Kajaria Ceramics' Q3 results came in marginally better than our estimates, with EBITDA at Rs1.21bn vs. our estimate of Rs1.16bn and OPM at 15.9% vs. Emkay estimate of 15.6%. Sales volume was up 15.9% yoy compared with our expectation for 13%. Revenue grew 14.7% yoy, driven by the Sanitaryware segment (+40.6% yoy), with Tiles segment revenue growing 12.3% yoy. Blended realization was down 2.2% yoy on a...