We interacted with one of the largest Morbi based unlisted ceramic majors to better understand demand trends, opportunities and its impact on GGAS. Morbi accounted for over 90% of India's ceramic production and ~60% of GGAS gas demand. While demand remains robust post pandemic, sharp increase in gas prices and continued high freight rates have led Morbi's ceramic industry to operate at ~85% utilization from over 95% a year back....