It is likely to be a weak FY21 for the tiles industry, as a whole, with a washout H1, discretionary nature of demand and real estate demand pressure. Kajaria, however, with a net cash balance sheet and superior brand, is likely to tide over the challenging times and even capitalise on market share gain during recovery phase. We raise our earnings estimates by 4% and 8%, respectively, given the commentary by management on production and demand traction. However, we would turn constructive once sustained volume recovery is seen. We maintain our HOLD recommendation on the...