Kajaria Ceramics (500233) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 saw consolidated revenue rise 20% year-over-year to INR 1,328 crore, driven by higher selling prices and 6% volume growth despite a weak April.

• EBITDA margin improved to 19.6% from 16.72% in Q1 FY26, with PAT rising to INR 171.08 crore from INR 109 crore.

• Completed a buyback of 2.15 million shares (1.35% of equity) at INR 1,380 per share, totaling INR 296.7 crore.

• Announced brownfield expansions at Srikalahasti (10 MSM, INR 210 crore) and Gailpur/Jodhpur (11 MSM, INR 165 crore), leveraging new technology for higher capacity and efficiency.

• Management expressed confidence in sustaining double-digit volume growth for the next nine months, supported by strengthened distribution and project wins.

Financial highlights

• Consolidated revenue up 20% year-over-year to INR 1,328 crore in Q1 FY27.

• EBITDA increased 41% year-over-year to INR 260.33 crore, with margin at 19.6%.

• PAT increased to INR 171.08 crore from INR 109 crore year-over-year.

• Profit before tax grew 54% year-over-year to INR 231.40 crore.

• Working capital cycle improved by 5 days to 46 days as of June 30, 2026.

Outlook and guidance

• Management guides for double-digit volume growth for the next nine months and expects EBITDA margin of 18%-19% for FY27.

• Revenue growth expected to be over 20% for FY27, with value and volume contributing equally.

• Srikalahasti and Gailpur expansions expected to be completed by March and April 2027, respectively.

• CapEx of INR 400 crore planned for FY27, including maintenance.