Morbi players to implement price hikes of ~8%. We recently interacted with an industry expert in the Indian ceramic tile segment, who shared detailed insights on the evolving dynamics in the Morbi cluster. The discussion highlighted the sharp disruption in operations due to fuel unavailability, significant cost pressures arising from elevated gas prices, and the consequent impact on production and pricing. It also covered challenges in export markets amid geopolitical issues, shifts in fuel mix, supply-demand imbalances due to plant shutdowns, and the gradual recovery expected from May'26 onwards. We believe that with the gradual...