Somany Ceramics Ltd(SOMANYCERA)

NSE: SOMANYCERABSE: 531548

₹ 528-4.35%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,165 crWebsite: www.somanyceramics.comUpdated: 24 Oct 2026

About

Somany Ceramics Ltd makes ceramic and vitrified tiles, sanitaryware, bath fittings and other allied products, including adhesives and construction chemicals. It reported FY26 consolidated revenue of ₹2,789.84 crore, with tiles at ~83.5% of revenue in Q3 FY26. Its FY25 annual report describes it as the 2nd largest company in the Indian tile industry and among the top 15 global players in ceramics.^[1][2][3]

Business segments

Tiles made up ~83.5% of consolidated revenue in Q3 FY26, down from 85.3% a year earlier, as adhesives and bathware grew faster.^[3]
Sanitaryware revenue was ₹320 crore in FY26, up 8% from ₹296 crore in FY25; only 25% of dealers stock Somany sanitaryware.^[4]
Adhesives and waterproofing grew ~35% YoY in Q3 FY26, the fastest-growing vertical in the portfolio.^[3]

Products and brands

Tile sales mix in Q2 FY26: glazed vitrified 41%, ceramic 33%, polished vitrified 26%; glazed vitrified carries the highest contribution margins.^[5]
Bathware (sanitaryware and bath fittings) was ~12% of revenue in H1 FY26; the range also includes tile adhesives, waterproofing and construction chemicals.^[5]
Brands and technologies include VC Shield (patented, abrasion-resistant), Slip Shield, Temp Shield, SOMANY Max, Coverstone, Duragres, Durastone and EzyFix adhesives (FY25).^[2]
Holds a patent for VC Shield and 166 trademarks; its in-house R&D facility has been recognised by the Government of India since 1996 (FY25).^[2]
Advertising and promotion spend is kept at ~2.5% of sales (Q3 FY26).^[3]

Manufacturing operations

Combined tile production capacity was 51.97 msm a year as of FY25, including own plants at Kassar, Haryana (23.32 msm) and Kadi, Gujarat (6.65 msm).^[2]
The Morbi, Gujarat facility has 4 million sq m annual capacity using SACMI Continua+ technology (FY25).^[2]
Subsidiaries hold bathware capacity of 0.48 million pieces a year of sanitaryware and 1.30 million pieces a year of bath fittings (FY25).^[2]
Joint ventures include the Morbi-based Somany Max JV and the Vintage JV, and a South India plant is operational (Q1 FY27).^[6]
Construction chemical capacity was expanded in the South in FY27, and a large new capacity in the North went on stream in June 2026.^[6]
About 2,000 permanent employees on a standalone basis (FY25).^[2]

Key operating numbers

Standalone tile utilisation was 83% in Q1 FY27 vs 72% in Q1 FY26; ~79% for full-year FY26 and 82% in Q4 FY26.^[6]
Tile capacity utilisation was 82.0% in FY25, down from 86.0% in FY24.^[2]
Total tile volumes were 72.11 msm in FY26 and 20.82 msm in Q4 FY26.^[4]
Tile volume grew ~3% in Q1 FY27, held back by a ~1.5-month Morbi cluster shutdown in April 2026, while value grew 24%.^[6]
Blended natural gas cost was ~₹68/SCM in Q1 FY27, up from ~₹44/SCM in Q3 FY26.^[6]
Sanitaryware capacity utilisation was 74% in Q2 FY26.^[5]
Maximum revenue capacity at current prices was ~₹3,700 crore as of Q1 FY27.^[6]

Joint ventures

Somany Max JV moved from a ₹10 crore loss in Q1 FY26 to a ₹3 crore profit in Q1 FY27; FY26 JV losses were ₹24-25 crore.^[6]
Vintage JV shut for 40 days in H1 FY26 to shift its mix away from double-charge vitrified tiles, and was fully back online from Q2 FY26.^[5]
Exiting the Acer Granito and Amora Tiles joint ventures released ₹1,984 lakh of capital (FY25).^[2]

Distribution and customers

Dealer showrooms totalled ~3,100 at end of FY26, after net additions of 200 in FY26.^[4]
Had 2,880 active dealers and 514 showrooms in India in FY25.^[2]
Project channel (retail ~7-8% plus government ~10-11%) was ~17-18% of sales in Q1 FY27; retail channel was ~77-78% in Q3 FY26.^[6]
North India accounts for ~46-47% of tile sales (Q2 FY26).^[5]
Exports to 46 countries across six continents (FY25).^[2]
Customers include homeowners, architects, interior designers, builders and commercial developers (FY25).^[2]

Expansion and capex

Greenfield South India tile plant of 9+ mn sqm announced in Q1 FY27 at ~₹220 crore capex, targeting operations by Q3/Q4 FY28 and ~₹350 crore potential revenue.^[6]
Balancing equipment adding 4-5 mn sqm across Bahadurgarh, Gujarat, Morbi and South plants is due mid-Q3 to Q4 FY27 at minimal cost.^[6]
Capex from Q1 FY27 to end-FY27 is ~₹275 crore, with ~65-70% funded from internal accruals.^[6]

Recent developments

From 9 March 2026 gas prices rose sharply after the US-Iran conflict; Morbi gas reached ₹74+6% per SCM vs mid-40s in FY26, adding ~₹5.5-6 per sq ft in gas cost.^[4]
Average tile prices were raised ~16-17% since March 2026; Morbi raised by double that, narrowing the price gap.^[6]
Morbi cluster exports fell 50-60% from peak in Q1 FY27; ~15-17% of Morbi capacity is permanently closed.^[6]
Bath fittings prices were raised from 1 February 2026 after ~22-23% brass cost inflation since April 2025.^[3]
Export risk noted in FY25: a 41% GCC anti-dumping duty and proposed US duties of 408%-828% on Indian tiles.^[2]

Market Cap

₹2,165 Cr

High / Low

₹633 / 332

Stock P/E

20.4

Price / Book

2.6

Book Value

₹205

EPS

₹19.8

No. of Shares

4.1 Cr

ROCE

12.7%

ROE

10.1%

OPM

5.8%

Debt / Equity

0.30

Sales

₹2,790 Cr

Net Profit

₹74 Cr

Promoter holding

55.2%

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