Exxaro Tiles Ltd. (EXXARO) AI Stock Analysis

• Market Cap: ₹3.09B
• Dividend Yield: N/A
• Average Volume (3M): 104.24K
• Price to Earnings (P/E): 146.9
• Beta (1Y): 0.79
• Revenue Growth: 12.19%
• EPS Growth: N/A
• Country: IN
• Employees: 856
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Construction
• EPS (TTM): 0.01
• Shares Outstanding: 447,410,700
• 10 Day Avg. Volume: 80,285
• 30 Day Avg. Volume: 104,241
• PEG Ratio: 20.44
• Price to Book (P/B): 0.95
• Price to Sales (P/S): 0.86
• P/FCF Ratio: 16.27
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 67 Neutral
• Price Target: ₹7.50 ▼(-6.83% Downside)
• Action: Reiterated Date: 11/22/25
• Date: Action: Reiterated 11/22/25

Exxaro Tiles Ltd. has a balanced score driven by a solid technical outlook and a stable financial structure, despite profitability challenges. The valuation is moderate, but the lack of dividend yield may deter some investors. The absence of earnings call and corporate events data limits further insights.

Positive Factors

Balance sheet strength

A robust equity base and manageable debt-to-equity provide durable financial flexibility. This foundation supports capex, working capital needs and dealer/distribution financing during cyclical downturns, reducing refinancing risk and enabling strategic investment over the next several quarters.

Improving operating cash flow

Material improvement in operating cash flow signals better conversion of sales to cash and improved working-capital management. Stronger OCF reduces reliance on external funding for day-to-day operations and supports sustainable reinvestment in production and distribution capacity over the medium term.

Healthy gross and stable margins

Relatively healthy gross margins and stable EBIT/EBITDA reflect underlying manufacturing efficiency and pricing power on core tile products. These structural margin cushions help absorb input-cost swings and support long-term profitability if volumes and mix remain stable.

Negative Factors

Negative net income

A loss at the net income level erodes retained earnings and reduces capacity to self-fund growth, dividends or buffer against shocks. Persistent negative net income undermines long-term capital accumulation and can force reliance on external financing or equity dilution if not reversed.

Declining shareholders' equity

A shrinking equity base coupled with rising liabilities weakens the firm's solvency buffer. Over months this reduces negotiating power with suppliers and lenders, increases refinancing risk, and constrains ability to fund capex or expand distribution without raising costly external capital.

Erratic free cash flow

Inconsistent free cash flow limits the company's ability to invest in capacity, modernize plants, or sustain dealer credit lines. Coupled with negative net income, erratic FCF makes long-term planning harder, increases vulnerability to input-cost shocks, and may raise financing costs.

Exxaro Tiles Ltd. Business Overview & Revenue Model

Company Description

Exxaro Tiles Limited manufactures and markets vitrified tiles used for flooring solutions in India and internationally. The company offers double charge and glazed vitrified, and wall tiles under the Exxaro brand name. It supplies its products through dealer-distribution network for infrastructure related projects, including residential, commercial, educational institutions, hotels, hospitals, government, religious institutions, builders/developers, etc.; and to private customers. The company was formerly known as Ricasil Ceramic Industries Private Limited and changed its name to Exxaro Tiles Limited in December 2020. Exxaro Tiles Limited was founded in 2007 and is based in Himatnagar, India.

How the Company Makes Money

Exxaro Tiles primarily makes money by manufacturing tiles and selling them to customers through dealer/distributor networks and other sales channels, generating revenue from the sale of finished tile products. Its core revenue stream is product sales (e.g., ceramic and vitrified tiles for floor and wall use), where earnings are driven by sales volumes and product mix (including premium designs/sizes/finishes that can command higher realizations). Profitability is influenced by manufacturing utilization, pricing, and input costs (such as raw materials, power/fuel, freight, and packaging), as well as discounts, commissions, and logistics costs associated with channel sales. Specific details on any material non-tile revenue streams (e.g., exports, job-work, ancillary products), named strategic partnerships, or channel concentration are null.

Exxaro Tiles Ltd. Financial Statement Overview

Summary

Exxaro Tiles Ltd. shows a mixed financial performance. The income statement indicates profitability challenges with a negative net profit margin despite stable EBIT and EBITDA margins. The balance sheet is strong with a manageable debt-to-equity ratio, but declining stockholders' equity poses risks. Cash flow improvements are noted, but erratic free cash flow growth and negative net income are concerning.

Income Statement

Exxaro Tiles Ltd. has shown a mixed performance in its income statement. The gross profit margin is relatively healthy, indicating efficient production and pricing strategies. However, the net profit margin turned negative in the latest year due to a loss in net income, highlighting profitability challenges. Revenue growth rate has been inconsistent, with a decline in recent years. The EBIT and EBITDA margins show some stability, but the overall profitability is under pressure.

Balance Sheet

The balance sheet reveals a strong equity position with a manageable debt-to-equity ratio, reflecting financial stability. However, the decline in stockholders' equity over time signals potential risks. The equity ratio is robust, indicating a solid foundation of equity financing. Despite these strengths, the company faces challenges with increasing liabilities and decreasing total assets.

Cash Flow

Cash flow analysis shows that Exxaro Tiles Ltd. has improved its operating cash flow significantly, indicating better operational efficiency. However, free cash flow growth is erratic, and the free cash flow to net income ratio is concerning due to negative net income. The company needs to enhance its cash generation capabilities to ensure long-term sustainability.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	3.09B	3.05B	3.01B	3.15B	3.25B	2.54B
Gross Profit	951.50M	844.60M	302.01M	947.37M	798.37M	814.06M
EBITDA	297.67M	237.15M	260.14M	335.33M	486.67M	520.55M
Net Income	67.50M	-1.22M	22.46M	72.72M	181.01M	152.23M
Balance Sheet
Total Assets	4.83B	4.91B	4.86B	4.68B	4.05B	3.69B
Cash, Cash Equivalents and Short-Term Investments	36.84M	47.59M	40.06M	34.36M	191.20M	52.47M
Total Debt	882.79M	921.65M	974.52M	939.55M	568.57M	1.61B
Total Liabilities	2.04B	2.14B	2.10B	1.93B	1.38B	2.33B
Stockholders Equity	2.79B	2.77B	2.77B	2.74B	2.67B	1.36B
Cash Flow
Free Cash Flow	79.49M	161.40M	-710.00K	-408.32M	202.18M	364.44M
Operating Cash Flow	150.00M	232.91M	52.74M	232.12M	247.72M	377.86M
Investing Cash Flow	-69.50M	-47.54M	57.33M	-667.01M	-92.28M	-17.11M
Financing Cash Flow	-91.43M	-172.54M	-107.18M	278.03M	-14.47M	-344.23M

Exxaro Tiles Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 8.05
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:EXXARO, the sentiment is Negative. The current price of 8.05 is above the 20-day moving average (MA) of 7.16, above the 50-day MA of 7.28, and below the 200-day MA of 8.09, indicating a bearish trend. The MACD of -0.16 indicates Positive momentum. The RSI at 44.80 is Neutral, neither overbought nor oversold. The STOCH value of 41.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:EXXARO.

Exxaro Tiles Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OCCL	67 Neutral	₹935.07M	18.71	―	10.99%	-76.65%	-76.77%
EXXARO	67 Neutral	₹3.09B	146.91	―	―	12.19%	―
ORIENTCER	65 Neutral	₹4.52B	33.41	―	0.60%	13.78%	18.58%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MURUDCERA	56 Neutral	₹1.80B	12.89	―	1.44%	10.18%	28.03%
REGENCERAM	49 Neutral	₹1.04B	-5.94	―	―	574.56%	―

Exxaro Tiles Ltd. Corporate Events

Exxaro Tiles Sees Limited Impact From Middle East-Linked Gas Supply Disruption

Exxaro Tiles disclosed that its gas supplier, Sabarmati Gas Limited, has imposed restrictions on gas supply due to a force majeure event triggered by the ongoing conflict in the Middle East and its ripple effects on global energy markets. The limitation on Daily Contracted Quantity and the use of certain gas at the company’s Talod manufacturing units is expected to cause a temporary and partial impact on production activities.

Management said it is actively exploring alternative fuels and operational measures to keep plants running and, based on current assessments and inventory levels, does not foresee a material impact on overall business operations. The company continues dispatches as usual, considers the financial impact not presently quantifiable but not material, and will monitor developments closely, promising further disclosures if the situation changes significantly for stakeholders.

Exxaro Tiles Confirms Full Demat Shareholding, Regulation 74(5) Not Applicable for Q4 2025

Exxaro Tiles Limited informed the stock exchanges that it has obtained the requisite confirmation under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31 December 2025. The company’s RTA, Bigshare Services Pvt Ltd, certified that the regulation is not applicable for the period because all of Exxaro’s shares are held in demat form and no requests for dematerialisation or rematerialisation were received during the quarter, underscoring a fully dematerialised shareholding structure and streamlined compliance obligations for stakeholders.