Ceramics (Tiles + Bathware + Adhesives/Construction Chemicals) — Sector Intelligence Report (Fy27 Q1 Snapshot)

Small summary: The Indian ceramics sector in Q1 FY27 showed a sharp rebound in value growth (revenue up ~20%–43% YoY across covered players) driven primarily by price hikes (≈13%–19%) taken to offset energy (gas) inflation and supply disruption from the Morbi shutdown (late Mar–mid May / 5 Mar–15 Apr cited). Volume growth diverged by business model and supply chain exposure: branded, multi-location manufacturers with lower Morbi dependence gained share during Morbi disruption, while Morbi-exposed categories normalized from May. Margin expansion was broad-based as pricing exceeded cost inflation for the quarter and operating leverage improved with utilization recovery. Companies are responding with capacity additions (GVT/GVT+slabs focus), debottlenecking, outsourcing optimization, and adjacency scale-up (bathware, adhesives).

A. Industry Overview & Market Landscape

A1) What The Sector Is (As Reflected In Disclosures)

This report covers the ceramics building materials ecosystem centered on:

• Tiles (vitrified, GVT—glazed vitrified tiles, PVT—polished vitrified tiles, premium vitrified, large formats/slabs)
• Bathware (sanitaryware and faucets/bath fittings)
• Adhesives / construction chemicals (tile adhesives and related building chemicals)

The disclosed strategies and KPIs indicate a sector that is:

• Brand- and distribution-led