Kajaria Ceramics logo

Kajaria Ceramics

KAJARIACER NSE

Key Fundamentals

SmallcapCeramicsConsumer Goods
Market Cap
₹19,753 Cr
Volatility
Moderate
P/E Ratio
35.74
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

4d ago
AI opinion · based on fundamentals
Risk medium

Kajaria Ceramics has a market capitalisation of about ₹19,194 Cr and trades at a P/E of 34.9x and a P/B of 6.24x. The company is almost debt-free and earned an 18% ROE last year, and TTM profit grew 64% on 9% sales growth. Against that, 3-year sales CAGR is only 3%, and the stock returned -3% annualised over 3 years and 1% over 5 years.

Bull Case 7
  • TTM compounded profit growth of 64% against TTM sales growth of 9% shows a sharp earnings recovery and operating leverage in the latest twelve months.
  • Balance sheet is almost debt-free. This gives financial flexibility for capacity additions or weathering a demand slowdown without leverage risk.
  • Last-year ROE of 18% is above the 3-year average of 15% and the 5-year average of 16%, which points to improving capital efficiency.
  • Healthy dividend payout of 46.6%, with a dividend yield of 1.15%, shows cash generation and a steady shareholder-return policy.
  • 3-year compounded profit growth of 14% far exceeds 3-year sales growth of 3%. The company has protected and expanded margins in a sluggish demand environment.
  • ROE has held in a 15–18% band across 3-, 5- and 10-year periods (10-year: 17%). That consistency suggests durable profitability through cycles.
  • 5-year sales CAGR of 12% shows the business can deliver double-digit top-line growth when housing and real estate demand is supportive.
Bear Case 7
  • 3-year compounded sales growth of just 3% points to muted demand or pricing pressure in the tiles category over the recent period.
  • Valuation is demanding at a P/E of 34.9x (earnings yield of about 2.9%) and a P/B of 6.24x. That leaves limited room for disappointment if growth does not accelerate.
  • Shareholder returns have lagged: stock CAGR is -3% over 3 years, 1% over 5 years and 6% over 10 years, well below the 10-year profit CAGR of 8%.
  • The 64% TTM profit growth is far above the 10-year profit CAGR of 8%, which may reflect a low base or one-off items. Its sustainability is uncertain.
  • Screening data flags poor sales growth of 11.7% over the past five years. The 10-year sales CAGR of 7% suggests only mid-single-digit long-term top-line expansion.
  • Dividend yield of 1.15% is modest despite a 46.6% payout, so income support for the stock is limited at current valuations.
  • A 3-year average ROE of 15% is below the latest 18%, so returns have been volatile and could revert if margins normalise.

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

AI News Digest

1d ago
Headwinds 2
  • Muted volume growth, weak April Sep 4

    Q1 FY27 volume growth was only 6% YoY, which the company put down to a very weak April. Revenue grew 20% YoY, so volumes are lagging well behind the headline number.

  • Flat 1-year stock returns Sep 4

    The stock is up just 0.21% over 1 year and fell about 2% to an intraday low of ₹1,237.90 on BSE. It is still below its 52-week high of ₹1,294.30 from October 2025.

Positives 4
  • Q1 FY27 profit jumps 55% Sep 4

    Consolidated net profit attributable to owners rose 55% YoY to ₹169.46 crore from ₹108.98 crore, and revenue grew 20% to ₹1,328.08 crore. EBITDA rose to ₹260.33 crore, with margin widening to 19.60% from 16.72%.

  • Renewable power deal cuts energy costs Sep 2

    Kajaria approved an equity investment of up to ₹12.15 crore in Sunsure Solarpark Fourty Three and signed a shareholders' agreement on September 2, 2026. The deal brings captive solar and wind power to its Gailpur and Malootana plants in Rajasthan to lower power costs.

  • ₹6 final dividend approved Sep 15

    The 40th AGM on September 15, 2026 approved a FY26 final dividend of ₹6 per share, or 600% on the Re 1 face value. The record date is September 21, and payment is due on or before October 14, 2026.

  • Strong 6-month price recovery Sep 4

    The stock is up 33% over 6 months, 14% over 3 months and 4% over 1 month. It has recovered sharply from its 52-week low of ₹870 in February 2026.

Neutral 1
  • 40th AGM held virtually Sep 4

    The 40th AGM was held on September 15, 2026 at 1:00 pm IST by video conference, in line with the Companies Act, 2013 and SEBI Listing Regulations. The Board first recommended the dividend on April 30, 2026.

TL;DR: Kajaria is showing a strong earnings recovery, with Q1 FY27 profit up 55% and EBITDA margin up about 290 bps to 19.6%. Captive renewable power should help protect margins further over time. The main risk is that volume growth was only 6%, so much of the gain came from pricing and mix rather than demand, and the stock is still flat over 1 year and near its 52-week high. The trend is improving, and the next test is whether volumes pick up in the coming quarters to support the current valuation.

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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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 ₹19,753 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 35.74, 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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