Kajaria Q2 FY27: Consol PAT Up 42% YoY to ₹191 Cr, Revenue +24%, Margin Near 19.5%

Kajaria Ceramics' consolidated Q2 FY27 (quarter ended September 2026) print is strong and YoY-led: revenue rose 23.8% to ₹1,468.26 Cr and profit for the period climbed 42.3% to ₹190.72 Cr (₹189.52 Cr attributable to owners), both accelerating off an already-strong Q1 FY27 base (revenue +20.4% YoY, owners' PAT +55.5% YoY). Sequentially revenue was up 10.6% and PAT up 11.5% over Q1 FY27's ₹171.03 Cr — a festive-quarter sequential lift that is supporting detail, not the headline. Standalone tracks the same story: PAT of ₹166.28 Cr, up 37.8% YoY on revenue of ₹1,331.90 Cr (+23.4% YoY), with no material divergence from the consolidated trend. The operating margin (EBITDA/revenue) held near the top of management's guided 18-19% band at ~19.5%, up from 18.0% a year ago though marginally below Q1 FY27's 19.6%. Standalone cost-of-materials fell to 13.2% of revenue from 15.0% a year ago, offsetting a rise in power & fuel cost to 14.3% of revenue (from 13.5%) — raw-material relief outweighing firmer energy costs. Net margin expanded to 12.85% of total income from 11.15% a year ago. The ₹1.55 Cr exceptional impairment (consol; ₹5.09 Cr standalone) tied to the loan Kajaria International FZCO extended to the Kajaria RMF Trading LLC US joint venture is immaterial to the print — excluding it, adjusted consolidated PAT growth is ~43.5% YoY versus the 42.3% reported, so the one-off doesn't change the verdict. Against management's own Q1 FY27 guidance — double-digit volume growth for 9M FY27 (6% in Q1), 18-19% EBITDA margin, and a ₹1,000+ Cr full-year EBITDA target — the margin line is tracking at or above plan, and H1 FY27 consolidated EBITDA of ~₹547 Cr keeps the full-year target in reach. This filing doesn't disclose quarterly tile volumes, so the volume leg of guidance stays unconfirmed pending concall commentary; what is visible is Tiles segment revenue growing 22.2% YoY to ₹1,284.87 Cr, ahead of Q1's pace. The 'Others' segment (adhesives, bathware, sanitaryware) grew 36.3% YoY to ₹183.39 Cr — squarely inside the 35-40% range our pre-result preview flagged as a watch item, resolved in the affirmative. A web search turned up no third-party Q2 FY27 consensus estimates (the result was announced same-day, 24 October 2026), so vsStreet is unknown this quarter. No separate press release or management commentary accompanied the filing beyond the factual board-outcome letter. The board also declared a ₹12/share interim dividend for FY26-27 (record date October 29, 2026) and confirmed completion of the ₹296.70 Cr buyback (21.50 lakh shares) during the quarter. It approved acquiring the remaining CCPS stake in Kajaria Bathware for ₹50 Cr — making it wholly owned — alongside capacity expansions at Srikalahasti (+12.5 MSM, ₹340 Cr, by June 2027), Gailpur (+11 MSM, ₹180 Cr, by April 2027), and a new ₹34 Cr tile-adhesive plant in Durgapur (by December 2027). These sit alongside the company's October 21 denial of acquisition talks with Asian Granito and its disclosure of a promoter share sale, neither bearing directly on this quarter's numbers but likely to feature in concall Q&A.