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The Quarter story
The two most recent quarterly results, compared side-by-side.
Strong margin expansion and profit growth driven by own manufacturing, offset by rising debt and inventory buildup.
EBITDA margin expanded from 8.2% in Q4 2024-25 to 11.6% in Q1 2026-27, reflecting stronger pricing and cost control.
Net debt shifted from -₹54 Cr in Q4 2024-25 to ₹107 Cr in Q1 2026-27, indicating a move from cash surplus to leverage.
Own manufacturing sales grew from ₹198.35 Cr in Q4 2024-25 to ₹238.90 Cr in Q1 2026-27, driving the sales mix shift to 34%.
Working capital days moved from -1 days in Q4 2024-25 to 12 days in Q1 2026-27, signaling tighter cash conversion cycles.
Bathware capacity utilisation climbed from 89% in Q1 FY26 to 95% in Q1 2026-27, signaling robust demand for premium fixtures.
Inventories climbed from ₹191 Cr in Q4 2024-25 to ₹363 Cr in Q1 2026-27, pointing to stock accumulation.
Profit after tax rose from ₹21 Cr in Q4 2024-25 to ₹35 Cr in Q1 2026-27, confirming consistent bottom-line expansion.
Sanitaryware capacity utilisation dropped from 96% in Q4 2024-25 to 77% in Q1 2026-27, reflecting weaker demand in this segment.
Tiles production from own plants increased from 5.76 msm in Q4 2024-25 to 6.21 msm in Q1 2026-27, supporting higher output efficiency.
DII shareholding declined from 23.6% in Q4 2024-25 to 19.4% in Q1 2026-27, showing reduced institutional confidence.