dhyaani tile & marblez ltd share price Management discussions


Recovering from pandemic-induced contraction, Russian-Ukraine conflict and inflation, Indian economy is staging a broad based recovery across sectors, positioning to ascend to the pre-pandemic growth path in FY23. Indias GDP growth is expected to remain robust in FY24. GDP forecast for FY24 to be in the range of 6-6.8 %.

The Capital Expenditure of Central Government and crowding in the private Capex led by strengthening of the balance sheets of the Corporates is one of the growth driver of the Indian economy in the current year. Indian Rupee performed well compared to other Emerging Market Economies in Apr-Dec2022.

During the fiscal year 2023, the Union Governments finances showed resilience, which was a result of various factors like the increase in direct taxes and Goods and Services Tax (GST) revenues.

As of December 2022, Forex Reserves stood at US$ 563 bn covering 9.3 months of imports. As of end- November 2022, India is the sixth largest foreign exchange reserves holder in the world. The current stock of external debt is well shielded by the comfortable level of foreign exchange reserves.


Tiles, today, have become an essential element of the construction industry. They are used in commercial space, residential complexes and high-footfall areas. In high footfall areas (commercial and retail), tiles are preferred for their appeal, their strength, life and the convenience of seamless maintenance.

The global ceramic tiles market has witnessed a period of constant growth over the last 10 years driven by the rising demand for ceramic tiles in buildings and construction; rapid development of residential and commercial buildings due to population growth, increasing urbanisation and rise of per capita income; along with technological advancements in this sector that have fuelled product innovation and cost efficiencies.

The global ceramic tiles market was valued at USD 227.9 billion in 2022 and is projected to reach USD 320.5 billion by 2027, growing at a cagr 7.1% from 2022 to 2027.

Population growth, rising disposable income, growth in renovation and remodelling activities, and increasing investments in residential and commercial sectors have fuelled growth for the market.

The residential and construction segment is the key market for ceramic tiles and is expected to be the fastest growing end-use sector for the tiles from 2020 to 2025. In terms of value and volume, the demand for ceramic tiles in the Asia-Pacific region is expected to be the highest during the period from 2020 to 2025. Rising number of new housing units and increasing investments in the infrastructure sector are contributing to the rise in demand.


1. Reverse migration has been a major trend that has pushed up demand considerably for homes across Indian Tier II and Tier III cities along with factors like ready availability of bigger spaces, lower construction costs, and enhanced value for money in terms of property prices.

2. The Government had announced the creation of 100 additional airports in India by 2024; majority of these airports are to be located in Tier I and II cities with an objective of strengthening connectivity. Majority of these airport projects are yet to be initiated. Also, large expansions have also been planned (some initiated) for Indias premier airports in New Delhi, Hyderabad, Mumbai and Kolkata.


Improving demand for tiles owing to a healthy resurgence in the real estate sector - residential & commercial. Tiles industry remains highly fragmented. Over the years, high indirect tax incidence, liberal tax administration/monitoring and a short B2C supply chain have led the industry to remain dominated by unorganized players, which account for 51% of value and 60% of volume for the industry.


During the year, the Company continued to entrench itself deeper into these markets to cater to the smaller demand emerging out of lesser known pincodes. The Company continued to add new dealers, expand the presence of existing dealers and consolidate its relations with these frontline brand ambassadors to strengthen its dominance in the Indian tile market.

The Company is identifying the various available opportunities. Looking at the overall scenario of the economic conditions, the company is planning for the maximum utilization of the available resources. The Company expects in raising the demands of the products in which the company is engaged. Thus, the Overall outlook for the coming year looks good and may benefit your company at large.

India is one of the fastest-growing ceramic tile marketplaces at the global level. Some of the major factors augmenting the growth of the ceramic tiles demand in India are the growing real estate sector coupled with government policies fueling strong growth in the housing sector. In addition, rising disposable income in India and a corresponding desire for beautification of living and working spaces are also driving the need for ceramic tiles in the country. Demand for products like the new touchless and other hygiene-centric products in bath ware and the germ-free tiles will take center stage and will see traction in the forecast period. The government schemes such as Pradhan Mantri Awas Yojana and Smart Cities, among others, are likely to provide a further impetus to the real estate market in India.


The risk associated with the products of the Company is always a cause of concern for the Company. The general risk associated with the competition from large organization as well as from the unorganized and small-scale organizations affects the domestic market to a large extent. Your company is confident of performing better in spite of such business risks.


The Company does not have any formal internal audit system. The internal policies of the Company ensure efficient use and protection of assets and resources, compliance with policies and reliability of the financial and operational reports. The management is taking steps to introduce the internal audit system commensurate with the size and nature of the business of the company. The Audit Committee of the Board of Directors deals with the adequacy of internal controls and budgeting functions.


The Companys performance was satisfactory during the year 2022-23.


The Company continued to have cordial and harmonious relations with its employees during the year under review.


Statement in this Management Discussion and Analysis report describing the Companys objective, expectations or predictions may be "forward - looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include economic conditions affecting demand / supply and price conditions in the domestic and overseas markets, changes.