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ICICI Securities Report
Volume recovery for major branded building material categories may sustain (in fact accelerate QoQ) into Q3 FY21 driven by -
1. impressive growth traction in secondary real estate market,
2. pent-up demand seen in renovation / refurbishment segment and
3. market share gains (in categories like plumbing pipes and tiles in particular).
We, thus, foresee categories like plumbing pipes, medium-density fibre, adhesives and construction chemicals, tiles and plywood to recover beyond pre-Covid-19 levels in Q3 FY21, while laminate and sanitaryware categories may recover fully with a quarter lag.
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