Building Material - A Soft Q1; Tile, Wood Panel Eyeing Revival In H2: Systematix

Systematix Research Report

Q1 was a soft quarter for most of the building material segments impacted by general election, heatwave, volatility in RM prices, elevated timber prices and ocean freight

Pipe volume/revenue of five companies under coverage grew 13%/8% YoY and missed our estimates by ~5%. Supreme Industries (up 20%/14%) continued its robust performance, followed by Astra (up 16%/8%) and Prince Pipes (up 14%/9%). Finolex Industries (down 2%/3%) and Apollo Pipes (flat excluding Kisan) reported muted results.

General elections impacted demand of infra pipes whereas volatility in PVC prices impacted overall volumes and margins. On low and affordable PVC prices, companies remained confident on robust outlook.

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