Financial Performance Q2 FY27

Consolidated Results (YoY Growth)

  • Total Sales: ₹1,468.26 crores, up 24% from ₹1,186.56 crores in Q2 FY26
  • EBITDA: ₹286.50 crores, up 35% from ₹212.90 crores in Q2 FY26
  • EBITDA Margin: 19.51%, compared to 17.94% in Q2 FY26
  • Profit Before Tax: ₹254.94 crores, up 41% from ₹181.17 crores in Q2 FY26
  • Profit After Tax: ₹189.52 crores, up 43% from ₹132.96 crores in Q2 FY26
  • Finance Costs: ₹5.28 crores, down 9% from ₹5.78 crores in Q2 FY26
  • Depreciation: ₹43.10 crores, up 3% from ₹41.91 crores in Q2 FY26
  • Other Income: ₹15.76 crores, up 2% from ₹15.47 crores in Q2 FY26

Standalone Results (YoY Growth)

  • Total Sales: ₹1,331.90 crores, up 23% from ₹1,079.09 crores in Q2 FY26
  • EBITDA: ₹238.84 crores, up 39% from ₹172.36 crores in Q2 FY26
  • EBITDA Margin: 17.93%, compared to 15.97% in Q2 FY26

H1 FY27 Performance (YoY Growth)

  • Consolidated Sales: ₹2,796.34 crores, up 22% from ₹2,290.89 crores in H1 FY26
  • Consolidated EBITDA: ₹546.83 crores, up 38% from ₹397.53 crores in H1 FY26
  • Consolidated EBITDA Margin: 19.56%, compared to 17.35% in H1 FY26
  • Consolidated PAT: ₹358.98 crores, up 48% from ₹241.94 crores in H1 FY26

Operational Highlights

Volume and Demand Trends

  • Achieved 10% YoY volume growth in Q2 FY27
  • Growth led by better domestic demand and market share gains
  • Export demand in H1 FY27 remained subdued due to elevated freight rates and limited container availability, particularly affecting manufacturers in Morbi
  • Revenue growth supported by healthy volumes and positive market response to price hikes

Subsidiaries Performance

Tile Manufacturing Subsidiaries:

  • Kajaria Vitrified Pvt. Ltd. (95% stake, Morbi): 8.90 MSM annual capacity of polished vitrified tiles, operated at optimum capacity in Q2 FY27
  • Kajaria Infinity Pvt. Ltd. (84.59% stake, Morbi): 3.00 MSM annual capacity of glazed vitrified tiles (reduced from 5.70 MSM), operated at optimum capacity
  • South Asian Ceramics Tiles Pvt. Ltd. (59.50% stake, Telangana): 4.75 MSM annual capacity of ceramic floor tiles, operated at optimum capacity
  • Kajaria Surfaces Pvt. Ltd. (100% stake, Morbi): 6 MSM annual capacity of glazed vitrified tiles, operated at optimum capacity

Bathware Segment (Kajaria Bathware (P) Ltd. - KBPL):

  • Completed acquisition of 15% CCPS stake from Aravali Investment Holdings for ₹50 crores in Q2 FY27, making KBPL a wholly-owned subsidiary
  • Sanitaryware Capacity:
  • Kajaria Sanitaryware Pvt. Ltd. (Morbi): 7.50 lac pcs p.a. capacity, operated at 54% utilization in Q2 FY27
  • Kerovit Global Pvt. Ltd. (Morbi): 4.50 lac pcs p.a. capacity, operated at 42% utilization in Q2 FY27
  • Faucet Capacity: Gailpur facility with 1.60 million pcs p.a. capacity, operated at optimum capacity in Q2 FY27

International Operations:

  • Kajaria International FZCO: Established to expand international presence, with joint ventures in UAE (active) and UK (closed down)
  • Kajaria Ramesh Tiles Limited (50% JV with Ramesh Corp, Nepal): 5.10 MSM annual capacity of floor and wall tiles, operated at 85% utilization in Q2 FY27

Adhesive Segment:

  • Existing facility in Gailpur, Rajasthan: 9000 MT per month capacity
  • New Facility in Erode, Tamil Nadu: 9000 MT per month capacity, operational since May 2026
  • New Plant Approved: Board approved ₹34 crore investment for 9000 MT per month capacity plant at Durgapur, West Bengal, expected completion by December 2027

Expansion Projects

Tile Capacity Expansion

  • Current Total Tile Capacity: 82.70 MSM (excluding 5.10 MSM Nepal JV capacity)
  • Srikalahasti Plant (Andhra Pradesh): Brownfield expansion approved April 30, 2026
  • Initial plan: 10 MSM Glazed Vitrified Tiles at ₹210 crore
  • Enhanced to: 12.50 MSM capacity at revised cost of ₹340 crore
  • Cost increase due to higher capacity, bigger shed for future expansion, and new warehouse
  • Expected completion: June 2027
  • Gailpur Plant (Rajasthan): Brownfield expansion approved July 31, 2026
  • Initial plan: 11 MSM Glazed Vitrified Tiles at ₹165 crore
  • Revised cost: ₹180 crore due to increased civil cost and bigger warehouse
  • Expected completion: April 2027

Key Ratios (Consolidated)

  • ROE calculation based on average net worth of preceding FY and respective quarter
  • ROCE calculation based on average capital employed at preceding FY (excluding cash & bank balance) and respective quarter
  • Working capital days calculation excludes capex creditors, capital advances, and cash/cash equivalents

Shareholding and Corporate Details

  • Equity Shares Outstanding: 157.14 millions (as of September 30, 2026)
  • Manufacturing Presence: Eight plants across Uttar Pradesh (Sikandrabad), Rajasthan (Gailpur, Malootana), Gujarat (Morbi - three plants), Andhra Pradesh (Srikalahasti), and Telangana (Balanagar)

Management Commentary

From Chairman's Message: The company remains confident in its ability to sustain healthy growth, strengthen market position, and create long-term value for stakeholders. Expansion plans are on track to strengthen manufacturing capabilities and deliver high-quality products at competitive costs.

Contacts for Further Information

  • Mr. Sanjeev Agarwal, CFO: sanjeev@kajariaceramics.com, +91 11 26946409 (Board), +91 11 41064110 (Direct)
  • Mr. Parveen Gupta, Vice President - Finance: parveengupta@kajariaceramics.com, +91 11 26946409 (Board), +91 11 40946550 (Direct)