In continuation of our letter dated July 31, 2026, informing about the uploading of the audio recording of the Conference Call held on July 31, 2026, we enclose herewith transcript of the ....

August 03, 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 July 31, 2026, informing about the uploading of the audio recording of the Conference Call held on July 31, 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 at https://www.kajariaceramics.com/storage/pdf/transcript-of-con-call-jul31-2026.pdf 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 Q1 FY27 Earnings Conference Call” July 31, 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. PRANAV MEHTA – EQUIRUS SECURITIES PRIVATE LIMITED Page 1 of 15 Kajaria Ceramics Limited July 31, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Kajaria Ceramics Limited Q1 FY27 Earnings Conference Call. 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 the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Pranav Mehta from Equirus Securities Private Limited. Thank you, and over to you, sir. Pranav Mehta: Yes. Thank you, Sumit. Good evening, everyone, and thank you for joining this call. From the management side, we have Mr. Ashok Kajaria, Chairman; Mr. Chetan Kajaria, Vice Chairman; Mr. Rishi Kajaria, MD; and Mr. Sanjeev Agarwal, CFO. I will hand over the call to Mr. Ashok for the initial remarks, post which we will have a question-and-answer session. Yes sir, over to you. Management: Thank you, Pranav. Good evening, everyone. It gives me great pleasure to welcome you to the Quarter 1,, FY27 Earnings Conference Call of Kajaria Ceramics Limited. Joining me on this conference call is the senior management team of Kajaria Ceramics. In spite of the recent geopolitical disruption in the Middle East, coupled with a more favorable demand/supply environment for the ceramic tile industry in Morbi, we remain optimistic about our business outlook for the year FY27. The performance in Quarter 1, F'27 has broadly validated our expectations and provides a strong foundation for the year ahead. In Quarter 1, F '27, we achieved a 6% year-to-year volume growth in spite of a soft April. However, consolidated revenue grew by 20% to INR1,328 crores compared to the corresponding quarter last year, mainly due to increase in selling prices because of fuel impact. EBITDA margin for the quarter stood at 19.60%. Apart from a brownfield expansion of 10 million square meters of our Srikalahasti manufacturing facility announced last quarter, we have also decided to put up a further 11 million square meters line at our Gailpur, Rajasthan facility that will deliver cost-effective, high-quality products. Beyond tiles, two verticals are evolving from adjacencies into pillars. Kerovit, our Bathware brand, is scaling with purpose. The decision to acquire the remaining 15% stake from Aravali Investment Holdings is an unambiguous statement of long-term commitment to building a market-leading bathroom solutions brand. Our Adhesives business is on track to grow at a much faster pace. As the price differential between national branded players and their informal counterparts have narrowed and consumer preference is expected to shift decisively towards branded products, a secular tailwind that positions Kajaria favorably going forward. Looking ahead, we remain confident that the company is well positioned to sustain quality growth and create long-term value for all stakeholders. Page 2 of 15 Kajaria Ceramics Limited July 31, 2026 Let me review this quarter's segment-wise financial performance. Tiles segment revenue grew by 18% year-to-year at INR1,162 crores in Quarter 1, '27 compared to INR986 crores in Quarter 1, F '26. Bathware segment registered a 33% growth in revenue, reaching INR122 crores in Quarter 1, F '27 compared to INR91 crores in Quarter 1, F '26. Revenue from Adhesives grew to INR45 crores in Quarter 1, F '27 as compared to INR25 crores in Quarter 1, F '26. EBITDA improved in FY27 to 19.60% as compared to 16.72% in Quarter 1, F '26. Profit before share of profit loss from JV, exceptional items and tax grew to INR230 crores in Quarter 1, F '27 as compared to INR149 crores in Quarter 1, F '26. PAT for the quarter grew to INR169 crores in Quarter 1, F '27 as compared to INR109 crores in Quarter 1, F '26. As of 30th of June '26, the working capital cycle also improved by 5 days to 46 days compared to 51 days on 31st of March '26. And we will continue to focus on a lean working capital cycle going forward. With this, I take this opportunity, thanking you for joining us today. Over to moderator, please. Moderator: The first question is from the line of Praveen from PL Capital. Praveen: Many congratulations for a very good set of numbers. My first question is related to the pricing. As you also highlighted, there is a price hike and overall 11% of increase in the realization. So can you give us some more color on that? How much is -- actually in the segment-wise, the price hike you have taken? And the way forward also, where you are seeing these price hikes to continue at? Management: See, two things have happened after the war on 28th of February. The prices of gas at Morbi went up drastically because GSPC is the only supplier. In as far as Kajaria is concerned, we have 3 plants in Morbi. We have 3 plants in North and 2 plants in South. In North, we are taking the gas from Delhi. In South, we are taking gas from 2 CGD companies, one is Syngas and the other is another CGD company. What has happened in Morbi, the gas prices went up from literally about INR48 to INR86 to INR88 per SCM, whereas in North, the price hike was approximately about 10% to 12%? As a result, the cost increase in Morbi was much more than what has happened in North. In Morbi, they have increased the prices by almost 40% to 45%. In North and South from our plants, which we are manufacturing, we have raised prices by anywhere between 10% to 11%. As a result, the gap has come down drastically. So that's the current situation. What -- as we all know, gas market is very volatile with the war still on. One day, there is no war. Second day, the war is on. And the situation is very, very volatile. Looking at that, we'll keep watching and see what happens. But the situation as of today is very positive as far as Kajaria is concerned because of the multi-location plants that we have. Page 3 of 15 Kajaria Ceramics Limited July 31, 2026 Praveen: Perfect, sir. Sir, second question related to that, is the volume, 6% of growth in the volume we have seen. And still, there is a lot of volatility in terms of the gas supply and all we are seeing. So where you are seeing this volume growth to be in the next 9 months? Management: If you recall, last 2 quarters, we have not given any volume guidance. But this year, with a lot of confidence, we are saying next 9 months, we'll have a double-digit growth. Double-digit volume growth. Praveen: Okay. That's good to hear, sir. Last question is related to the capex because two capex announcements happened for INR210 crores and INR165 crores. And also, there is a renewable acquisition of INR12 crores. So can you give a [Showing first 8,000 characters — download PDF for full document]