Manoj Ceramic Ltd (544073) — concall transcript | 31 March 2026

Manoj Ceramic Ltd reported FY26 revenue of 202.99 crores, up 23.4% YoY, with PAT at 12.01 crores (+10.1%). EBITDA margin declined to 11% from 14% due to lower-margin service contracts, though premium product expansion and export growth in GCC and Africa drove revenue growth. The company reduced long-term debt from 28.98 to 13.89 crores and shortened debtor days from 163 to 114, improving working capital cycle by 44%. It launched Dubai Display Center and six experience centers covering 126,500 sq ft, while advancing AI-powered Studio for 3D visualization. Backward integration at Upper Thane cut customization lead times from 10-12 days to 24 hours. Management targets 25-30% CAGR for FY27 but did not quantify future EBITDA margins.