Home Decor

Somany (SOMC) reported weak Q2FY26 results. While volumes were flat YoY, margins slipped 60bp YoY to 7.8%. Realisations during the quarter grew 0.5% on the back of price hikes taken by the company. Given higher

Nuvama Wealth Management is hosting a conference call with management of JTL Industries to discuss the company’s Q2FY26 financial results on Tuesday, November 11, 2025 at 11:00 AM IST.

Astral reported a strong Q2FY26 results with 20.6% YoY pipe volume growth (estimate: 16%), EBITDA margins at 19% and EBITDA/kg at INR34.7/kg (estimate: INR31). The beat was led by higher aggression, geographical

Greenply reported lower-than-expected revenue at INR6.9bn. While MDF realisation is flat YoY, MDF volume grew 16% YoY. EBITDA margin slipped YoY 7bp in plywood/350bp in MDF. Higher branding expenses and JV losses of

Apollo Pipes (APOLP) reported a weak Q2FY26 with volumes rising 7.6% YoY (estimate: 12%) and EBITDA/ton sliding 11% QoQ to INR7.2k (estimate: INR9k). The quarter suffered from: i) lower capacity utilisation; ii) elevated

APL Apollo Tubes (APAT) reported strong Q2FY26 results with EBITDA/ton of INR5,228 (estimate: INR4,900) boosted by: i) gross margin improvement as value-added mix inched up; ii) operating leverage; and iii) lower ESOP

SIL posted mixed Q2FY26 results: pipes/overall volumes grew 17%/12% YoY (estimate: 10%/12%) while EBIT/tonne for pipes/overall was INR10.5/13 per kg (estimate INR14/16.8 per kg). Q2 was hurt by prolonged monsoon, lower

Kajaria (KJC) reported mixed Q2FY26 results with tile volume growing merely 0.6% (estimate 3.5%) and EBITDA margin coming in at 18% (in-line). Margin improvement was driven by: i) INR300–350mn of savings from

Home Décor companies are likely to post strong Q2FY26E results with revenue/EBITDA/PAT increasing 8%/42%/52% YoY. Strong volume growth should lift PAT for plastic pipes players by 25% YoY. Margin improvement in tiles on

APL Apollo reported strong Q2FY26 sales volumes at 855ktons, up 13% YoY/8% QoQ, marking its highest quarterly volumes—that too in a weak demand environment caused by heavy rainfall across India. Demand remains subdued

We met with Joint MD Mr Chetan Kajaria and CFO Mr Sanjeev Agarwal of Kajaria Ceramics (KJC). Highlights: i) Integrated the Ceramic, PVT and GVT divisions to eliminate overlap and boost efficiency. ii) Cost optimisation

We recently met with ED Mr Keshav Bhajanka, Century Plyboards (India). Highlights: i) Volume growth guidance of 10%+/20%/20%/40% for plywood/laminates/MDF/particleboard. ii) EBITDA margin guidance of 12–14% for plywood,

We recently met with MD Mr Arun Kothari and CFO Mr Kunal Bubna of Venus Pipes and Tubes. Highlights: i) Volume guidance upgraded to 25% (earlier: 20%). ii) Targeting new seamless plant’s utilisation to touch 80–90% and

We visited Matecia 2025—a wood panels industry event. Key takeaways: i) MDF and particle board usage has risen significantly. ii) Mid-sized players are attempting a price hike in MDF from Sep 1; large players to

We recently concluded the Nuvama Home Improvement Conference 2025. At this fourth edition, we got first-hand feelers about the operating environment across tiles, wood panels and steel pipes & tubes, and how businesses

The Q1FY26 results of most Home Décor companies were lacklustre; pipes players’ EBITDA/PAT contracted 27%/25% YoY hurt by weak demand, lower government spending and inventory loss. Tiles players, hurt by soft demand,

Somany Ceramics (SOMC) posted weak Q1FY26 results. While volumes rose ~3% YoY, margins came in at 8%. Realisations were flat during the quarter due to demand pressure and lower utilisation. Given higher depreciation, PAT

Astral reported a weak set of Q1FY26 results with flat volumes YoY and pipes’ EBITDA margin at 16.4% and EBITDA/kg at INR28 impacted by inventory loss to the tune of INR250mn. Management reaffirmed the double-digit

Venus Pipes posted in-line Q1FY26 results with revenue up 15% YoY as EBITDA/PAT fell 6%/10% YoY given high margin base of last year. Domestic contribution increased to 63% (56% in Q4FY25) due to pent up demand flowing