Kajaria Ceramics Limited has released the transcript of a conference call held on December 22, 2025, concerning a fraud incident at its step-down subsidiary, Kerovit Global Pvt. Ltd. The company had previously informed about the audio recording of this call on December 22, 2025. During the call, management detailed the discovery of discrepancies through enhanced systems, audits, and controls, which led to the initiation of corrective actions. The fraud, involving a fake vendor created in the name of an employee who allegedly forged signatures of approving authorities, primarily occurred within the last four to five months, although the employee had been with the company for eight years. Approximately ₹20 crore is estimated to be involved, with about ₹6 crore in the previous financial year and ₹14 crore in the current financial year, sitting in CWIP and not attracting depreciation. Management assured stakeholders that Kajaria's fundamentals remain strong and that the company is implementing robust systems and controls to prevent future occurrences. While some recovery of the siphoned funds is unlikely to be complete, the company has filed a police complaint and is pursuing the matter. The incident, though regrettable, highlights the effectiveness of the 'Kajaria 2.0' initiative, which aims for operational excellence and cost efficiency. The company also mentioned achieving cost savings of over ₹150 crore on an annualized basis from various initiatives under 'Operation Manthan'.