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Systematix Research Report
Our channel checks suggest demand moderated for all building material categories (led by PVC pipes) in Q2 FY23, as higher product prices in last one year continued to hurt consumer affordability.
Higher input costs (wood, chemical, paper, gas etc.) and moderating prices in select categories such as PVC pipes (down ~10% QoQ) and medium density fibre exports (down ~5% QoQ) could hurt margins of PVC pipe, MDF (up to 300 basis points QoQ) and tiles and ceramics players.
Till mid FY22, the scenario in the PVC pipes industry was favorable, but in last one year, it has seen some tough times, hurt by deteriorating PVC prices (down ~20% in three-months and ~40% in 12 months). Channel sentiment suffered as a result and led to inventory destocking.
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