Kajaria Ceramics fires CFO of wholly owned subsidiary over ₹20-crore fraud

A loss due to the fraud in Kajaria Bathware involving CFO Dilip Kumar Maliwal will impact the financials of listed company Kajaria Ceramics.

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.

Image for representational purposes only. (Unsplash)

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%.