Everything You Need to Know About India’s Tile Sector | Markets by Zerodha Hindi

The Indian tiles industry is a bit of a paradox: revenue is projected to hit ₹76,000 crore by FY29, yet listed giants are struggling to keep their margins from cracking. The Core Tension While the market is expanding, profits are being squeezed by a massive internal force: The Morbi Cluster. This ecosystem produces 80–90% of India’s tiles, operating with cost advantages that make it nearly impossible for big brands to hike prices. What You’ll Learn: The Morbi Effect: Why "unorganized" players are actually the most efficient competitors in the game. The Cost Trap: With raw materials and power costs largely out of their control, how can companies actually grow? The Export Hangover: How a slowdown in global demand turned an export boom into a domestic price war. The New Strategy: Why the big players are shifting toward outsourcing, premium GVT tiles, and diversifying into bathware and adhesives. Timestamp - 0:00 - Intro: India's ₹53,000 Cr tile sector & the profit problem 1:36 - Types of tiles: Ceramic vs Vitrified 3:48 - Major cost drivers: Raw material & power costs 5:02 - Market share: Organized vs Unorganized players 7:01 - Morbi cluster: India's tile manufacturing hub 9:57 - Organized players' sales growth (FY19 onwards) 12:39 - Strategies to boost profitability (outsourcing & JVs) 14:00 - Premiumization: GVT & Large Slab tiles 15:23 - Diversification: Adhesives & Sanitaryware 16:30 - Conclusion & outlook Open a free demat and trading account online at Zerodha: https://zerodha.com/open-account/?c=A... Resources - https://www.sebi.gov.in/filings/publi... https://ceramicworldweb.com/en/magazi... https://jayganeshminerals.com/blog-de... https://ftp.motilaloswal.com/emailer/... https://bharatbuildcon.com/morbi-the-... https://morbitiles.org/ https://theprint.in/economy/a-war-in-... https://morbitiles.org/morbi-tile-ind.... https://www.careratings.com/upload/Ne... https://ceramicworldweb.com/en/magazi... https://www.nuvamawealth.com/ewwebima... https://ceramicworldweb.com/en/magazi... https://manufacturing.economictimes.i... https://manufacturing.economictimes.i... https://www.bseindia.com/xml-data/cor... https://nsearchives.nseindia.com/corp... https://www.kajariaceramics.com/stora... https://www.bseindia.com/xml-data/cor... https://www.kajariaceramics.com/stora... https://d3joggurz1vobr.cloudfront.net... https://d3joggurz1vobr.cloudfront.net... https://d3joggurz1vobr.cloudfront.net... https://dir.indiamart.com/impcat/slab... Kajaria Ceramics Concall Transcript Q3 FY26- https://www.bseindia.com/xml-data/cor... Kajaria Ceramics Concall Transcript Q4 FY23- https://www.bseindia.com/xml-data/cor... Kajaria Ceramics Concall Transcript Q1 FY23- https://www.bseindia.com/xml-data/cor... Somany Ceramics Annual Report FY25- https://www.bseindia.com/xml-data/cor... Somany Ceramics Investor Presentation Q4 FY25- https://nsearchives.nseindia.com/corp... Somany Ceramics Investor Presentation Q3 FY26- https://www.bseindia.com/xml-data/cor... Somany Ceramics Concall Transcript Q2 FY26- https://www.bseindia.com/xml-data/cor... Somany Ceramics Concall Transcript Q1 FY26- https://www.bseindia.com/xml-data/cor... Asian Granito Concall Transcript Q3 FY26- https://www.bseindia.com/xml-data/cor...