In continuation of our letter dated July 22, 2025, informing about the uploading of the audio recording of the Conference Call held on July 22, 2025, we enclose herewith transcript of the said Conference Call, in compliance of the provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
KAJARIACER · price
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Kajaria Ceramics reported Q1 FY26 consolidated revenue of INR 1,104 crores, down 1% year-on-year due to soft tile demand and the closure of its plywood division. EBITDA margins improved to 16.72% from 15% in the year-ago quarter, helped by cost optimisation. Management announced a major strategic move: unifying its three tile divisions (ceramic, PVT, GVT) into one team to cut costs and improve distribution efficiency. Promoters have decided to forgo their salaries this year, and will continue to do so until the company hits a quarterly EBITDA run rate of INR 1,000 crores (currently around INR 187 crores). The Adhesives business is expected to grow from INR 75 crores to INR 120 crores, and Bathware from INR 400 crores to INR 480 crores, with Bathware turning profitable this year.
The unification strategy and promoter salary sacrifice signal a strong focus on cost discipline, which should support margin expansion once volumes pick up. With around INR 500 crores of cash, minimal capex (INR 100-150 crores) and no plans for big acquisitions, there is potential for higher dividend payouts or shareholder returns. However, management repeatedly refused to give specific margin guidance, which may leave analysts and investors wanting more clarity on near-term earnings direction.