Key takeaway: During the Q4 FY26 earnings conference call, management reported an 11% volume growth attributed to sales unification efforts, despite a 7% decline in production due to a shutdown of Morbi plants. Consolidated revenue increased by 12% to INR 1,373 crores, with an EBITDA margin of 19.19%, improved through cost optimization and better sales realization. The tiles segment grew by 11%, while the bathware segment saw a 6% increase. Management noted a significant advantage for Kajaria due to disruptions faced by Morbi players. The working capital cycle improved by 14 days, and management expressed optimism about future performance, emphasizing a focus on reducing working capital. They also discussed price hikes in response to rising gas prices, with a 12-17% increase implemented across regions. Management refrained from providing specific guidance but indicated confidence in maintaining margins between 18% to 19%.

Key takeaway: During the Q3 FY '26 earnings conference call, management reported that consolidated revenue remained flat at INR 1,168 crores compared to the same quarter last year, primarily due to stagnant tile volumes and the closure of the Ply division. The EBITDA margin improved to 17.2%, up 442 basis points year-on-year, although it decreased sequentially by 74 basis points due to lower sales realization from discounts offered to reduce SKUs. The tiles segment revenue was INR 1,030 crores, while the bathware segment grew by 9% to INR 103 crores. Management noted an increase in working capital days to 64 days, attributed to higher receivables. They emphasized ongoing cost optimization efforts and a focus on cross-selling among dealers. Management expressed optimism about future growth, particularly in the sanitaryware segment, and indicated plans to enhance advertising spending in the upcoming quarter.