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“The Estimated Market Size of Architectural Hardware Products would be Approximately INR 750Cr which will Grow at 10-11% CAGR”

By: MUKESH SRIVASTAVA, McCoy 8M

Here is the excerpt from the interview with Mukesh Srivastava, Business Head –McCoy 8M.

Tell us briefly about your company, products and services.

McCoy Group is approximately 30 years old co. and serves the building and construction industry through state-of-the-art products and services with the ethos of consistent quality. Historically, we addressed the needs of the industry through waterproofing chemicals, expansion joints, and silicone sealant, and had JV with MNCs for aluminium and uPVC system window and door hardware. Our Hardware brand is McCoy 8M. Our services are recognised by all big giants of the building industries, to name a few – Lodha, Hafeez Contractor, Medanta Hospital, Sobha Builders, Fenesta, Lingel, etc.

What are your most popular hardware products in India? How are your products different from other products currently in the market?

Series like Rock Magnum & Power in Friction Stay are heavy-duty, and sturdy and offer smoothness in performance under harsh environments and gusty wind pressure. We also introduced new ranges of robustly and ergonomically designed handles for uPVC and aluminium doors. Our ESPAGs are with 10-12 μm passivation and are 500 hrs salt spray tested by international lab SGS.

The urban and semi-urban markets have high-rises ranging from 15 to 25 floors and more. Many hardware in the market gives satisfactory performance under normal conditions and are designed for low rises. The real challenge of hardware is to be tested for the longevity of effective performance under gusty winds which affect the performance of most of the doors & windows in high rises before the end of life.

Do you also offer some services with the products?

Besides the product service, we have “McAadmy” under which we provide training to the professionals working at the site regularly to improve productivity and cut process waste and we also educate 4th-year architecture and engineering students at their colleges to make them understand the new technologies in the market. We also partner with UWDMA, an organization that works on the quality, certification, and standards of products for the industry and provides training to the workers, professionals and engineers working in this industry.

Is quality control a concern area for your products in India?

The products, in look and dimensions, are interchangeable as per industry standards of profiles, hence becomes a challenge for users to differentiate the quality of two different makes. The only way is to learn through the experience of failures after installation, which is a losing proposition for fabricators and Installers.

At McCoy, we have the best qualified and trained talents from the industry, who understand the need of the market and test the products in-house. We also got the products tested for performance by international labs like SGS GmbH and Spectro Lab – a subsidiary of Eurofins Scientific Luxembourg

Tell us about the growth of the hardware industry in India.

The estimated market size would be approximately INR 750Cr that will grow at 10-11% CAGR, which will be 50% more for door and window industry CAGR growth because the window installed in the market 5 – 10 years ago needs replacement after completing the life cycle.

What are the trends in the facade, door and window hardware products?

From the user’s perspective, heat-resistant, soundproof, air-tightness, water tight seal and safety are demand or are the trends seen around. Door and window manufacturers are designing products with more close tolerances and now profile manufacturers have started recommending accessories that they have tested with their product. Post RERA, the builders are also accountable for services of the installed doors and windows for 5 years (for all products) towards buyers of homes. The buyers have also increased their expectations. This is opening avenues for shared responsibilities among profile manufacturers, hardware supplies, and builders, which ensures consumers receive good and lasting products with high performance.

Barring a few qualities manufacturers, the majority of profile brands and fabricators buzz to the demand or the target prices offered by the builder/ developer for doors and windows and compromise on performance beyond warranty. It may be a deterrent to industry growth.

Is standardisation and certification of hardware products a challenge in India?

Though there are no specific standards for hardware, personally I don’t see it as a challenge. This is about the ethos of the company that decides what it wants to offer to the Market – a cost-effective solution or a price-based solution.

The uPVC windows and doors have been accepted against wood for air, water, heat, dust ingress and sound insulation properties which save cooling and heating cost in the long run.

If this gets compromised, the industry will have a negative impact. Hence it is the shared responsibility of the hardware industry and uPVC profile/window & door manufacturers to have stringent norms for quality.

What would you like to say to the architects and engineering professionals who read this publication?

While designing doors & windows for buildings, ensure the objective for which uPVC has been chosen doesn’t get compromised. The performance of the products should last till the end of their lifespan with not more than a 2% deviation. The performance of the windows and doors are interdependent on the design of the profile, the quality of the profile material, the sturdiness of the hardware under harsh environments & gusty winds, and site assembly condition.

What are your plans for India in the near future, in terms of new products as well as expansion?

Service and delivery of the product are challenging. Since we have to manage very large Stock Keeping Units (SKUs), we have integrated our all services via ERP and are associated with the best available delivery partners in India, who can deliver materials at any site within 4-5 days – from north to south, east to west. In due course, we will be having a state-of-the-art manufacturing facility in India. Some Innovations are in the pipeline which we will unveil at the right time.

What is your take on the growth of the company in India in the coming few years? What plans do you have for the company for the near future? What is the target growth that 8M is looking at in the next 8 years?

The market is expected to touch INR 1000 Cr by 2026. We are aiming to have a 15% minimum share of the market by 2026.

What business lessons have you learned in your career journey?

Shared responsibility of all stakeholders is the key to the Industry’s long-term sustainability and “WE ALL ARE ACCOUNTABLE FOR GROWTH”.