Manoj Ceramic Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Manoj Ceramic Ltd filed with BSE on 03 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Manoj Ceramic Limited reported FY26 total income growth of 23.4% year-on-year to Rs 202.99 crore, with EBITDA of Rs 24.88 crore and PAT up 10.1% to Rs 12.01 crore. Management highlighted improvements in working capital, with debtor days reduced from 163 to 114 and long-term borrowings cut from Rs 28.98 crore to Rs 13.89 crore. Management also discussed a decline in H2 EBITDA margins, attributing it to a temporary lower-margin product arrangement, and outlined plans around exports, premium products and the Upper Thane cutting and polishing facility.
Numbers mentioned
Total income: Rs 202.99 crore (FY26)
p. 3
“the total income increased by 23.4% year-on-year to 202.99 crores, supported by continued growth across retail, dealers and project channels”
Pankaj Rakasiya, page 3 of the filed PDF · View the filing
EBITDA: Rs 24.88 crore (FY26)
p. 3
“EBITDA stood at 24.88 crores, while the profit after tax increased 10.1% year-on-year to 12.01 crore”
Pankaj Rakasiya, page 3 of the filed PDF · View the filing
PAT: Rs 12.01 crore (FY26)
p. 3
“EBITDA stood at 24.88 crores, while the profit after tax increased 10.1% year-on-year to 12.01 crore”
Pankaj Rakasiya, page 3 of the filed PDF · View the filing
Total income: Rs 120.82 crore (H2 FY26)
p. 3
“For H2 FY26, total income grew 23.3% year-on-year to rupees 120.82 crores”
Pankaj Rakasiya, page 3 of the filed PDF · View the filing
EBITDA: Rs 13.45 crore (H2 FY26)
p. 3
“EBITDA stood at 13.45 crores and PAT was at 6.14 crores”
Pankaj Rakasiya, page 3 of the filed PDF · View the filing
PAT: Rs 6.14 crore (H2 FY26)
p. 3
“EBITDA stood at 13.45 crores and PAT was at 6.14 crores”
Pankaj Rakasiya, page 3 of the filed PDF · View the filing
Debtor days: 114 days (FY26)
p. 3
“debtors improved substantially from 163 days to 114 days”
Pankaj Rakasiya, page 3 of the filed PDF · View the filing
Trade receivables: approximately Rs 63 crore (FY26)
p. 3
“Trade receivable declined to approximately 63 crore despite of higher business volume, reflecting stronger cash conversion and tighter working capital control”
Pankaj Rakasiya, page 3 of the filed PDF · View the filing
Long-term borrowings: Rs 13.89 crore (FY26)
p. 3
“Long-term borrowings reduced from 28.98 crores to 13.89 crores”
Pankaj Rakasiya, page 3 of the filed PDF · View the filing
Working capital cycle improvement: 44% (FY26)
p. 3
“Our working capital cycle improved meaningfully by 44%”
Pankaj Rakasiya, page 3 of the filed PDF · View the filing
EBITDA margin: 11% (H2 FY26)
p. 4
“in H2 our EBITDA margins have fallen to 11% from 14% in H2 last year”
Guneet Singh, page 4 of the filed PDF · View the filing
Retail experience centers area: more than 1,26,500 square feet (FY26)
p. 2
“which today includes six premium experience centers covering more than 1,26,500 square feet and a portfolio of over 1000 SKUs”
Dhruv Rakasiya, page 2 of the filed PDF · View the filing
Cash flow from operations: -35 Cr
p. 9
“our cash flow from operations are still negative -35 Cr”
Guneet Singh, page 9 of the filed PDF · View the filing
B2B revenue mix: 80-82%
p. 9
“B2B has always been highest into comparatively roughly about 80-82%. Roughly about 80 to 82% in the B2B segment and the balance would be from the B2C segment”
Dhruv Rakasiya, page 9 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue CAGR — 25 to 30% · FY27 and ongoing
stated firmly by Dhruv Rakasiya
p. 5
“we have already announced that the CAGRs of 25 to 30% have has been maintained before right from our first earning call after getting listed and we have kept the promises and the promise keeps on continuing in the same manner”
Dhruv Rakasiya, page 5 of the filed PDF · View the filing
EBITDA margin — FY27
stated as an aspiration by Dhruv Rakasiya
p. 4
“we had to drop down and increase the volumes by just a few and it is a temporary arrangement that we have made due to the market scenario, and it will be improved by again this year”
Dhruv Rakasiya, page 4 of the filed PDF · View the filing
Export growth — this year
stated as an aspiration by Dhruv Rakasiya
p. 8
“So yes our focus would give better results for exports this year”
Dhruv Rakasiya, page 8 of the filed PDF · View the filing
Working capital cycle — FY27
stated as an aspiration by Dhruv Rakasiya
p. 9
“this year as well you can stay tuned and have better results with us for the working capital cycle too”
Dhruv Rakasiya, page 9 of the filed PDF · View the filing
FY27 priorities — FY27
stated firmly by Pankaj Rakasiya
p. 3
“our priorities remain centered around profit growth, stronger cash flows generation, further capital working capital optimization and maintained a disciplined approach towards capital deployment”
Pankaj Rakasiya, page 3 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said new lower-margin tile products were introduced to drive volumes, which was a temporary arrangement to be corrected this year.
Answered by Dhruv Rakasiya
Asked by Guneet Singh: Why did H2 EBITDA margins fall to 11% from 14% year-on-year?
p. 4
“we introduced new design set of products, which we wanted to increase the volumes with. We were successful in increasing the volumes, but the sustainability for the margins was not supported enough”
Dhruv Rakasiya, page 4 of the filed PDF · View the filing
Management said production in Morbi was affected by gas supply issues but volumes were sustained via pre-planned stock and price increases passed to customers, with exports largely unaffected.
Answered by Dhruv Rakasiya
Asked by Guneet Singh: How has the geopolitical/gas supply situation affected volumes and margins?
p. 4
“the issue of war has sustained has dropped down on the supply of gas, by which the production has been affected in the Morbi cluster in Gujarat”
Dhruv Rakasiya, page 4 of the filed PDF · View the filing
Management said volumes grew about 23-24% and confirmed no adverse impact so far.
Answered by Dhruv Rakasiya
Asked by Guneet Singh: Have volumes and margins been adversely impacted by the war?
p. 4
“we have increased the volumes by about 23-24% roughly overall”
Dhruv Rakasiya, page 4 of the filed PDF · View the filing
Management confirmed all warrants, including the promoter group's last remaining warrant, have been converted.
Answered by Dhruv Rakasiya
Asked by Guneet Singh: What is the status of outstanding warrants?
p. 5
“The warrants have been converted, all of them. The last warrant that was remaining with the promoter group has been converted”
Dhruv Rakasiya, page 5 of the filed PDF · View the filing
Management attributed the flat EBITDA to lower-margin service center projects with higher volumes and discounts, and said focus would shift to premium products and exports.
Answered by Dhruv Rakasiya
Asked by Guneet Singh: What percentage of H2 revenue came from the temporary lower-margin arrangement and what were its margins?
p. 9
“the service part of the company which we have we got the projects had lesser margins but bigger volumes, which we wanted to attend it anyways”
Dhruv Rakasiya, page 9 of the filed PDF · View the filing
Management said B2B would remain the largest segment but B2C contribution via word of mouth and product mix changes was strengthening.
Answered by Dhruv Rakasiya
Asked by Guneet Singh: What is the outlook for B2B versus B2C sales mix?
p. 10
“our approach has always been consistent in the market in getting more stronger in the B2B segment because that has always been the maximum of the revenues that are generated”
Dhruv Rakasiya, page 10 of the filed PDF · View the filing
Management pointed to controls on debtor days and inventory management systems put in place as promised in the prior earnings call.
Answered by Dhruv Rakasiya
Asked by Riya Shah: What drove the improvement in receivable days and reduction in long-term debt?
p. 7
“we had already promised that we are working on the controlling of the debtor days, the stock inventories management systems have been on place”
Dhruv Rakasiya, page 7 of the filed PDF · View the filing
Management said the export team deployed since October last year has identified opportunities primarily in West and South Africa and is working on contractual tie-ups.
Answered by Dhruv Rakasiya
Asked by Rahul S: What is the outlook for export opportunity given the Dubai display center and expansion into Middle East, Africa, GCC and UK?
p. 8
“our first focus would be African region in the West and South of Africa. Not the South Africa, but in the South zone of Africa if you understand”
Dhruv Rakasiya, page 8 of the filed PDF · View the filing
Risks flagged
Gas supply disruption in the Morbi manufacturing cluster due to geopolitical conflict
p. 4
“the issue of war has sustained has dropped down on the supply of gas, by which the production has been affected in the Morbi cluster in Gujarat”
Dhruv Rakasiya, page 4 of the filed PDF · View the filing
Lower margins from a temporary product arrangement introduced to boost volumes
p. 4
“we had to drop down and increase the volumes by just a few and it is a temporary arrangement that we have made due to the market scenario, and it will be improved by again this year”
Dhruv Rakasiya, page 4 of the filed PDF · View the filing
Negative cash flow from operations
p. 9
“our cash flow from operations are still negative -35 Cr”
Guneet Singh, page 9 of the filed PDF · View the filing
Lower margins on service center project contracts due to higher volumes and discounts
p. 9
“the service part of the company which we have we got the projects had lesser margins but bigger volumes, which we wanted to attend it anyways”
Dhruv Rakasiya, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.