Somany Ceramics Ltd. share price target

Somany Ceramics Ltd.'s (SCL) Q3FY26 result was in-line with our estimates on key parameters. The company reported sales volume and NSR growth on YoY basis despite challenging business environment. The management guided that the real estate sector is witnessing increased completions, leading to a steady rise in material uptake and this trend is expected to persist throughout the year as more projects reach final construction stages. SCL maintains its guidance for single-digit volume growth for the current fiscal year as focus remains on maintaining market share while improving realizations through a higher mix of...

Q3FY26 Performance: Somany ceramics tile volume was up 2% YoY at 17.5 MSM with tile revenues of 565.5 crore, were up 3.5% YoY. The overall revenue at 682 crore, was up 5.8% YoY. The EBITDA margins at 9.1%, was up 80 bps YoY, aided...

SOMC showcased its tiles and bath fittings experience centre, highlighting premiumisation strategy

Somany Ceramics Ltd.'s (SCL) Q2FY26 result was below our estimates on key parameters. The company reported muted sales volume as Northern markets were weak due to excess rains. Further, the domestic market witnessed higher sales volume being captured by local players due to a substantial price differential resulting from poor quality and high levels of tax/duty evasion. This high level of evasion was expected to go down post-GST, but has persisted. On a positive note, the industry's overall export pickup (up 7% based on five months of data) is significant because it means a lot of Morbi players will start re-exporting,...

One-offs led Weak Quarter; H2 to be better! About the stock: Somany Ceramics is the second largest tiles manufacturer in Riding on real estate strong cycle, the company has guided for mid to high single digit tiles volumes ahead in FY26. Q2FY26 Performance: Somany ceramics tile volumes were flat YoY at 17.8 MSM with tile revenues of 570.6, were up 0.4% YoY. The overall revenue was at 680.5 crore, was up 2.9% YoY. The EBITDA margins were subdued at 8.1%, down 72bps YoY, given the higher operating expenses. PAT stood at ~15 crore, down 12.6% YoY...

Somany Ceramics (SOMC) reported lower-than-expected (vs I-sec estimates) Q2FY26 consol. revenue growth of 2.8% YoY with tile volume flat YoY (6-year CAGR of 6%).

Somany Ceramics Ltd.'s (SCL) Q1FY26 result was broadly in-line with our estimates on key parameters. Market demand during Q1FY26 was impacted by lower sales in India. Exports also faced pressure in Q1 FY26. Further, sales of some low product mix items and old/deleted stock, which led to a reduction in realization, though a small price increase was implemented in July. The management guided that the focus is on innovation and better products to move up the value chain. New product launches are planned for September and after Diwali. Despite weak Q1, the management is not changing its guidance for...

Somany Ceramics (SOMC) reported Q1FY26 consol. revenue growth of 4.5% YoY with tile volume rising 3% YoY (6-year CAGR of 5.1%) while tile realisation was largely flat YoY (+1.2% QoQ).

SOMC tiles volume grew at a muted pace for the past 5 consecutive quarters, on a weak demand and still competition from Morbi

In Q3FY25, Somany Ceramics (SOMC) reported consol. revenue growth of 5.3% YoY with tile volume growing 4.5% YoY (5-year CAGR of 5.1%) while tile realisation declined 0.9% YoY (flat QoQ).

Operating profit broadly in line in Q3; SOMC EBITDA margin was relatively stable in Q3 due to high GVT sales and Max plant ramp-up

Topline broadly in line; but EBITDA missed on margin contraction due to low absorption of fixed-cost overhead

In Q1FY25, Somany Ceramics (SOMC) reported consol. revenue decline of 1.4% YoY, as tiles volume declined 0.9% YoY (5-year CAGR of 5.5%). Consol. EBITDA margin decreased 16bps YoY/231bps QoQ to 8.5%.

Misses our revenue/EBITDA estimate by 2%/8% mainly due to lower-than-expected tiles volume