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A loss due to the fraud in Kajaria Bathware involving CFO Dilip Kumar Maliwal will impact the financials of listed company Kajaria Ceramics.
Updated on: Dec 22, 2025 9:24 AM IST
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Kajaria Ceramics Ltd. has fired the chief financial officer of Kajaria Bathware Pvt. Ltd. over a fraud at a unit of the wholly owned subsidiary.
What's happening: Kajaria Bathware CFO Dilip Kumar Maliwal embezzled ₹20 crore from subsidiary Kerovit Global Pvt. Ltd, according to an exchange filing on 19 December.
- Kerovit Global is a wholly owned subsidiary of Kajaria Bathware, which in turn is a stepdown wholly-owned subsidiary of Kajaria Ceramics.
- A complaint has been filed with the Economic Offences Wing of the Delhi Police. An FIR has been filed at the Badarpur police station.
- Maliwal has fired from his job, pending investigation.
Why it matters: The ₹20-crore fraud will have a material impact on the financials of the Kajaria Ceramics, which is India's largest manufacturer of ceramic and vitrified tiles. In Q2 FY26,
- Net profit rose 58% year-on-year to ₹133 crore on revenue that increased 2% to ₹1,186 crore. EBITDA rose 31% YoY to ₹214 crore. EBITDA margin was at 18%.
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