Kajaria Ceramics
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Kajaria Ceramics (500233) investor relations material

Kajaria Ceramics Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary30 Jan, 2026

Executive summary

  • Consolidated Q3 FY26 revenue was INR 1,168 crore, flat year-over-year due to stagnant tile volumes and discontinued plywood sales.

  • EBITDA margin improved to 17.2% (+442 bps YoY), but declined 74 bps sequentially due to SKU reduction discounts.

  • PAT grew 13% YoY to INR 87.72 crore, aided by exceptional items adjustments.

  • Transformation initiatives under 'Kajaria 2.0' are underway, focusing on value-added products.

  • Standalone and consolidated unaudited financial results for the quarter and nine months ended 31 December 2025 were reviewed and approved by the Board and Audit Committee, with limited review by statutory auditors.

Financial highlights

  • Tile segment revenue was INR 1,030 crore, nearly flat YoY.

  • Bathware segment revenue grew 9% YoY to INR 103 crore.

  • Adhesives revenue rose to INR 35 crore from INR 20 crore YoY.

  • Q3 FY26 EBITDA: INR 200.90 crore, up from INR 148.74 crore in Q3 FY25; EBITDA margin rose to 17.2% from 12.78%.

  • Q3 FY26 PAT: INR 87.72 crore, a 13% increase year-over-year.

Outlook and guidance

  • Margins expected to remain in the 17%-18% range, with any upside reinvested in advertising and sales growth.

  • Management anticipates positive growth in tiles and bathware from Q4 onwards, with double-digit volume growth targeted in sanitaryware.

  • No specific volume or revenue guidance for FY27, but management is optimistic about value growth.

  • The company continues to monitor the impact of new Labour Codes and will update provisions as further clarifications and rules are notified.

  • Market demand remains soft, but management is confident in sustainable value creation through transformation and product mix shift.

Is margin strategy shifting from expansion to sales growth?
How to maintain share without major CapEx?
What is the full scope of JV to subsidiary conversion?
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