Analysts/Institutional Investor Meet/Con. Call Updates

October 29, 2026 BSE Limited National Stock Exchange of India Limited P.J. Towers Exchange Plaza Dalal Street Bandra Kurla Complex Mumbai - 400 001 Bandra (E) Mumbai - 400 051 Dear Sirs, Re.: Transcript of Conference Call In continuation of our letter dated October 26, 2026, informing about the uploading of the audio recording of the Conference Call held on October 26, 2026, we enclose herewith transcript of the said Conference Call, in compliance of the provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The above said transcript has been uploaded at the Company’s website www.kajariaceramics.com Kindly take the above on your record. Thanking you, For Kajaria Ceramics Limited Vinit Kumar General Counsel & Company Secretary Encl.: As above “Kajaria Ceramics Limited Q2 FY27 Investor Conference Call” October 26, 2026 MANAGEMENT: MR. ASHOK KAJARIA -- CHAIRMAN – KAJARIA CERAMICS LIMITED MR. CHETAN KAJARIA – VICE CHAIRMAN – KAJARIA CERAMICS LIMITED MR. RISHI KAJARIA – MANAGING DIRECTOR – KAJARIA CERAMICS LIMITED MR. SANJEEV AGARWAL – CHIEF FINANCIAL OFFICER – KAJARIA CERAMICS LIMITED MODERATOR: MR. KARAN BHATELIA – ASIAN MARKET SECURITIES Page 1 of 18 Kajaria Ceramics Limited October 26, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q2 FY27 Investor Con-Call of Kajaria Ceramics hosted by Asian Market Securities. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Karan Bhatelia from Asian Market Securities. Thank you, and over to you. Karan Bhatelia: Thank you. Good morning, everyone, and thank you for joining on this call. From the management side, we have Mr. Ashok Kajaria, Chairman; Chetan Kajaria, Vice Chairman; Rishi Kajaria, MD; and Sanjeev-ji, CFO. I will hand over the call to Ashok-ji for the initial remarks, post which we will have a Q&A. Over to you, Ashok-ji. Thank you. Management: Thank you, Karan. Good morning, everyone. It gives me great pleasure to welcome you to the quarter 2 FY27 earnings conference call of Kajaria Ceramics Limited. Joining me on this conference call is the senior management team of Kajaria Ceramics. In quarter 2 F '27, we achieved 10% year-to-year volume growth led by better demand and gaining market share. However, export demand in the first half of '27 remains subdued, mainly due to elevated freight rates and limited container availability continuing to pose challenges for manufacturers in margin. Our consolidated revenue grew by 24% year-to-year to INR1,468 crores supported by healthy volume and the market's positive response to price hikes. EBITDA margin for quarter 2 F '27 stood at 19.5%. Our capacity expansion plans at Srikalahasti, 12.5 million square meters increased from 10 million square meters and Gailpur 11 million square meters remain on track. These facilities are expected to strengthen our manufacturing capabilities and enable us to deliver high-quality products at competitive costs. Looking ahead, we remain confident in our ability to sustain healthy growth, strengthen our market position and create long-term value for all stakeholders. Now for this quarter's segment-wise financial performance. Tiles segment revenue grew by 23% year-to-year at INR1,291 crores in quarter 2 F '27 compared to INR1,051 crores in quarter 2 F '26. Bathware segment registered a 22% growth in revenue, reaching INR124 crores in quarter 2 F '27 compared to INR102 crores in quarter 2 F '26. Revenue from Adhesives grew 69% to INR54 crores in quarter 2 F '27 as compared to INR32 crores in quarter 2 F '26. EBITDA improved in quarter 2 F '27 to 19.51% as compared to 17.94% in quarter 2 F '26. PBT for the quarter grew to INR254 crores as compared to INR181 crores in quarter 2 of F '26. PAT for the quarter grew to INR190 crores in quarter 2 F '27 as compared to INR133 crores in quarter Page 2 of 18 Kajaria Ceramics Limited October 26, 2026 2 F '26. As of 30th September '26, capital cycle marginally increased by 2 days to 48 days compared to 46 days in quarter 1 F '27 because of high turnover. With this, I take this opportunity of thank you to you for joining us today. Over to moderator for Q&A please. Moderator: Thank you very much, sir. We will now begin the question-and-answer session. The first question is from the line of Praveen Sahay from PL Capital. Praveen Sahay: Yes. Thank you for opportunity and many congratulations for a good set of numbers. First question is related to the realization of our subsidiaries. At the subsidiary level in the Q2, there is a down in the realization. So, is that the mix of product which impacted this realization? Management: So, we went for more for volumes this quarter, and there might be a very minor chip in the realization, but nothing major to talk about. Praveen Sahay: Okay, okay. Second, sir, question related to the price hike, as Ashok sir has said, there is a price hike as well. So, can you give some indication of the quantum of this quarter, how much of the price hike has been taken? And if you can also elaborate on that, the segment wise like the GVT, PVT, how is the price hikes happened? Management: Basically, in our North and South plants, we increased the prices are roughly 12% to 13% and it was across all product categories, be it ceramics, be it PVT, be it GVT. And the Morbi price increase was commensurate with the price increase at the Morbi level, which is 18% to 19% across all product verticals. Praveen Sahay: Okay. So, this is the YTD price hikes or you're talking about the Q2? Management: This is not for his quarter. This is till date. And the gas prices went up in the country. Praveen Sahay: Right, right. Got it, sir. And on the capacity expansion, Srikalahasti expansion all done? That's a 10 MSM and commissioned? Management: It is -- no. It's not done. It's just started. Basically, earlier, we were putting a 10 million square meter plant. But then we have increased it now to 12.5 million square meter. And -- it will only be commissioned by end of June of next year. Praveen Sahay: Right. Just one clarification, and this is last question for me about the gross margin. Because if there is a good improvement in the pricing, then why it's not reflected in the gross margin? Management: So, our EBITDA margins have improved, no? Praveen Sahay: Yes, yes, definitely, sir. That's below the gross margin, that's improved. That's really commendable, but at the gross level, it's not reflecting? Management: It's more or less same. There's not much difference. Moderator: Next question is from the line of Sonali S. from Jefferies. Page 3 of 18 Kajaria Ceramics Limited October 26, 2026 Sonali S.: Congratulations on a good volume growth. Sir, my question is on the volume growth, 10% despite the price hike, great number. Any color you want to give us on that as to with end user segments, which region exactly? And how do you expect the volume growth going ahead, if any outlook? Management: So basically, Sonali, the volume growth has been across all the regions. It is not to any specific geography. All the regions of the country have grown. And going forward also, we are very positively looking at a double-digit volume growth in the coming 6 months in the future also. Sonali S.: Got it. And on the end user segment, all the end users have done well, right? Management: Exactly. It has gone up in retail sales also, project sales also. So everybody has performed well. All the segments have performed well. Sonali S.: Okay. Got it. Sir, secondly, on the margins, again, a great quarter of margins. We did notice that the power and fuel person has increased definitely. That's because of the ongoing Middle East conflict. [Showing first 8,000 characters — download PDF for full document]