KAJARIACER · Consumer Durables
Kajaria Ceramics Ltd. reported revenue of ₹1,373 cr for January to March 2026, +12.4% on the year and +17.6% on the quarter. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹4,830 cr, +3.8% on the four before.
Operating profit (EBITDA) was ₹263 cr, a margin of 19.2%, +786 bps on the year and +203 bps on the quarter. It is the widest margin of the last 8 quarters (range 11.3% to 19.2%). Operating costs grew +2.4% against revenue growth of +12.4%, so more of each rupee of sales reached operating profit.
Net profit was ₹157 cr, +265.1% on the year and +82.6% on the quarter, with earnings per share of ₹9.78. Profit before other income, one-offs and tax grew 141.6%, so 124 points of the headline growth came from outside the core business. The tax rate of 30% is in line with its recent average. Profit over the last four quarters totals ₹487 cr, +62.3% on the four before.
Retail growth comes from new stores and from sales at existing stores; the statements show the total, the filing shows how much each contributed. The quarterly statements do not carry same-store sales, stores added and revenue per square foot; those come with the filing read.
On earnings per share of ₹30.48 over the last four quarters, the stock at ₹1,199.50 trades at 39.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,152 cr | ₹1,208 cr | ₹1,096 cr | ₹1,179 cr | ₹1,156 cr | ₹1,222 cr | ₹1,103 cr | ₹1,186 cr | ₹1,168 cr | ₹1,373 cr | ₹1,328 cr | ₹1,468 cr |
| YoY | — | — | +3% | +5% | +0% | +1% | +1% | +1% | +1% | +12% | +20% | +24% |
| EBITDA margin | 15.5% | 14.2% | 15.4% | 13.2% | 13.1% | 11.3% | 17.0% | 18.0% | 17.1% | 19.2% | 19.6% | 19.6% |
| Other income, % of PBT | 8% | 11% | 4% | 8% | 4% | −14% | 8% | 8% | −22% | 4% | 8% | 7% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 25% | 28% | 29% | 28% | 44% | 26% | 26% | 31% | 30% | 26% | 25% |
| Net profit | ₹108 cr | ₹104 cr | ₹92.0 cr | ₹86.0 cr | ₹79.0 cr | ₹43.0 cr | ₹110 cr | ₹134 cr | ₹86.0 cr | ₹157 cr | ₹171 cr | ₹191 cr |
| YoY | — | — | −16% | −23% | −27% | −59% | +20% | +56% | +9% | +265% | +55% | +43% |
| Core profit YoY | — | — | −8% | −20% | −21% | −29% | +12% | +50% | +44% | +142% | +54% | +43% |
| EPS | ₹6.54 | ₹6.43 | ₹5.64 | ₹5.29 | ₹4.88 | ₹2.67 | ₹6.84 | ₹8.35 | ₹5.51 | ₹9.78 | ₹10.64 | ₹12.06 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Kajaria Ceramics Ltd. reported revenue of ₹1,373 cr (+12.4% on the year) and net profit of ₹157 cr (+265.1% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved +141.6% on the year, against +265.1% for reported profit.
1 check raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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