1. At a Glance
Welcome to the world of Exxaro Tiles Ltd, where glossy floors meet slippery profits. With a market cap of ₹360 crore, this ceramic crusader is currently trading around ₹8.05 — cheaper than a Vadodara cutting chai (but with a lot more heat). The company flaunts a P/E of 53.3, which basically means you’re paying Ferrari prices for a Maruti performance.
Quarterly sales stood at ₹68.96 crore, marginally down 1.34% QoQ, while profit after tax danced up 220%, reaching a modest ₹1.2 crore. Clearly, the company’s profits behave like Bollywood sequels — unexpected, sometimes unnecessary, but occasionally entertaining.
The stock has slid -21% over the last year, while return on equity stands at a fragile 0.09% — thinner than their 9mm tiles. CRISIL’s recent downgrade to BB+/A4+ cited “stretched liquidity” and “GCAs of 359 days,” proving that even credit agencies get poetic when numbers start crying.
Still, Exxaro continues to polish its image — literally — with Ajay Devgn as its brand ambassador and a shiny new showroom in Ghana, West Africa. Because when Indian bathrooms are done, Africa is the next frontier.
2. Introduction – The Vitrified Comedy Show
Incorporated in 2008, Exxaro Tiles Ltd entered the ceramics market with dreams of becoming the Kajaria of Gujarat. Fast forward to FY26, and the company is still finding its feet, occasionally slipping on its own glossy tiles.
It manufactures vitrified tiles, wall tiles, parking tiles, and full-body tiles — basically, everything you’ve seen in every real estate sample flat that never got completed. With a product portfolio of over 1,000 designs, Exxaro caters to homes, malls, offices, and even airports — because every passenger lounge needs a surface to cry on when flights get delayed.
The company has a strong domestic presence (99% of revenues) and a sprinkle of exports (1%), proving that even globalization starts small — like one tile at a time.
Over the past few years, Exxaro has invested in high-tech Italian machinery like the SACMI CONTINUA line, because nothing says “premium” like importing machines from Italy and paying EMIs from Gujarat.
But let’s be honest — this is not your typical success story. This is a story of a company trying to stay relevant in a market ruled by Kajaria, Somany, and Asian Granito, while also battling high inventory, long debtor days, and CRISIL’s downgrades. Think of it as the underdog script Bollywood forgot to pick up.
3. Business Model – WTF Do They Even Do?
Exxaro Tiles is basically in the business of making shiny, durable, and Instagram-worthy ceramic tiles. From double charge vitrified tiles (for your boring offices) to glazed vitrified tiles (for your show-off relatives), and full-body vitrified tiles (for people who think flooring is personality), they cover all categories.
They operate through two plants — one at Padra and another at Talod in Gujarat — both ISO certified and buzzing with imported tech. Their total capacity is 14.6 million sq. meters, with utilization around 68%, which is respectable unless you’re a CA checking return ratios.
Revenue streams come from two main segments:
- Manufacturing and Sales of Tiles – through dealers and distributors.
- Trading of Tiles – for designs they don’t make but want to profit from anyway.
The company claims a network of 800 dealers and 2000+ touchpoints, because tiles apparently need influencers too.
Clients include Lodha, Amul, SBI, Samsung, and even Shapoorji Pallonji — the kind of names you’d drop in a family wedding when someone asks, “Beta, what does your company do?”
So, what’s the business model in short? Simple: manufacture tiles, polish them, market them like jewelry, and pray people don’t ask why profits
