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Equity Bottom-Up

<ul><li>We attended Kajaria Ceramics' analyst con call today</li><li>Management launched "Project Manthan" in Apr–May 2025 to unify sales teams across divisions, streamline processes, and boost cost efficiency via manpower rationalization, optimized raw material use, lower travel expenses, and forgone promoter salaries</li><li>During the rollout of a new vendor onboarding system under this initiative, the company found that there was an embezzlement amounting to ~INR 200mn as advance payments for a capex for a new plant at Kerovit Global Pvt Ltd— a wholly owned subsidiary of Kajaria Bathware Pvt Ltd—perpetrated by the subsidiary’s CFO in the past two years</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We attended Kajaria Ceramics' analyst con call todayManagement launched "Project Manthan" in Apr–May 2025 to unify sales teams across divisions, streamline processes, and boost cost efficiency via manpower rationalization, optimized raw material use, lower travel expenses, and forgone promoter salariesDuring the rollout of a new vendor onboarding system under this initiative, the company found that there was an embezzlement amounting to ~INR 200mn as advance payments for a capex for a new plant at Kerovit Global Pvt Ltd— a wholly owned subsidiary of Kajaria Bathware Pvt Ltd—perpetrated by the subsidiary’s CFO in the past two yearsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kajaria Ceramics: Operational Lapse, Strengthening Processes. Maintain REDUCE

Thematic (Sector/Industry)

<ul>
<li>Secondary demand in the building materials sector remained largely steady in Q4FY26</li>
<li>However, channel restocking and recent price hikes are expected to support strong ~19% YoY revenue growth, translating into robust ~46–47% YoY growth in EBITDA and APAT.</li>
<li>Coverage pipes companies are likely to report healthy ~27% YoY volume growth in Q4FY26, primarily driven by aggressive channel restocking amid a sharp increase in PVC resin prices.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Secondary demand in the building materials sector remained largely steady in Q4FY26
However, channel restocking and recent price hikes are expected to support strong ~19% YoY revenue growth, translating into robust ~46–47% YoY growth in EBITDA and APAT.
Coverage pipes companies are likely to report healthy ~27% YoY volume growth in Q4FY26, primarily driven by aggressive channel restocking amid a sharp increase in PVC resin prices.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Building Materials (Q4FY26 Results Preview): Strong quarter: inventory build and price hikes

<ul><li>The building materials sector saw subdued demand in Q3FY26</li><li>Our coverage universe is expected to post 9% YoY revenue growth, fueled by volume expansion, resulting in 23% YoY growth in both EBITDA and APAT, supported by a low prior-year base</li><li>We believe that the volume growth of major tile companies remained subdued affected by muted export performance and soft domestic demand</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The building materials sector saw subdued demand in Q3FY26Our coverage universe is expected to post 9% YoY revenue growth, fueled by volume expansion, resulting in 23% YoY growth in both EBITDA and APAT, supported by a low prior-year baseWe believe that the volume growth of major tile companies remained subdued affected by muted export performance and soft domestic demandContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Building Materials (Q3FY26 Results Preview): Lackluster quarter, revival hopes pinned

<ul><li>The building materials sector experienced muted demand in Q2FY26, impacted by heavy rainfall</li><li>We project a 7% YoY revenue growth for our coverage universe, driven by volume growth, leading to an 11% YoY growth in EBITDA and a 7% YoY increase in APAT</li><li>We believe that the volume growth of major tile companies was negatively affected by weak export performance and soft domestic demand</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The building materials sector experienced muted demand in Q2FY26, impacted by heavy rainfallWe project a 7% YoY revenue growth for our coverage universe, driven by volume growth, leading to an 11% YoY growth in EBITDA and a 7% YoY increase in APATWe believe that the volume growth of major tile companies was negatively affected by weak export performance and soft domestic demandContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Building Materials (Q2FY26 Results Preview): Demand recovery yet to come

<ul><li>Dixon Technologies: Dixon reported a robust 95% YoY revenue growth to INR 128.36bn in Q1, primarily driven by a 125% surge in its mobile and EMS division</li><li>This growth was tempered by sluggish performance in home appliances and declines in consumer electronics and lighting segment</li><li>EBITDAM remained flat YoY to 3.8%, owing to decline in gross margins, offset by reduced employee costs and other expenses</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dixon Technologies: Dixon reported a robust 95% YoY revenue growth to INR 128.36bn in Q1, primarily driven by a 125% surge in its mobile and EMS divisionThis growth was tempered by sluggish performance in home appliances and declines in consumer electronics and lighting segmentEBITDAM remained flat YoY to 3.8%, owing to decline in gross margins, offset by reduced employee costs and other expensesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Dixon Technologies, Oberoi Realty, Mahindra & Mahindra Financial Services...

India

Kajaria Ceramics Limited is India's largest manufacturer of ceramic and vitrified tiles, also ranking among the top ten globally. The company offers a wide range of products including ceramic wall and floor tiles, polished and glazed vitrified tiles, sanitaryware, faucets, and tile adhesives. Kajaria Ceramics was founded in 1988 and is headquartered in New Delhi, India.

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Kajaria Ceramics (KJC IN)

Kajaria Ceramics: Operational Lapse, Strengthening Processes. Maintain REDUCE

The CFO forged management approvals to divert payments to personal accounts in the name of fake vendor accounts, shown payment as capital WIP in...

HDFC Securities

Building Materials (Q4FY26 Results Preview): Strong quarter: inventory build and price hikes

Coverage pipes companies are likely to report healthy ~27% YoY volume growth in Q4FY26, primarily driven by aggressive channel restocking amid a...

HDFC Securities

Building Materials (Q3FY26 Results Preview): Lackluster quarter, revival hopes pinned

We believe that the volume growth of major tile companies remained subdued affected by muted export performance and soft domestic demand

HDFC Securities

Building Materials (Q2FY26 Results Preview): Demand recovery yet to come

We project a 7% YoY revenue growth for our coverage universe, driven by volume growth, leading to an 11% YoY growth in EBITDA and a 7% YoY increase...

HDFC Securities

HSIE Results Daily: Dixon Technologies, Oberoi Realty, Mahindra & Mahindra Financial Services...

Dixon Technologies: Dixon reported a robust 95% YoY revenue growth to INR 128.36bn in Q1, primarily driven by a 125% surge in its mobile and EMS...

HDFC Securities

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