Kajaria Ceramics (500233) Q3 25/26 earnings summary

Executive summary

• Consolidated revenue for Q3 FY26 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 88 crore, aided by exceptional items adjustments.

• 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.

• No material misstatements or non-compliance with SEBI Listing Regulations were identified by the independent auditors.

Financial highlights

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

• Bathware 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.

• For the nine months ended 31 December 2025, consolidated revenue: INR 3,457.01 crore; consolidated net profit: INR 333.55 crore.

Outlook and guidance

• Margins expected to remain in the 17%-18% range; any incremental margin gains will be reinvested in advertising and sales growth.

• Positive demand outlook from Q4 onwards, with double-digit volume growth targeted in sanitaryware.

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