Kajaria Ceramics Q4 FY26: ₹1,373 Cr revenue, 19.19% EBITDA

Kajaria Ceramics Limited (NSE: KAJARIACER) discussed its Q4 FY26 (January to March 2026) performance on an earnings call dated April 30, 2026, highlighting a rebound in volumes, margin improvement, and a sharper focus on working capital discipline.

Management said the quarter saw 11% volume growth, which it linked to internal execution steps taken over the first nine months of the year, including a “unification of sales” effort that involved inventory realignment across channels and manpower alignment. The company also addressed operational disruption during the quarter after a shutdown of its Broadway plants in March, which management said led to a 7% fall in production for the quarter, with the plants subsequently restarting.

Key takeaways from the Q4 FY26 call

The headline financial metric shared on the call was consolidated revenue, which management said increased 12% year-on-year to ₹1,373 crore in Q4 FY26. Profitability also improved, with EBITDA margin at 19.19%, attributed to cost optimisation and better sales realisation compared with Q3.

Management also indicated that demand momentum “has started now,” while noting that Q1 is historically a low quarter for the industry, making quarter-on-quarter comparisons less meaningful.

Volume growth and the Morbi shutdown discussion

In the Q&A, a participant asked whether the Q4 volume uptick was driven by the Morbi (tile cluster) shutdown. Ashok Kajaria said the volume growth was not only because of the Morbi shutdown and stated that the company had started seeing growth from January itself.

He added that January growth was around 8% to 9%, and the trend continued into subsequent months during the quarter. The management did not provide a month-by-month split for the full quarter or a quantified attribution between internal initiatives and external supply disruptions.

Segment performance shared by management

Management shared segment-level revenue numbers for Q4 FY26 versus Q4 FY25, along with commentary on growth.

• Tile segment: management stated it grew 11% year-on-year to ₹1,212 crore in Q4 FY26, compared with ₹1,188 crore in Q4 FY25.
• Bath segment: revenue grew 6% to ₹117 crore in Q4 FY26 versus ₹111 crore in Q4 FY25.
• “District” segment: revenue increased to ₹44 crore in Q4 FY26 compared with ₹21 crore in Q4 FY25.

Profitability: EBITDA margin and PBT movement

For Q4 FY26, Kajaria reported EBITDA margin of 19.19% on the call. Management linked the improvement to cost optimisation, improved realisation, and operational efficiencies across production, sales, and supply chain.

On profits, management shared a pre-exceptional PBT measure, stating that profit before share of profit from JV, exceptional items and tax rose to ₹228 crore in Q4 FY26 from ₹85 crore in Q4 FY25.

Management also mentioned a profit figure described as “Pack” in the transcript, stating it grew to ₹136 crore in Q4 FY26 compared with ₹43 crore in Q4 FY25, attributing the change to higher volumes and improved realisation.

Working capital: cycle improves to 51 days

A notable operational metric in the call was working capital improvement. Management said that as of March 31, 2026, the working capital cycle improved by 14 days to 51 days, compared with 65 days as of December 31, 2025.

The improvement was attributed mainly to lower inventory and receivables. Management said it would continue to focus on reducing the working capital cycle.

Pricing actions and cost commentary

During the Q&A, participants discussed price hikes and whether higher input costs could weigh on margins. Management indicated that cost increases at the start of the year are typically marginal and expected to be offset by volume growth and price increases.

Ashok Kajaria also stated that a further price increase came into effect from April 1, and described Kajaria’s price increase as 15% to 16%, in the context of broader industry pricing changes discussed on the call.

Capital allocation: rationale for buyback decision

Management addressed capital allocation, stating that the buyback decision was intended to signal confidence in the company’s outlook. It also said buybacks had become more tax efficient for shareholders, and that the company had sufficient cash on the balance sheet relative to its planned capital expenditure.

Market context and externally reported figures

The provided material also includes market commentary and third-party numbers circulating around the results, including an ICICI Securities note that Q4 PAT was seen up 133.5% year-on-year to ₹148.4 crore, and another market reference stating Q4 net profit at ₹156 crore versus ₹43 crore year-on-year. The transcript itself is marked as preliminary, and the company’s call discussion focused on revenue, margins, segment revenue, and the PBT figure shared by management.

Separately, the material cites that Kajaria Ceramics’ stock was trading around ₹1,020 in April 2026, against a 52-week high of ₹1,400 and a 52-week low of ₹900, with a 1-year return of -18%.

Summary table: key numbers mentioned in the material

Why the Q4 print matters for FY27 tracking

Two parts of the call stand out for investors tracking FY27: the return to double-digit quarterly volume growth and the improvement in EBITDA margin to 19.19%. Management positioned the quarter as the outcome of execution steps taken through the year, rather than a one-off benefit.

At the same time, the quarter also included a production disruption due to the Broadway plant shutdown, which management said reduced production by 7% during Q4. How production normalises alongside demand momentum, and how pricing moves from April 1 flow into realisations, are likely to remain key monitoring points.

Conclusion

Kajaria Ceramics’ Q4 FY26 call pointed to stronger volumes, improved margins, and a tighter working capital cycle, alongside commentary that demand momentum has started even as Q1 is seasonally softer. The next set of disclosures and updates around FY27 performance will be watched for how the company sustains volume growth and translates pricing actions into realised margins.