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Axis Securities Report
In Q1 FY25, the chemicals sector experienced mixed results, with most companies missing our and street estimates, particularly on margins due to intense competition from Chinese manufacturers. The demand-supply imbalance persisted as weaker domestic demand clashed with excess capacity in China, affecting realizations in certain segments.
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While the non-discretionary segment showed some signs of recovery, uncertainties remain. Additionally, performance was further impacted by factors such as concerns related to the Red Sea, leading to higher freight costs and longer transit times.
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On the domestic front, the agrochemical industry remained buoyant, driven by the forecast of a strong monsoon season, with growth momentum expected to pick up ahead of the kharif season.
Within midcap stocks under our coverage, Welspun Living, Mold-Tek Packaging, Pitti Engineering, and Kirloskar Brothers witnessed positive demand trends and posted positive revenue growth.
Similar to the chemicals players, revenues for some of these companies were impacted due to logistical/supply side challenges. Praj Industries Ltd's revenue and order book declined during the quarter, primarily due to weaker demand in the bio-energy segment.
Notably, the Government of India has recently initiated discussions around the revision of ethanol prices, which, if implemented, may improve the demand in the bio-energy segment for Praj Industries.
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