KAJARIA CERAMICS LTD

Manufactures and sells ceramic tiles, bathware (sanitaryware and faucets) and adjacent products such as tile adhesives. Tiles are the core business, contributing ₹4,280.29 crore or 88.6% of FY26 segment revenue with segment EBIT of ₹651.18 crore, while an "others" bucket (bathware, adhesives and related adjacencies) contributed ₹550.07 crore or 11.4% with segment EBIT of ₹44.43 crore. The tile business runs across multiple owned manufacturing locations in India (including Sri Kalahasti and Kailpur/Gailpur in Rajasthan), with two new lines totalling 21 million sqm of annual tile capacity being added — 10 million sqm at Sri Kalahasti (₹210 crore) and 11 million sqm at Kailpur (₹165 crore, targeted by April 2027). FY27 tile volume is guided at around 130 million sqm versus 118 million sqm in FY26, with about 40% of sales planned to be met through outsourcing versus 29-30% currently. Bathware is being scaled after acquiring the remaining 15% stake for full ownership, with FY27 value growth guided at 35-40% and Q1 FY27 bathware revenue at ₹120 crore (+33% YoY). Adhesives revenue doubled YoY to ₹44 crore in Q4 FY26. The largest cost inputs are materials (20.5% of revenue) and other operating expenses (28.3%), with employee cost at 11.0% and depreciation at 3.5%; gas/fuel for kilns is a significant variable component, with management noting industry gas prices at ₹84/SCM. Q1 FY27 consolidated revenue was ₹1,328 crore (+20% YoY) with EBITDA margin of 19.60% and a working capital cycle of 46 days.