| Results date | October 24, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,328.08 Cr (consolidated) |
| Previous quarter PAT | Rs. 169.46 Cr (consolidated) |
| Previous quarter EBITDA margin | 19.60% (consolidated) |
| Market cap | Rs. 19,300.31 Cr |
| CMP | Rs. 1,228.2 |
Per the board-meeting intimation, the Board meeting is scheduled Oct 24, 2026 to approve unaudited results for quarter/half-year ended Sep 30, 2026; FY27 interim dividend to be considered.
Q2 is the first test of the double-digit volume guidance issued on Jul 31, 2026, after Q1 printed +6% YoY tile volume growth, and the central question on the call is whether the 18-19% FY27 EBITDA margin band holds as fuel costs rise. The PPAC-notified domestic gas price moved from US$8.73/MMBTU in July to US$7.86 in August, US$9.00 in September, and a sharp step-up to US$11.22 for October, while the company entered the quarter with blended delivered gas at Rs. 71 against Rs. 85 spot and Morbi gas at Rs. 86-88 per SCM after the February 28 war. Propane supplies to Morbi were re-discontinued in late September as delivered LPG premiums rebounded to a near-record $450/tonne, keeping the outsourced supply pool (27-28% of materials) under cost strain. Realization sustainability is the swing factor for the ~20% FY27 value-growth guide: Q1 realization rose 11% on Morbi's gas-driven price hikes, but the Kajaria-Morbi price gap has already narrowed from about 40% to below 20% as Morbi kilns restarted from June. Demand proxies were directionally supportive through the quarter, with Mumbai property registrations at 12,622 in September (+5% YoY, the highest September in over 14 years) and IIP accelerating from +6.7% in July to +8.0% in August. Offsets working in the company's favour include the April price increases of 10-13% in own plants, admin costs guided to decline as a percentage of sales, forgone promoter salary for FY27, and the Erod adhesives plant guided operational in Q2 FY27 (adhesives revenue was Rs. 45 Cr in Q1 vs Rs. 25 Cr a year ago). The call is also expected to cover the interim dividend on the Oct 24 board agenda and overhangs including the promoter stake sale from 48.13% to 45.79% on Sep 29-30, 2026.
Guidance scorecard for FY27: Management issued a full set of FY27 guidance at the Q1 call after two quarters without volume guidance.
Erod adhesives plant and expansion execution
Gas pass-through and Morbi supply dynamics: Fuel is the first-order margin variable for the quarter.
Overhangs and one-offs to track
Operating metric trajectory
Management has guided for a consolidated EBITDA margin of 18-19% for FY27, and Q1 FY27 printed 19.60%. Management stated, "Margin, we are confident that with the current scenario, we should be maintaining between 18% to 19%".
Management guided to operating EBITDA of Rs. 1,000 crores plus for FY27, with Q1 FY27 EBITDA at Rs. 260.33 Cr. Management also confirmed promoters will not take salary this financial year.
Management had not given volume guidance for the previous two quarters but said, "this year, with a lot of confidence... next 9 months, we'll have a double-digit growth", driven by distribution strengthening and project wins. Q1 FY27 tile volume grew 6% YoY.
No. Management stated on the Q1 FY27 call: "Other income is not part of EBITDA. It's operating EBITDA", and the Nepal JV is also excluded, sitting below the line.