Kajaria Ceramics logo

Kajaria Ceramics

KAJARIACER NSE

Key Fundamentals

SmallcapCeramicsConsumer Goods
Market Cap
₹19,447 Cr
Volatility
Moderate
P/E Ratio
35.78
EBITDA
₹918 Cr
Return on Equity
15.65%
Debt to Equity
0.07
Book Value
₹195.07
EPS
₹25.39
52W High
₹1,293.8
52W Low
₹869.6

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 46.6%

Weaknesses

1
  • The company has delivered a poor sales growth of 11.7% over past five years.

Growth Rate

Revenue Growth
4.39% higher than 3Y
Net Income Growth
40.71% higher than 3Y
Cash Flow Change
32.47% higher than 3Y
ROE
26.31% higher than 3Y
ROCE
26.84% higher than 3Y
EBITDA Margin (Avg.)
31.47% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2h ago
AI opinion · based on fundamentals
Risk medium

Kajaria Ceramics, India's largest ceramic tile manufacturer with a market cap of ₹19,447 Cr, trades at a PE of 35.7x. The company is virtually debt-free and delivered a sharp 64% TTM profit growth, though its 3-year sales CAGR of just 3% and 5-year stock CAGR of 1% point to a period of muted topline momentum and flat shareholder returns.

Bull Case 7
  • Nearly debt-free balance sheet provides financial flexibility and resilience through economic cycles, keeping interest costs negligible
  • TTM profit growth of 64% signals a strong margin recovery and operating leverage kicking in after a period of cost pressures
  • Consistent ROE track record — 18% last year, 15-17% over 3, 5, and 10-year periods — reflects disciplined capital allocation
  • Healthy dividend payout ratio of 46.6% with a current yield of 1.13%, rewarding shareholders even during slower growth phases
  • TTM sales growth of 9% shows an acceleration from the 3-year CAGR of 3%, suggesting a potential demand recovery in the tiles segment
  • 10-year compounded sales growth of 7% and profit growth of 8% demonstrate the company's ability to grow steadily through multiple cycles
  • Market leadership in Indian ceramics positions the company to benefit from long-term housing and construction demand driven by urbanisation and government housing schemes
Bear Case 7
  • PE of 35.7x is elevated for a building materials company that has delivered only 3% compounded sales growth over 3 years, leaving limited margin of safety
  • 5-year stock CAGR of just 1% and 3-year stock CAGR of -4% indicate the market has not rewarded shareholders despite the company's profitability
  • 5-year compounded sales growth of roughly 12% (cited as 11.7% in known concerns) is modest for a mid-cap consumer goods company in a growing economy
  • Price-to-book ratio of 6.38x implies significant premium over book value, which could compress if earnings growth does not sustain
  • 3-year sales CAGR of only 3% suggests the company struggled with volume growth or pricing power during FY21-FY24, a period when input costs were volatile
  • 10-year compounded profit growth of 8% is only marginally above sales growth of 7%, indicating limited structural margin expansion over the long term
  • 52-week high and low data are unavailable (reported as 0), making it difficult to assess where the current price sits relative to its recent trading range

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 2
  • Stock flat over one year Sep 4

    Kajaria shares gained just 0.21% over the past year despite broader market gains, and fell ~2% on Sep 4 to a day's low of ₹1,237.90. The 52-week low of ₹870 was hit as recently as February 2026.

  • Weak April dampened Q1 volumes Sep 4

    The company reported only 6% YoY volume growth in Q1 FY27, which management attributed to a very weak April, suggesting demand softness early in the fiscal year.

Positives 4
  • Q1 FY27 profit surges 55% Sep 4

    Consolidated net profit jumped 55% YoY to ₹169.46 crore in Q1 FY27, with revenue up 20% to ₹1,328.08 crore and EBITDA margin expanding to 19.60% from 16.72%.

  • ₹6 final dividend announced Sep 4

    Board recommended a ₹6 per share final dividend (600% on ₹1 face value) for FY26, with record date Sep 21 and payment by Oct 14, 2026, pending AGM approval on Sep 15.

  • ₹12.15 Cr solar investment approved Sep 2

    Kajaria approved a ₹12.15 crore equity investment in Sunsure Solarpark for captive solar and wind power at its Gailpur and Malootana plants in Rajasthan, targeting lower energy costs.

  • Cost reset narrows Morbi gap Aug 26

    Kajaria is implementing a cost reset strategy to narrow the price gap with Morbi producers while expanding production capacity, positioning for stronger growth and margin trajectory in branded tiles.

Neutral 2
  • 40th AGM set for Sep 15 Aug 21

    Kajaria scheduled its 40th AGM for September 15, 2026 via video conference, with agenda items including adoption of FY26 financials and final dividend approval.

  • FY26 BRSR report filed Aug 21

    Kajaria submitted its FY26 Business Responsibility & Sustainability Report disclosing consolidated turnover of ₹4,832.50 crore, with external ESG assurance by DNV.

TL;DR: Kajaria Ceramics delivered a strong Q1 FY27 with 55% profit growth, 20% revenue growth, and meaningful EBITDA margin expansion to 19.6%. The company is actively investing in renewable energy and executing a cost reset to compete better against Morbi producers. Key risks include a sluggish start to the year with weak April volumes and a largely flat stock price over the past 12 months. If the cost reset and capacity expansion sustain margin improvement through FY27, the stock could re-rate from current levels near its 52-week high.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,064
1,122
1,152
1,208
1,096
1,179
1,156
1,222
1,103
1,186
1,168
1,373
1,328
Expenses
895
942
973
1,036
927
1,023
1,003
1,083
916
973
968
1,110
1,068
Operating Profit
169
179
178
172
169
156
152
138
187
213
200
263
260
OPM %
16%
16%
16%
14%
15%
13%
13%
11%
17%
18%
17%
19%
20%
Other Income
9
8
11
15
5
10
4
-11
12
15
-28
9
18
Interest
5
4
5
5
3
5
7
6
5
6
6
6
5
Depreciation
31
36
39
42
42
41
40
43
44
42
42
42
42
PBT
143
147
146
140
128
121
110
78
150
181
125
224
231
Tax %
24%
25%
26%
25%
28%
29%
28%
44%
26%
26%
31%
30%
26%
Net Profit
109
111
108
104
92
86
79
43
110
134
86
157
171
EPS in Rs
6.75
6.78
6.54
6.43
5.64
5.29
4.88
2.67
6.84
8.35
5.51
9.78
10.64
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,187
2,413
2,550
2,711
2,956
2,808
2,781
3,705
4,382
4,474
4,635
4,830
5,056
Expenses
1,831
1,950
2,049
2,253
2,501
2,391
2,266
3,093
3,789
3,768
4,000
3,962
4,118
Operating Profit
355
463
500
457
455
417
515
612
593
706
635
869
938
OPM %
16%
19%
20%
17%
15%
15%
19%
17%
14%
16%
14%
18%
19%
Other Income
0
5
11
11
8
23
15
26
25
35
-14
3
14
Interest
29
34
34
24
16
20
11
13
22
17
20
23
22
Depreciation
56
73
81
89
89
108
107
115
133
148
165
169
168
PBT
270
361
396
355
358
312
413
510
462
576
436
680
761
Tax %
32%
35%
36%
36%
36%
19%
25%
25%
25%
25%
31%
28%
—
Net Profit
185
236
254
229
229
254
309
383
346
432
300
487
548
EPS in Rs
11.05
14.56
15.91
14.78
14.25
16.06
19.36
23.68
21.64
26.5
18.48
30.48
34.28
Div. Payout %
18%
17%
19%
20%
21%
19%
52%
46%
42%
45%
49%
46%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
16
16
16
16
16
16
16
16
16
16
16
16
Reserves
725
956
1,159
1,335
1,559
1,698
1,853
2,106
2,311
2,601
2,728
3,050
Borrowings
243
294
213
170
120
166
126
165
250
239
274
229
Other Liabilities
575
653
652
619
677
557
530
699
751
684
737
733
Total Liabilities
1,559
1,918
2,040
2,140
2,372
2,437
2,525
2,986
3,328
3,539
3,755
4,027
Fixed Assets
860
1,121
1,177
1,145
1,078
1,195
1,192
1,150
1,447
1,638
1,717
1,675
CWIP
78
8
8
18
93
27
15
263
82
68
109
119
Investments
0
0
0
0
0
10
5
0
2
18
34
39
Other Assets
621
790
854
977
1,200
1,206
1,313
1,573
1,798
1,815
1,895
2,195
Total Assets
1,559
1,918
2,040
2,140
2,372
2,437
2,525
2,986
3,328
3,539
3,755
4,027
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
180
316
338
238
317
224
509
426
296
602
501
664
Investing
-263
-267
-140
-136
-261
-90
-296
-298
-182
-298
-372
-336
Financing
87
-39
-168
-72
-114
-140
-205
-120
-135
-216
-209
-290
Net Cash Flow
5
10
30
30
-58
-6
9
7
-22
88
-79
37
Free Cash Flow
-84
47
195
100
203
103
408
162
87
323
305
563
CFO/OP
73
90
93
80
99
78
118
91
71
105
97
96
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
35
41
49
61
59
52
57
51
50
51
45
47
Inventory Days
151
189
168
150
147
189
119
122
127
111
126
105
Days Payable
120
144
121
102
112
88
66
78
70
61
69
61
Cash Conversion Cycle
65
87
96
108
94
152
110
94
107
101
102
92
Working Capital Days
0
17
31
43
41
57
51
36
45
47
42
42
ROCE %
33%
34%
31%
25%
23%
18%
21%
24%
20%
21%
17%
23%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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64 extracted metrics + investor summaries across FY09–FY27.

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Shareholding Pattern

Others4.11%Promot.47.69%Public10.36%FIIs11.58%DIIs26.25%As ofJun 2026

Documents

Frequently Asked Questions about Kajaria Ceramics

What does Kajaria Ceramics Ltd do?
Kajaria Ceramics Ltd is primarily engaged in manufacturing and trading of ceramic and vitrified tiles in India.[1] It is the largest manufacturer of ceramic/ vitrified tiles in India and 8th largest in the world.[2]
Where is Kajaria Ceramics Ltd (KAJARIACER) listed?
Kajaria Ceramics Ltd trades as KAJARIACER on the NSE and under code 500233 on the BSE.
Which sector does Kajaria Ceramics Ltd belong to?
Kajaria Ceramics Ltd is classified under the Consumer Goods sector, in the Ceramics industry.
What is the market capitalisation of Kajaria Ceramics Ltd?
Kajaria Ceramics Ltd has a market capitalisation of ₹19,447 Cr, which places it in the Mid Cap band.
What is the PE ratio of Kajaria Ceramics Ltd?
Kajaria Ceramics Ltd trades at a PE ratio of 35.78, on earnings per share of ₹25.39, against a book value of ₹195.07 per share.
What is the 52-week high and low of Kajaria Ceramics Ltd?
Over the last 52 weeks Kajaria Ceramics Ltd has traded between ₹869.6 and ₹1,293.8.
Does Kajaria Ceramics Ltd pay dividends?
Kajaria Ceramics Ltd has a dividend yield of 1.13%.
What is the Return on Equity (ROE) of Kajaria Ceramics Ltd?
Kajaria Ceramics Ltd reported a return on equity of 15.65%. Its debt-to-equity ratio is 0.07.

Company Information

Kajaria Ceramics Ltd is primarily engaged in manufacturing and trading of ceramic and vitrified tiles in India.[1] It is the largest manufacturer of ceramic/ vitrified tiles in India and 8th largest in the world.[2]

Website kajariaceramics.com
CEO Mr. Rishi Kajaria
Employees 4,794
Listed 1995-01-18
Face Value ₹ 1
Issued Size 15,92,72,290

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