Greenply Industries — Yes Securities Preferred Stock In Building Materials Segment; Q1 Results Preview

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Yes Securities Report

Demand continues to remain tepid for all segments of the sector viz Plastic pipes, Woodpanels, Ceramics, Tiles. Though we witnessed initial greenshoots during month of April’25; the momentum did not sustain for balance two months of the quarter.

Hence, Q1 FY26 is likely to be uneventful. Plastic pipes manufacturers continue to wait for dealer re-stocking, the expectation of anti dumping duty is fading away and BIS has been postponed, hence channel inventory remains at below average levels.

In Woodpanels, plywood will continue to grow in mid-single digit and MDF manufacturers still face competitive intensity. Tile manufacturers were expected to witness ease in pressure from competition with revival in exports.

However, with unfolding of Geo-political scenario; export trajectory was dented and hence domestic competition surged again.

APL Tubes managed to register decent growth of 10%YoY amidst the challenging macroenvironment (their direct peers registered a flat growth).

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