MURUDCERA

Murudeshwar Ceramics financials

Market cap
₹176 Cr
Sector
Consumer Durables

What Murudeshwar Ceramics Limited does

Murudeshwar Ceramics Limited manufactures and sells ceramic and vitrified tiles — including wall, floor and parking tiles — under the 'NAVEEN' and 'Naveen Diamontile' brand names. It operates three manufacturing plants in South India (Hubli and Sira in Karnataka, and Karaikal in Puducherry), set up in technical collaboration with Sacmi Imola and Breton of Italy. Tiles are sold through a network of company-owned showrooms and regional depots across India, and the company also exports tiles to foreign countries.

Segments

  • Ceramic & Vitrified Tiles
Manufacturing plants
3 (Hubli & Sira, Karnataka; Karaikal, Puducherry)
Installed production capacity
28,000 sq. m/day (8.4 million sq. m/year)
Installed capacity (tonnage terms)
36,00,000 TPA, grown from an initial 12,500 TPA
Company-owned showrooms
73+ across India
Regional depots
42
Kilns in operation
5 (Sacmi, Italy)
Founded 1983Headquarters Hubballi, Karnataka, India Company website

Quarterly results

Q1 FY27: revenue up 8.5%, net profit down 58.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue43 50 66 46 46 +6%51 +2%63 −6%50 +9%
EBITDA7 8 11 8 7 −5%7 −16%10 −12%10 +19%
Net profit3 2 3 2 3 +10%4 +145%2 −51%1 −58%
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 −33.1% 1Y

₹25.0₹30.0₹35.0₹40.0₹45.0Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹44.54 on 10 Sept 2025 → ₹29.78. High ₹45.43 (28 Oct 2025), low ₹25.29 (30 Mar 2026).

Financials, as filed

Revenue grew 6.0% a year over 3 years, FY23 to FY26. Operating margin narrowed to 15.3%.

Year endingFY23FY24FY25FY26
Revenue₹172 Cr₹186 Cr₹203 Cr₹205 Cr
Operating profit₹31 Cr₹30 Cr₹35 Cr₹31 Cr
Operating margin17.9%16.2%17.1%15.3%
Interest₹13 Cr₹11 Cr₹13 Cr₹12 Cr
Depreciation₹11 Cr₹12 Cr₹15 Cr₹15 Cr
Net profit₹7 Cr₹5 Cr₹10 Cr₹11 Cr
Net margin3.8%2.8%4.9%5.3%
Cash from operations₹43 Cr₹31 Cr₹29 Cr₹13 Cr
Free cash flow₹-40 Cr₹22 Cr₹-1 Cr₹-30 Cr
ROCE5.0%5.0%5.0%5.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹52 Cr₹55 Cr₹58 Cr₹61 Cr₹61 Cr₹61 Cr
Reserves₹278 Cr₹285 Cr₹296 Cr₹305 Cr₹313 Cr₹320 Cr
Borrowings₹85 Cr₹83 Cr₹120 Cr₹110 Cr₹130 Cr₹142 Cr
Other liabilities₹56 Cr₹53 Cr₹67 Cr₹73 Cr₹81 Cr₹93 Cr
Total liabilities₹472 Cr₹476 Cr₹541 Cr₹548 Cr₹584 Cr₹616 Cr
Fixed assets₹297 Cr₹298 Cr₹297 Cr₹361 Cr₹342 Cr₹390 Cr
Capital work in progress₹8 Cr₹6 Cr₹78 Cr₹10 Cr₹56 Cr₹24 Cr
Investments₹108 Cr₹10 Cr₹10 Cr₹10 Cr₹9 Cr₹9 Cr
Other assets₹59 Cr₹162 Cr₹156 Cr₹167 Cr₹176 Cr₹192 Cr
Total assets₹472 Cr₹476 Cr₹541 Cr₹548 Cr₹584 Cr₹616 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 Jun 2026

The ownership split has held steady since Jun 2025. The shareholder count shrank 5% to 22,274.

Promoters
73.9%
Public
26.1%

Since Jun 2025

  • FIIs −0.03 pp
  • Public +0.01 pp
  • Promoters 0.00 pp

How it drifted, 12 quarters

Over this window the public fell from 27.3% to 26.1% — −1.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 72.7%, Public 27.3%.Dec '23: Promoters 72.7%, FIIs 0.0%, Public 27.3%.Mar '24: Promoters 73.9%, FIIs 0.0%, Public 26.0%.Jun '24: Promoters 73.9%, Public 26.1%.Sep '24: Promoters 73.9%, Public 26.1%.Dec '24: Promoters 73.9%, Public 26.1%.Mar '25: Promoters 73.9%, Public 26.1%.Jun '25: Promoters 73.9%, FIIs 0.0%, Public 26.0%.Sep '25: Promoters 73.9%, Public 26.1%.Dec '25: Promoters 73.9%, FIIs 0.0%, Public 26.0%.Mar '26: Promoters 73.9%, Public 26.1%.Jun '26: Promoters 73.9%, Public 26.1%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Murudeshwar Ceramics Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Murudeshwar Power Corporation Private Limited 38.26%unchanged
Rns Infrastructure Limited 21.23%unchanged
Satish Rama Shetty 3.82%unchanged
Naveen Mechanised Construction Company Private Limited 3.56%unchanged
Sangeetha S . 1.90%unchanged
Sunil R Shetty 1.05%unchanged
Naveen Rama Shetty 1.05%unchanged
Shobha Jeevan Shetty 1.03%unchanged
Geeta Sandip Malli 1.03%unchanged
Mamtha Sudesh Hegde 1.03%unchanged
Samtha Abhayanand Shetty 1.03%unchanged
RAMA NAGAPPA SHETTY (on behalf of R N SHETTY FAMILY TRUST) 0.29%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 trap

To justify its price of ₹30, this stock must grow earnings at 84% every year for 7 years. Our analysis caps realistic growth at ~-34%. At that growth it is worth ₹0 — downside of 100%.

Growth the price implies
83.5% a year
for 7 years, fading to 4%
It has actually compounded at
-33.9% a year
net profit, FY23–FY26 · EPS -34.5%
The gap
1.2 pp
-100% downside if it only repeats history
Price today ₹29.78 Value at the reference growth ₹0.1

Change the assumptions yourself →

Learn to analyse Murudeshwar Ceramics Limited

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