Somany Ceramics Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Somany Ceramics Ltd trades at ₹565, in a confirmed uptrend and 16 weeks into that stage. That is +15.8% against its own 200-day average. It sits at 100% of a 52-week range of ₹360 to ₹565. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks.

Today the stock is in a confirmed uptrend — week 16 of stage 2, confirmed. At ₹565 it trades +15.8% versus its 200-day average and sits at 100% of its 52-week range (₹360–₹565).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +47% while the NIFTY 500 moved +259% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Story check

Somany Ceramics Ltd's story is on track against the markers our research file set on 13 August 2026. Where it sits in its own cycle: Early margin recovery — the turn is in the margin, not yet in volume. Marker count: 2 met, 1 partly met, 2 not due yet.

Our read, 13 August 2026. The massive price gap that unorganized players used to undercut branded players like Somany has collapsed. Somany is now aggressively stealing permanent market share.

From the numbers. Margin 7.8% to 11.3% in three quarters; profit up 94.7%.

From the price. Stage 2 at 11 weeks, back above a rising 200-day line.

From the research. The turn is real, but it arrived through price, not volume.

🚨 Where they disagree. Here the three streams agree, which is why the verdict is on track rather than watch, and the disagreement that remains is narrow and specific. The numbers show a genuine margin turn. The price confirms it: the stock crossed back above a rising 200-day line eleven weeks ago after four years of decline, and still trades at 25.3 times against a ten-year median of 31.3. The one thing the research will not sign off is volume — tile revenue rose 23.7% in the June quarter while tile volume rose 2.8%. If that gap does not close, the margin gain was a price cycle rather than share being taken.

What is proven. Margins have turned. Operating margin went from 7.8% in the September-2025 quarter to 9.3% and then 11.3% by March 2026, and March-2026 net profit of ₹37 Cr was up 94.7% on the year. The durable driver is making tiles in its own plants instead of buying them in: own-plant sales volume rose 22.2% while outsourced volume fell 18.0%.

What is not proven yet. Volume. The June-2026 quarter grew on price and mix — tile revenue rose 23.7% but tile volume only 2.8%.

🚨 What would change our mind. Tile volume growth staying below 8% into the December-2026 quarter while revenue growth keeps coming from price, or the Morbi price gap reopening so unorganized makers undercut branded tiles again. Fresh money into part-owned companies before the existing ones earn a return would break the capital-discipline leg — ₹75.8 crore of new investments were approved before durable volume growth was proven.

The test written in advance. Tile volume growth rises above 8% — tile volume growth above 8% by FY27-Q3 results.

The test written in advance. Operating margin stays at or above 10% — OPM % at least 10% by FY27-Q2 results.

The test written in advance. Own-plant share of volume keeps rising while outsourced volume keeps falling — own-plant volume growth above 0% by FY27-Q2 results.

What the company does. Somany makes and sells branded floor and wall tiles plus bathroom fittings. Some tiles come from its own and part-owned plants; the rest it buys from other makers and sells under its brand. Making a tile itself earns more per tile than buying it in, so the share of own-plant tiles drives the margin.

How the money is made. Tiles sold × price per tile − the cost of making or buying them − fixed plant and brand costs = operating profit.

The dot is where the company is now; the dashed line is the level that would settle the question; a tinted band is where management says it is heading.

🚨 The one gap that matters — growth that came from price, not from tiles. In the June-2026 quarter tile revenue rose 23.7% while tile volume rose 2.8%. Almost the whole increase was price and mix. That is not automatically bad — moving tiles in-house and selling more premium ranges is exactly the stated plan, and it is worth more per tile. But the thesis says the company is taking permanent market share from unbranded makers, and share is measured in tiles sold. Until volume growth clears 8%, the margin gain reads as a price cycle rather than share being won.

🚨 The order of events — margin turned two quarters before the price did. Operating margin broke out of its 8% plateau in the December-2025 quarter, reaching 9.3%, and 11.3% by March 2026. The stock crossed back above its 200-day line only in the June-2026 quarter. The business moved first and the market followed roughly two quarters later — the opposite of the flexible-workspace case, and the reason this page reads on track while that one reads watch.

What is temporary, cyclical, structural. Branded building-material maker in a cyclical, price-competitive market.

Lever 15 · Market-share gains — ACTIVE. The price gap that unorganized Morbi makers used to undercut branded tiles has collapsed, so brands stopped losing share and started taking it. Somany is taking that share permanently rather than renting it with discounts. What proves it keeps working: Tile volume growth above 8%, so the share gain shows up in tiles sold and not only in price. It stops working if unorganized price-cutting returns and the Morbi price gap reopens.

Lever 2 · Value-added mix — BUILDING. The mix is shifting to tiles Somany makes itself and to the premium Somany Max range, both of which earn more per tile than bought-in tiles. What proves it keeps working: Own-plant share of volume keeps rising while outsourced volume keeps falling. It stops working if own-plant volume growth stalls and the company goes back to buying tiles in.

Lever 1 · Operating leverage — BUILDING. Own-plant fixed costs are now spread over rising own volumes: own-plant volume rose 22.2% while outsourced fell 18.0%, and operating margin went from 7.8% to 11.3% in three quarters. What proves it keeps working: Operating margin holding at or above 10% for another two quarters. It stops working if operating margin falls back under 9% while own-plant volume is still growing.

Sources: Somany Ceramics operating-cycle deep dive, 13 Aug 2026 — read from the company’s own filings and its latest earnings-call document; Quarterly results, the Dec 2022 quarter through the Mar 2026 quarter (14 quarters); Operating and net margin series, the Jun 2022 quarter through the Mar 2026 quarter; The FY27-Q1 figures — tile revenue up 23.7%, tile volume up 2.8%, own-plant volume up 22.2%, outsourced volume down 18.0% — come from the 13 Aug 2026 dive…; Quarter reasons before FY26-Q3 are phase-level reads of the revenue and margin series, not quarter-specific research notes; This company’s earnings-call transcripts are not in our files, so there is no said-versus-delivered record here yet; An earlier view of 16 Feb 2026 is kept on the record: read then as a low-base cyclical bounce rather than structural. The story check is re-scored every results season; the record below never changes.

Also being watched. These checks belong to parts of the business this page cannot chart, because the underlying figures are not held per quarter — the instruction still stands.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Somany Ceramics Ltd reported ₹750 Cr of revenue in the Jun 26 quarter, +24.2% year on year. That is the 8th straight quarter of year-on-year growth. Over 10 years it has compounded at 5.2% a year. The last full year, FY26, came in at ₹2,790 Cr. The last four reported quarters add to ₹2,935 Cr.

Why this happened. The top line is the least interesting part of this company. Revenue barely moved between FY24 and FY26 — ₹2,605 crore to ₹2,790 crore, about 3.5% a year — because a price war with unbranded makers in Morbi meant extra tiles were being bought with price cuts. The interesting change is underneath: in the June-2026 quarter tile revenue rose 23.7% while tile volume rose only 2.8%.

FY26 revenue came in at ₹2,790 Cr (+4.9% on the year), capping 10 years at 5.2% compound. The latest quarter (Jun 26) printed ₹750 Cr, +24.2% year on year — the 8th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +9.8% growth against the decade's 5.2% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +9.4% over the last 4 quarters against +6.6%/yr over the last 8 — stabilising; TTM profit +88.7% vs +0.5%/yr — accelerating.

Pre-downturn drift, ₹587–738 Cr · FY23-Q3 → FY24-Q4. The bottom of the cost squeeze: operating margin 6.5%, the weakest in this record, and profit just ₹11 Cr on ₹622 Cr of revenue. Costs began to normalise — margin recovered to 9.0% and profit more than doubled to ₹24 Cr in the seasonally strong March quarter.

🚨 The down-cycle and the price war · FY25-Q1 → FY26-Q2. The down-cycle begins: weak building demand plus a price war from unorganized Morbi makers pulled margin back to 8.5% and profit to ₹12 Cr. The 8% plateau: pricing power was gone to the unorganized price war, so extra revenue did not reach profit — margin 8.4%.

The turn · FY26-Q3 → FY27-Q1. The turn starts: margin jumped to 9.3% from 7.8% as the Morbi price gap collapsed and more tiles came from Somany’s own plants. The turn confirmed: margin 11.3%, revenue a record ₹818 Cr and profit ₹37 Cr, up 94.7% on the year.

Why-sources: our stock research file (13 August 2026) and the company’s own results for those quarters.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Somany Ceramics Ltd's operating margin is 12.0% in the Jun 26 quarter, +4.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 7.0% to 14.0%. The current quarter sits inside that band.

Why this happened. Two things broke the plateau together. The price gap that unbranded Morbi makers used to undercut branded tiles collapsed, so the company stopped having to buy volume with price. And more tiles came from its own plants instead of being bought in and rebranded — own-plant volume rose 22.2% while outsourced volume fell 18.0%. The second is the durable one: a tile made in-house earns more than a tile bought in, and that advantage does not depend on what competitors price at.

The latest quarter's operating margin is 12.0%, +4.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 7.0%–14.0%.

Why the margin moved: operating margin went +3.5 pp year on year while gross margin went +1.8 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Cost normalisation, 6.5% to 10.8% · FY23-Q3 → FY24-Q4. The bottom of the cost squeeze: operating margin 6.5%, the weakest in this record, and profit just ₹11 Cr on ₹622 Cr of revenue. Costs began to normalise — margin recovered to 9.0% and profit more than doubled to ₹24 Cr in the seasonally strong March quarter.

🚨 The long 8% plateau · FY25-Q1 → FY26-Q2. The down-cycle begins: weak building demand plus a price war from unorganized Morbi makers pulled margin back to 8.5% and profit to ₹12 Cr. The 8% plateau: pricing power was gone to the unorganized price war, so extra revenue did not reach profit — margin 8.4%.

The recovery, 9.3% to 11.3% · FY26-Q3 → FY26-Q4. The turn starts: margin jumped to 9.3% from 7.8% as the Morbi price gap collapsed and more tiles came from Somany’s own plants. The turn confirmed: margin 11.3%, revenue a record ₹818 Cr and profit ₹37 Cr, up 94.7% on the year.

Why-sources: our stock research file (13 August 2026) and the company’s own results for those quarters.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Somany Ceramics Ltd earned ₹34.0 Cr of net profit in the Jun 26 quarter, +385.7% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹74.0 Cr. The 10-year compound rate is 0.8%. That is 4.5% of the quarter's revenue. The same quarter a year earlier earned ₹7.0 Cr.

Why this happened. Profit here is margin multiplied by a nearly flat top line, which is why it swings so hard — a 3-point margin move roughly doubles it. The trough quarter, June 2025, was the point of maximum pain from the price war. Depreciation has climbed steadily from ₹17 crore a quarter to ₹27 crore as the own-plant capacity that drives the margin story was built, so the recovery is happening against a rising fixed charge rather than a falling one.

Jun 26 profit was ₹34.0 Cr, +385.7% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹74.0 Cr (+27.6%), and the 10-year compound rate is 0.8%.

Why profit moved: revenue contributed +24.2% and the margin +4.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +130.3% vs revenue +9.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

🚨 The profit trough, down to ₹7 Cr · FY25-Q1 → FY26-Q1. The down-cycle begins: weak building demand plus a price war from unorganized Morbi makers pulled margin back to 8.5% and profit to ₹12 Cr. The 8% plateau: pricing power was gone to the unorganized price war, so extra revenue did not reach profit — margin 8.4%.

Trough to ₹37 Cr · FY26-Q2 → FY26-Q4. The last plateau quarter — margin 7.8%, the sixth straight quarter near 8%, just before the turn. The turn starts: margin jumped to 9.3% from 7.8% as the Morbi price gap collapsed and more tiles came from Somany’s own plants.

Why-sources: our stock research file (13 August 2026) and the company’s own results for those quarters.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 338% of Somany Ceramics Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹247 Cr of operating cash against ₹74.0 Cr of profit. After ₹138 Cr of capital spending, ₹109 Cr was left as free cash.

Why this happened. This is the quiet strength of the company and it gets no attention. Operating cash has exceeded reported profit in every one of the last six years, often by three times, because depreciation is a large non-cash charge and the working-capital cycle has been tightening. Inventory days fell from 147 to 97 over four years and debtor days from 51 to 39. A tile maker holding a quarter less stock is a materially different business.

FY26: operating cash of ₹247 Cr against reported profit of ₹74.0 Cr, leaving free cash of ₹109 Cr after ₹138 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 338% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 338%: the cash cycle tightened 36 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Somany Ceramics Ltd's cash conversion cycle runs 44 days in FY26, down from 80 days in FY21. Capital spending ran ₹318 Cr over the last 3 years. At FY26 sales of ₹2,790 Cr each day of that cycle holds about ₹7.6 Cr, so roughly ₹336 Cr sits inside the business at any moment.

FY26: debtors at 39 days, inventory at 97 days — roughly 3.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 44 days, tighter than FY21's 80.

The full loop: cash goes out to suppliers and production on day 0; stock waits 97 days to sell; customers pay about 39 days after that; and suppliers themselves are paid at 92 days — netting out to the 44-day cycle.

In money terms: at FY26 sales of ₹2,790 Cr, each day of the cycle holds about ₹7.6 Cr — so the 44-day loop keeps roughly ₹336 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹318 Cr over the last 3 fiscal years against ₹270 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹19.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Somany Ceramics Ltd earns a ROCE of 13% in FY26. That is up from a trough of 7% in FY20. Return on invested capital clears the cost of that capital by −0.8 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 2.7% net margin on 1.39× asset turns.

Why this happened. This is the honest ceiling on the story. Six years of returns between 9% and 14% describe a decent business in a commodity-adjacent industry, not a compounding machine. The brand and dealer network matter in a market whose alternative is an unbranded tile, but they are not a strong moat. The margin recovery is worth having precisely because it moves this number, and the ₹75.8 crore newly approved for part-owned plants is the test of whether management will protect it.

FY26 ROCE is 13%, recovered from a FY20 trough of 7% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 2.7% net margin × 1.39× asset turns × 2.38× balance-sheet leverage ≈ 8.9% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 11.2% − 12.0% = a −0.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Somany Ceramics Ltd carries total debt of ₹374 Cr against shareholder equity of ₹920 Cr as of Mar 26, a debt-to-equity of 0.41. On the annual view that ratio went from 0.61 in FY22 to 0.41 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Why this happened. Interest peaked at ₹52 crore in FY25 and has come down since, while borrowings fell from ₹534 crore in FY23 to ₹374 crore, and shareholders’ funds grew throughout. The business absorbed a full down-cycle without the balance sheet becoming the story — which is what let it sit through six flat quarters and wait the price war out, rather than chase volume with price for a seventh.

Mar 26: total debt of ₹374 Cr against shareholder equity of ₹920 Cr — a debt-to-equity of 0.41. On the annual view, debt-to-equity went from 0.61 (FY22) to 0.41 (FY26). Read the returns on this page with that leverage in mind.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 4.1 points of Somany Ceramics Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 19.4% of the company. Foreign institutions moved −0.3 points over the same window, to 1.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.

🚨 Why this happened. The promoter line is the steadiest thing on this page: 54.79% to 55.19% across fourteen quarters, a small creep upward. Foreign holding is negligible at 1.38% and always has been. The moving part is domestic funds, who sold roughly four points in two quarters — through exactly the period when the margin turned. Read it as funds exiting a four-year down-cycle position rather than as a verdict on the turn, but it is the one holder group whose behaviour disagrees with the margin.

The register over the last two years — Domestic institutions: −4.1 points over 8 quarters to 19.4%; Foreign institutions: −0.3 points over 8 quarters to 1.4%; Promoters: +0.2 points over 8 quarters to 55.2%.

🚨 Why the register moved: domestic institutions drove it (−4.1 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Somany Ceramics Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

🚨 Why this happened. The whole thesis rests on one external condition: that unbranded makers in Morbi cannot go back to undercutting branded tiles on price. Somany does not control that. If gas costs fall for those makers, or capacity there restarts, the price war can resume and the margin gain goes back the way it came. The internal risk is smaller and more specific — ₹75.8 crore committed to part-owned plants before the existing ones proved they earn a return.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Somany Ceramics Ltd trades at 21.1× P/E, near the bottom of its own range — cheaper only 12% of the time. Its long-run median P/E is 31.3×, measured across 10.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Why this happened. Unlike a company with two years of listed history, this median rests on ten years and our read marks the data as fully sufficient, so 0.81 times its own median is a meaningful statement. What the price is assuming is a partial recovery: the multiple has begun re-rating, in step with a margin that turned two quarters earlier, but it has not gone back to the middle of its own range. The cycle read also flags an earnings disconnect — the multiple and the earnings are not yet moving together, which is normal in the first two quarters of a turn and is exactly what the volume marker exists to resolve.

Today's P/E of 21.1× is near the bottom of its own range — cheaper only 12% of the time, against a long-run median of 31.3× measured over 10.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +35.2% against a +16.4% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the −3.8%/yr price move, ~+3.6%/yr came from earnings growth and ~−7.4 pp from the multiple (compressing); over 10y, of the −0.3%/yr price move, ~+5.4%/yr came from earnings growth and ~−5.7 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Somany Ceramics Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −44.2% at the trough to +88.7%, a 3-quarter improving streak, ROCE lifting at 13.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

Why this happened. This is what agreement looks like, and it is worth showing so that disagreement is recognisable when it appears. The price engine sees a stock back above a rising average early in a new uptrend. The valuation engine sees a multiple below its median beginning to re-rate. The research explains why both are true: the margin turned in December 2025. The one dissenting signal is inside the register — domestic funds are selling — and the research flags that rather than explaining it away.

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

63.9/100 — rank 2 of 6 in Ceramics/Tiles/Sanitaryware · 78% evidence confidence

Somany Ceramics Ltd scores 63.9 out of 100 against the 6 companies it is compared with in Ceramics/Tiles/Sanitaryware, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 23.2 + 15.4 + 12.6 + 12.7 = 63.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Quarterly scorecard

5 markers came out of our Somany Ceramics Ltd research file of 13 August 2026, and each results season scores every one of them. 1 quarter scored so far; the latest reads on track. A row is permanent: a miss stays on the record after it is fixed.

Click any quarter above to read its full record — the numbers, every marker’s score, and why the numbers moved. A dashed chip is a quarter not yet checked.

M1 — partly met. The bar: Tile volume growth rises above 8% (tile volume growth > 8%). Where it stands: Tile volume grew only 2.8% while tile revenue grew 23.7% — the growth was price and mix, not tiles sold. The bar is not due until the December-2026 quarter, but this is the make-or-break test.

FY27-Q1 — on track. A price-led beat with the volume test still open. Tile revenue rose 23.7% on the year but tile volume rose only 2.8%, so the growth came from price and mix rather than from selling more tiles. The durable part is real: own-plant volume rose 22.2% while outsourced volume fell 18.0%, and operating margin had already climbed from 7.8% to 11.3% over the three quarters to March 2026. Two things are being watched — ₹75.8 Cr of fresh investment approved before returns are proven, and whether the collapsed Morbi price gap stays collapsed.

Said versus delivered

What Somany Ceramics Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Major Capex Pivot · 12 August 2026. In May 2026, management described planned capex as limited to routine balancing investments of INR70-80 crores, while the January 2026 call said no investments were coming up in the next year. In August 2026, management disclosed approximately 275 crore rupees of outlay through FY27, including a 220 crore rupee plant, without explaining the material change in capital-allocation plans.

Somany Max Reverts from Breakeven · 12 August 2026. The May 2026 call characterized Somany Max's breakeven as sustainable, but the August 2026 call reported a loss in Q1 FY27. Although the loss was substantially reduced from the prior-year quarter, management did not explain why the previously stated sustainable breakeven was not maintained.

Gas Price Stability Assurance Sharply Contradicted · 15 May 2026. In both prior calls management projected gas prices would remain flat, with the Nov 2025 call explicitly dismissing geopolitical risk by stating that wars were settling as the basis for that confidence. The May 2026 call reveals gas prices nearly doubled from the INR46-51 per SCM range to approximately INR74-78 per SCM due to a geopolitical event - precisely the risk category management had characterised as diminishing, undermining the cost and margin stability assumptions both prior calls were built around.

Capex-Free Period Commitment Abandoned · 15 May 2026. In Nov 2025 management stated unambiguously that no capex was planned for the next 12 to 18 months and that all capex had already been executed, framing the near term as a period of debt paydown and profitability improvement. Six months later in May 2026, management announced a INR70-80 crore capex plan for FY27 to add balancing equipment at the Wintech plant, directly contradicting the no-capex commitment that by management's own words should have held through at least mid-2027.

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions