Minerva Capital Research Solutions

THEMATIC : HOME IMPROVEMENT SECTOR

4 Aug 2025Construction & Real EstatePremium
Premium
Companies:Kajaria CeramicsNitcoSomany CeramicsAsian Granito IndiaOrient BellExxaro TilesMurudeshwar CeramicsManoj CeramicCera SanitarywareHindware Home InnovationGanga Bath FittingsDhabriya PolywoodKaka IndustriesAsian PaintsBerger Paints IndiaKansai Nerolac PaintsIndigo PaintsSirca Paints IndiaShalimar PaintsKamdhenu VenturesSiddhika CoatingsCentury Plyboards (India)Greenlam IndustriesGreenply IndustriesGreenpanel IndustriesRushil DecorDuroply IndustriesSheela FoamResponsive IndustriesBirlanuStanley LifestylesSafe Enterprises Retail FixturesHardwyn IndiaINTERIORS & MORE LIMITEDTransteel Seating TechnologiesMarvel DecorUltraTech CementGrasim IndustriesAmbuja CementsShree CementJK Cement LtdDalmia BharatACCRamco IndustriesNuvoco Vistas CorporationIndia CementsJK Lakshmi CementStar CementBirla CorporationPrism JohnsonOrient CementHeidelbergCement India LtdSagar Cements

Summary

Minerva Capital Research Solutions’ Home Improvement Sector note covers housing-linked areas including tiles, sanitaryware, paints, uPVC windows and doors, plywood, mattresses, interiors and cement. Its central demand driver is the expected need for 100 million new houses as 70 million Indian households become eligible for home ownership over the next 10 years, alongside upgrades to existing homes. The note outlines growth potential across several segments while highlighting competition, margin pressure and a large unorganized market in some categories.

Key points

  • The report links home-improvement demand to 70 million households becoming eligible for home ownership in the next 10 years and a requirement for 100 million new houses.
  • The India ceramic tile market is estimated at $10.45 Bn. in FY25 and $19.71 Bn. in FY30, with a reported CAGR of 13.54%.
  • India’s sanitaryware market is estimated to grow from $948.5 Mn. in FY25 to $1336.95 Mn. in FY30, at a CAGR of 7.1%.
  • The uPVC doors and windows market opportunity is ~INR 10,000 Cr.; ~80%-85% of the market remains unorganized.
  • The report expects FY26 cement demand growth of 6.5%-7.5%, following moderate growth of 4.5-5.5% in FY25.
  • The Indian interior design market is projected to reach US$ 81.2 billion by 2030, translating into a CAGR of 14.3%.

The full report is for subscribers

See plans to read it. What it covers:

  • About Home Improvement Sector
  • Home Improvement Sector: Key Findings
  • Other Segments
  • Key Risks
  • Home Improvement Sector: Our View

Standard disclosures

  • Research Analyst has served as an officer, director or employee of subject company(ies): No
  • We or our associates have received compensation from the subject company(ies) in the past 12 months: No
  • We or our associates have managed or co-managed public offering of securities for the subject company(ies) in the past12 months: No
  • We or our associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months –No
  • We or our associates may have received compensation or other benefits from the subject company(ies) or third party in connection with the research report –No
  • We or our associates or Research Analyst or his/her relative's financial interest in the subject company(ies)- No
  • Nature of financial interest in subject company, if any –Nil
  • We, our associates or Research Analyst have actual/beneficial ownership of 1% or more securities of the subject company (ies) at the end of the month immediately preceding the date of publication of Research Report – No
  • Subject company (ies) may have been client during twelve months preceding the date of distribution of the research report-No.
  • We or our Associates or Research Analyst are engaged in market making of subject company – No
  • By referring to any particular sector, Minerva Capital Research Solutions does not provide any promise or assurance of favorable view for a particular industry or sector or business group in any manner. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and take professional advice before investing. Such representations are not indicative of future results.
  • There are either no material conflict of interests or all existing and potential conflict of interest are disclosed herein.

Regulatory disclosures

Minerva Capital Research Solutions is an independent investment advisory firm founded by Nishant Gupta(SEBI registration no. INH000018896).

Registration granted by SEBI and certification from NISM in no way promise or guarantee that the research recommendation will provide any assured, minimum or risk-free return to the investors.

The research report serves as general information and does not account for individual investment goals, financial situations, or needs. Minerva Capital Research Solutions strives to provide reliable and comprehensive information, sourced from what are believed to be trustworthy channels. However, this information has not been independently verified by Minerva Capital Research Solutions or its analysts, and no guarantees are made regarding its accuracy or completeness. The opinions expressed in this report reflect the views of the research analyst at the time of publication and may change over time. Minerva Capital Research Solutions and its affiliates as on date of publication of this report may or may not hold any positions in the securities discussed. The views presented are general and do not consider individual risk tolerance or investment objectives; therefore, readers should seek independent professional advice before making investment decisions. Minerva Capital Research Solutions does not guarantee a favorable outlook for any specific industry or sector and urges investors to consider all relevant risk factors, including their financial circumstances, before investing. The analyst certifies that their views accurately represent their personal opinions on the companies discussed and that no part of their compensation is tied to specific recommendations made in this report. This material should not be interpreted as an offer or solicitation to buy or sell securities in jurisdictions where such offers would be illegal. Consequently, brokerage and investment services described herein are not available to Canadian or U.S. persons. Distribution outside India requires prior written consent. This Research Report assumes that the recipient will assume all risks associated with its contents. If there are any disagreements or dissatisfaction with this report or its disclaimer, the only recourse is to cease using it. Minerva Capital Research Solutions and its affiliates will not be liable for any direct or indirect losses resulting from the use of this report. Recipients are required to adhere to these restrictions. The material is for the personal use of authorized individuals and does not constitute a solicitation or offer to buy or sell any securities in jurisdictions where such actions would be illegal.

For any queries or grievances: Mr. Nishant Gupta | Email: nishant.gupta@mcapital.in | Contact Number: 8171433387 | Website: www.mcapital.in | Twitter: @Mcapital_In

Rating rationale

Minerva Capital Research Solutions endeavors to provide objective opinions and recommendations. Ratings are assigned to stocks according to their fair value vs current market price and then categorizes them as Buy, Hold, Reduce, Sell. The performance horizon is one year unless specified and fair value is defined as analyst’s valuation for a stock.

  • Buy:> 15%
  • Hold: -5% to 15%
  • Reduce: -15% to -5%
  • Sell: <-15%

Research by Minerva Capital Research Solutions, SEBI registered research analyst. Prices and figures are as of the report date. This is not personal investment advice.