Exxaro Tiles Limited stands as a prominent India-based manufacturer and trader of vitrified tiles used for flooring solutions, operating both domestically and internationally. Founded in 2007 and based in Ahmedabad, India, the company has established itself as a significant player in the ceramic tiles industry. Originally incorporated as Ricasil Ceramic Industries Private Limited, the company changed its name to Exxaro Tiles Limited in December 2020, marking a strategic rebranding initiative.
The company's journey reflects substantial growth and transformation. Exxaro Tiles Limited was incorporated at Himmatnagar as 'Ricasil Ceramic Industries Private Limited' on 02 January 2008 as a private company, converted from M/s. Ricasil Ceramic Industries, a partnership firm. In August 2021, the company successfully completed its Initial Public Offering (IPO) of 13,424,000 Equity Shares, raising funds aggregating to ₹160.8 Crore, comprising a Fresh Issue of 11,186,000 Equity Shares and an Offer for Sale of 2,238,000 Equity Shares.
Exxaro Tiles Ltd is engaged in manufacturing and marketing vitrified tiles, with over 1,000 designs across 6 different sizes. The company maintains a presence in 25 Indian states and 6 countries. Its comprehensive product portfolio demonstrates a commitment to meeting diverse market requirements and customer preferences across various segments.
The company's product categories include:
- Double Charge Vitrified Tiles
- Glazed Vitrified Tiles
- Full Body Vitrified Tiles
- Wall Tiles
- Parking Tiles
It sells its products under the Exxaro brand, with notable brand series including the Topaz Series, Galaxy Series, and High Gloss Series. This diversified product range allows the company to cater to different customer segments and price points effectively.
The company operates two manufacturing units in Gujarat:
- Unit 1: Padra, Vadodara
- Unit 2: Talod, Sabarkantha
These units have a total installed capacity of 146 lakh square metres per annum, positioning the company well to meet growing demand in both domestic and international markets.
Exxaro Tiles supplies products across 13 countries, including Poland and the United Arab Emirates (UAE), demonstrating its international market reach. The company supplies its products through a dealer network for infrastructure-related projects, covering segments such as:
- Residential
- Commercial
- Educational Institutions
- Hotels
- Hospitals
- Government
- Religious Institutions
- Builders/Developers
This extensive distribution network provides the company with strong market penetration and diverse revenue streams across multiple customer segments.
As of 13th June 2025, the market capitalization of Exxaro Tiles Ltd stands at ₹452.78 Cr, positioning it as a Small Cap company in the Indian equity markets.
Key Financial Highlights:
- Q4 FY25 (Period ending March 2025):
- Net Profit: Rose 192.50% to ₹3.51 crore, compared to ₹1.20 crore in March 2024.
- Sales: Increased 19.07% to ₹94.98 crore, versus ₹79.77 crore in March 2024.
- Full Year FY25 (Period ending March 2025):
- Net Loss: Reported a loss of ₹0.12 crore, compared to a net profit of ₹2.25 crore in FY24.
- Sales: Rose marginally by 0.84% to ₹304.21 crore, against ₹301.68 crore in FY24.
52-Week Performance:
- High: ₹11.60
- Low: ₹5.45
This indicates significant price volatility over the past year.
Long-Term Returns:
- The company has delivered a return of -6.12% over the last 3 years, reflecting challenging market conditions and operational headwinds.
Key Valuation Metrics:
- P/E Ratio: -3773.16
- P/B Ratio: 1.64
The P/B ratio of 1.64 times represents a 26% discount to its peers' median range of 2.01 times, suggesting the stock trades at a discount to industry peers.
- Chairman: Mukeshkumar Patel
- Company Secretary: Paras Shah
Promoter Holding: Stands at 42.07% as of December 2024, unchanged from March 2024, indicating stable promoter confidence in the business.
Exxaro Tiles Ltd belongs to the Industrials sector, specifically the Building Products - Ceramics sub-sector. The company's top peers in the Consumer sector include Somany Ceramics, Asian Granito, and Orient Bell, positioning it within a competitive landscape of established ceramic manufacturers.
The ceramic tiles industry in India continues to benefit from urbanization trends, infrastructure development, and increasing consumer preference for modern flooring solutions. Exxaro Tiles' strategic positioning with manufacturing facilities in Gujarat, a diversified product portfolio, and international presence provides the foundation for navigating industry dynamics while pursuing growth opportunities in both domestic and export markets.
