Kajaria Ceramics Ltd (KCL) reported disappointing numbers for Q1FY19, below our estimates on all parameters. Its consolidated revenue grew by 4.6% YoY. While volume growth stood healthy at 8.7% YoY, poor realizations in the Tiles segment impacted the overall revenue growth. Besides pricing pressure, high power & fuel cost resulted in 187bps YoY contraction in EBITDA margins.