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KAJARIA CERAMICS LIMITED 1 of 17INVESTOR UPDATE | Q2 FY26 KAJARIA CERAMICS LIMITEDINVESTOR UPDATE | Q2 FY2616thOctober, 2025
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KAJARIA CERAMICS LIMITED 2 of 17INVESTOR UPDATE | Q2 FY26 Chairman’s MessageFinancial Performance – Q2 FY26 SubsidiariesIncome Statement Shareholding Pattern CONTENT *The Company has disclosed the plywood operations (Kajaria Plywood Pvt. Ltd.) separately as discontinued business but forease of comparison, we have included the same in this presentation.
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KAJARIA CERAMICS LIMITED 3 of 17INVESTOR UPDATE | Q2 FY26 Our consolidated revenue for the quarter stood at Rs. 1186.56crores, indicating a minimalistic growth compared to thecorresponding period last year mainly due to soft market andabsence of ply sales due to closer of this division.However, the margins continued to improve further in Q2 FY26to 17.94% as compared to 13.47% in Q2 FY25.With Kajaria 2.0, we enter a new chapter of bold transformation,fresh thinking, and renewed energy — led by both Chetan andRishi who have been recently elevated as Vice Chairman andManaging Director respectively. I am confident that Kajaria’sfuture rests in capable and visionary hands. CHAIRMAN’S MESSAGE
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KAJARIA CERAMICS LIMITED 4 of 17INVESTOR UPDATE | Q2 FY26 Production Growth (MSM) - Q2 FY26 Sales Growth (MSM) – Q2 FY26 Production Growth (MSM) - H1 FY26 Sales Growth (MSM) – H1 FY26 TILE VOLUME DATA (Consolidated) 15.8814.795.846.0921.7220.88Q2 FY25 Q2 FY26 Own Manufacturing Subsidiaries 31.1130.0111.6012.3042.7142.31H1 FY25 H1 FY26 Own Manufacturing Subsidiaries 15.6415.665.436.307.636.9128.70 28.87Q2 FY25 Q2 FY26 Own Manufacturing Subsidiaries Outsource 30.5330.4210.9612.0414.2013.5955.6956.05H1 FY25 H1 FY26 Own Manufacturing Subsidiaries Outsource
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KAJARIA CERAMICS LIMITED 5 of 17INVESTOR UPDATE | Q2 FY26 Rs . / Crores-315.5183.71169.00REVENUE GROWTH (Consolidated)92.21261.21363.472292.96 2290.891179.271186.5691.02 587.30579.73194.51221.52271.70250.2017.460.55102.3918.1632.17 Q2 FY25 Q2 FY26 Adheshives Sanitary ware / Faucets Plywood Outsourcing (Tiles) Subsidiaries (Tiles) Own Manufacturing (Tiles)90.14 1145.801123.66394.38425.88502.86488.2635.362.14193.8633.40 57.09 H1 FY25 H1 FY26 Adheshives Sanitary ware / Faucets Plywood Outsourcing (Tiles) Subsidiaries (Tiles) Own Manufacturing (Tiles)181.16
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KAJARIA CERAMICS LIMITED 6 of 17INVESTOR UPDATE | Q2 FY26 Rs. / CroresPBTPA TPROFITABILITY (Consolidated) 123.46180.68Q2 FY25 Q2 FY26 253.88329.70H1 FY25 H1 FY26 84.27132.96Q2 FY25 Q2 FY26 174.09241.94H1 FY25 H1 FY26
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KAJARIA CERAMICS LIMITED 7 of 17INVESTOR UPDATE | Q2 FY26 Rs./ Crores EBITDA/EBITDA Margin (Consolidated) Quarterly Progression 158.90148.74122.81184.63212.9013.47%12.78%10.01%16.72%17.94% 5%10%15%20% 50100150200 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26EBITDA (Rs. / Crores)EBITDA Margin (%)
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KAJARIA CERAMICS LIMITED 8 of 17INVESTOR UPDATE | Q2 FY26 * Net of cash and cash equivalents Net Debt Equity(X) *Net Debt (Rs.Crore)*KEY RATIOS (Consolidated) -373-236-349-424-593Mar-22 Mar-23 Mar-24 Mar-25 Sep-25-0.17-0.10-0.13-0.15-0.20Mar-22 Mar-23 Mar-24 Mar-25 Sep-25
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KAJARIA CERAMICS LIMITED 9 of 17INVESTOR UPDATE | Q2 FY26 •ROE as on 30thSep. 25 taken at average of networthas on 31stMar.25 & 30th Sep.25 and on H1 FY26 PAT. •Working capital days excludes capex creditors, capital advances and cash, cash equivalent & bank balance. Return on Equity (Avg.)Working Capital (Rs. Crore)Working Capital (Days)ROCE(Avg.) KEY RATIOS (Consolidated) 5259585156Mar-22 Mar-23 Mar-24 Mar-25 Sep-25 18.8915.4917.0810.9817.06Mar-22Mar-23Mar-24Mar-25Sep-2524.0620.0021.9016.2822.04Mar-22 Mar-23 Mar-24 Mar-25 Sep-25 513601620570585466565532618635298310293338269Mar-22 Mar-23 Mar-24 Mar-25 Sep-25DebtorsInventoryCreditors
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KAJARIA CERAMICS LIMITED 10 of 17INVESTOR UPDATE | Q2 FY26 A.KAJARIA VITRIFIED PVT. LTD.Kajaria Vitrified Pvt. Ltd. is based in Morbi (Gujarat). Kajaria has 95% stake in thesame. The company has annual capacity of 8.90 MSM of polished vitrified tiles.The Company has operated at optimum capacity during Q2 FY26.B. KAJARIA INFINITY PVT. LTD.Kajaria Infinity Pvt. Ltd. is based in Morbi (Gujarat). Kajaria Ceramics has 84.59%stake in the same. Kajaria Infinity has annual capacity of 2.70 MSM (reduced from5.70 MSM) of glazed vitrified tiles and operated at 63% during Q2 FY26.C. SOUTH ASIAN CERAMICS TILES PVT. LTD.Kajaria Ceramics has 59.50% stake in South Asian Ceramics Tiles Pvt. Ltd., Telangana.The Annual production capacity of South Asian Ceramics is 4.75 MSM ceramic floortiles. The Company has operated at 88% during Q2 FY26.D. KAJARIA SURFACES PVT. LTD.*Kajaria Ceramics has 90% stake in this company situated at Morbi (Gujarat). Thecompany has annual capacity of 6 MSM of glazed vitrified tiles. The Company hasoperated at optimum capacity during Q2 FY26. SUBSIDIARIES * Formerly known as Keronite Tiles Pvt. Ltd. .
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KAJARIA CERAMICS LIMITED 11 of 17INVESTOR UPDATE | Q2 FY26 E. KAJARIA BATHWARE (P) LTD. (KBPL)Kajaria Bathware is a subsidiary of Kajaria Ceramics Ltd, in which Kajaria owns 85%and Aravali Investment Holdings, Mauritius, a wholly-owned subsidiary of WestBridgeCrossover Fund, LLC owns 15% stake.a) Sanitaryware: i) Kajaria Sanitaryware Pvt. Ltd. (KSPL): KSPL Plant is situatedin Morbi (Gujarat) having production capacity of 7.50 lac pcs p.a. The Plant hasoperated at 62% in Q2FY26.ii) Kerovit Global Pvt. Ltd. (KGPL): KGPL Plant is also situatedin Morbi (Gujarat) having production capacity of 4.50 lac pcs p.a. The Plant wasput up in March 2024 to produce high end products. The Plant has operated at59%in Q2FY26.b) Faucet: This facility is situated at Gailpur (Rajasthan) having 1.60 million pcsp.a. The plant has operated at 86% in Q2 FY26. SUBSIDIARIES
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KAJARIA CERAMICS LIMITED 12 of 17INVESTOR UPDATE | Q2 FY26 F. KAJARIA INTERNATIONAL DMCC (wholly owned subsidiary)Kajaria International DMCC was established to expand its presence in the internationalmarket. The company has undertaken two joint ventures – one in UAE and the other inUK. We have scaled down the UK operations significantly as we realized that runningexpenses of showrooms are very high and it is difficult to make profit in short tomedium term. We are in the process of closing this.G. KAJARIA RAMESH TILES LIMITED - KRTL (50% Joint Venture)KRTL is a 50% JVbetween the Company and various individuals affiliated withRamesh Corp, Nepal. The Annual production capacity of KRTL is 5.10 MSM floorand wall tiles. Plant is operational from 8thSep. 24.The Plant has operated at~86% in Q2FY26. SUBSIDIARIES
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KAJARIA CERAMICS LIMITED 13 of 17INVESTOR UPDATE | Q2 FY26 SUBSIDIARIESI. KAJARIA ADHESIVE PVT. LTD.One manufacture facility for tile adhesives having capacity of 9000 MT permonth is operational in Gailpur, Rajasthan.The Board has at its meeting held on 4thFebruary, 2025, approved to makeinvestment upto Rs. 16 crores in Kajaria Adhesive Private Limited (‘KAPL’) bysubscribing/acquiring upto 75% shares of KAPL to set-up a manufacturing unitat Erode, Tamil Nadu. Accordingly, the Company has acquired 75% shares ofKAPL and KAPL became a subsidiary of the Company.The Board in its meeting held on 29thSeptember, 2025, have approvedincrease in investment form existing Rs. 16 crores to Rs. 23 Crores, by way ofsubscribing/acquiring shares of KAPL and/or granting of loan to KAPL.
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KAJARIA CERAMICS LIMITED 14 of 17INVESTOR UPDATE | Q2 FY26 35.95 MSM(Gailpur, Rajasthan)8.80 MSM* (Sikandrabad, U P)8.90 MSM(Kajaria Vitrified, (Jaxx), Morbi, Gujarat) 6.50 MSM(Malootana, Rajasthan) MANUFACTURING PRESENCE OVERVIEW – Tile Capacity 87.80 MSM 8.80 MSM(Srikalahasti, Andhra Pradesh)4.75 MSMSouth Asian Ceramics (Balanagar, Telangana) 6 MSM(Kajaria Surfaces (Keronite Tiles), Morbi, Gujarat)3.00 MSM*(Kajaria Infinity (Cosa), Morbi, Gujarat) 5.10 MSM(Nawalparasi, Nepal)GEOGRAPHICAL SPREAD Production Capacity (MSM)PlantTotalGlazedVitrifiedTilesPolishedVirifiedTilesCeramicWall &Floor Tiles8.808.80--1. Sikandrabad (UP)35.959.10-26.852. Gailpur (Rajasthan)6.50-6.50-3. Malootana (Rajasthan)17.909.008.90-4. Morbi (Gujarat)8.808.80--5. Srikalahasti (AP)4.75--4.756. Balanagar (Telangana)5.102.55-2.557. Nawalparasi, Nepal87.8038.2515.4034.15Total*Kajaria Infinity (Cosa) capacity reduced from 5.70 MSM to 3.00 MSM
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KAJARIA CERAMICS LIMITED 15 of 17INVESTOR UPDATE | Q2 FY26 Financial highlights(Rs / Crores)INCOME STATEMENTGrowthH1 FY25H1 FY26GrowthQ2 FY25Q2 FY26ConsolidatedStandaloneConsolidatedStandaloneConsolidatedStandaloneConsolidatedStandaloneConsolidatedStandaloneConsolidatedStandalone0%1%2,292.96 2,064.24 2,290.89 2,086.41 1%2%1,179.27 1,062.49 1,186.56 1,079.09 Total Sales22%17%325.95 272.73 397.53 318.32 34%24%158.90 138.75 212.90 172.36 EBITDA14.22%13.21%17.35%15.26%13.47%13.06%17.94%15.97%EBITDA MARGIN3%-4%82.72 60.68 85.57 58.29 3%1%40.58 29.13 41.91 29.43 Depreciation17%-2%9.41 3.87 10.97 3.79 22%-9%4.73 2.31 5.78 2.11 Finance Costs43%21%20.06 33.42 28.71 40.46 57%22%9.87 17.84 15.47 21.82 Other Income30%23%253.88 241.60 329.70 296.70 46%30%123.46 125.15 180.68 162.64 Profit before Share of (loss) / profit from JV, exceptional items, and Tax(5.22)1.39 (2.92)0.49 Share of (loss) / profit from JV--------Exceptional Items - (loss) gain33%23%248.66 241.60 331.09 296.70 50%30%120.54 125.15 181.17 162.64 Profit Before Tax23%23%70.80 62.13 86.80 76.31 35%30%35.00 32.25 47.19 41.92 Tax Expense3.77 2.35 1.27 1.02 Minority Interest39%23%174.09 179.47 241.94 220.39 58%30%84.27 92.90 132.96 120.72 Profit After Tax28%16%256.81 240.15 327.51 278.68 40%23%124.85 122.03 174.87 150.15 Cash Profit15.93 15.93 15.93 15.93 15.93 15.93 15.93 15.93 Equity Share Capital39%23%10.93 11.27 15.19 13.84 58%30%5.29 5.83 8.35 7.58 EPS (Basic) (Rs.)
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KAJARIA CERAMICS LIMITED 16 of 17INVESTOR UPDATE | Q2 FY26 A s on 30thSep. 2025Equity Shares Outstanding–159.27 millionsSHAREHOLDING PATTERN 47.61%11.57%26.00%14.82% Promoter GroupFII'sDII'sPublic / OthersPromoter GroupPublic / OthersDII'sFII's
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KAJARIA CERAMICS LIMITED 17 of 17INVESTOR UPDATE | Q2 FY26 Disclaimer: Certain Statements in this document may be forward-looking within the meaning of applicable laws and regulations. Andactual results might differ substantially from those expressed or implied. Such statements are subject to certain risks and uncertaintieslike regulatory changes, local political or economic developments, technological risks, and many other factors could cause our actualresults to differ. Kajaria Ceramics Limited will not be in any way responsible for any action taken based on such statements. Kajaria Ceramics is the largest manufacturer of ceramic/vitrified tiles in India. Ithas annual capacity of 87.80 mn. sq. meters presently, distributed across nineplants - one at Sikandrabad (Uttar Pradesh), one at Gailpur, one at Malootana(Rajasthan), three at Morbi (Gujarat),one at Srikalahasti (Andhra Pradesh), one atBalanagar (T elangana) and one at Nawalparasi (Nepal).For further information, please visit www.kajariaceramics.comor contact:Mr. SanjeevAgarwal Mr. Parveen GuptaCFO DVP - Finance +91 11 26946409 (Board), +91 11 26946409 (Board), +91 11 41064110 (Direct) +91 11 40946550(Direct)sanjeev@kajariaceramics.com parveengupta@kajariaceramics.com ABOUT US