Volume Growth
11%
+11% YoY
Volume growth in Q4 FY26, driven by channel realignment and demand recovery from January.
KAJARIACERAMICS
Other
28 Apr 2026
Kajaria Ceramics Limited — Q4 FY26
Kajaria Ceramics delivered a strong Q4 FY26 with 12% revenue growth to ₹1,373 crore and PAT surging 216% to ₹136 crore, driven by 11% volume growth and 918 bps EBITDA margin expansion to 19.19%.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
Kajaria Ceramics delivered a strong Q4 FY26 with 12% revenue growth to ₹1,373 crore and PAT surging 216% to ₹136 crore, driven by 11% volume growth and 918 bps EBITDA margin expansion to 19.19%. The volume recovery followed a nine-month channel realignment, with momentum building from January. The Morbi gas crisis created a structural tailwind: Morbi plants faced 35-40% cost increases, while Kajaria's multi-location plants and 30% biofuel mix in the north provide a cost advantage. Management guided for 18-19% EBITDA margins going forward but declined volume guidance. Key risks include potential supply disruption from Morbi outsourcing partners and volatile gas prices. Overall, the company is well-positioned to gain market share in FY27.
Key Numbers
Working Capital Cycle
51 days
-14 days QoQ
Improved from 65 days in Q3 FY26 due to lower inventory and receivables.
Outsourcing Volume
32M sqm
FY26 actual
Outsourced volume in FY26; expected to rise to 40M sqm in FY27.
North Gas Price (April)
₹62.5/scm
+13% QoQ
Gas price in north India for April, up from ₹55.54 in Q4, reflecting global supply tightness.
Management Guidance
EBITDA margin maintained at 18-19%
Management expects to sustain EBITDA margins between 18% and 19% in the current year, supported by cost optimization and price hikes.
Management guidance marginsAdvertising spend to increase 40-50%
Planned ad spend for FY27 will be 40-50% higher than FY26's ~₹90-100 crore, with a new TVC campaign across regional channels.
Management guidance growthNo promoter salary for FY27
Promoters have decided not to take salary for the current year, continuing the previous year's decision.
Management guidance otherKey Risks
Morbi outsourcing disruption
Many Morbi plants remain shut; outsourcing volumes may be impacted in Q1 FY27 until Morbi production normalizes.
medium · analyst_questionVolatile gas prices
Gas prices have risen sharply (north from ₹55 to ₹62.5/scm) and remain unpredictable due to government allocation changes.
high · management_commentaryDemand impact from price hikes
Price increases of 12-17% may temper demand, though management sees no immediate impact on construction activity.
low · analyst_questionNotable Quotes
We are confident that with the current scenario we should be maintaining between 18 to 19%.
For the first time in last 5 years the gas prices are going up like this.
We have decided not to give any volume guidance... we will perform as we move along in a positive manner.
Frequently Asked Questions
What was Kajaria Ceramics's revenue in Q4 FY26?
Kajaria Ceramics reported revenue of ₹1,373 Cr in Q4 FY26, representing a +12% change compared to the same quarter last year.
What guidance did Kajaria Ceramics management give for FY27?
EBITDA margin maintained at 18-19%: Management expects to sustain EBITDA margins between 18% and 19% in the current year, supported by cost optimization and price hikes. Advertising spend to increase 40-50%: Planned ad spend for FY27 will be 40-50% higher than FY26's ~₹90-100 crore, with a new TVC campaign across regional channels. No promoter salary for FY27: Promoters have decided not to take salary for the current year, continuing the previous year's decision.
What are the key risks for Kajaria Ceramics in FY27?
Key risks include Morbi outsourcing disruption — Many Morbi plants remain shut; outsourcing volumes may be impacted in Q1 FY27 until Morbi production normalizes.; Volatile gas prices — Gas prices have risen sharply (north from ₹55 to ₹62.5/scm) and remain unpredictable due to government allocation changes.; Demand impact from price hikes — Price increases of 12-17% may temper demand, though management sees no immediate impact on construction activity..
Did Kajaria Ceramics meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Kajaria Ceramics Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.