Exxaro Tiles
Mainboard₹161 Cr issue
+5.00%
Listing gain over issue price
Issue size
₹161 Cr
1 lot at cut-off
₹15,000
Lot size
125shares
Open
04 Aug 2021
Close
06 Aug 2021
Allotment
11 Aug 2021
Listing
16 Aug 2021
Listing performance
Issue price
₹120
Listed at
₹126
Listing-day close
₹132.30
Latest price
₹6.47
Close on 23 Oct 2026
Listing gain
+5.00%
Return since issue
-46.08%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 04 Aug 2021 – 06 Aug 2021
- Listing date
- 16 Aug 2021
- Face value
- ₹10 per share
- Issue price
- ₹120 per share
- Lot size
- 125 shares
- Total issue size
- ₹161 Cr
- Market cap at offer price
- ₹537 Cr
- Promoter holding
- 56.09% → 42.07% pre-issue → post-issue
- ISIN
- INE0GFE01026
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Pantomath Capital Advisors Pvt.Ltd.
- Registered office
- Survey No.169 & 170, Vavdi Harsol Road, At & Po., Mahelav, Taluka:, Talod, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 19,73,325 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 125 shares per lot, in multiples, at ₹120
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 125 | ₹15,000 |
| Retail (max) | 13 | 1,625 | ₹1,95,000 |
| S-HNI (min) | 14 | 1,750 | ₹2,10,000 |
| S-HNI (max) | 66 | 8,250 | ₹9,90,000 |
| B-HNI (min) | 67 | 8,375 | ₹10,05,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
19,73,325
Anchor portion
₹23.68 Cr
at ₹120 per share
Valuation and performance
Valuation at offer price
₹120 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹537 Cr |
About Exxaro Tiles
Exxaro Tiles Limited (formerly Ricasil Ceramic Industries Private Limited) was incorporated on January 2, 2008, in Himmatnagar, Gujarat. Originally established as a partnership firm in 2007-08 to manufacture frit (a raw material for tiles), the company has diversified and evolved into a vitrified tiles manufacturer. It operates two manufacturing units in Gujarat: Unit I in Padra and Unit II in Talod. The company manufactures two main product categories—Double Charged Vitrified Tiles (DCVT) and Glazed Vitrified Tiles (GVT)—available in six sizes with over 1,000 designs marketed under the 'Exxaro' brand. Revenue is primarily generated through a distribution network of over 2,000 registered dealers across India, with additional revenue from exports to countries including Poland, Bosnia, Italy, and the UAE.
Company Analysis
from RHPExxaro Tiles manufactures and markets vitrified tiles for flooring, operating in the ceramic tiles industry in India with both domestic and export sales.
Exxaro Tiles Limited (formerly Ricasil Ceramic Industries Private Limited) was incorporated on January 2, 2008, in Himmatnagar, Gujarat. Originally established as a partnership firm in 2007-08 to manufacture frit (a raw material for tiles), the company has diversified and evolved into a vitrified tiles manufacturer. It operates two manufacturing units in Gujarat: Unit I in Padra and Unit II in Talod. The company manufactures two main product categories—Double Charged Vitrified Tiles (DCVT) and Glazed Vitrified Tiles (GVT)—available in six sizes with over 1,000 designs marketed under the 'Exxaro' brand. Revenue is primarily generated through a distribution network of over 2,000 registered dealers across India, with additional revenue from exports to countries including Poland, Bosnia, Italy, and the UAE.
ceramic tiles manufacturingvitrified tilesbuilding materials
Objects of the Issue
- Prepayment/repayment of certain secured borrowings ₹500.00 million p.22
- Funding the working capital requirements of the Company ₹450.00 million p.22
- General corporate purposes ₹235.28 million p.22
- Prepayment/repayment of certain secured borrowings availed by our Company ₹500.00 million p.93
- Funding the working capital requirements of the Company ₹450.00 million p.95
- General corporate purposes ₹235.28 million p.97
Issue Structure
- Total Issue
- ₹1,607.65 million
- Fresh Issue
- ₹1,339.09 million (11,186,000 Equity Shares)
- Offer for Sale
- ₹268.56 million (2,238,000 Equity Shares)
- Price Band
- Floor Price: ₹118; Cap Price: ₹120
- Lot Size
- 125 Equity Shares (Bid Lot)
- Face Value
- ₹10 per Equity Share
Business Model
The company manufactures and sells vitrified tiles through a direct distribution network of dealers and sub-dealers. Revenue is derived from domestic sales to retail customers through this dealer network and from export sales. The company sources raw materials (feldspar, clay, frit, bentonite) primarily locally on a spot order basis and manufactures products at its two facilities in Gujarat. Products are distributed to the real estate, infrastructure, and related sectors.
Business Segments
Ceramic tiles for flooring solutions
Ceramic tiles with glazed surface offering variety of designs, artwork and surface textures
The company manufactures and sells ceramic tiles with over 1,000 designs through state-of-the-art, automated manufacturing facilities. Products are sold to domestic customers and exported primarily to Poland, Bosnia, and UAE.
Double charge vitrified tiles are tiles that are fed through a press which prints the pattern with a double layer of pigment, 3 to 4 mm thicker than other types of tiles. This process results in a long-wearing tile surface, suitable for heavy traffic commercial projects.
Glazed vitrified tiles are flat slabs manufactured from ceramic materials such as clay, feldspar and quartz and other additives and fired at high temperatures to ensure high strength and low water absorption. These tiles are coated with glaze materials prior to the firing process.
The Company has only one business segment: Manufacturing and Trading of refractory ceramic products (Vitrified Tiles), including Double Charge Vitrified Tiles and Glazed Vitrified Tiles sold through a network of dealers both domestically and internationally.
Sale of vitrified tiles products within India across 24 states/union territories.
Sale of vitrified tiles products to over 12 countries including Poland, UAE, Italy, and Bosnia.
SWOT Analysis
Strengths
- • Established manufacturing expertise in vitrified tiles with diverse product portfolio(p.21)
- • Significant domestic distribution network(p.29)
- • Revenue growth trajectory(p.30)
- • Operating profitability improvements(p.41)
- • No proceeds to company from offer for sale(p.46)
- • Established export markets across multiple countries(p.50)
- • Diversified raw material sourcing(p.50)
- • State-of-the-art manufacturing with Unit II as one of the largest single-roof glazed vitrified tile plants in India(p.127)
- • Strong profitability margins exceeding industry peers including large players(p.129)
- • Extensive dealer network with 2,000+ registered dealers across 24 states/union territories(p.127)
- • Rapid export growth at 47.92% CAGR over two years and expanding international reach(p.127)
- • Diversified product portfolio of 1000+ designs across two main product categories(p.129)
- • Experienced management team with significant ceramic industry expertise(p.128)
- • Better operating efficiency with lower employee costs as percentage of sales(p.126)
- • Established brand recognition with 1000+ designs in product portfolio(p.219)
- • Extensive dealer network with long-standing relationships across pan-India presence(p.219)
- • State-of-the-art manufacturing facilities with significant production capacity(p.220)
- • Strong revenue growth from export operations with presence in 12+ countries(p.220)
- • Integrated business model providing insights across entire value chain(p.219)
- • Established intellectual property portfolio with strong trademark registration(p.252)
Weaknesses
- • High dependence on raw material sourcing with volatile pricing(p.25)
- • Significant working capital intensity(p.26)
- • High debt burden with secured financing obligations(p.27)
- • Unregistered intellectual property creating vulnerability(p.28)
- • Significant outstanding receivables with payment defaults(p.31)
- • Manufacturing facilities concentrated in single geographic region(p.29)
- • Volatile and unpredictable cash flows from operations(p.42)
- • Company will bear all IPO costs if offer withdrawn(p.46)
- • Significant debt burden requiring repayment(p.93)
- • High fund-based working capital facility outstanding(p.94)
- • Transition costs from private to listed company status(p.47)
- • Stretched working capital with 162 days significantly higher than large player benchmarks(p.126)
- • Lower capacity utilisation at 69.90% in FY2021 compared to peers utilizing 84-88%(p.130)
- • High debt-to-equity ratio of 1.0 highest among peer group(p.126)
- • Lower fixed asset turnover ratio indicating suboptimal asset utilisation(p.126)
- • Limited scale with revenue of Rs 242 crores and market share of 0.7% in FY2020(p.125)
- • High power and fuel costs representing 29.37% of revenue, creating cost pressure(p.135)
- • Significant dependence on raw material suppliers without long-term supply agreements(p.221)
- • High exposure to power and fuel cost fluctuations as major cost component(p.221)
- • Relatively limited brand visibility compared to established industry peers(p.221)
- • High debt burden relative to equity with leverage ratio of 1.18(p.218)
- • Significant contingent liabilities including tax and regulatory disputes(p.202)
Opportunities
- • Growing domestic tiles market with shift to value-added products(p.21)
- • Export market expansion potential(p.30)
- • Government-backed infrastructure and real estate initiatives(p.30)
- • Expansion of distribution network and dealer relationships(p.29)
- • Debt reduction to improve financial flexibility(p.94)
- • Enhanced market position through listing(p.92)
- • Working capital optimization for growth(p.97)
- • Expected economic recovery post-pandemic(p.110)
- • India's ceramic tile exports doubled in three years; India becoming third largest exporter globally(p.118)
- • Significant market opportunity from low per capita consumption at 0.59 sq mt vs world average 1.50 sq mt(p.120)
- • Government initiatives on housing and infrastructure expected to drive sustained demand(p.120)
- • Anti-dumping duties on Chinese tiles creating sustained export growth opportunity for India(p.112)
- • Potential to expand dealer network in untapped Tier-2, Tier-3 cities and rural areas(p.129)
- • Shift from traditional to value-added vitrified tiles offering faster growth(p.113)
- • Rising disposable income in India driving demand for housing and construction materials(p.123)
- • Indian tiles industry expected to grow at 12-14% over next two years(p.117)
- • Strong global demand for Indian ceramic tiles with shift from China preference(p.222)
- • Export market expansion in new geographies with doubling of ceramic tile exports from India(p.222)
- • Opportunity to expand distribution network in underpenetrated regions(p.222)
- • Capacity expansion through outsourced manufacturing and new facility acquisition(p.221)
- • Brand building and premiumization strategy with increased marketing investment(p.221)
- • Comprehensive regulatory approvals and certifications obtained across key operational areas(p.251)
Threats
- • Volatility in power and fuel prices with inability to fully pass costs(p.26)
- • Supply disruption risk from take-or-pay obligations in natural gas agreements(p.32)
- • Intense competition in fragmented industry(p.35)
- • Customer order cancellations and payment defaults(p.31)
- • Regulatory changes affecting end-use sectors and export markets(p.30)
- • COVID-19 pandemic operational disruptions(p.36)
- • Foreign exchange volatility on export revenues(p.30)
- • Dependence on third-party transportation with no formal arrangements(p.37)
- • Real estate and infrastructure sector cyclicality(p.30)
- • Labour-intensive operations vulnerable to industrial disputes(p.34)
- • Foreign exchange volatility affecting shareholder returns(p.46)
- • Tax liability on capital gains for investors(p.46)
- • Global economic instability and market volatility(p.48)
- • India's infrastructure limitations(p.48)
- • Risk from India's sovereign credit downgrade(p.48)
- • Natural and man-made disaster exposure(p.48)
- • Inflation risk and inability to pass costs to customers(p.49)
- • Regulatory and tax law uncertainty(p.49)
- • Global ceramic tile production and consumption declined in 2019-2020 due to economic slowdown(p.114)
- • COVID-19 pandemic caused severe production disruptions and revenue loss of Rs 400-500 million(p.128)
- • High competitive intensity from fragmented industry with many unorganised players(p.112)
- • Risks of anti-dumping duty reversals and protectionist policies affecting export markets(p.118)
- • Significant exposure to volatility in input costs, fuel prices and foreign exchange(p.120)
- • Construction sector slowdown impacting demand with real estate sector sentiment tepid for 3-4 years(p.122)
- • China's declining export share may reverse if anti-dumping duties are removed(p.114)
- • Dependence on natural gas supply at reasonable costs for operations(p.135)
- • Intense competition from larger organized players and fragmented small competitors(p.222)
- • Exposure to raw material price fluctuations and supply constraints(p.221)
- • Vulnerability to pricing pressures in highly competitive and fragmented industry(p.221)
- • International competition particularly from China on lower production costs(p.222)
- • Volatility in interest rates affecting finance costs on variable rate borrowings(p.212)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mukeshkumar Patel | Promoter | 9.35% | — |
| Kirankumar Patel | Promoter | 14.01% | — |
| Dineshbhai Patel | Promoter | 22.51% | — |
| Rameshbhai Patel | Promoter | 9.32% | — |
| Dixitkumar Patel | Selling Shareholder | — | — |
| Mukeshkumar Patel | Promoter | 9.35% | 7.01% |
| Kirankumar Patel | Promoter | 14.01% | 10.51% |
| Dineshbhai Patel | Promoter | 22.51% | 16.88% |
| Rameshbhai Patel | Promoter | 9.32% | 6.99% |
| Dixitkumar Patel | Selling Shareholder | 13.65% | 10.23% |
| Mukeshkumar Patel | Promoter | — | — |
| Kirankumar Patel | Promoter | — | — |
| Dineshbhai Patel | Promoter | — | — |
| Rameshbhai Patel | Promoter | — | — |
| Mukeshbhai Babubhai Patel | Promoter | 9.35% | — |
| Kiranbhai Bhikhalal Patel | Promoter | 14.01% | — |
| Dineshbhai Ramanbhai Patel | Promoter | 22.51% | — |
| Dixitkumar Kacharabhai Patel | Promoter | 13.65% | — |
| Rameshbhai Shivabhai Patel | Promoter | 9.32% | — |
| Hitendrabhai Kacharabhai Patel | Promoter | 5.25% | — |
| Mukeshbhai Patel | Guarantor (per Personal Guarantee list) | — | — |
| Kiranbhai Patel | Guarantor (per Personal Guarantee list) | — | — |
| Dineshbhai Patel | Guarantor (per Personal Guarantee list) | — | — |
| Rameshbhai Patel | Guarantor (per Personal Guarantee list) | — | — |
| Dixitkumar Patel | Selling Shareholder | — | — |
| Dixitkumar Patel | Selling Shareholder | — | — |
Leadership
Mukeshkumar Patel · Chairman and Managing Director
Himanshu Shah · CFO
Paras Shah · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Exxaro Tiles IPO FAQs
What is the lot size of Exxaro Tiles IPO?
The minimum lot size of Exxaro Tiles IPO is 125 shares. One lot costs ₹15,000 at the cut-off price.
When does Exxaro Tiles IPO open and close?
Exxaro Tiles IPO opened for subscription on 04 Aug 2021 and closed on 06 Aug 2021.
What is the listing date of Exxaro Tiles IPO?
Exxaro Tiles IPO listed on 16 Aug 2021.