The call has ended.

Key takeaways

Q2 FY27 revenue ₹275.7 Cr (+14.6% YoY), but EBITDA margin fell to 19.4% from 20.3%. Management admits missing its margin target while projecting US-tariff-driven demand upside without order figures.

Guidance and delivery
Management target	Revenue 15.0% FY27

Highlights
Revenue growth	+14.6% YoY to ₹275.7 Cr; +5.2% QoQ; no one-offs mentioned.
Margins	EBITDA margin 19.4% vs 20.3% LY, 21.2% Q1; contracting; freight/RM headwind.
Demand visibility	US inquiries rising post-election; UK surfaces weak; kitchen sinks steady.
Management confidence	Over-optimistic: US tariff-driven demand claims lack order numbers.

Growth

Revenue +14.6% YoY, EBITDA +9.3%, PAT +5.8%; volume-led (sink units +10%), but margin compression narrows profit growth.

Outlook

FY27 guidance kept: 15% revenue growth, 18–20% EBITDA margin, aiming upper end. Capacity: +250k quartz sinks, +150k sinks by FY27-end.

Risks

Freight/RM hit ~1.5–2.2% margin; missed own margin target; UK subsidiary surfaces down 25%; CFO exit unfilled.

Last quarter's promises, checked

Partly delivered

Guided 15% FY27 revenue growth → Q2 +14.6% YoY; full year unverified (= PARTIAL)
Guided 15% annual volume growth → Q2 sink units +10%, faucets +8% (= PARTIAL)
Guided 250k quartz capacity by Mar-27 → on track, not yet due (= PARTIAL)

Missed

Guided UK momentum returning in coming quarters → UK subsidiary surfaces down 25% (= MISS)
Guided upper band of 18–20% EBITDA margin → Q2 19.4% (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 5 Nov 2026, 5:54 PM IST. Open it on ALFA Filings ›