544073

Manoj Ceramic financials

Market cap
₹117 Cr
Sector
Consumer Durables
Calls analysed
3
Latest concall · Q4 FY26 · call held 01 Jun 2026

Manoj Ceramic Q4 FY26

EBITDA ₹24.88 cr PAT ₹12.01 cr +10%Total Income ₹202.99 cr +23%

What went well

  • Total income for FY26 grew by 23.4% year-on-year to ₹202.99 crores, driven by retail, dealer, and project channels.
  • Debtors improved significantly from 163 days to 114 days, indicating better collection efficiency.
  • Long-term borrowings were nearly halved, reducing from ₹28.98 crores to ₹13.89 crores.

What to watch

  • EBITDA margins in H2 FY26 fell to 11% from 14% in H2 last year, a 300 basis points decline.
  • Profit after tax (PAT) for FY26 increased by only 10.1% year-on-year to ₹12.01 crores, lagging revenue growth.
Read the full call →

What Manoj Ceramic does

Manoj Ceramic Limited (MCPL) wholesales, retails, distributes and exports wall and floor tiles, artificial and natural marble, quartz stones, granite, tile adhesives, sanitaryware and faucets. It runs an asset-light model, outsourcing tile production to third-party manufacturing partners in Morbi rather than owning kilns, while operating its own Upper Thane cutting-and-polishing facility to customize premium slabs in-house. Revenue comes through a dealer network, premium retail showrooms/experience centres, B2B institutional project supply (architects, builders, hospitality and corporate clients), and exports via a UK subsidiary and a Dubai display centre. Its proprietary MCPL Studio platform gives AI-powered visualization to support showroom and digital sales.

Segments

  • Dealer Network
  • Retail Showrooms
  • B2B Institutional
  • Exports
  • Tile Adhesive
  • Contract Servicing
Total retail footprint
1,26,500+ sq. ft.
Active premium showrooms/experience centres
6
Product SKUs
1000+
Branch offices
5 (Mumbai, Pune, Thane, Morbi, Bangalore)
Dealer-network depots
4 (Morbi, Bhiwandi, Pune, Bangalore)
Dealer network states
Maharashtra, Goa, Tamil Nadu & Karnataka
Founded 1991Headquarters Ghatkopar (East), Mumbai, Maharashtra, IndiaEmployees 114 (FY25 (as of 31 March 202) Company website

Guidance record · Q4 FY26

what the last two calls moved 8 tracked 1 delivered 3 missed 4 open
  • Debtor Days delivered said Q2 FY26 Promised: Targeting to get down by another 25, 30 days this year (from 163 days). Q4 FY26: Debtor days reduced from 163 to 114 days, a reduction of 49 days, significantly exceeding the target of 25-30 days.
  • EBITDA Margin missed said Q4 FY25 Promised: EBITDAs will get better by around 1.5% to 2% this year around (FY26). Q4 FY26: Missed. H2 FY26 margin fell to 11% from 14% in H2 FY25. Full year FY26 margin was 12.26%, a deterioration, not an improvement. Management cited a temporary product mix shift.
  • Infrastructure Launch delayed said Q4 FY25 Promised: Dubai display center will be operational again in June (2025). Q4 FY26: The Dubai center is operational and a key part of the export strategy. The original promise on timing was concluded as delayed.

All 8 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q4 FY26: revenue up 126.4%, net profit up 100.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY24Q4 FY24Q2 FY25Q4 FY25Q2 FY26Q4 FY26
Revenue43 53 66 98 81 +88%120 +126%
EBITDA7 7 9 14 11 +57%13 +86%
Net profit3 3 4 7 6 +100%6 +100%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −24.6% 1Y

₹60₹80₹100₹120Sept 25Oct 25Dec 25Jan 26Mar 26May 26Jun 26Aug 26Q2 FY26 — 18 Nov 2025Q4 FY26 — 1 Jun 2026

1Y: ₹110.1 on 10 Sept 2025 → ₹82.99. High ₹124.6 (17 Sept 2025), low ₹60 (24 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
−1.3%
1 Jun
Q2 FY26
−0.5%
18 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹2 Cr₹2 Cr₹2 Cr₹8 Cr₹15 Cr₹14 Cr
Reserves₹5 Cr₹5 Cr₹9 Cr₹21 Cr₹113 Cr₹122 Cr
Borrowings₹42 Cr₹37 Cr₹53 Cr₹60 Cr₹58 Cr₹73 Cr
Other liabilities₹13 Cr₹14 Cr₹16 Cr₹16 Cr₹26 Cr₹36 Cr
Total liabilities₹61 Cr₹59 Cr₹79 Cr₹105 Cr₹212 Cr₹246 Cr
Fixed assets₹1 Cr₹1 Cr₹1 Cr₹1 Cr₹5 Cr₹5 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹1 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹58 Cr₹58 Cr₹78 Cr₹104 Cr₹207 Cr₹240 Cr
Total assets₹61 Cr₹59 Cr₹79 Cr₹105 Cr₹212 Cr₹246 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Mar 2026

Since Mar 2025, FIIs trimmed −1.40 pp while promoters added +0.70 pp. The shareholder count grew 20% to 395.

Promoters
53.1%
FIIs
2.3%
DIIs
0.7%
Public
44.0%

Since Mar 2025

  • FIIs −1.40 pp
  • Promoters +0.70 pp
  • DIIs +0.65 pp

How it drifted, 8 quarters

Over this window promoters fell from 71.7% to 53.1% — −18.6 pp.

Dec '23Mar '25Mar '26

Ownership split by quarter, oldest first. Dec '23: Promoters 71.7%, Public 28.3%.Mar '24: Promoters 71.7%, Public 28.3%.Sep '24: Promoters 71.7%, FIIs 0.0%, Public 28.3%.Mar '25: Promoters 52.4%, FIIs 3.7%, DIIs 0.0%, Public 43.9%.Jun '25: Promoters 48.1%, Public 51.9%.Sep '25: Promoters 48.1%, FIIs 3.1%, Public 48.7%.Nov '25: Promoters 53.1%, FIIs 2.8%, Public 44.1%.Mar '26: Promoters 53.1%, FIIs 2.3%, DIIs 0.7%, Public 44.0%.

Who was buying across the market this quarter →

Who is on the register

Named in the Mar 2026 filing

Every holder of Manoj Ceramic above SEBI's 1% disclosure line, and what changed since Nov 2025.

HolderStakeChange
Anjana Manoj Rakhasiya 21.65%unchanged
Manoj Dharamshi Rakhasiya 12.77%unchanged
Dhruv Manoj Rakhasiya 7.87%unchanged
Aakash Manoj Rakhasiya 6.58%unchanged
Allina Qureshi 6.24%unchanged
Mansukh Duda Satra 3.65%unchanged
Manasvi Dhruv Rakhasiya 2.48%unchanged
Anant Aggarwal 2.30%unchanged
Janil Mansukh Satra 1.82%unchanged
Kishan Chand Gupta 1.29%unchanged
Pine Oak Global Fund FPI fund1.20%−1.47 pp
Sarvesh Gupta 1.18%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth the price implies
-13.2% a year
for 7 years, fading to 4%
It has actually compounded at
Not enough history
The gap
—
between what it did and what it must do
Price today ₹82.99

Change the assumptions yourself →

All earnings calls (3)

Read the Q4 FY26 call →

Learn to analyse Manoj Ceramic

Guides on how to read this kind of business and the numbers that matter.