing plant

HDFC Securities

Building Materials (Q2FY25 Results Preview): Muted Demand Compresses Margins

In Q2FY25, our coverage universe’s revenue is expected to grow by 4% YoY (volume-driven). Pipes demand has weakened in Q2. Pipes channel inventory...

HDFC Securities

Building Materials (Q1FY25 Results Preview): Sectoral Dynamics Remain Unchanged

In Q1FY25, our coverage universe’s revenue is expected to grow by 13% YoY (volume-driven). Like earlier quarters, volume growth remains healthy in...

HDFC Securities

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