Margin beat, India soars, logistics drag quartz

₹56 Cr domestic in Q1, up from ~₹40 Cr (39.8% growth matches claim)

Q1 EBITDA margin 21.2%, exceeds upper band by 120 bps

Quartz +6% YoY (single digit), capacity 88% Q1 avg; logistics blamed for dispatch delays

Came in June (Q1 end); Lowe's deal USD5-6M display costs offset benefit

Steel +16% volume, capacity jumped 70K units, now 250K units at 94% utilization

Q1 EBITDA 21.2% vs 18-20% guidance band; driven by US discount rollback, operating leverage, premium mix

India domestic +40% YoY (₹56 Cr), all four categories grew 28-60%; prior calls mentioned India expansion, now materialised

New customers Bodel, Barwick, JJO now addressing project builder segment; previously untapped in UK

Faucets +43% volume, now fastest-growing category; Europe launch initiated, RO water system sold out in India

250K units by March FY27 (vs prior 100K plan); rationale shift from incremental to bulk infrastructure for 500K total

Logistics disruption with container delays postponed large Q1 shipments to Q2. Strong order bookings confirmed but dispatch timing issue, not demand.

Operating leverage, US discount rollback, premium product mix shift, and increased ASP through new designs. Kohler volumes nearly doubled.

Until now untapped. Newly added customers Bodel and JJO are project-focused; expect UK sales pickup Q2+.

97% Indian market; UK-acquired faucet still in quality ramp-up for export. Acquired mainly for RO technology now sold out in India.

OEM partners aligned; different channels and models. No conflicts observed.

100% demand-driven. Export momentum and India growth can't expand in isolation. Infrastructure built for 500K, phased to 250K now.

Prices rolled back; Lowe's deal has USD5-6M display cost-sharing offsetting payback benefit.

15% on both value and volume; price levels maintained. Average price realization improving trend noted.

Quartz 51%, steel 12%, appliances 11.8%, surfaces 25%. Domestic ₹56 Cr, export ₹111 Cr. Segment margins offered offline.

FY27: ₹80-90 Cr (quartz ₹40-50 Cr, steel ₹20 Cr, faucets/appliances ₹20 Cr). FY28+: ₹50-60 Cr minimum annually to sustain 15% growth.

Consistent 5-year guidance; Q1 delivered 16.5%, upper band of range. Large order book (Lowe's, IKEA, Home Depot)

Q1 achieved 21.2% via US discount rollback (90%), operating leverage, premium mix. Expects to maintain/expand

On track for March 2027 completion; 250K quartz, 150K steel (total 250K units at FY27 end)

Q1 saw container delays, preventing large export shipments. Quartz volume +6% only despite strong order booking. Management says temporary but recovery pace unclear.

UK market described as 'modest' and 'cautiously optimistic.' New builder customers (Bodel, JJO) only recently added; unproven channel. Surfaces/appliances launch Q3 timing tight.

Factories running 88-94% utilization. Capex ₹80-90 Cr critical; delay would cap growth. MD said 'factory has to run 7 days a week' to meet order backlog.

Lowe's deal with USD 5-6 million display costs indicates major relationship. Export ₹111 Cr concentrated among few global retailers. Loss of key account material.

Faucets 97% India; export quality ramp-up in progress, not yet live. Surfaces fabrication CNC tech new to India; March FY27 deadline. Appliances 53% in-house.