Nice observations Pragnesh. I will like to add some of mine.
A simple microwave/oven costs between 6k-11k. But a built in microwave/oven will cost you 25k-40k easily.
Similarly a gas stove will cost 2-5k but a built in hob will cost you 10-20k.
As more middle/upper-middle class Indians are moving towards modular kitchens, these built in appliances are becoming neccessities.
I am from Delhi NCR and have seen almost all new residential projects coming up with modular kitchens only. Last year I visited a showroom (Non-Chroma/Non-vijay). He showed me whirlpool, elica(now owned by whirlpool), kaff. There was no hindware neither did i ask for it as i was not aware. This year I again visited the showroom and to my surprise he gave more than 40% visibility to Hindware appliances. Hindware products were cheaper than similar models of other brands. Also i sensed more ‘push’ from the store-owner towards hindware.
Now coming to the other point, Yes, high market builders will not prefer hindware as they commit to their clients of ‘premium’ brands. What i sense is that hindware is using VALUE BASED Pricing so as to capture entry-level customers. In sanitaryware also their clientele is completely different from that of Kohler/Grohe or even Jaquar. IMO they focus on higher volumes rather than on skimming the milk.
Right now there is a huge potential in modular kitchen appliances and so far they have played their cards right.
One more segment which grabbed my attention is HINDWARE FGV (furniture fittings) where in they are selling high end channels and soft close hinges. This is one more area where there is a premium pricing in market and is dominated by expensive brands such as hettich, blum, hafele etc. I am yet to see hindware’s visibility in this segment (i think its a relatively new launch), but hindware can greatly benefit from the brand recall by worksmen and builders. Think about it. Dealers network is already present, brand value is already there, and product segment is growing robustly. These premium fittings were used only in upscale projects few years back, but now every worksman knows their application and consumers are also aware of the benefits over normal channels or no channels. One thing is unclear to me is how much of these businesses is owned by SHIL.
Disclosure: Invested, looking to add if corrects more.