Kajaria Ceramics Q1 FY26: Tiles, Trials, and the Great Indian Bathroom Revolution

1. At a Glance

Kajaria Ceramics reported Q1 FY26 revenue of ₹1,104 Cr (1% YoY decline) but surprised with a 21% jump in PAT and margin improvement to 16.7%. The plywood business has been shut, focus is razor sharp on tiles. Still India’s biggest tile slinger and among global top 10. PE? A spicy 56x.

2. Introduction with Hook

If India’s real estate was a movie, Kajaria would be the art director — laying the floors, doing the walls, and occasionally adding a splash of “Italian marble finish” flair.

• World Rank: 8th largest tile maker
• Indian Rank: Boss
  But with sales growing slower than a government babu and margins fighting raw material costs, is Kajaria just getting glazed over? Or is this a floor-to-ceiling growth story still in motion?

3. Business Model (WTF Do They Even Do?)

Main business:

• Tiles (88% of revenue): Ceramic wall tiles, floor tiles, vitrified tiles
• Others (12%): Bathware, sanitaryware, adhesives (Plywood exited FY26 Q1)

Sales channels:

• Dealers + Showrooms + Exports

Manufacturing capacity:

Over 80 mn sq. meters across 10 manufacturing plants

USP:

• Premium brand perception
• Wide dealer network
• High-margin product portfolio

4. Financials Overview

FY25 Consolidated Snapshot: