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KAJARIACER - Kajaria Ceramics

📊 NSE: KAJARIACER 🏢 Ceramics - Tiles / Sanitaryware 📅 Last Updated: 12/14/2025 8:46

📢 Recent Corporate Announcements

Kajaria Ceramics to Host 4QFY26 Earnings Conference Call on April 30, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 25 Apr 2026, 04:21 PM

Kajaria Ceramics Limited has scheduled a conference call for Thursday, April 30, 2026, at 5:00 PM IST to discuss its 4QFY26 and full-year audited financial results. The call will follow the Board of Directors meeting held earlier that same day to approve the results for the period ending March 31, 2026. Senior management will be present to provide insights into the company's performance and future outlook. This interaction is a key event for shareholders to understand the company's trajectory in the ceramic industry.

Conference call scheduled for April 30, 2026, at 5:00 PM IST.
Board meeting to approve 4QFY26 and full-year FY26 audited results on the same day.
Senior management team will represent the company during the analyst interaction.
Call hosted by Avendus Spark with DiamondPass registration available for participants.
Universal dial-in numbers provided are +91 22 6280 1230 and +91 22 7115 8131.

💡 Investors should monitor the financial results release on April 30 for volume growth and margin trends, and listen to the call for management's demand outlook for FY27.

Kajaria Ceramics Appoints Ipininder Singh as Group CDIO; Restructures IT Leadership

🟢 POSITIVE ⭐ 4/10

MANAGEMENT 📅 21 Apr 2026, 03:38 PM

Kajaria Ceramics has appointed Mr. Ipininder Singh as the Group Chief Digital and Information Officer (CDIO) and Senior Management Personnel, effective April 23, 2026. Mr. Singh brings over 24 years of experience in digital innovation and enterprise transformation, with previous roles at Havells India and Dalmia Bharat. As part of a reporting structure change, Mr. Atul Nigam will cease to be classified as Senior Management Personnel but will continue his role as VP (IT) reporting to the new CDIO. This strategic hire indicates a heightened focus on digital strategy and technological integration within the company's operations.

Appointment of Mr. Ipininder Singh as Group CDIO effective April 23, 2026
Mr. Singh brings over 24 years of professional experience in Enterprise Transformation
New CDIO holds an MBA from IIT Delhi and a B.Tech in Electrical Engineering
Mr. Atul Nigam transitions from Senior Management Personnel to VP (IT) reporting to the CDIO
Previous experience of the new appointee includes leadership roles at Havells India and Dalmia Bharat

💡 This management update is a positive step toward modernizing the company's digital infrastructure. Investors should view this as a long-term operational improvement move and continue to hold the stock.

Kajaria Ceramics' Nepal JV Incorporates New Subsidiary K.R. Industries

🟡 NEUTRAL ⭐ 4/10

EXPANSION 📅 02 Apr 2026, 08:00 PM

Kajaria Ceramics' 50% joint venture in Nepal, Kajaria Ramesh Tiles Limited (KRTL), has incorporated a new wholly-owned subsidiary named K.R. Industries Private Limited (KIPL). The new entity has been established with an authorized and paid-up capital of INR 1.25 crore. Kajaria Ceramics' indirect investment in this subsidiary is approximately INR 62.50 lakh, maintaining its 50% stake through the JV. This move is aimed at supporting and expanding the JV's business operations within the Nepal region.

Incorporation of K.R. Industries Private Limited as a wholly-owned subsidiary of the Nepal JV
Authorized and Paid-up capital of the new entity is INR 1.25 crore
Kajaria Ceramics holds a 50% indirect shareholding in the new subsidiary
Total investment cost for Kajaria Ceramics is approximately INR 62.50 lakh
The subsidiary is intended to support the business of Kajaria Ramesh Tiles Limited in Nepal

💡 This is a minor operational update regarding the company's international joint venture. No immediate action is required as the investment size is small relative to the company's overall market capitalization.

Kajaria Ceramics Files Routine SEBI Dematerialization Compliance for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Apr 2026, 06:04 PM

Kajaria Ceramics Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the quarter ended March 31, 2026. The certificate, issued by MCS Share Transfer Agent Limited, confirms that all physical share certificates received for dematerialization were processed within the mandated 15-day period. This process includes the verification, mutilation, and cancellation of physical certificates and updating the depository as the registered owner. This is a standard administrative filing required by Indian regulators to ensure the integrity of electronic shareholding records.

Compliance certificate submitted for the quarter ended March 31, 2026.
Confirmation that dematerialization requests were processed within the 15-day regulatory timeline.
Verification that physical certificates were mutilated and cancelled after due process.
The filing was issued by the company's Registrar and Share Transfer Agent (RTA), MCS Share Transfer Agent Limited.

💡 No action is required from investors as this is a routine regulatory filing with no impact on the company's financial performance or business operations.

Kajaria Ceramics Appoints Vinit Kumar as Company Secretary Effective April 1, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Apr 2026, 01:43 PM

Kajaria Ceramics has officially appointed Mr. Vinit Kumar as its new General Counsel & Company Secretary effective April 1, 2026. This transition follows the superannuation of the previous official, Mr. Ram Chandra Rawat, who retired on March 31, 2026. The company had previously announced this succession plan on January 30, 2026. This appointment ensures continuity in the company's regulatory compliance and legal oversight functions.

Mr. Vinit Kumar takes charge as General Counsel & Company Secretary from April 1, 2026.
Outgoing official Mr. Ram Chandra Rawat retired on March 31, 2026, after serving as COO (A&T) & CS.
The appointment follows a prior board notification issued on January 30, 2026.
New contact details for investor grievances have been updated to investors@kajariaceramics.com.

💡 This is a routine administrative update regarding a planned management transition and requires no immediate action from investors.

Kajaria Ceramics Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Mar 2026, 02:00 PM

Kajaria Ceramics Limited has notified the stock exchanges regarding the closure of its trading window for dealing in the company's securities. This closure is effective from April 1, 2026, in anticipation of the financial results for the quarter and year ending March 31, 2026. The window will remain closed until 48 hours after the results are officially declared to the BSE and NSE. This is a standard regulatory compliance procedure under SEBI (Prohibition of Insider Trading) Regulations, 2015.

Trading window closure starts from April 1, 2026
Closure is related to the financial results for the quarter and year ending March 31, 2026
Window will reopen 48 hours after the declaration of financial results
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 This is a routine regulatory announcement and requires no immediate action from investors. Focus should remain on the upcoming Q4 and FY26 earnings performance when announced.

Kajaria Ceramics Acquires Remaining 10% Stake in Kajaria Surfaces for ₹1.16 Crores

🟢 POSITIVE ⭐ 6/10

M&A 📅 25 Mar 2026, 12:53 AM

Kajaria Ceramics has successfully acquired the remaining 10% equity stake (9,50,000 shares) in Kajaria Surfaces Private Limited for a cash consideration of ₹1.16 crores. With this acquisition, Kajaria Surfaces has transitioned from a 90% subsidiary to a 100% wholly-owned subsidiary of the company. Kajaria Surfaces, which is involved in tile manufacturing, reported a turnover of ₹109.97 crores and a profit after tax of ₹1.09 crores for FY 2024-25. This move consolidates the parent company's control over its manufacturing operations.

Acquired 9,50,000 equity shares representing a 10% stake for ₹1.16 crores in cash.
Kajaria Surfaces Private Limited is now a 100% wholly-owned subsidiary of Kajaria Ceramics.
Target entity reported a turnover of ₹109.97 crores and PAT of ₹1.09 crores in FY25.
The transaction was completed on March 24, 2026, following prior approval from the Audit Committee.
The acquisition was conducted at arm's length from existing shareholders, including related parties.

💡 This is a minor but positive structural consolidation that simplifies the corporate hierarchy. Investors should note the full ownership of a profitable manufacturing unit, though the financial impact on the consolidated entity is relatively small.

Kajaria Ceramics Appoints Siddharth Parida as Chief Marketing Officer Effective March 25, 2026

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 23 Mar 2026, 05:08 PM

Kajaria Ceramics has appointed Mr. Siddharth Parida as its new Chief Marketing Officer (CMO), effective March 25, 2026. Mr. Parida brings over 19 years of extensive experience from reputable organizations including Asian Paints, Amul, and Goodyear Tires. His expertise in brand premiumisation and revenue growth is expected to strengthen Kajaria's market positioning. The appointment was approved by the Board of Directors following the recommendation of the Nomination and Remuneration Committee.

Mr. Siddharth Parida appointed as Chief Marketing Officer effective March 25, 2026
Brings over 19 years of experience in brand launches and business transformation
Previous experience includes senior roles at Goodyear Tires, Asian Paints, and Amul
Holds an MBA in Marketing from XLRI Jamshedpur and a BE in Computer Science
Appointment aimed at driving brand premiumisation and accelerating revenue growth

💡 Investors should view this as a positive step in strengthening the leadership team with relevant industry experience. Monitor for any shifts in marketing strategy or brand positioning in the coming fiscal year.

Kajaria Ceramics Shareholders Approve Appointment of Two Independent Directors

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 13 Mar 2026, 02:48 PM

Shareholders of Kajaria Ceramics have officially approved the appointment of Mr. Hitesh Sohanlal Jain and Mr. Pradeep Udhas as Independent Directors for a five-year term. The resolution for Mr. Jain received an overwhelming 99.77% approval, while Mr. Udhas received 92.53% of the votes. These appointments are effective from December 19, 2025, through December 18, 2030. The voting was conducted via a postal ballot process that concluded on March 12, 2026, with results declared the following day.

Mr. Hitesh Sohanlal Jain appointed for a 5-year term with 99.77% shareholder approval (127.17 million votes in favor).
Mr. Pradeep Udhas appointed for a 5-year term with 92.53% shareholder approval (117.95 million votes in favor).
Both appointments are effective retrospectively from December 19, 2025, until December 18, 2030.
The resolutions were passed as Special Resolutions through an electronic postal ballot process.

💡 This is a routine governance update and does not require any immediate investment action. Investors should note the strong shareholder support for the new board members.

Kajaria Ceramics Shareholders Approve Appointment of Two Independent Directors

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 13 Mar 2026, 02:36 PM

Kajaria Ceramics has announced the successful passage of two special resolutions via postal ballot for the appointment of Independent Directors. Mr. Hitesh Sohanlal Jain was appointed with a 99.77% majority, while Mr. Pradeep Udhas received 92.53% approval. Both directors are appointed for a five-year term effective from December 19, 2025, through December 18, 2030. These appointments are intended to strengthen the company's corporate governance framework.

Appointment of Mr. Hitesh Sohanlal Jain approved with 99.77% of votes in favor
Appointment of Mr. Pradeep Udhas approved with 92.53% of votes in favor
Both directors appointed for a 5-year term ending December 18, 2030
Total valid votes cast for the resolutions were approximately 127.46 million
The resolutions were passed as Special Resolutions with the requisite majority

💡 No immediate action is required as these are routine governance appointments. Investors should view the high approval ratings as a sign of strong shareholder confidence in the board's composition.

Kajaria Ceramics Receives Independent ESG Score of 68.7 from SES ESG Research

🟢 POSITIVE ⭐ 4/10

OTHER 📅 11 Mar 2026, 03:29 PM

SES ESG Research Private Limited has assigned an adjusted ESG Score of 68.7 to Kajaria Ceramics Limited for the financial year 2024-25. This rating was conducted independently by SES based on publicly available data, as the company did not formally engage the agency for this report. The score provides an external benchmark for the company's environmental, social, and governance performance. Such independent assessments are increasingly relevant for institutional investors and ESG-focused funds.

SES ESG Research assigned an Adjusted ESG Score of 68.7 to the company.
The evaluation is based on data pertaining to the 2024-25 financial year.
The report was prepared independently by SES using public domain information without company engagement.
The disclosure was made under Regulation 30 of SEBI Listing Regulations.

💡 Investors should view this as a positive validation of the company's sustainability profile, which may enhance its appeal to ESG-conscious institutional investors. No immediate portfolio changes are necessary based on this independent rating.

Kajaria Ceramics to Attend UBS Emerging India Mid-Caps Conference in Singapore

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Mar 2026, 01:46 PM

Kajaria Ceramics has scheduled its participation in the 'Emerging India Mid-Caps Corporate Day' organized by UBS in Singapore. The event will take place from March 9 to March 11, 2026, featuring top management including Vice Chairman Chetan Kajaria and CFO Sanjeev Agarwal. The company will engage in one-on-one and group meetings with institutional investors. While no unpublished price sensitive information will be shared, these meetings are key for institutional engagement and visibility.

Participation in UBS Emerging India Mid-Caps Corporate Day scheduled for March 9-11, 2026.
Senior management representation by Vice Chairman Chetan Kajaria and CFO Sanjeev Agarwal.
Meetings to be held in Singapore via one-on-one and group formats.
Company explicitly stated that no Unpublished Price Sensitive Information (UPSI) will be shared.

💡 Investors should treat this as a routine corporate event; however, look for any investor presentations the company might release on the exchanges following the event.

Kajaria Ceramics acquires remaining 25% stake in Kajaria Adhesive for Rs. 25,000

🟡 NEUTRAL ⭐ 6/10

M&A 📅 18 Feb 2026, 05:54 PM

Kajaria Ceramics has increased its stake in Kajaria Adhesive Private Limited (KAPL) from 75% to 100%, making it a wholly-owned subsidiary. The acquisition of the remaining 25% stake (2,500 shares) was completed for a nominal cash consideration of Rs. 25,000 from a promoter group member. KAPL is currently in the process of setting up a manufacturing plant for tile adhesives in Erode, Tamil Nadu. While the financial impact is currently negligible due to KAPL's pre-revenue stage, the move consolidates control over a strategic ancillary business.

Acquired 2,500 equity shares (25% stake) to reach 100% ownership in KAPL
Total cash consideration for the 25% stake was Rs. 25,000
KAPL is establishing a tile adhesive manufacturing facility in Erode, Tamil Nadu
Target entity reported a turnover of Nil and a loss of Rs. 0.07 crore for FY25

💡 No immediate action is required as the transaction size is very small. Investors should track the operationalization of the Erode plant for future growth in the adhesive segment.

Kajaria Ceramics Appoints Ashish Goel as CHRO; Updates Senior Management Structure

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 12 Feb 2026, 03:03 PM

Kajaria Ceramics has announced the appointment of Mr. Ashish Goel as the Chief Human Resources Officer (CHRO) and Senior Management Personnel, effective February 13, 2026. Mr. Goel brings over 30 years of experience from prominent organizations such as Vodafone and Hero Honda Group. Consequently, Mr. Praveen Prakash, AVP (HR), will cease to be classified as Senior Management Personnel due to a change in the reporting structure, though he will remain with the company reporting to the new CHRO. This move appears to be a strategic step to strengthen the company's human resources leadership and organizational strategy.

Appointment of Mr. Ashish Goel as CHRO and Senior Management Personnel effective February 13, 2026
Mr. Ashish Goel possesses over 30 years of experience across sectors like telecom, automotive, and education
Mr. Praveen Prakash, AVP (HR), will continue his current role but will no longer be designated as Senior Management Personnel
The appointment was approved by the Board of Directors through a Circular Resolution on February 12, 2026

💡 This is a routine management update and does not necessitate any immediate change in investment strategy. Investors should continue to focus on the company's quarterly financial performance and market demand in the ceramics sector.

Kajaria Ceramics Seeks Approval for Appointment of Two Independent Directors

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 10 Feb 2026, 11:33 AM

Kajaria Ceramics has issued a postal ballot notice to seek shareholder approval for the appointment of Mr. Hitesh Sohanlal Jain and Mr. Pradeep Udhas as Independent Directors. Both individuals were previously appointed as Additional Directors on December 19, 2025. The proposed tenure for both directors is five consecutive years, concluding on December 18, 2030. Shareholders can cast their votes through electronic means between February 11 and March 12, 2026, with final results expected by March 13, 2026.

Appointment of Mr. Hitesh Sohanlal Jain as Independent Director for a 5-year term starting Dec 19, 2025.
Appointment of Mr. Pradeep Udhas as Independent Director for a 5-year term starting Dec 19, 2025.
E-voting period scheduled from 9:00 AM on Feb 11, 2026, to 5:00 PM on March 12, 2026.
Voting results to be announced on or before the close of working hours on March 13, 2026.
The resolutions are proposed as Special Resolutions requiring shareholder approval via postal ballot.

💡 Investors should monitor the voting results to ensure the board maintains its planned independent oversight and governance standards. No immediate portfolio action is required as these are standard regulatory appointments.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for Q2 FY26 reached INR 1,186.56 Cr, a marginal 1% YoY increase. The tile segment remained flattish, while the plywood division was closed, resulting in zero revenue contribution from that segment compared to previous periods. FY25 annual revenue grew 2% to INR 4,683.24 Cr, driven by a 6% increase in sales volume (114.69 MSM) which was partially offset by pricing pressures.

Geographic Revenue Split

The company focuses on the Indian domestic market with significant penetration in Tier-II and Tier-III cities. Retail sales constitute approximately 70% of total revenues, while institutional sales account for the remaining 30%. A new international venture in Nepal (5 million sqm capacity) is currently in the inventory liquidation phase to establish a dealer base.

Profitability Margins

Gross and operating margins showed significant recovery in Q2 FY26. PAT for Q2 FY26 rose 58% YoY to INR 132.96 Cr from INR 84.27 Cr. However, FY25 annual PAT declined 30% to INR 294.36 Cr due to intense pricing competition and a turbulent macro environment that squeezed margins earlier in the year.

EBITDA Margin

EBITDA margin improved significantly to 17.94% in Q2 FY26 compared to 13.47% in Q2 FY25, a 447 bps expansion. This was driven by cost optimization and lower fuel costs. FY25 annual EBITDA margin was lower at 12.76%, down 252 bps from 15.28% in FY24, reflecting the 'subdued' performance during that fiscal year.

Capital Expenditure

Planned capital expenditure is estimated at INR 225-275 Cr per annum for FY2025 and FY2026. These investments are primarily focused on capacity maintenance and strategic expansions, expected to be funded almost entirely through internal accruals of INR 250-300 Cr annually.

Credit Rating & Borrowing

The company maintains a strong credit profile with ICRA ratings indicating high safety. It has undrawn fund-based working capital lines of approximately INR 142 Cr. Borrowing costs are minimal as the company operates with negligible debt and a low gearing ratio, providing high financial flexibility.

⚙️ Operational Drivers

Raw Materials

Key raw materials include natural gas (fuel), clay, feldspar, and silica sand. Natural gas and power typically represent 20-25% of total production costs. Packaging materials are also a significant cost, where a recent reengineering initiative is expected to save INR 35 Cr annually.

Import Sources

Raw materials like clay and minerals are primarily sourced from Rajasthan and Gujarat. Natural gas is procured through long-term and spot contracts from domestic suppliers and terminals in Gujarat.

Key Suppliers

Suppliers include major gas distributors like GAIL and local players in the Morbi cluster for outsourced manufacturing. Specific mineral supplier names are not disclosed.

Capacity Expansion

Current sales volume is approximately 114.69 MSM annually. The company recently commissioned a 5 million sqm JV facility in Nepal. Expansion strategy focuses on 'Kajaria 2.0' which involves optimizing existing capacities and identifying 'white spaces' for new dealer points rather than just massive greenfield expansions.

Raw Material Costs

Raw material and energy costs are being managed through a 'cost optimization journey.' Packaging reengineering alone is delivering INR 35 Cr in annual savings. Pricing pressures in FY25 meant that while volumes grew 6%, revenue only grew 2%, indicating a high sensitivity to input cost fluctuations.

Manufacturing Efficiency

The company is transitioning to a leaner organization. Own manufacturing accounted for 15.66 MSM in Q2 FY26, while subsidiaries contributed 6.30 MSM and outsourcing 6.91 MSM, maintaining a balanced production mix to optimize utilization.

Logistics & Distribution

Distribution is handled through a massive network of dealers. The company is currently using management consultants to identify non-performing dealers and optimize the sales incentive structure to drive higher throughput.

📈 Strategic Growth

Expected Growth Rate

15%

Growth Strategy

Growth will be achieved through 'Kajaria 2.0,' which involves: 1) Unifying three independent business divisions to create a single, more powerful market presence; 2) Installing a dedicated architect team to capture large-scale projects; 3) Aggressive expansion into 'white spaces' (unrepresented geographies) identified by management consultants; and 4) Liquidating Nepal JV inventory to capture market share in the neighboring region.

Products & Services

Ceramic wall and floor tiles, Polished Vitrified Tiles (PVT), Glazed Vitrified Tiles (GVT), Sanitaryware, and Faucets.

Brand Portfolio

Kajaria, Kerovit (Bathware & Faucets).

New Products/Services

Expansion of the Kerovit bathware range and high-end vitrified tiles. The plywood division was discontinued to focus on higher-margin core ceramic businesses.

Market Expansion

Targeting deeper penetration in Tier-II and Tier-III cities and establishing a dominant position in the Nepal market through the new 5 million sqm JV plant.

Market Share & Ranking

Kajaria is the largest manufacturer of ceramic/vitrified tiles in India. It aims to grow 'above industry rates' to further consolidate its market leadership.

Strategic Alliances

Nepal Joint Venture (50% ownership) and a JV with UK Parts (Holdings) Limited (Kajaria-UKP) for international market access.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward organized players as consumers prefer branded tiles and bathware. Current industry growth is 'soft,' but Kajaria is positioning itself for a recovery by building a leaner, 'growth-ready' organization through its unification strategy.

Competitive Landscape

Primary competition comes from the Morbi cluster (unorganized) and other large branded players. Kajaria maintains leadership through superior operating margins (17.94%) and a 20% price gap vs Morbi.

Competitive Moat

The moat is built on a massive distribution network and a 20% pricing premium over unorganized players. This is sustained by high brand spend (though H1 FY26 spend was lower, it is expected to increase in H2) and a new 'unified' sales force that is more efficient than competitors' fragmented teams.

Macro Economic Sensitivity

Highly sensitive to real estate cycles and urban housing demand. Subdued macro conditions in FY25 led to a 30% drop in PAT despite volume growth.

Consumer Behavior

Shift toward 'one-stop-shop' for home surfacing and bathware, which Kajaria is addressing by integrating its tile and bathware sales teams.

Geopolitical Risks

Political turmoil in Nepal is currently impacting the ramp-up of the new JV plant, leading to higher-than-normal inventory levels and 'insignificant' short-term profits.

⚖️ Regulatory & Governance

Industry Regulations

Subject to environmental norms regarding gas emissions and water discharge in manufacturing plants. Complies with Section 135 of the Companies Act for CSR.

Environmental Compliance

The company maintains ESG standards and has a dedicated Business Process and Risk Management Committee to oversee compliance.

Taxation Policy Impact

Effective tax rate is approximately 25-26% (INR 47.19 Cr tax on INR 181.17 Cr PBT in Q2 FY26).

Legal Contingencies

The company spent INR 9.72 Cr on CSR in FY25, exceeding its INR 9.67 Cr obligation. No major pending litigation values that would materially impact the balance sheet were disclosed in the provided documents.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the timing of a demand recovery in the real estate sector. Pricing pressure from the unorganized sector (Morbi) remains a constant threat to margin expansion beyond the 18% level.

Geographic Concentration Risk

High concentration in India (95%+ of revenue), with a small but growing exposure to Nepal.

Third Party Dependencies

Approximately 24% of Q2 FY26 sales volume (6.91 MSM out of 28.87 MSM) is dependent on outsourced manufacturing partners.

Technology Obsolescence Risk

The company is upgrading to 'Kajaria 2.0' to modernize its sales tracking and dealer management systems, mitigating the risk of falling behind more digitally-agile competitors.