• Product mix shift: Glazed Vitrified Tiles (GVT) contribution is projected to reach around 95% this year at a 12% CAGR, while the newly introduced Integrated Stone Technology (IST) lab-grown marble targets a ₹41,000–₹42,000 crore market opportunity.
• Debt and interest: The company plans to fully pay off its ₹240 crore net debt using IPO proceeds to become net cash, generating an annualized interest cost saving of ₹40 crore.
• Revenue and CapEx: Following ₹450 crore in completed CapEx across IST, GVT, and an Assam unit, the company anticipates reaching ₹2,500 crore in revenue by FY29 with no additional major CapEx required.
• Long-term margin guidance: At full asset utilization in FY29, EBITDA margins are projected to expand to 18.5%–19.2%, with PAT margins reaching 9.5%–10% (approximately ₹250 crore).
• Working capital cycle: Working capital days reduced from 106 to 96 days and are guided to normalize between 75 and 80 days from next year onwards, supported by the expansion of dealer channel financing.