Ceramics industry

12 companies · ₹27,279 cr · 5 with AI deep dives · Q2FY27 report

Gas-shock price hikes lifted tile margins, but most of the growth is price and the Morbi supply gap is closing

Turning upmargin troughed at 8.5% and has risen for 5 quarters to 13.2%, on positive revenue growth

Revenue YoY: +22.6%
EBITDA margin: 13.2%; 0bps YoY
Price, 1 year: -7.3%; 40% of names up
P/E vs own 5y: -23.2%; 28.7x now

Exhibit 1The quarter in numbers

constant panel of 5 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	2,928 cr	3,097 cr	-5.5%	2,389 cr	+22.6%	3,097 cr	-5.5%
EBITDA margin	13.2%	11.1%	+210bps	13.2%	0bps	13.2%	0bps

Revenue

Jun 26: 2,928 cr
Mar 26: 3,097 cr
QoQ: -5.5%
Jun 25: 2,389 cr
YoY: +22.6%
Peak: 3,097 cr
vs peak: -5.5%

EBITDA margin

Jun 26: 13.2%
Mar 26: 11.1%
QoQ: +210bps
Jun 25: 13.2%

Sept 26: 1 of 6 reported so far, so it is not in the trend above.

Breadth: 80% of 5 companies grew revenue year on year (was 100% a quarter earlier) and 60% expanded margin (was 80%).

Exhibit 2What it costs

23.26x - 39.54x across the panel today

The median name trades at 28.7x, -23.2% against this industry's own 5-year median of 37.4x, and -56.8% against its own peak of 66.5x.

Exhibit 3Structure

₹27,279 cr

Kajaria Ceramics Ltd is 65.5% of this industry by market cap. The top 5 are 95.6% and the top 10 are 99.7%.

mid 1small 4micro 76 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 28.72x, 5y ROCE above its median of 4.78%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (12 of 12)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Kajaria Ceramics Ltd	₹17,600 cr	29.5x	20.3x	23.7%	17.9%	+23.8%	Unlock
Varmora Granito Ltd	₹2,780 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-09-30

headwindMiddle East war drives gas cost spike and supply disruption4 managements

Gas costs rose sharply after the conflict. Kajaria cited ~₹48 rising to ₹86-88/SCM in Morbi, with a blended cost of ~₹71/SCM. Somany gave ~₹68/SCM blended and the mid-70s in the…

KAJARIACER (Q1FY27): “gas market is very volatile today. One day, there is a war, next day, there is no…”

tailwind4 managements headwind4 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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