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Kajaria Ceramics

KAJARIACER NSE
₹1,159.60 No trade today
P/E
33.83
View as Markdown
MCP
Close 4 Nov 2026 ₹1,159.60 +17.90 +1.57% 1Y
Start ₹1,141.70

Key Fundamentals

SmallcapConsumer DurablesConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
23.40%
Debt to Equity
0.07
EPS (TTM)
₹34.28
Book Value
₹190.75
Market Cap
—
P/E (TTM)
33.83
P/B
6.08
ROE
17.90%
Dividend Yield
1.05%
EBITDA
₹918 Cr
52W High
₹1,275.00
52W Low
₹869.60
Volume
0

Peer Comparison

Consumer Discretionary › Consumer Goods › Ceramics

Kajaria Ceramics peer comparison
Kajaria Ceramics (this company)
₹1,159.6033.83₹18,188 Cr6.081.05%17.90%23.40%₹5,056 Cr₹548 Cr
Varmora Granito
₹134.0825.30₹2,781 Cr2.580.00%8.05%9.46%₹1,565 Cr₹100 Cr
Somany Ceramics
₹570.4522.00₹2,297 Cr2.781.08%10.40%12.80%₹2,935 Cr₹100 Cr
Nitco
₹79.76—₹1,877 Cr4.560.00%10.80%7.16%₹508 Cr−₹29 Cr
Asian Granito
₹44.4557.73₹1,051 Cr0.871.54%1.27%2.85%₹1,938 Cr₹11 Cr
Orient Bell
₹387.9028.17₹543 Cr1.740.28%3.80%5.58%₹744 Cr₹20 Cr
Exxaro Tiles
₹6.3170.11₹282 Cr0.990.00%1.01%4.31%₹325 Cr₹4 Cr
Median 7 companies₹134.0831.00₹1,877 Cr2.580.28%8.05%7.16%₹1,565 Cr₹20 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

54 Average

Data confidence 100/100

insider_selling

Category scores

Quality
75
Strong
Returns, margins, earnings quality 22% weight
Valuation
56
Good
Cheap vs sector & own history 24% weight
Growth
35
Poor
Sales & profit trajectory 9% weight
Financial Health
90
Strong
Solvency, leverage, coverage 9% weight
Momentum
47
Average
Trend strength, vol-adjusted 12% weight
Ownership
41
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish964
OscillatorsBearish360
Moving AveragesStrong Bearish604

Key readings

RSI (14)
46.77
Neutral
MACD (12,26,9)
−22.02
Bearish
SMA (50)
1,201.92
Bearish
SMA (200)
1,111.55
Bullish

As of

Analyst Rating

Based on 27 analysts
BUY81%

22 of 27 analysts rate Buy, 5 Hold, 0 Sell.

As of

BUY
22
81%
HOLD
5
19%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+7.19%
5Y+11.67%
3Y+3.30%
1Y+4.21%
TTM+8.48%

Net profit

Net profit growth by window
10Y+7.51%
5Y+9.53%
3Y+12.07%
1Y+62.33%
TTM+72.33%

Operating cash flow

Operating cash flow growth by window
10Y+7.71%
5Y+5.46%
3Y+30.91%
1Y+32.53%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−1.20 pp
5Y−0.53 pp
3Y+4.46 pp
1Y+4.29 pp
TTM+4.94 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,550 Cr
Mar 2018₹2,711 Cr
Mar 2019₹2,956 Cr
Mar 2020₹2,808 Cr
Mar 2021₹2,781 Cr
Mar 2022₹3,705 Cr
Mar 2023₹4,382 Cr
Mar 2024₹4,474 Cr
Mar 2025₹4,635 Cr
Mar 2026₹4,830 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹254 Cr
Mar 2018₹229 Cr
Mar 2019₹229 Cr
Mar 2020₹254 Cr
Mar 2021₹309 Cr
Mar 2022₹383 Cr
Mar 2023₹346 Cr
Mar 2024₹432 Cr
Mar 2025₹300 Cr
Mar 2026₹487 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹279 Cr −8.1% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk medium

Kajaria Ceramics Ltd trades at ₹1,159.6 as of 2026-11-04 with a market cap of ₹18,187.74 crore. The company is nearly debt-free with a debt-to-equity ratio of 0.07 and posted a TTM profit growth of 64%, though its 3-year sales CAGR of 3% and flat 5-year stock CAGR of 0% highlight muted topline momentum and lacklustre shareholder returns over the medium term.

Bull Case 8
  • Near debt-free balance sheet with a debt-to-equity ratio of just 0.07, providing significant financial flexibility and resilience against interest rate cycles.
  • TTM profit growth of 64% signals a sharp earnings recovery, substantially outpacing the 10-year compounded profit growth rate of 8%.
  • ROCE of 20.98% indicates efficient deployment of capital, well above the cost of capital for most Indian manufacturers.
  • Healthy dividend payout ratio of 46.6% with a current dividend yield of 1.05%, reflecting consistent shareholder return policy.
  • ROE has remained consistently strong — 17% over 10 years, 16% over 5 years, and 18% last year — demonstrating sustained profitability on equity.
  • 5-year compounded sales growth of 12% and 5-year compounded profit growth of 11% show reasonable long-term business expansion.
  • Stock is trading 33.6% above its 52-week low of ₹869.6, indicating recovery momentum from its recent lows.
  • 3-year compounded profit growth of 14% outpaces the corresponding 3-year sales growth of 3%, suggesting meaningful margin expansion and operating leverage.
Bear Case 7
  • 10-year compounded sales growth of just 7% and 3-year compounded sales growth of only 3% point to persistently sluggish topline expansion.
  • Stock CAGR of -2% over 3 years and 0% over 5 years shows the market has not rewarded shareholders despite underlying profitability.
  • Price-to-book ratio of 6.08x is steep, implying significant premium to book value that could compress in a risk-off environment.
  • 1-year stock CAGR of -1% indicates continued underperformance even over the recent period, despite the 64% TTM profit surge.
  • The stock sits about 9% below its 52-week high of ₹1,275, suggesting resistance at higher levels and potential distribution.
  • ROE of 15.65% on a trailing basis is lower than the last-year figure of 18%, hinting at possible near-term return dilution.
  • Poor 5-year sales growth of 11.7% for a market leader in tiles raises questions about demand saturation or competitive share loss in a fragmented industry.

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

AI News Digest

9h ago

TL;DR: Kajaria Ceramics is executing well on pricing and cost competitiveness, with a meaningful narrowing of the Morbi price gap from 40% to 20-25% and a 21% improvement in average realizations driven by both price hikes and mix enrichment. Volume guidance of 130M sqm for FY27 signals confidence. No material headwinds emerged this period. The trend is improving as branded tile economics become more favorable relative to unbranded Morbi competition.

Positives 4
  • Morbi price gap narrows sharply Oct 28

    Price gap between Kajaria's plants and Morbi players narrowed from ~40% to 20-25%, making branded tiles more competitive and reducing the discount objection customers previously raised.

  • Strong realization improvement of 21% Oct 28

    Average realization improved 21%, with ₹50 of the ₹75 increase from price hikes (12-13% at north and south plants) and ₹25 from improved product mix.

  • 130M sqm volume target set Oct 28

    Kajaria expects to sell ~130 million square metres of tiles in FY27, with ~42 million (~32%) outsourced from Morbi, demonstrating scale and transparent sourcing strategy.

Quarterly Results

₹ Cr
KAJARIACER quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
1,468
Expenses
895
942
973
1,036
927
1,023
1,003
1,083
916
973
968
1,110
1,068
1,182
Operating Profit
169
179
178
172
169
156
152
138
187
213
200
263
260
287
OPM %
16%
16%
16%
14%
15%
13%
13%
11%
17%
18%
17%
19%
20%
20%
Other Income
9
8
11
17.44
5
10
4
−11
12
15
−28
9
18
—
Interest
5
4
5
6.61
4.68
5
7
6
5
6
6
6
5
5
Depreciation
31
36
39
42
42
41
40
43
44
42
42
42
42
43
PBT
143
148
146
140
128
121
111
78
150
181
126
224
231
255
Tax %
24%
25%
26%
25%
28%
29%
28%
44%
26%
26%
31%
30%
26%
25%
Net Profit
109
111
108
104
92
86
79
43
110
134
86
157
171
191
EPS (₹)
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
—

Sep 2026: from the results filed on 24 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
KAJARIACER profit and loss, annual, ₹ crore
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 (₹)
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%
—

Balance Sheet

₹ Cr
KAJARIACER balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
KAJARIACER cash flow, annual, ₹ crore
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

Ratios

KAJARIACER financial ratios, annual
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

Log in to view Kajaria Ceramics insights

64 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 46.74%
  • DIIs 26.09%
  • FIIs 12.04%
  • Public 10.79%
  • Others 4.32%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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. It is the largest manufacturer of ceramic/ vitrified tiles in India and 8th largest in the world.
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 PE ratio of Kajaria Ceramics Ltd?
Kajaria Ceramics Ltd trades at a PE ratio of 33.83 as of 4 Nov 2026, on earnings per share of ₹34.28, against a book value of ₹190.75 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 ₹1,275 as of 4 Nov 2026.
Does Kajaria Ceramics Ltd pay dividends?
Kajaria Ceramics Ltd has a dividend yield of 1.05%.
What is the Return on Equity (ROE) of Kajaria Ceramics Ltd?
Kajaria Ceramics Ltd reported a return on equity of 17.90%. 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. It is the largest manufacturer of ceramic/ vitrified tiles in India and 8th largest in the world.

Website kajariaceramics.com
CEO Mr. Rishi Kajaria
Employees 4,794
Listed 18 Jan 1995
Face Value ₹1

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