Exxaro Tiles Limited (EXXARO)
₹6.11 +0.49% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Exxaro Tiles' revenue was ₹85.2 Cr (+31.3% year on year, -14.7% on the previous quarter), and net profit ₹2.1 Cr (+156.1% year on year); the operating margin was 8.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹85.2 | +31.3% | -14.7% |
| Operating profit | ₹7.0 | +14.0% | +22.6% |
| Net profit | ₹2.1 | +156.1% | +936.4% |
| EPS (₹) | 0.05 | +150.0% | — |
| Operating margin | 8.2% | — | — |
EXXARO delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 82.73% of the EXXARO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 79.6%. That is close to its usual level. Turnover was only ₹4 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal. 2 bulk or block deals were reported in EXXARO in the last 60 days: ₹2 Cr bought and ₹2 Cr sold.
Delivery in the last 5 sessions: 84.1% · 82.0% · 78.6% · 79.0% · 82.7%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 5 Oct | Buy | Deep Diamond India Limited | ₹1.92 Cr | ₹6.00 | 3,200,000 | Bulk |
| 5 Oct | Sell | Prabhu Lal Meena | ₹1.91 Cr | ₹6.00 | 3,177,259 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Exxaro Tiles Limited has issued the notice for its 19th Annual General Meeting (AGM) scheduled for Saturday, September 26, 2026, at 11:00 AM IST via Video Conferencing. Key ordinary agenda items include the adoption of audited financial statements for FY26 and the re-appointment of retiring director Mr. Dineshkumar R. Patel. The filing is a standard annual compliance requirement with no extraordinary corporate actions announced.
- 19th Annual General Meeting to be held on September 26, 2026 at 11:00 AM IST via VC/OAVM
- Adoption of Audited Standalone and Consolidated Financial Statements for FY26 on the agenda
- Re-appointment of Whole-time Director Mr. Dineshkumar R. Patel (retiring by rotation) proposed
Exxaro Tiles Limited has announced the reopening of its trading window for insiders, effective 48 hours after the disclosure of its unaudited financial results for the quarter ended June 30, 2026. The board meeting to approve these results was held on July 25, 2026. This is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015. The company currently operates with a TTM revenue of Rs 305 Cr and a thin TTM PAT of Rs 3 Cr.
- Trading window to open 48 hours after the board meeting held on July 25, 2026
- The meeting addressed unaudited financial results for the quarter ended June 30, 2026
- Follows the initial trading window closure notice issued on June 25, 2026
- Compliance maintained under SEBI (Prohibition of Insider Trading) Regulations, 2015
Exxaro Tiles reported a strong start to FY27 with consolidated revenue reaching ₹85.97 Cr, a 32.4% increase from ₹64.92 Cr in Q1 FY26. Consolidated net profit grew significantly to ₹2.07 Cr compared to ₹0.81 Cr in the same period last year. The company is expanding its global footprint by committing to a 100% investment in a UAE-registered entity. While margins show recovery, finance costs of ₹2.73 Cr and high power/fuel expenses remain significant overheads.
- Consolidated Revenue from operations grew 32.4% YoY to ₹85.97 Cr
- Consolidated Net Profit increased to ₹2.07 Cr from ₹0.81 Cr in the previous year's quarter
- Standalone Power & Fuel expenses stood at ₹27.24 Cr, representing ~37% of standalone revenue
- Company committed to 100% investment in a new UAE-registered wholly owned subsidiary
- Finance costs for the quarter remained high at ₹2.73 Cr on a consolidated basis
Exxaro Tiles Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations for the period ending June 30, 2026. The company's Registrar and Share Transfer Agent, Bigshare Services Pvt Ltd, confirmed that no requests for dematerialization or rematerialization were received during the quarter. Notably, the registrar stated that the regulation is currently not applicable as the entire shareholding of the company is already held in dematerialized form. This is a standard procedural filing with no impact on business operations or financials.
- 100% of the company's shares are confirmed to be held in dematerialized form
- 0 requests for dematerialization or rematerialization were received during the quarter ended June 30, 2026
- The filing confirms compliance with SEBI regulations for the three-month period ending June 30, 2026
The promoters of Exxaro Tiles have submitted their annual declaration under Regulation 31(4) of SEBI (SAST) Regulations for the period ending March 2026. This routine filing confirms that the promoter group, consisting of 7 members, has not made any undisclosed encumbrances on their shares. The promoter holding remains stable at 42.07%. This transparency is standard for a company currently operating with a thin TTM PAT of ₹3 Cr and a debt of ₹94 Cr.
- Promoter and Promoter Group confirmed compliance with SEBI (SAST) Regulation 31(4) for the financial year
- Promoter holding is currently maintained at 42.07% as of March 2026
- Total of 7 individuals/entities identified within the Promoter and Promoter Group list
- Company reported a TTM revenue of ₹305 Cr with a low OPM of 8.2%
Exxaro Tiles Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming announcement of unaudited financial results for the quarter ending June 30, 2026. The trading window will remain closed until 48 hours after the results are officially declared to the public. The specific date for the Board Meeting to approve these financial results will be communicated separately in the future.
- Trading window for dealing in company securities to close effective July 1, 2026.
- Closure is related to the finalization of unaudited financial results for the quarter ended June 30, 2026.
- The window will reopen 48 hours after the public announcement of the financial results.
- The date for the Board Meeting to approve the results is yet to be determined and will be announced later.
Exxaro Tiles Limited has announced the reopening of its trading window for dealing in company securities. This follows the board meeting held on May 5, 2026, where the audited financial results for the quarter and year ended March 31, 2026, were declared. According to SEBI regulations, the window will open 48 hours after the results are communicated to the stock exchanges. This is a standard regulatory compliance procedure for listed companies.
- Trading window to open 48 hours after the announcement of FY26 audited financial results
- Board meeting for result declaration was concluded on May 5, 2026
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015
- Follows the previous trading window closure notice dated March 25, 2026
Exxaro Tiles Limited has officially re-appointed Mr. Mitesh Koshti as the Internal Auditor for the upcoming Financial Year 2026-27. The decision was finalized during the Board of Directors meeting held on May 5, 2026. Mr. Koshti, who holds a Master in Commerce, brings over 10 years of multi-industry experience in internal audit and data analytics. This appointment ensures continuity in the company's internal control systems and governance processes.
- Board approved the re-appointment of Mr. Mitesh Koshti on May 5, 2026
- Appointment is valid for the entire Financial Year 2026-27
- Internal Auditor has over 10 years of professional experience in audit and accounts
- Focus remains on leveraging data analytics and visualization for internal audit processes
Exxaro Tiles Limited has approved its audited standalone and consolidated financial results for the fourth quarter and the full fiscal year ended March 31, 2026. The statutory auditors, H. B. Kalaria & Associates, issued an unmodified opinion, indicating that the financial statements present a true and fair view of the company's performance. Additionally, the board has re-appointed Mr. Mitesh Koshti as the Internal Auditor for the 2026-27 financial year to oversee internal controls and audit processes. The meeting concluded on May 5, 2026, with all regulatory filings submitted to the BSE and NSE.
- Board approved audited standalone and consolidated financial results for the year ended March 31, 2026.
- Statutory auditors issued an unmodified opinion, confirming the accuracy of the financial reporting.
- Re-appointment of Mr. Mitesh Koshti as Internal Auditor for the financial year 2026-27.
- The audit report confirms compliance with Indian Accounting Standards (Ind AS) and SEBI regulations.
- The Board meeting was conducted and concluded within a timeframe of approximately 1 hour and 25 minutes.
Exxaro Tiles Limited has filed its quarterly compliance report under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ending March 31, 2026. The company's Registrar and Share Transfer Agent, Bigshare Services, confirmed that no dematerialization or rematerialization requests were received during this period. This is because 100% of the company's shares are already held in electronic (demat) form. This filing is a mandatory procedural requirement for all listed companies in India to ensure record accuracy.
- Quarterly compliance under Regulation 74(5) completed for the period ended March 31, 2026
- Registrar confirms that 100% of the company's shareholding is already in demat form
- Zero requests for rematerialization or dematerialization were processed during the quarter
- Filing confirms adherence to SEBI (Depositories and Participants) Regulations, 2018
Exxaro Tiles Limited has announced the incorporation of a new wholly-owned subsidiary, ARESTA GENERAL TRADING FZE, in the Jabel Ali Free Zone, Dubai. The subsidiary is established with an initial share capital of AED 1,00,000, comprising 1,000 shares of AED 100 each. This strategic move is intended to facilitate the trading of all types of tiles in international markets. While the entity has yet to commence business operations, it marks the company's intent to expand its global footprint and distribution capabilities.
- Incorporation of 100% Wholly Owned Subsidiary ARESTA GENERAL TRADING FZE in Dubai, UAE.
- Initial share capital of AED 1,00,000 (approximately INR 22.7 Lakhs) fully subscribed by Exxaro Tiles.
- The subsidiary is located in the Jabel Ali Free Zone to leverage international trade benefits.
- Primary business objective is the trading of all types of tiles in the Middle East and global markets.
- Acquisition completed via cash consideration for 1,000 shares at AED 100 each.
Exxaro Tiles Limited has informed the exchanges that its trading window for dealing in company securities will be closed starting April 1, 2026. This closure is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations ahead of the announcement of financial results. The window pertains to the audited financial results for the quarter and year ending March 31, 2026. The window will reopen 48 hours after the results are made public, with the board meeting date to be announced later.
- Trading window closure effective from April 1, 2026, for all designated insiders.
- Closure is in anticipation of audited financial results for the quarter and year ending March 31, 2026.
- The trading window will remain closed until 48 hours after the official announcement of the financial results.
- The specific date for the Board Meeting to approve the results will be communicated in due course.
Exxaro Tiles has been notified by Sabarmati Gas Limited (SGL) regarding gas supply restrictions at its Talod manufacturing units due to force majeure linked to Middle East conflicts. The company faces limitations on Daily Contracted Quantity (DCQ) and Non-MGO gas usage, which may partially impact production activities. Management is actively implementing alternate fuel options to mitigate the disruption and maintain operational continuity. Currently, the company maintains that there is no material impact on overall business operations as inventory levels are sufficient for regular dispatches.
- Sabarmati Gas Limited (SGL) declared force majeure affecting gas supply to Talod units.
- Restrictions impact Daily Contracted Quantity (DCQ) and usage of Non-MGO gas until further notice.
- Company is evaluating and implementing alternate fuel options to ensure production continuity.
- Management states current inventory levels are adequate to sustain normal dispatch schedules.
- No material impact on overall business operations is anticipated based on current assessments.
Exxaro Tiles Limited has announced a credit rating upgrade from Infomerics Valuation and Rating Limited for bank facilities totaling Rs. 113.97 crore. The long-term rating for fund-based facilities of Rs. 97.49 crore has been upgraded to IVR BBB-/Stable from the previous CRISIL BB+/Stable. Short-term non-fund-based facilities of Rs. 16.48 crore were also upgraded to IVR A3 from CRISIL A4+. This transition to an investment-grade rating suggests improved financial stability and potential for lower borrowing costs.
- Total bank facilities worth Rs. 113.97 crore have been re-rated by Infomerics.
- Long-term fund-based facilities of Rs. 97.49 crore upgraded to IVR BBB-/Stable from CRISIL BB+/Stable.
- Short-term non-fund-based facilities of Rs. 16.48 crore upgraded to IVR A3 from CRISIL A4+.
- The upgrade marks a shift from sub-investment grade to investment grade for the company's debt.
Exxaro Tiles reported a consolidated revenue of ₹70.11 crore for Q3 FY26, marking an 11.7% decline compared to ₹79.44 crore in the same quarter last year. Net profit for the quarter fell sharply by 51.3% YoY to ₹59.05 lakhs, down from ₹1.21 crore. While the quarterly performance was weak, the nine-month period shows a turnaround with a net profit of ₹2.52 crore compared to a loss of ₹3.32 crore in the previous year's corresponding period. Sequential performance was also under pressure as net profit halved from ₹1.22 crore in Q2 FY26.
- Consolidated Revenue from Operations decreased 11.7% YoY to ₹7,010.93 lakhs.
- Net Profit for Q3 FY26 stood at ₹59.05 lakhs, a 51.3% drop from ₹121.31 lakhs in Q3 FY25.
- Power and Fuel expenses remained high at ₹24.45 crore, accounting for nearly 35% of total revenue.
- Nine-month consolidated PAT turned positive at ₹251.86 lakhs vs a loss of ₹332.02 lakhs in 9M FY25.
- Basic EPS for the quarter declined to ₹0.01 from ₹0.03 in the year-ago period.
Financial Performance
Revenue Growth by Segment
Revenue from operations grew 0.84% YoY to INR 304.21 Cr in FY25 from INR 301.68 Cr in FY24. However, H1 FY25 revenue of INR 130 Cr represents a 17% decline compared to INR 156.66 Cr in H1 FY24. Own manufacturing contributed 88.1% (INR 138.11 Cr) of H1 FY24 revenue, while outsourced products contributed 7.6% (INR 11.92 Cr).
Geographic Revenue Split
The company serves both domestic and foreign markets. Domestic sales are recognized upon dispatch, while exports are recognized based on bills of lading. Export capabilities are being expanded to improve revenue, though specific regional percentage splits are not disclosed.
Profitability Margins
Operating margins have seen a significant decline from 20.25% in FY21 to 8.8% in FY24, and further dropped to 4.53% in H1 FY25. The company recorded a net loss of INR 12.17 Lakhs in FY25 compared to a PAT of INR 224.63 Lakhs in FY24.
EBITDA Margin
EBITDA margin stood at 9.7% (INR 15.58 Cr) in H1 FY24, a slight decline from 9.9% (INR 13.62 Cr) in H1 FY23. Operating margins reached a low of 0.25% in Q1 FY25 due to plant closure and intense competition.
Capital Expenditure
Major CAPEX was incurred for the Big Slab line at the Talod Unit in FY24 to focus on premium large-format tiles. Total fixed assets and capital work-in-progress are not explicitly totaled in INR Cr but are linked to the company's premiumization strategy.
Credit Rating & Borrowing
Ratings were downgraded to 'Crisil BB+/Stable/Crisil A4+' in August 2025 from 'CRISIL BBB-/Negative/CRISIL A3' in December 2024. Total bank loan facilities rated are INR 122 Cr. Interest costs increased due to RBI repo rate hikes.
Operational Drivers
Raw Materials
Natural gas, clay, and minerals represent the primary raw materials, with gas prices being a critical and volatile cost driver for vitrified tile production.
Capacity Expansion
Current focus is on the operational use of the newly commissioned Big Slab line at the Talod Unit; specific MTPA capacity figures are not disclosed.
Raw Material Costs
Cost of materials consumed was INR 97.63 Cr in FY25, representing 32.1% of total revenue from operations.
Manufacturing Efficiency
Operating efficiency was hampered by a 3-4 week plant closure for upgradation in FY24/Q1FY25, contributing to a negative PAT of INR 4.27 Cr in Q1 FY25.
Logistics & Distribution
Sales and distribution promotional expenses increased in H1 FY24 to support the brand, impacting short-term profitability.
Strategic Growth
Growth Strategy
Growth is targeted through the expansion of premium product revenue (Big Slabs), increasing export capabilities to global markets, and optimizing the product mix to improve realizations per unit.
Products & Services
Vitrified tiles and large-sized ceramic slabs (Big Slabs).
Brand Portfolio
Exxaro.
New Products/Services
The Big Slab line products are expected to be the primary driver for premium segment revenue growth and improved margins.
Market Expansion
Expansion into export markets is a key strategic focus for FY25 and beyond to leverage manufacturing facilities set for export production.
External Factors
Industry Trends
The ceramic tile industry is shifting toward large-format slabs and premiumization, though it currently faces intense competition and high fuel costs.
Competitive Landscape
Intense competition from both organized and unorganized players in the vitrified tiles market is pressuring realizations and margins.
Competitive Moat
Moderate moat derived from the established 'Exxaro' brand and a strong distribution network of 800+ dealers and 2000+ touchpoints.
Macro Economic Sensitivity
Highly sensitive to the real estate sector and GDP growth; subdued demand in real estate led to a 17% revenue decline in H1 FY25.
Consumer Behavior
Increasing consumer preference for large-sized tiles and premium finishes is driving the company's shift toward Big Slabs.
Geopolitical Risks
Susceptibility to global trade conditions and shipping costs as the company expands its export-related production.
Regulatory & Governance
Industry Regulations
Operations are subject to manufacturing standards and pollution norms for the ceramic industry, though specific compliance costs are not disclosed.
Taxation Policy Impact
Effective tax rate was impacted by a prior period tax adjustment of INR 1.35 Cr in FY25; MAT credit of INR 0.22 Cr was availed.
Legal Contingencies
Prior period tax expense of INR 1.35 Cr recorded in FY25; no other major pending litigation values were disclosed.
Risk Analysis
Key Uncertainties
Volatility in gas prices and the ability to generate sufficient cash accruals to serve yearly debt obligations of INR 7.5 Cr are key uncertainties.
Geographic Concentration Risk
Strong domestic presence with 2000+ touchpoints; currently diversifying through export expansion.
Third Party Dependencies
Outsourced manufacturing accounted for INR 11.92 Cr (7.6%) of H1 FY24 revenue.
Technology Obsolescence Risk
Investment in the Big Slab line at the Talod Unit is a direct response to the risk of technology obsolescence in standard tile formats.
Credit & Counterparty Risk
Bank limit utilization remained high at over 90% through October 2024, indicating tight liquidity and constrained financial flexibility.
