Manoj Ceramic Limited reported 23.40% year-on-year revenue growth and a 10.1% increase in profit after tax for the financial year ended March 31, 2026. The performance was highlighted during the company's 20th Annual General Meeting held on September 22, 2026.

The growth was supported by strategic initiatives including the expansion of its adhesive portfolio, the launch of Studio-integrated showrooms in Mumbai, Pune, and Bangalore, and enhanced export logistics infrastructure. The company also strengthened business relationships across African markets such as Burundi, Angola, Sudan, Senegal, and Uganda.

Financial Performance Overview

The Chairman briefed members on the financial trajectory for FY26, noting significant top-line expansion alongside steady bottom-line improvement. The divergence between revenue and profit growth suggests margin pressures or increased operational costs despite higher sales volumes.

Strategic Initiatives and Market Expansion

Manoj Ceramic focused on catering to design-conscious homeowners, contractors, and architects through its Studio-enabled showrooms. The company emphasized sustainable packaging, solar evaluations, and employee upskilling as part of its ESG initiatives.

Key operational highlights included:

• Expansion of the adhesive product portfolio.
• Establishment of Studio-integrated showrooms in key metro cities.
• Strengthening of export logistics infrastructure to support international growth.

Future Outlook

For FY27 and beyond, the company plans to increase the contribution of exports to a double-digit share of revenue. It aims to expand its showroom network to approximately 8-10 experience centres and enhance its premium product mix to support margin expansion. The management stated a focus on establishing the brand as a globally recognised, technology-enabled surface solutions provider.

Governance and Compliance

The AGM was conducted through Video Conferencing/Other Audio Visual Means in compliance with SEBI and MCA guidelines. The following resolutions were taken up:

1. Adoption of Audited Standalone and Consolidated Financial Statements for FY26.
2. Re-appointment of Dhruv Rakhasiya as Director retiring by rotation.
3. Approval of remuneration for Executive Directors Manoj Dharamshi Rakhasiya and Aakash Manoj Rakhasiya, and Non-Executive Director Anjana Manoj Rakhasiya.

M/s. Chhogmal & Co., Chartered Accountants, submitted their Statutory Audit Report, while M/s. HRU & Associates provided the Secretarial Audit Report. Both reports contained no qualifications or adverse remarks.

Manoj Ceramic has scheduled an Extra-Ordinary General Meeting (EGM) for October 15, 2026, to approve the conversion of 2,50,000 Non-Cumulative Redeemable Preference Shares (NCRPS) held by promoters into Compulsory Convertible Preference Shares (CCPS). The Board approved the move on September 16, 2026, citing the need to avoid a liquidity crunch associated with redeeming the preference shares.

Conversion Details

The company will vary the terms of its existing 15% Non-Cumulative Redeemable Preference Shares into 15% Compulsory Convertible Preference Shares. The total issuance involves 2,50,000 shares held by the promoter group, split across two allotments originally made in 2019 and 2020.

The CCPS will be issued at a face value of ₹100 each. They are convertible into equity shares of face value ₹10 each at a price of ₹100 per share, including a premium of ₹90. The conversion must occur within 18 months from the date of allotment. The "Relevant Date" for determining the floor price was September 15, 2026, with the 90-day volume-weighted average price at ₹90.59 and the 10-day average at ₹83.65.

Capital Structure Impact

Post-conversion, the promoter and promoter group’s holding will rise from 73,72,800 shares (53.4%) to 76,22,800 shares (54.2%). The public shareholding will remain at 64,34,200 shares but decrease proportionally to 45.8%. The conversion is expected to alleviate cash outflow pressures linked to the redemption of the original NCRPS, which were issued on a rights basis aggregating to ₹2.50 crore.

EGM and Voting Schedule

The EGM will be held via Video Conferencing/Other Audio-Visual Means on October 15, 2026, at 12:30 pm. The cut-off date for determining voting eligibility is October 8, 2026. Remote e-voting will commence on October 12, 2026, at 9:00 am and end on October 14, 2026, at 5:00 pm. M/s Rawal & Co., Company Secretary, has been appointed as the scrutinizer for the remote e-voting process. The trading window for insiders remains closed until 48 hours after the board meeting concludes.