Kajaria Ceramics' Q3FY26 result was in-line with our estimate on net sales and EBITDA front, while net profitability was lower on account of exceptional loss of Rs396mn. In terms of sales volume, the market scenario was weak and also the company did de-stocking of inventory at the dealer's end, leading to no growth of tiles volume. Consolidated revenue stood at Rs11.6bn, up just 1.1% YoY, while EBITDA was at Rs2bn, higher by 31.2% over Q3FY25. Consequently, EBITDA margin improved by 395bps YoY to 17.2%. The company reported net profit of Rs0.8bn, marginally up by 1.8% YoY. Management guided that January...