ICICI Securities Ltd | Retail Equity Research Kajaria Ceramics (Kajaria) posted revenue growth of 3.5% YoY to | 628.7 crore, below our expectation of | 661.8 crore mainly on account of subdued volume growth of 3.2% (our estimate: 8.9%) The EBITDA margin expanded 74 bps YoY to 19.9% mainly on account of lower power & fuel costs (declined 314 bps YoY to ~17.5%). However, it was below our estimate of 21.1% mainly on account of higher raw material and manufacturing cost (up 240bps YoY to 36.1%)...