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Kajaria Ceramics acquires remaining 25% stake in Kajaria Adhesive for Rs. 25,000
Kajaria Ceramics has increased its stake in Kajaria Adhesive Private Limited (KAPL) from 75% to 100%, making it a wholly-owned subsidiary. The acquisition of the remaining 25% stake (2,500 shares) was completed for a nominal cash consideration of Rs. 25,000 from a promoter group member. KAPL is currently in the process of setting up a manufacturing plant for tile adhesives in Erode, Tamil Nadu. While the financial impact is currently negligible due to KAPL's pre-revenue stage, the move consolidates control over a strategic ancillary business.
Key Highlights
Acquired 2,500 equity shares (25% stake) to reach 100% ownership in KAPL
Total cash consideration for the 25% stake was Rs. 25,000
KAPL is establishing a tile adhesive manufacturing facility in Erode, Tamil Nadu
Target entity reported a turnover of Nil and a loss of Rs. 0.07 crore for FY25
💼 Action for Investors
No immediate action is required as the transaction size is very small. Investors should track the operationalization of the Erode plant for future growth in the adhesive segment.
Kajaria Ceramics Q3 FY26: PAT Rises 13% to ₹88 Cr; EBITDA Margin Hits 17.2%
Kajaria Ceramics reported a flattish consolidated revenue of ₹1,168 crores for Q3 FY26, as tile volumes remained stagnant and the ply division was closed. EBITDA margins expanded significantly by 442 bps year-on-year to 17.2% due to cost optimization, though they fell 74 bps sequentially due to SKU liquidation discounts. Net profit grew 13% to ₹88 crores, impacted by an exceptional item of ₹39.64 crores related to a previously reported fraud in a subsidiary. The company is currently undergoing a strategic transformation titled 'Kajaria 2.0' to unify verticals and improve operational efficiency.
Key Highlights
Consolidated revenue stood at ₹1,168 crores, flattish YoY due to zero growth in tile volumes.
EBITDA margin improved to 17.2% from 12.48% YoY, driven by cost-cutting and value-added product shifts.
PAT increased by 13% to ₹88 crores after accounting for a ₹39.64 crore exceptional charge for subsidiary fraud.
Adhesives segment revenue grew 75% YoY to ₹35 crores, while Bathware grew 9% to ₹103 crores.
Working capital cycle increased to 64 days from 56 days sequentially due to higher receivables.
💼 Action for Investors
Investors should monitor volume growth in Q4 as the company transitions through its 'Kajaria 2.0' restructuring. While margin expansion is a positive sign, the stagnant volume growth and ongoing forensic audit regarding subsidiary fraud suggest a wait-and-watch approach.
Kajaria Ceramics Q3 FY26: PAT up 13% YoY to ₹88 Cr, EBITDA Margin expands to 17.2%
Kajaria Ceramics reported flattish consolidated revenue of ₹1,168 crore for Q3 FY26, impacted by soft market demand and the closure of its plywood division. Despite stagnant volumes, EBITDA grew 35% YoY to ₹201 crore, with margins expanding significantly by 442 bps to 17.20% due to better operational efficiencies. Net profit rose 13% YoY to ₹87.72 crore, though it was slightly tempered by lower sales realizations and discounts offered to clear inventory. The company is also consolidating its holdings by acquiring the remaining stakes in its adhesive and surfaces subsidiaries.
Key Highlights
Consolidated Revenue remained flattish at ₹1,168.26 crore compared to ₹1,163.71 crore in the previous year.
EBITDA surged 35% YoY to ₹200.90 crore, with margins improving to 17.20% from 12.78% YoY.
Net Profit (PAT) increased by 13% YoY to ₹87.72 crore for the quarter ended December 2025.
Tile sales volume remained stagnant at 28.97 MSM, reflecting soft overall market demand.
Board approved acquiring 100% ownership in Kajaria Surfaces and Kajaria Adhesive for better integration.
💼 Action for Investors
Investors should focus on the significant margin improvement despite a challenging demand environment. The shift towards value-added products like Glazed Vitrified Tiles and consolidation of subsidiaries are positive long-term steps.
Kajaria Ceramics to Acquire 100% Stake in Two Subsidiaries; Announces Management Changes
Kajaria Ceramics has approved the acquisition of remaining stakes in two subsidiaries, Kajaria Adhesive Private Limited and Kajaria Surfaces Private Limited, to make them wholly-owned. The total cash consideration for these acquisitions is approximately Rs. 1.20 crores. Additionally, the company announced a planned leadership transition with the superannuation of COO and Company Secretary Mr. Ram Chandra Rawat in March 2026. Mr. Vinit Kumar, an internal veteran since 2016, has been appointed as his successor effective April 1, 2026.
Key Highlights
Acquiring 25% stake in Kajaria Adhesive for Rs. 25,000 to make it a 100% subsidiary.
Acquiring 10% stake in Kajaria Surfaces for Rs. 1.20 crores to achieve 100% ownership.
Kajaria Surfaces reported a turnover of Rs. 109.97 crores and PAT of Rs. 1.09 crores for FY25.
COO and Company Secretary Ram Chandra Rawat to retire effective March 31, 2026.
Vinit Kumar appointed as General Counsel & Company Secretary effective April 1, 2026.
💼 Action for Investors
The acquisitions are small in scale but simplify the corporate structure by consolidating ownership. Investors should focus on the Q3 financial results for operational performance trends.
Kajaria Ceramics Announces Leadership Transition and Consolidation of Two Subsidiaries
Kajaria Ceramics has announced a planned leadership transition with the retirement of Mr. Ram Chandra Rawat, COO and Company Secretary, effective March 31, 2026. He will be succeeded by Mr. Vinit Kumar, who has been with the company since 2016. Additionally, the company is consolidating its corporate structure by acquiring the remaining stakes in Kajaria Adhesive (for Rs. 25,000) and Kajaria Surfaces (for Rs. 1.20 crores) to make them wholly-owned subsidiaries. The board also approved the unaudited financial results for the quarter ended December 31, 2025.
Key Highlights
Mr. Ram Chandra Rawat to retire as COO, CS, and KMP effective March 31, 2026
Mr. Vinit Kumar appointed as General Counsel & Company Secretary effective April 1, 2026
Acquiring remaining 25% stake in Kajaria Adhesive Private Limited for Rs. 25,000
Acquiring remaining 10% stake in Kajaria Surfaces Private Limited for Rs. 1.20 crores
Kajaria Surfaces reported FY25 turnover of Rs. 109.97 crores and PAT of Rs. 1.09 crores
💼 Action for Investors
The leadership transition appears well-planned with a long lead time, suggesting minimal operational disruption. Investors should monitor the Q3 FY26 financial results for operational performance while viewing the subsidiary consolidations as minor corporate streamlining.
Kajaria Ceramics Reports Vendor Fraud at Kerovit Subsidiary; Achieves ₹150 Cr Cost Savings
Kajaria Ceramics disclosed a vendor fraud at its step-down subsidiary, Kerovit Global, involving an employee who created fake vendor accounts using forged signatures. The company has recovered ₹60 lakh so far and expects to treat the remaining loss as an exceptional item in its financials. To prevent future occurrences, management is implementing an automated vendor onboarding system across all subsidiaries under the 'Kajaria 2.0' initiative. Separately, the company reported achieving ₹150 crores in annualized cost savings through its 'Operation Manthan' efficiency program.
Key Highlights
Detected vendor fraud at Kerovit Global involving an 8-year employee using forged signatures for fake vendor payments.
Recovered ₹60 lakh immediately; management is conducting a forensic audit to determine the total financial impact.
Achieved ₹150 crores in annualized cost savings through 'Operation Manthan' by optimizing manpower and logistics.
Implementing a mandatory automated vendor onboarding portal (Sequelstring) across all subsidiaries within 3 months.
Management confirmed no discrepancies were found in other subsidiaries after a comprehensive internal review.
💼 Action for Investors
Investors should monitor the final quantified loss from the fraud and the outcome of the forensic audit. While the governance lapse is a concern, the ₹150 crore cost savings and management's proactive transparency are positive indicators of operational resilience.
Kajaria Ceramics Schedules Emergency Call on Dec 22 to Discuss Subsidiary Fraud
Kajaria Ceramics has scheduled an urgent investor conference call for December 22, 2025, at 11:00 AM IST to address a recently discovered fraud. The incident occurred within a step-down wholly-owned subsidiary and was first reported to the exchanges on December 19, 2025. Management is providing this update on shorter-than-usual notice to clarify the situation and its impact on the company. The call is being hosted by Nuvama Wealth Management and will feature senior leadership.
Key Highlights
Investor conference call scheduled for Monday, December 22, 2025, at 11:00 AM IST.
The call specifically addresses a fraud incident in a step-down wholly-owned subsidiary.
The incident was initially reported to stock exchanges on December 19, 2025.
Company is bypassing standard notice timelines to provide immediate clarification to the market.
Senior management will be present to represent the company and answer investor queries.
💼 Action for Investors
Investors should attend the conference call to assess the financial magnitude of the fraud and its impact on consolidated earnings. Closely monitor management's explanation regarding internal control failures and remedial actions to prevent future occurrences.
Kajaria Ceramics Appoints Hitesh Jain and Pradeep Udhas as Independent Directors for 5 Years
Kajaria Ceramics has approved the appointment of two highly experienced professionals, Mr. Hitesh Sohanlal Jain and Mr. Pradeep Udhas, as Additional Non-executive Independent Directors. Mr. Jain brings over 30 years of legal and regulatory expertise, having served on the 23rd Law Commission of India. Mr. Udhas, a co-founder of KPMG India, offers extensive experience in global business strategy and management consulting. Both appointments are for a five-year term effective December 19, 2025, pending shareholder approval.
Key Highlights
Appointment of Mr. Hitesh Sohanlal Jain and Mr. Pradeep Udhas for a 5-year term starting Dec 19, 2025
Mr. Jain is a senior legal professional and former member of the 23rd Law Commission of India
Mr. Udhas is a co-founder of KPMG India with over 30 years of experience in consulting and private equity
Both directors are appointed as Non-executive Independent Directors and are not related to any existing board members
💼 Action for Investors
Investors should view these appointments as a positive move to strengthen corporate governance and strategic oversight. No immediate action is required as these are high-quality additions to the board.
Kajaria Ceramics Shareholders Approve Top Management Re-designations with Over 99% Majority
Shareholders of Kajaria Ceramics have overwhelmingly approved the re-designation and appointment of the company's core leadership via postal ballot. Mr. Ashok Kajaria has been appointed as Chairman, while Mr. Chetan Kajaria and Mr. Rishi Kajaria have been appointed as Vice Chairman and Managing Director, respectively. All three resolutions passed with significant majorities, each exceeding 99.7% of the total valid votes cast. This move formalizes the executive structure and ensures leadership continuity for India's largest tile manufacturer.
Key Highlights
Mr. Ashok Kajaria appointed as Chairman with 99.76% of votes in favor
Mr. Chetan Kajaria appointed as Vice Chairman with 99.96% of votes in favor
Mr. Rishi Kajaria appointed as Managing Director with 99.96% of votes in favor
Total valid votes cast for the resolutions exceeded 126.3 million shares
Resolutions were passed as Special Resolutions through a postal ballot process concluded on December 15, 2025
💼 Action for Investors
The high approval ratings indicate strong shareholder confidence in the existing promoter-led management. Investors should view this as a sign of leadership stability and continue to monitor the company's quarterly operational performance.
Kajaria Ceramics Shareholders Approve Top Leadership Re-designations with Over 99% Majority
Kajaria Ceramics has successfully passed three special resolutions via postal ballot for the re-designation and appointment of its top leadership. Mr. Ashok Kajaria has been appointed as Chairman, Mr. Chetan Kajaria as Vice Chairman, and Mr. Rishi Kajaria as Managing Director. All resolutions received overwhelming shareholder support, with approval ratings exceeding 99.7% for each position. This formalizes the leadership structure and ensures continuity in the company's strategic direction.
Key Highlights
Mr. Ashok Kajaria's appointment as Chairman approved with 99.76% of valid votes in favor.
Mr. Chetan Kajaria's re-designation as Vice Chairman received 99.96% shareholder approval.
Mr. Rishi Kajaria's appointment as Managing Director passed with 99.96% support from voting members.
A total of approximately 126.35 million valid votes were cast for each of the three special resolutions.
The resolutions were deemed passed on December 15, 2025, following the conclusion of the e-voting process.
💼 Action for Investors
Investors should view this as a positive sign of leadership stability and strong shareholder confidence in the founding family's management. No immediate portfolio changes are necessary as this represents a formalization of the existing executive structure.