Ceramic Tiles Market in India 2018 - Part-II

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Ceramic Tiles Market – India (Part-II)

November 2018
Executive summary
• The Indian ceramic tiles industry was valued at INR 270 Bn in 2017 and is expected to reach INR 501.7 Bn by 2023, expanding at a compounded annual
growth rate (CAGR) of ~13% from 2018 to 2023
• Production of ceramic tiles reached 1,080 Mn sq. mtrs. in 2017 as against 955 Mn sq. mtrs. in 2016
Market overview • Morbi in Gujarat is the 2nd largest tiles manufacturing zone, globally after the Guangdong Province in China
• Organized sector (major 16 players) accounts for ~40% of the Indian tile industry while the remaining 60% is unorganized in nature
• Ceramic tiles has great potential as a product segment, particularly as the housing sector, retail, IT and BPO sectors are witnessing an unprecedented
boom in recent times
Drivers Challenges
• Untapped market potential • Tough competition from unorganized players
Drivers and
• Replacement market • Lack of availability of labor
challenges • Increase in disposable income • Increase in cost of production
• Boom in real estate sector
• Ceramic tiles manufacturers are using nano technology for tiles production which helps to increase sheen and color of tiles and helps to it make stains
resistant
• With the increasing popularity of environment friendly products among customers, companies manufacturing ceramic tiles are also incorporating eco-
Market trends friendly mechanism in their production process such as recycling discarded tiles or re-using waste products
• H&R Johnson offers 3D mosaic finish under ‘DigiTrends’ collection, elevated interlocking stone-finish tiles under ‘Interlocking’ collection, wood, marble
and granite finish under ‘NEO Collection’ collection and natural rock finish under ‘Stonex’ collection
Major players
Competitive Asian Granito India Limited Euro Ceramics Limited H & R Johnson (India) Limited Kajaria Ceramics Limited
landscape
RAK Ceramics India Private
Nitco Limited Orient Bell Limited Varmora Granito Private Limited
Limited
Ceramic Tiles Market in India 2018 2

Socio-economic indicators
Market overview
Market segmentation
Morbi - major tile hub overview
Trade analysis
Market influencers
Competitive landscape
Government regulations
Appendix
3
Porter’s Five Forces analysis
• The threat of new entrance is medium • The bargaining power of buyers is high as
as ceramic tiles market it is a capital demand for ceramic tiles is changing as
intensive market as setting up relatively big size tiles are in fashion
manufacturing units with advanced currently
machineries is costly Threat of new Bargaining power • Per capita consumption of ceramic tiles in
• Major companies like Somany Ceramics India is low and a boom in the real estate
entrants of buyers
and Kajaria Ceramics are acquiring small market has boosted the demand for
units and increasing their production ceramic tiles in the domestic market
capacity
• It is a high price sensitive market
• However, untapped market potential
provides huge scope for new entrants Competitive rivalry • Buyers have low switching cost
• Unorganized players in the market

• The bargaining power of suppliers is high as offer stiff competition to organized
there is shortage of raw materials in the • Threat of substitutes is medium as ceramic
players mainly in the low price
ceramic tiles industry but at the same time tiles are easy to lay and maintain and they
segment and hence rivalry among
there are a large number of supplier of raw comes in various textures which natural
players is high products such as marbles, stones and
materials
granite fails to provide
• Feldspar and Quartz are increasingly being
• However, ceramic tiles can be substituted
exported to other countries, which is
by marble or mosaic
creating a shortage of these raw materials
• Lately, products such as Karndean Vinyl
• Cost of materials such as Zirconium and Bargaining power Threat of
Flooring are also gaining acceptance in the
Titanium are rising at an increasing rate of suppliers substitutes Indian market
• This, in turn, is adversely affecting the profit
margin of manufacturers

Operational snapshot of major companies
Major companies
H & R Johnson Asian Granito
Parameters Year Kajaria Ceramics Ltd. Somany Ceramics Ltd. Orient Bell Ltd.
(India) Ltd. (India) Ltd.
Production capacity of tiles
FY 2018 68.9 / annum 60.25 / annum 68 / annum 0.1 / day 0.3/ day
(mn sq. mtrs.)
Market share in the
FY 2018 22.4% 14.2% 13.9% 9.6% 5.4%
organized sector
More than 4,000 dealers
2400 dealers and sub-
1,400 dealer, out of 1,000 dealers, 10,000 and sub-dealers, backed
324 showrooms, 1,736 dealers and stock
Distribution network FY 2018 which 200 dealers sub-dealers and 22 by more than 150
dealers points at around 28
exclusive of Kajaria House of Johnson stores exclusive dealer
locations
showrooms
Tile manufacturing units Pen (Maharashtra),
Sabarkantha (Gujarat),
(including JV’s) Dewas (Madhya Sikandrabad (Uttar
Gujarat, Vijayawada, Kassar (Haryana), Kadi and Himmatnagar
Pradesh), Kunigal Pradesh), Dora
FY 2018 Sikandrabad, Gailpur, (Gujarat), and (Gujarat), Dalpur
(Karnataka), Karaikal (Gujarat), and
and Malootana Morbi(Gujarat) (Gujarat), Dholka
(Pondicherry), Andhra Hoskote (Karnataka)
(Gujarat)
Pradesh, and Gujarat
Number of plants FY 2018 9 8 13 10 3
Number of JV’s/associates
FY 2018 5 6 7 1 N.A.
for tiles

Player-wise market share
Market share of national brands which accounts for roughly 50% of the overall market
FY 2018
5.4%
5.0%
1.0% 22.4%
5.0%
5.4%
5.8%
14.2%
6.2%
6.2%
9.6% 13.9%
Kajaria Ceramics Asian Granito Varmora Granito Sun Heart

Somany Ceramics RAK Ceramics Orient Bell Ceramics Murudeshwar Ceramics
H & R Johnson Simpolo Nito Tiles Others
The rest of the industry is comprised of other regional brands/unbranded players present in Morbi/ Himmatnagar (Gujarat)

Competition
List of major players
Name Website
Asian Granito India Limited www.aglasiagranito.com
Euro Ceramics Limited www.eurovitrified.com
H & R Johnson (India) Limited www.hrjohnsonindia.com
Kajaria Ceramics Limited www.kajariaceramics.com
Nitco Limited www.nitco.in
Orient Bell Limited www.orientbell.com
www.varmora.com
Varmora Granito Private Limited
RAK Ceramics India Private Limited www.rakindia.com
Somany Ceramics Limited www.somanyceramics.com
Murudeshwar Ceramics Limited www.naveentiles.co.in

Public: Domestic company – Asian Granito India Limited
Company information Business description

Asian Granito India Limited • Asian Granito India Limited, headquartered in Ahmedabad, engages itself in the
202, Dev Arc manufacturing of tiles such as wall and ceramics, and marble and quartz
Corporate address Opposite Iskcon Temple, S.G. Highway • It manufactures various types of vitrified tiles, including glazed and polished, in
Ahmedabad – 380 015 over 1,400 designs
Gujarat • AGL is one of India’s fastest growing ceramic wall and floor tile, glazed vitrified
tiles, polished vitrified tiles, composite marble and quartz company and also
Tel no. +91-79-6612-5500 among the 50 most profitable ceramic tile companies in the world
• The company has ten ultra-modern plants across Gujarat
Fax no. +91-79-6612-5600 • The company has an extensive distribution and marketing network comprising of
more than 4,000 dealers and sub-dealers and over 150 exclusive dealer
Website www.aglasiagranito.com showrooms covering each and every state of the country
• Asian Granito exports its products to approximately 50 countries and is also the
Year of incorporation 1995 first Indian tile company to open the largest showroom in Johannesburg, South
Africa
Stock exchange : ticker NSEI : ASIANTILES
Products and services Key people

Category Products/services Name Designation
Ceramic and porcelain wall and floor tiles in digital, glazed Ashish Mehta Senior President – Sales and Marketing
Tiles
and vitrified variants, and Grestek
B. M. Singhal Director
Marble and Quartz Simple and patterned composite marble, and quartz slabs
Himanshu Shah General Manager - Finance
Rahul Sharma Vice President - GVT
Source: CapIQ

Public: Domestic company – Asian Granito India Limited (continued)
Business description (continued)

• As of FY 2018, the company has more than 261 showrooms across India which include 245 exclusive stores and 16 display centers
• In FY 2017, the company expanded its product portfolio in marble and introduced multi-color quartz range to diversified from a single color
• The company launched a new state of the art product range rainbow glitz in FY 2018
 It also launched new large format tiles in glazed vitrified tiles category
• The company’s clientele includes Adani Group, Lodha Group, Godrej Group, TATA Group, Ansal, API, DLF Masters, The Leela, Reliance Industries Limited and Manipal University
(Jaipur), among others
• The company has announced its plans to increase the number of AGL Tiles World exclusive showrooms from 150 to 500 by FY 2021
Sales Split (FY 2018)
15%
46%
39%
Institutional Retail Government

Addition in dealer network Region-wise revenue split - India (FY 2018)
units
West
2,800 South
2,600 11%
19.0% 38.0%
32% North
2,400 26%
2,200 East
2,000 4,000 31%
1,800
1,600
1,400
1,200 Product-wise revenue split (FY 2018)
1,000
800
Ceramic Tiles
600
17%
400 800 Glaze vitrified tiles
700 36%
200 500 Double charge tiles
21%
0 Polished vitrified tiles
FY 2015 FY 2016 FY 2017 FY 2018
26%
Total dealers= 6,000

Total installed manufacturing capacities

• In Oct 2016, Asian Granito India Ltd., completed the expansion project at its step subsidiary Crystal Ceramics Industries Ltd., which is engaged in manufacturing and distributing,
ceramic wall tiles, bathroom tiles, kitchen tiles, floor tiles, and vitrified tiles, with a total investment of INR 1.7 Bn
• In 2015, AGIL acquired 70% share in Artistique Pvt. Ltd., which is engaged in the manufacturing of ceramic building materials, other than bricks, flooring blocks, roofing tiles, and wall
tiles
Outsourcing through Morbi

Own capacity is 44,300 sq. mtrs. per day Subsidiary capacity is 39,000 sq. mtrs. per day
sq. mtrs. sq. mtrs. sq. mtrs.
18,000
50,000 15,000
50,000
40,000 30,800 40,000 27,000 10,000
30,000 30,000
20,000 20,000 12,000 5,000
10,000 6,000 7,500 10,000
0 0 0
Dalpur Dholka Idar Crystal Amazoon AFFIL, Ivanta & others
Crystal Amazoon
*Asian Granito India Ltd., currently has a combined installed capacity of manufacturing 1,01,300 sq. mtrs. of tiles per day, which includes outsourcing through
manufacturing units in Morbi
**Capacity as of FY 2018
Ceramic Tiles Market in India 2018Total manufacturing capacity is 1,01,300 sq. mtrs. of tiles per day 11
Financial snapshot Key ratios

Particulars FY 2015 FY 2016 FY 2017 FY 2018
Total Income Net Profit / Loss
Profitability ratios
INR Mn INR Mn Gross margin % 20.9% 24.9% 43.7% 45.1%
480.8
12,000 148.0 450.7 500 Net income margin % 1.7% 2.4% 4.2% 4.6%
242.6
10,000 400 EBITDA margin % 6.8% 9.2% 11.8% 12.1%
8,000 EBITA margin % 4.6% 6.6% 9.5% 9.9%
300
6,000 11,685.8 EBIT margin % 4.6% 6.4% 9.5% 9.9%
9,939.0 10,638.8 200
4,000 8,460.2 Return on assets % 3.6% 5.0% 6.3% 6.4%
2,000 100 Return on capital % 5.0% 6.8% 8.6% 9.3%
0 0 Return on equity % 5.2% 7.7% 12.3% 12.8%
FY 2015 FY 2016 FY2017 FY2018
Return on common equity % 5.2% 7.4% 11.8% 12.7%
Liquidity ratios
Current ratio 1.2x 1.2x 1.2x 1.2x
Quick ratio 0.6x 0.5x 0.6x 0.7x
Key financial performance indicators
Leverage ratios
Indicators Value (27/09/2018) Total debt/equity 60.5% 87.8% 77.2% 72.7%
Total debt/capital 37.7% 46.7% 43.6% 42.1%
Market capitalization (INR Mn) 6,094.2
Interest coverage 1.8x 2.3x 2.6x 3.3x
Efficiency ratios
Total asset turnover 1.3x 1.2x 1.1x 1.0x
Fixed asset turnover 4.4x 3.4x 2.6x 2.7x
Accounts receivable turnover 4.7x 5.5x 4.3x 3.3x
Inventory turnover 3.4x 3.4x 2.3x 2.3x

Key business segments Key geographical segments

100% 100%
Asian Granito India Ltd. has been 80%

80%
operating in the business of
manufacturing tiles over the last few 60%
60% 96.3% 95.0% 93.8% 92.0%
100% years
40%
40%
3.7% 5.0% 6.2% 8.0%
20%
20%
0%
0% FY 2015 FY 2016 FY 2017 FY 2018
FY 2018
Tiles and marbles India Outside India

Public: Domestic company – Euro Ceramics Limited

Euro Ceramics Limited • Euro Ceramics Limited incorporated in 2002 and headquartered in Mumbai,
manufactures and sells sanitary ware and marbles in India
208, Sangam Arcade, 2nd Floor, Vallabhbhai Road, • The company offers vitrified and porcelain tiles, wall tiles, and aluminum extruded
Corporate address
Vile Parle (West) sections, calcareous tiles/marbles and sanitary ware products
Mumbai-400056 • It has an integrated plant with all infrastructure facilities spread over 285 acres of
land in Kutch district of Gujarat
Tel no. +91-22-4019-4019
• The company commenced operations in Oct 2003 with an installed capacity of
Fax no. +91-22-4019-4020 35,880 Mn tons annually and commissioned its second line of manufacturing with
an installed capacity of 44,091 Mn tons annually in Dec 2005
Website www.eurovitrified.com  Its current production capacity is 79,971 Mn tons annually
• It works with manufacturers from Sacmi, Italy, which is one of the leading
Year of incorporation 2002 suppliers of ceramic manufacturing technology globally
Stock exchange : ticker BSE:532823

Porcelain and vitrified floor tiles, bathroom and kitchen wall Viral T. Nandu Chairman
Tiles
tiles
Nenshi Ladhabhai Shah Chief Executive Officer
Table-top basins, counter basins, floor-mounted closets, wall-
Sanitary ware Paresh Kanji Shah Chief Financial Officer
mounted closets
Marble Composite marble slabs Talakshi Lakhamshi Nandu Director of Operations
Source: CapIQ

Public: Domestic company – Euro Ceramics Limited (continued)

INR Mn INR Mn Gross margin % 48.4% (27.8%) (6.3%) (18.8%)
-620.2
600 1,000 Net income margin % (122.8%) (68.1%) 483.3% (122.9%)
521.0
500 EBITDA margin % 0.6% (62.8%) (112.4%) (70.2%)
500
400 EBITA margin % (56.6%) (142.5%) (295.1%) (171.7%)
300 -171.9 -238.6 0 EBIT margin % (56.6%) (142.5%) (295.1%) (171.7%)
505.1
200 Return on assets % (3.6%) (5.4%) (5.6%) (6.6%)
252.4 -500
100 194.1 Return on capital % (4.4%) (6.7%) (7.2%) (9.0%)
107.8
0 -1,000 Return on equity % NA NA NA NA
FY 2015 FY 2016 FY 2017 FY 2018
Return on common equity % NA NA NA NA
Liquidity ratios
Key financial performance indicators Quick ratio 0.0x 0.0x 0.1x 0.0x
Leverage ratios
Indicators Value (27/09/2018) Total debt/equity NA NA NA NA
Market capitalization (INR Mn) 69.16
Interest coverage NA NA NA NA
Efficiency ratios

Public: Domestic company – Euro Ceramics Limited (continued)

120%
101%
100% 0% 0% 0% 0% 100%
99% 3%
80% 40% 4% 5%
49% 98%
60% 97%
100% 100% 96%
40% 95%
60% 94% 97% 96%
51%
20% 95%
93%
0% 92%
FY 2015 FY 2016 FY 2017 FY 2018 FY 2015 FY 2016 FY 2017
Tiles Sanitaryware Corporate India Export
Information of key geographic segments for FY 2018 is not available

Public: Domestic company – Kajaria Ceramics Limited
Company Information Business Description

Kajaria Ceramics Limited • Kajaria Ceramics Limited incorporated in 1985 and headquartered in New Delhi, is
Mohan Co-operative Industrial Estate one of the largest manufacturer of ceramic and vitrified tiles in India
J-1 / B-1 (Extension) • The products include ceramic wall and floor tiles, polished vitrified tiles, glazed
Corporate address vitrified tiles, and sanitary ware and fittings, as well as adhesives for ceramic and
Opposite Badarpur Thermal Power Station
Mathura Road, New Delhi vitrified tiles, and unsanded grout
Delhi - 110044 • The company has an annual aggregate capacity of manufacturing 68.60 Mn. sq.
meters of tiles, distributed across seven plants, Sikandrabad in Uttar Pradesh,
Tel no. +91-11-2694-6409 Gailpur and Malootana in Rajasthan, three plants in Gujarat, and one at
Vijayawada in Andhra Pradesh
Fax no. +91-11-2694-6407
• It offers more than 2,800 options in ceramic wall and floor tiles, vitrified tiles, and
Website www.kajariaceramics.com designer tiles
• Kajaria Ceramics sells its products in more than 300 countries around the world
Year of incorporation 1985 • The company’s distribution and marketing network comprises 1,400 dealers and
Stock exchange : ticker BSE:500233 around 5,000 touch points
• In FY 2018, Kajaria added around 300 dealers to its distribution network mostly in
tier II towns in India
Products and Services Key People

Tiles Ceramic wall and floor tiles, polished and glazed vitrified tiles Ashok K. Kajaria Chairman and Managing Director
Paving Tiles Matte finish vitrified paving tiles Joint Managing Director and Executive
Chetan Kajaria
Director al Officer
Sanitary ware and
Concealed cisterns, wash basins and WCs Joint Managing Director and Executive
Fittings Rishi Kajaria
Director Operations
Tile Adhesive and
Adhesive for ceramic and vitrified tiles, unsanded grout Sanjeev Agarwal Chief Financial Officer
Grout
Source: CapIQ

Public: Domestic company – Kajaria Ceramics Limited (continued)

• The wall tiles are produced in Gailpur and Vijayawada (Vennar), floor tiles are produced in Gailpur and Morbi (Soriso)
 In addition, it also procures ceramic wall and floor tiles from manufacturers in Morbi
• In FY 2018, the company launched the Designer Series and Impression Series (70 concepts) and the New Luxury Collection (98 concepts) in ceramic wall and floor tiles segment, and
also launched the Ultima Luxury collection comprising 181 designs in glazed vitrified tiles segment
• Kajaria’s glazed vitrified tiles are manufactured at its Gailpur (Rajasthan) and Sikandrabad (UP) manufacturing facilities and are primarily marketed in the metros and urban Indian
cities through its vast network, comprising of Kajaria World, Kajaria Galaxy, Kajaria Studio and other multi-brand dealers
 It added 3 Mn sq. mtrs. of glazed vitrified tile manufacturing capacity by converting one manufacturing line from polished vitrified tiles to glazed vitrified tiles
 The company promotes its range of glazed vitrified tiles, a premium product under the brand name ‘Eternity’
• The company launched its sanitaryware and faucets verticals through its subsidiary, namely, Kajaria Bathware Private Limited
• In FY 2018 the company launched the designer series and new luxury collection which consist of 98 concepts in ceramic wall and floor tiles
 It also launched the ultima luxury collection comprising 181 designs in glazed vitrifies tiles category

Divisional snapshot
Manufacturing Capacity
Sizes Designs
facilities (mn sq. mtr.)
Ceramic wall and floor tiles 2 25.80 11 1800
Type of products Polished vitrified tiles 2 22.40 3 173
Glazed vitrified tiles 2 16.50 15 890
Segment-wise tile sales (value-wise) Segment-wise tile sales (volume-wise)
INR Bn Mn sq. mtrs.

30 70
12.7 14.5
25 60 10.67
6.1 7.2 50
20 5.4 22.7
Glazed vitrified tiles 40 22.4 23.0
15 8.4 8.1
8.7 Polished vitrified tiles 30
10 Ceramic wall and floor tiles 20
31.3 32.1 34.7
5 9.1 9.7 10.4 10
0 0
FY 2016 FY 2017 FY 2018 FY 2016 FY 2017 FY 2018

Tile sales growth (Mn sq. mtr.) - FY 2018 Production capacity (FY 2018)
(Mn sq. mtrs.)
Mn sq. mtrs. Ceramic Polished Glazed Total

67.7 72 Plant location wall and vitrified vitrified
70 floor tiles tiles tiles
64.3
58.7
60 Sikandrabad (UP) - - 8.40 8.40
49.2%
37.3
53.9%
50 35.6 Gailpur (Rajasthan) 25.20 9.10 34.30
33.0
28.9
40 Malutana (Rajasthan) - 6.50 - 6.50
30 Morbi (Gujarat) - 15.90 - 15.90
20 Vijayawada (AP) 2.90 - - 2.90

31.3 32.1 34.7
29.8
10 Total 28.10 22.40 17.50 68.00
0
FY 2015 FY2016 FY 2017 FY 2018
Vitrified tiles Ceramic tiles

Merger and acquisitions – snapshot
Sr. No Name of the company acquired Description
• In Feb 2012, Kajaria Ceramics acquired 51% stake (now 61%) in Jaxx Vitrified Pvt. Ltd, based in Morbi, Gujarat, with an
annual manufacturing capacity of 3.10 Mn sq. mtrs.
1. Jaxx Vitrified Pvt. Ltd.
• Jaxx acquired another manufacturing plant with an annual capacity of manufacturing 2.60 Mn sq. mtrs. of polished vitrified
tile in Apr 2013, in Morbi making the total manufacturing capacity of Jaxx to 5.70 Mn sq. mtr. per annum
• In Apr 2012, Kajaria Ceramics acquired 51% stake in Vennar Ceramics Ltd., based in Vijayawada, Andhra Pradesh, with an
2. Vennar Ceramics Ltd. annual manufacturing capacity of 2.30 Mn. sq. mtrs. of high-end ceramic wall tiles
 The manufacturing unit became operational on Jul 01, 2012
• In Oct 2012, the company acquired 51% stake in Cosa Ceramics Pvt. Ltd., based in Morbi, Gujarat with an annual production
3. Cosa Ceramics Pvt. Ltd.
capacity of 2.70 Mn sq. mtrs. of polished vitrified tiles and further increased it to 5.70 Mn sq. mtrs. in Sep 2014


2,313.3
30,000 2,528.1 3,000 Net income margin % 8.0% 9.6% 9.9% 9.5%
1,756.0 2,295.5
25,000 2,500 EBITDA margin % 16.2% 19.2% 19.6% 16.2%
20,000 2,000 EBITA margin % 13.7% 16.2% 16.4% 13.1%
15,000 27,394.5 1,500 EBIT margin % 13.7% 16.2% 16.4% 13.1%
24,134.5 25,496.3
10,000 21,868.9 1,000 Return on assets % 13.7% 14.0% 13.2% NA
5,000 500 Return on capital % 20.2% 20.4% 18.7% 14.9%
0 0 Return on equity % 26.9% 25.5% 22.1% NA
FY 2015 FY 2016 FY 2017 FY 2018
Liquidity ratios
Current ratio 1.0x 1.2x 1.5x NA
Quick ratio 0.4x 0.6x 0.7x NA
Leverage ratios
Efficiency ratios
Total asset turnover 1.6x 1.4x 1.3x NA
Fixed asset turnover 2.6x 2.4x 2.2x NA
Accounts receivable turnover 11.8x 10.0x 8.3x NA
Inventory turnover 3.4x 2.5x 2.5x NA

100% 100%
80% 80%
60% 60%
96% 95% 97.7% 98.2%
40% 40%
20% 20%
4% 5%
0% 2.3% 1.8%
FY 2017 FY 2018 0%
FY 2015 FY 2018
Tiles Others
India Exports
Information of key geographic segments for FY 2016 and FY 2017 is not available

Public: Domestic company – Nitco Limited

• Nitco Limited, founded in 1953 and headquartered in Mumbai, manufactures and
Nitco Limited sells tiles and other related products in India and globally
Nitco House • The company offers floor tiles, including ceramic, soluble salt vitrified,
Corporate address ultra/double charged, gres porcelain, and HD digital tiles; and wall tiles, such as
Station Road Kanjur Marg (East) Mumbai
Maharashtra - 400042 HD digital, natural and engineered marble products
• Its pan-India presence is facilitated through 22 offices and comprises of a strong
distribution network with more than 1,100 direct dealers
Tel no. +91-22-6752-1555
• The company’s fully automated factory operations is located in Alibaug, near
Fax no. +91-22-6752-1500 Mumbai
• The company sells it’s products via 5,000 retail outlets and operates 13 Le Studio
Website www.nitco.in pan-India showrooms and 117 Le Studio Express
Year of incorporation 1953 • It also exports its products to the United States, Canada, Europe, Africa, Oman,
and UAE

Ceramic tiles, vitrified tiles – soluble salt, ultra/double Vivek Prannath Talwar Chairman and Managing Director
Floor Tiles
charged, gres porcelain tiles (naturoc), HD digital tiles
Bhaskar G. Borkar Chief Financial Officer
Wall Tiles HD digital tiles – base tiles and highlighters
Puneet Motwani Company Secretary and Compliance Officer
Marble Natural marble, engineered marble
N. G. Naik President of HRD
Signature collection, magnum opus collection, décor
Mosaico Source: CapIQ
collection , solitaire collection , crust collection

Public: Domestic company – Nitco Limited (continued)

• The marble manufacturing division is located in Mumbai (Maharashtra) and Silvassa (Dadra and Nagar Haveli)
• In 2016, the company launched its premium range of wall tiles under the ‘Casa’ collection combining digital reactive print gloss with drop application, designs infused for future
homes
 The premium digital wall tile segment consists of various sizes such as 300x600 mm, 300x900 mm and 300x450 mm
 It has a glossy, matte, and satin matte finish with 72 stock keeping units (SKU’s)
• The company further expanded its ceramic digital floor tile range and expanded its presence across more counters and customer base with the launch of 600X600mm ‘DuraDigi’
range of HD digital floor tiles in 2016


1,888.9
10,000 -1,193.3 -601.8 2,000 Net income margin % (14.2%) (7.6%) (4.7%) 30.9%
8,000 -333.6 EBITDA margin % 0.5% 2.5% 3.6% 0.9%
1,000
EBITA margin % (7.8%) (5.4%) (3.3%) (12.2%)
6,000
0 EBIT margin % (7.8%) (5.4%) (3.4%) (12.3%)
4,000 8,394.3 7,902.0 7,171.8 6,112.6 Return on assets % (2.6%) (1.7%) (1.0%) (3.3%)
2,000 -1,000
Return on capital % (3.0%) (2.1%) (1.2%) (4.1%)
0 -2,000 Return on equity % (274.4%) NA NA 499.1%
FY 2015 FY 2016 FY 2017 FY 2018
Return on common equity % (453.4%) NA NA 1,052.2%
Liquidity ratios
Leverage ratios
Indicators Value (27/09/2018) Total debt/equity NA NA NA 483.0%
Interest coverage NA NA NA NA
Efficiency ratios

Key business segments Key geographic segments

100% 100%
80% 80%
60% 60%
98.6% 99.6% 99.3% 94.8% 98.3% 97.9% 97.6% 96.7%
40% 40%
20% 20%
0% 1.4% 0.4% 0.7% 5.2% 0% 1.7% 2.1% 2.4% 3.3%
FY 2015 2016 2017 2018 FY 2015 FY 2016 2017 2018
Tiles and other related products Real estate India Others

Public: Domestic company – Orient Bell Limited

• Orient Bell Limited was incorporated in 1977 and headquartered in New Delhi
Orient Bell Limited • The company manufactures, markets and sells ceramic tiles for real estate and
Iris House, 16 Business Centre home decor industries in India and globally
Corporate address • The company offers digital, vitrified, ceramic, and ultra-vitrified tiles for bedroom,
Nangal Raya, DDA Complex
bathroom, kitchen, landscape area, living and dining room, pool area, and terrace
New Delhi – 110046
and balcony applications under the ‘Orient Bell’ brand
• It is a pioneer in manufacturing ultra vitrified tiles in India and the first to have an
Tel no. +91-11-4711-9100
in-house European designer
Fax no. +91-11-2852-1273 • The company has a design studio located in Castellon, Spain's hub of ceramic tile
design and development
Website www.orientbell.com • Internationally, it has extended its decor solutions to Europe, South East Asia,
Year of incorporation 1977 Middle East, and SAARC nations

Ceramic and porcelain wall and floor tiles in simple and Mahendra Kumar Daga Chairman and Managing Director
Tiles patterned finish and in polished, glazed and vitrified
variants Aditya Gupta Chief Executive Officer
Madhur Daga Managing Director and Executive Director
Anil Agarwal Chief Operations Officer
Source: CapIQ

Public: Domestic company – Orient Bell Limited (continued)

• The manufacturing units of the company are located in Uttar Pradesh, Karnataka, and Gujrat, and are equipped with the latest digital printers
 These manufacturing units commenced production from Oct 07, 1977
 Besides their manufacturing unit, the company also procures tiles from 7-10 local tile manufacturers
 These four manufacturing plants have a total installed capacity of manufacturing ~30 Mn sq. mtrs. of tiles annually
• The plant at Sikandrabad is spread over 40 acres of land and is accredited with ISO: 9001, ISO: 14001 and OHSAS: 18001 for quality, environment and occupational health and safety
management systems
• The company has a wide range of products in various sizes like 200mmx300mm, 300mmx300mm, 395mmx395mm, 600mmx600mm, 800mmx800mm, 600mmx1200mm,
800mmx1200mm, in wall tiles, floor tiles, vitrified tiles, double charged and digital tiles segments
• With the integration of the two brands, ‘Orient’ and ‘Bell’, ‘Orient Tile Boutique’ and ‘Bell Tile Boutique’ have been replaced with ‘Orient Bell Tile Boutique’
• In FY 2019, the company will install a new line in its Sikandrabad plant which will produce large format tiles
 The estimated capacity of new production line will be ~8,500 sq.mtrs. per day
• In FY 2018, the company has acquired 26% equity stake in Corial Ceramic Private Limited in Morbi
 With this action, the company will get a continuous supply of high-quality floor tiles and wall tiles
• The company has opened 63 franchise boutiques across the country, with the aim to improve customer pull for the company products
• All the products of Orient Bell are ISO 15622: 2006 and ISO 13006:1998 certified on all parameters
• The company’s clientele comprises of National Thermal Power Corporation, Infosys, HCL, PVR Cinemas and Chennai metro rail limited among others


INR Mn 398.4 INR Mn
Gross margin % 55.9% 54.6% 47.9% 53.6%
8,000 150.2 400 Net income margin % 0.7% 0.9% 2.2% 6.0%
EBITDA margin % 6.9% 6.8% 8.5% 7.4%
6,000 64.4 300
EBITA margin % 4.3% 4.3% 5.7% 5.2%
4,000 200 EBIT margin % 4.3% 4.3% 5.7% 5.2%
6,932.2 7,025.5 6,876.4 6,593.7
Return on assets % 3.8% 4.0% 5.6% 5.0%
2,000 47.8 100
Return on capital % 5.3% 5.7% 8.0% 7.1%
0 0 Return on equity % 2.7% 3.5% 8.1% 19.7%
FY 2015 FY 2016 FY 2017 FY 2018
Liquidity ratios
Leverage ratios
Efficiency ratios

Key business segments Key geographic segments
100% 100%
80% Orient Bell Ltd. has been operating 80%

solely in the business of manufacturing
60% tiles over the last few years 60% 100.00% 100.00% 100.00%
99.99%
100%
40% 40%
20% 20%
0.01%
0% 0%
FY 2018 FY 2015 FY 2016 FY 2017 FY 2018
Tiles India Exports
Information of key geographic segments for FY 2013, FY 2014 and FY 2016 is not available

Public: Domestic company – Somany Ceramics Limited

• Somany Ceramics Limited, founded in 1968 and headquartered in Noida
Somany Ceramics Limited
manufactures and sells ceramic tiles and allied products under the brand name
Corporate address F-36, sector-6 ‘SOMANY’ in India
Noida, Uttar Pradesh -201301 • The company offers floor tiles, wall tiles and claddings, tile laying solutions, and
sanitary ware products, such as toilets, basins, urinals, sinks, cabinet basins,
Tel no. +91-12-0462-7900 cisterns, and seat covers
Fax no. N.A. • The company has manufacturing plants in Kadi, Gujarat and Kassar, Haryana, and
other joint venture plants, generating a production capacity of 61 Mn sq. m.
Website www.somanyceramics.com annually
• It has a distribution network of 324 showrooms, 1,736 dealers and 10,000 sub-
Year of incorporation 1968 dealers
Stock exchange : ticker BSE:531548 • The company exports its products to over 55 countries around the world

Wall tiles, floor tiles, vitrified tiles, wall claddings, ceramic Shreekant K. Somany Chairman and Managing Director
Tiles
tiles
Tuljaram Maheshwari Chief Executive Officer
Sanitary ware Toilets, basins, urinals, sinks
Abhishek Somany Joint MD and Whole Time Director
CP fittings Faucets, exclusive showers, allied products
Saikat Mukhopadhyay Chief Financial Officer
Tile laying
Tile master, EZY grout
solutions Source: CapIQ

Public: Domestic company – Somany Ceramics Limited (continued)

• Somany Ceramics Ltd. inaugurated its first showroom in Jammu on Feb 23, 2017, further strengthening the presence of the brand in the Jammu market
• The company has announced its plans to continue with their network expansion drive in FY 2018, by opening more than 200 franchisee showrooms and company owned experience
centres across India
• Somany’s franchisee managed showrooms are divided under three categories, namely,
 Somany Grande - These stores have all the products of the company and a dedicated area of 2,500 sq. ft. and above
 Somany Exclusive - These stores are with area ranging between 1,200 sq. ft. to 2,000 sq. ft.
 This format showcases the key products of the company and has different mix of GVT, PVT, ceramic tiles and allied products
 Somany Studio - These stores showcases the range of ceramic wall and floor products
• The company aims to have 1,000 franchisees by FY 2021
Volume-wise tiles sales (in Mn sq. mtrs.)
21.78 23.0
3.88 4.92
8.93 8.53
8.97 9.55
H1 FY 2018 H1 FY 2019
Own manufacturing Joint venture Other tiles

Total manufacturing capacities
Currently the company has an annual capacity of manufacturing 60.25 Mn sq. mtrs. of tiles annually
Current capacity Capacity utilization

Own plants (tiles) Location
(Mn sq. mtrs./annum) in H1 FY 2019
Kassar Haryana 19.63 75%%
Total = 26.28 Mn sq. mtrs. per annum
Kadi Gujarat 6.65 77%
Subsidiary/ Current capacity Capacity utilization in H1 FY

Equity stake
Associate plants (tiles) (Mn sq. mtrs./annum) 2019
Amora tiles private limited 51% 4.58 70%
Somany fine vitrified private limited 51% 4.29 101%
Total = 24.25 Mn sq. mtrs. per annum
Vintage tiles private limited 51% 3.30 74%
Acer granito private limited 50% 4.80 89%
Commander vitrified private limited 26% 3.30 92%
Vicon ceramic private limited 26% 3.98 85%
Outsourced capacity with no equity stake Total = 9 Mn sq. mtrs. per annum
Current capacity Capacity utilization in H1 FY

Associate plant (sanitary ware) Equity stake
(Mn pieces/annum) 2019
Somany sanitary ware private limited 51% 1.15 66%


INR Mn Total Income Net Profit/Loss
INR Mn
17,500.0 981.6 1,200.0
647.0 704.4 Gross margin % 38.8% 40.3% 58.5% 58.7%
17,000.0 1,000.0 Net income margin % 3.0% 3.8% 5.7% 4.1%
16,500.0 EBITDA margin % 7.0% 8.5% 13.8% 10.9%
800.0
16,000.0 463.9 EBITA margin % 5.4% 6.9% 11.8% 8.7%
17,308.6 600.0
17,116.1 17,117.7
15,500.0 EBIT margin % 5.4% 6.9% 11.8% 8.7%
400.0
15,000.0 Return on assets % 6.7% 8.1% 10.3% 6.0%
15,431.2
14,500.0 200.0 Return on capital % 12.1% 12.9% 14.2% 8.0%
14,000.0 0 Return on equity % 19.2% 19.0% 21.8% 12.3%
FY 2015 FY 2016 FY 2017 FY 2018 Return on common equity % 19.3% 18.9% 20.6% 12.8%
Liquidity ratios
Leverage ratios
Efficiency ratios


100% 100%
80% 80%
Somany Ceramics Limited has been
60% operating in the business of 60%
100% 96%
40% manufacturing ceramic tiles and allied 40%
products over the last few years
20% 20%
0% 0%
4%
FY 2018 FY 2018
Ceramic tiles and allied products India Exports
Information of key geographic segments for years preceding FY 2016 is not available

Public: Domestic company – Murudeshwar Ceramics Limited
Company information Business Description

• Murudeshwar Ceramics Limited, founded in 1983 and headquartered in
Murudeshwar Ceramics Limited Bengaluru, manufactures and sells tiles and other related products in India
Naveen Complex 7th Floor 14 • The company offers vitrified tiles, wall tiles, ceramic floor tiles and somerset
Corporate address wooden tiles
M.G. Road
• The company sell its product under the brand names of Naveen ceramic tiles and
Bengaluru, Karnataka-560001
Naveen diamontile
• It has 73 company owned showrooms across the country
Tel no. +91-80-4289-7000
• The company stores its products in 42 depots in different regions, so that
Fax no. +91-80-2558-4017 requirement from the showrooms can be fulfilled immediately
• Its manufacturing plants are located in Hubli, Sira, and Karaikal
Website www.naveentiles.co.in
Year of incorporation 1983
Products and services Key People

Polished vitrified tiles, glazed vitrified tiles, exterior floor Satish Rama Shetty Managing Director
Tiles
tiles, digital wall tiles and ceramic floor tiles
N. M. Hegde Chief Financial Officer
Ashok Kumar Company Secretary and Compliance Officer
Karan Satish Shetty Whole Time Director
Source: CapIQ

Public: Domestic company – Murudeshwar Ceramics Limited (continued)

INR Mn INR Mn Particulars FY 2015 FY 2016 FY 2017 FY 2018
Total Income Net Profit/Loss
1,600.0 60.0
17.19 Gross margin % 65.3% 75.3% 76.5% 75.1%
1,400.0 15.703
49.221 50.0 Net income margin % 1.2% 1.4% 1.3% 4.1%
1,200.0 13.17
40.0 EBITDA margin % 22.5% 23.7% 25.0% 26.5%
1,000.0
EBITA margin % 15.8% 17.5% 17.5% 18.9%
800.0 1,380.712 30.0
1,150.223 1,193.886 EBIT margin % 15.8% 17.5% 17.5% 18.9%
600.0 1,052.453
20.0 Return on assets % 3.0% 2.7% 2.4% 2.9%
400.0 Return on capital % 3.2% 3.0% 2.7% 3.2%
10.0
200.0 Return on equity % 0.6% 0.5% 0.4% 1.5%
0 0 Return on common equity % 0.6% 0.5% 0.4% 1.5%
FY 2015 FY 2016 FY 2017 FY 2018
Liquidity ratios
Leverage ratios
Efficiency ratios

Public: Domestic company – Murudeshwar Ceramics Limited (continued)
Key business segments
100%
90%
80% 37%
70%
60% 11%
50%
40%
30% 52%
20%
10%
0% 0%
FY 2018
Services Trading Vitrified tiles Ceramic tiles
Information of key geographic segments and data for key business segments for FY 2015, FY 2016, FY 2017 are not available

Private: Domestic company – H & R Johnson (India) Limited

H & R Johnson (India) Limited • H & R Johnson (India) Limited was founded in 1958 and is headquartered in
7th Floor, Windsor, C.S.T. Road Mumbai
Corporate address  As of Mar 3, 2010, H & R Johnson (India) Ltd. operates as a subsidiary of Prism
Kalina, Santacruz (East)
Mumbai - 400098 Cement ltd.
• It also offers anti-skid tiles for bathrooms, water repellent tiles for bathrooms,
Tel no. +91-22-3064-7300 rectified wall tiles, industrial and pavement tiles, vitrified wall and floor tiles,
scratch free tiles, stain free tiles, joint free tiles, anti-static tiles, large format tiles,
Fax no. +91-22-3064-7400 digitally printed tiles, germ free tiles, TAC tiles, toilets, and modular kitchens
• The company has 13 manufacturing plants in India, of which 2 units are only for
Website www.hrjohnsonindia.com manufacturing bathroom products at Himachal Pradesh and Jammu & Kashmir
Combined production capacity of the company is 68 Mn sq. mtrs. per annum
Year of incorporation 1958 • It has more than 1,000 dealers, 10000 sub dealers and 22 house of Johnson
showrooms
• It has a corporate presence in Bangladesh, UAE, South Africa, Sri Lanka and Nepal
as well
• It has more than 200 SKUs across 12 product category

Ceramic wall tile, ceramic floor tile, vitrified wall tile, vitrified Chief Executive Officer and Executive
Joydeep Mukherjee
Tiles floor tile, glazed vitrified tile, sanitary ware and bath fittings, Director
modular kitchen, marble and quartz
Sushil Matey Chief Operating Officer
Ketan Trivedi Senior General Manager of Marketing
Source: www.hrjohnsonindia.com

Public: Domestic company – RAK Ceramics India Private Limited

RAK Ceramics India Private Limited • RAK Ceramics India Private Limited was founded in 2004 and is headquartered in
Mumbai, India
19th floor, Commerz II • The company manufactures and sells vitrified and flooring tiles in India and abroad
International business park  Its sell its products to over more than 160 countries
Corporate address
Oberoi garden city, off western express highway • It has a manufacturing plant in Samalkot in Andhra Pradesh
 With a manufacturing capacity of 30,000 sq. mtrs. of vitrified tiles and 3000 sanitary
Goregaon East
ware pieces/day
Mumbai- 400063 • The company produces more than 8000 designs and shades
Tel no. +91-22-6250-5100 • The company offers 385 stock keeping units (SKUs) in vitrified tiles, 814 SKUs in
ceramic wall tiles, 128 SKUs in ceramic floor tiles
Fax no. +91-22-2660-5906 • Some of its projects are TCS corporate office Mumbai, L&T limited Mumbai,
Reliance industries limited Mumbai among others
Website www.rakindia.com
• The company has 12 exclusive company showrooms and over 800 dealers across
Year of incorporation 2004 country

Ceramic floor tiles, ceramic wall tiles, vitrified floor tiles, Sarat Chandak Chief Executive Officer
Tiles
vitrified wall tiles
Basavaraj Patil Vice President - Manufacturing
Om Prakash Chief Financial Officer
Source: LinkedIn

Private: Domestic company – Varmora Granito Private Limited

Varmora Granito Private Limited • Varmora Grantio Limited, founded in 1994 and based in Morbi Gujrat, engages in
the manufacturing and selling of ceramic floor and wall tiles primarily in India and
8/A, National Highway abroad
Corporate Address At. Dhuva, Tal. Wankaner • The company offers glazed vitrified, double charge vitrified tiles, soluble salt tiles
Morbi in different finish such as polished, rustic matt, matt finish among others
Gujrat- 363641 • The company has a strong network of more than 700 dealers and has ~5,000 retail
outlets
Tel No. +1800-212-0053  It runs ~20 branch offices across country and has ~149 exclusive tiles showroom
 It has more than 4,000 tiles designs
Fax No. - • For extending its presence in Western India, the company has inaugurated its
Website www.varmora.com 149th exclusive tiles showroom in Kolhapur Maharashtra recently
• The dispatch center of the company is located about 184kms from Mundra port
Year of Incorporation 1994 which is the largest port in India

Polished finish, rustic matt, glossy finish, matt finish, Raman Varmora Founder
Wall tiles
metallic finish, sugar finish, rustic finish
Digital glazed vitrified tiles, double charge vitrified tiles, full Bhavesh Varmora Chairman
Floor tiles body tiles, digital colorbody tiles, soluble salt, porcelain
tiles Pramod Varmora Chief Managing Director
Source: www.Varmora.com

Market overview
Market segmentation
Trade analysis
Market influencers
Appendix
43
Anti-Dumping Duty timeline
2016 till Present:

Recently, the
Government of India has
2013-2015: imposed anti dumping
To curb Chinese dumping, duty of USD 1.87/Sq mtr
Brazil and some Asian and on imports of vitrified
2009-2013: tiles from China
European countries had
Domestic manufacturers imposed anti-dumping
again started facing duty on China which
pressure on account of further boosted imports in
dumping of ceramic tiles India
2002-2008: by Chinese manufacturers,
Before 2002, the Indian as the anti-dumping period
market had been flooded with came to an end in 2008
low priced inferior quality tiles
by China, which made the
Ministry of Finance impose
the anti-dumping duty on
vitrified tiles imported from
China and the UAE

Anti-Dumping duty
Year 2002-2008
• Before 2002, China had been flooding the Indian markets with low priced inferior quality tiles
 This had led to a decline in the prices of vitrified and ceramic tiles, thereby lowering margins and profitability of domestic manufacturers
• After complaints filed by domestic manufacturers, the import of vitrified tiles by Indian companies from China and UAE came under scrutiny
• The Ministry of Finance, India, imposed an anti-dumping duty on vitrified tiles which were imported from China and UAE at the rate of USD 8.28 and USD 5.54 per sq. mtr,
respectively, for 5 years commencing from May 2002 until May 2007, which was further extended till May 2008
• However, some companies did not attract any anti-dumping duty pursuant to the Ministry of Finance’s exemptions dated July 28, 2004, Sep 8, 2006 and May 11,2007
• As per the exemptions granted, the Government of India accorded a New Shippers License to the producers, M/s. Nanhai Shangyuan Qulian Construction Ceramics Company,
China and Exporter Prestige General Trading, Dubai, UAE, whereby they could bring tiles into India without paying anti-dumping duty, as the exporting company received no
subsidies from the Chinese Government
Year 2009-2013
• While the Indian tile industry was reviving, the period of anti-dumping duty came to an end in 2008
• With this, the domestic manufacturers started facing pressure on account of dumping of ceramic tiles by the Chinese manufacturers
• Players like Kajaria Ceramics and H & R Johnson, filed complaints with government to impose anti-dumping duty on ceramic glazed tiles to guard domestic markets from being
flooded by cheap Chinese imports
• During this period, The Ministry of Commerce and Industry, issued a notification imposing a duty of INR 137 and INR 155 per sq. mtr on Chinese imports of ceramic glazed wall
and floor tiles, and vitrified tiles, respectively, for 5 years from 2009 to 2013, providing opportunities for the Indian tile Industry

Anti-Dumping duty (continued)
Year 2013-2015
• In May 2013, the anti dumping duty on polished vitrified tiles and ceramic tiles was lifted by the government
• During the first year post withdrawal, the dumping was very low
• But, in the second year, India witnessed a fresh dumping of high grade tiles, especially vitrified tiles competing with the top most players of the country
• The volume of such import was about 50-60 Mn sq. mtr entailing value of INR 20 Bn
• To curb the Chinese dumping, Brazil and some Asian and European countries had imposed an anti-dumping duty on China which further boosted imports in India
Year 2016 till Present

• Currently, The Finance Ministry of India has imposed a provisional anti-dumping duty of up to USD 1.87 per sq. mt. on ‘glazed/unglazed porcelain/vitrified tiles in the polished or
unpolished finish with less than 3% water absorption’, falling under the headings, 6907, 6908 or 6914 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975)
• Mainly, Gujarat Granito Manufacturers Association and Sabarkantha District Ceramic Association had filed the petition seeking levy of anti-dumping duty on such vitrified tiles
imports from China
• The anti-dumping duty imposed will be levied for a period of five years, unless revoked, amended or superseded earlier by the government from the date of imposition of the
provisional anti-dumping duty, that is, Mar 29, 2016

Market overview
Market segmentation
Trade analysis
Market influencers
Appendix
47
Research methodology
• Developed by an internal team of market analysts who track government statistics, consumer and trade association statistics, market research reports, annual company reports and
accounts, directories, press articles from around the world and online databases. The effect of macroeconomic and demographic factors influencing consumer spending patterns have
been considered while analyzing the current market dynamics and predicting growth forecasts.
Secondary research
Electronic
Print media
media
Leading Company
newspapers website
Annual reports Magazines and Open sources Premium

Of companies journals databases

Research on India provides market research and insights across a broad range of high-growth markets in India. Research on
India is owned by Netscribes, a global market intelligence and content management firm.
Phone: +91 33 4027 6243/6222; +91 33 4027 6200/6207; +91 22 4098 7600
E-Mail: support@researchonindia.com
About Netscribes
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Ceramic Tiles Market – India (Part-II)

Ceramic Tiles Market in India 2018 2

Morbi - major tile hub overview

• Unorganized players in the market

Ceramic Tiles Market in India 2018 4

Number of plants FY 2018 9 8 13 10 3

Ceramic Tiles Market in India 2018 5

Kajaria Ceramics Asian Granito Varmora Granito Sun Heart

Ceramic Tiles Market in India 2018 6

List of major players

Asian Granito India Limited www.aglasiagranito.com

Euro Ceramics Limited www.eurovitrified.com

H & R Johnson (India) Limited www.hrjohnsonindia.com

Kajaria Ceramics Limited www.kajariaceramics.com

Nitco Limited www.nitco.in

Orient Bell Limited www.orientbell.com

RAK Ceramics India Private Limited www.rakindia.com

Somany Ceramics Limited www.somanyceramics.com

Murudeshwar Ceramics Limited www.naveentiles.co.in

Ceramic Tiles Market in India 2018 7

Company information Business description

Products and services Key people

Ceramic Tiles Market in India 2018 8

Business description (continued)

Sales Split (FY 2018)

Institutional Retail Government

Ceramic Tiles Market in India 2018 9

Addition in dealer network Region-wise revenue split - India (FY 2018)

Ceramic Tiles Market in India 2018 10

Total installed manufacturing capacities

Outsourcing through Morbi

Financial snapshot Key ratios

Ceramic Tiles Market in India 2018 12

Key business segments Key geographical segments

Asian Granito India Ltd. has been 80%

Tiles and marbles India Outside India

Ceramic Tiles Market in India 2018 13

Company information Business description

Stock exchange : ticker BSE:532823

Products and services Key people

Ceramic Tiles Market in India 2018 14

Financial snapshot Key ratios

Ceramic Tiles Market in India 2018 15

Key business segments Key geographical segments

Tiles Sanitaryware Corporate India Export

Information of key geographic segments for FY 2018 is not available

Ceramic Tiles Market in India 2018 16

Company Information Business Description

Products and Services Key People

Ceramic Tiles Market in India 2018 17

Business description (continued)

Ceramic Tiles Market in India 2018 18

Segment-wise tile sales (value-wise) Segment-wise tile sales (volume-wise)

INR Bn Mn sq. mtrs.

Ceramic Tiles Market in India 2018 19

Mn sq. mtrs. Ceramic Polished Glazed Total

30 Morbi (Gujarat) - 15.90 - 15.90

20 Vijayawada (AP) 2.90 - - 2.90

Vitrified tiles Ceramic tiles

Ceramic Tiles Market in India 2018 20

Merger and acquisitions – snapshot

Sr. No Name of the company acquired Description