1. Opening Hook

When global GDP is struggling to crawl at 2–3%, Manoj Ceramic Limited casually promised 25–30% CAGR — and then calmly explained why it’s not a fantasy novel.

This concall wasn’t about glossy tiles alone. It was about asset-light arrogance, Africa-sized ambition, promoters being grilled on shareholding, and receivables wearing insurance armor like a bulletproof jacket.

There were bold claims (exports from 1% to 20%), uncomfortable questions (why promoter holding fell), and refreshing honesty (“Dubai break-even is too early, relax”).

Margins stayed steady, growth stayed alive, and governance questions were handled head-on — no PowerPoint yoga required.

Stick around. Because behind tiles and marbles, this call revealed how a so-called SME plans to play like a global distributor.

2. At a Glance

• Revenue ₹81.6 Cr (+23%) – Growth without CAPEX chest-thumping.
• PAT ₹5.53 Cr (+35%) – Profits clearly liked the product mix.
• EBITDA margin 13.6% – Quietly stable, no drama.
• B2B at ~80–85% – Volumes doing heavy lifting.
• Exports at 1% – Still tiny, but management sees Africa-sized upside.

3. Management’s Key Commentary

“We grew from a regional trader to a globally aligned ceramic solutions company.”
(Translation: Don’t box us as just a tile distributor.) 😏

“Exports will grow from 1% to nearly 20% in three years.”
(Big leap — execution gods, please cooperate.)

“Backward integration only in natural stones, not tiles.”
(Asset-light philosophy still very much alive.)

“Dubai is an experience center, not a factory.”
(Touch-and-feel sells better than PDFs.)

“Entire domestic receivables are insured.”
(Credit risk now wears a helmet.)

“Promoter holding will rise back toward 54%.”
*(Message received, market watching closely.) 😏

4. Numbers Decoded

Not a margin story yet — but a volume-to-margin transition story.

5. Analyst Questions

• Why no full manufacturing?
  Management: Asset-light keeps product