Kajaria Ceramics Ltd logo

Kajaria Ceramics Ltd

KAJARIACER NSE

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]

AI Verdict: BUY Confidence: 6%

Kajaria Ceramics deserves a BUY rating driven by its debt-free balance sheet, improving ROE of 18%, and strong TTM profit growth of 73%. However, the elevated PE of 38.1x and sluggish sales CAGR of 3-4% warrant a moderate confidence level.

Key Fundamentals

SmallcapCeramicsConsumer Goods
Market Cap
₹19,454 Cr
Volatility
High Risk
P/E Ratio
39.26
EBITDA
₹818 Cr
Return on Equity
16.15%
Debt to Equity
0.1
Book Value
₹192.47
EPS
₹25.39
52W High
₹1,321.9
52W Low
₹869.6

Technical Indicators

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
3.26% ↘
Net Income Growth
41.96% ↘
Cash Flow Change
103.60% ↗
ROE
-25.27% ↘
ROCE
-21.28% ↘
EBITDA Margin (Avg.)
17.13% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
BUY
Risk medium

Kajaria Ceramics deserves a BUY rating driven by its debt-free balance sheet, improving ROE of 18%, and strong TTM profit growth of 73%. However, the elevated PE of 38.1x and sluggish sales CAGR of 3-4% warrant a moderate confidence level.

Bull Case 8
  • Company is virtually debt-free, providing financial flexibility and lower risk during economic downturns
  • ROE has improved to 18% last year from a 10-year average of 17%, indicating efficient capital deployment
  • TTM compounded profit growth of 73% signals a sharp earnings recovery and margin expansion
  • Healthy dividend payout of 46.6% with 0.69% yield demonstrates shareholder-friendly capital allocation
  • Strong analyst consensus with 70.37% buy ratings (19 out of 27 analysts recommending buy)
  • 3-year compounded profit CAGR of 14% outpaces sales growth of 3%, reflecting operational leverage and cost discipline
  • Market cap of Rs 18,417 crore provides institutional-grade liquidity and index inclusion benefits
  • 10-year stock CAGR of 7% with recent 1-year return of 14% suggests momentum is building after a consolidation phase
Bear Case 7
  • PE ratio of 38.1x is expensive relative to the building materials sector average of 25-30x, limiting valuation upside
  • Sales CAGR of just 3% over 3 years and 4% TTM indicates demand weakness in the ceramics segment
  • Price-to-book of 6.05x is elevated, pricing in growth that has not materialized on the topline
  • 3-year stock CAGR of -3% shows the market has already penalized the stock for weak revenue execution
  • 5-year compounded sales growth of 12% has decelerated sharply to 3-4% recently, signaling a structural slowdown risk
  • Only 7.41% sell ratings but 22.22% hold ratings suggest not all analysts are convinced of near-term upside
  • 5-year stock CAGR of just 4% has significantly underperformed broader indices like Nifty 50 which delivered 15%+ over the same period

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Positives 2
  • Buyback at ₹1380 premium approved Jun 24

    Shareholders approved buyback of 21.5 lakh shares at ₹1380/share (₹296.70 crore) with 97.82% votes in favour. Record date is June 29, 2026, signaling management confidence and providing price support.

  • No promoter share encumbrance Jun 2

    Promoters confirmed zero shares encumbered in FY26 under SEBI Regulation 31(4), indicating clean promoter holding with no pledging risk.

Neutral 2
  • ₹25.20 Cr institutional block trade Jun 17

    Block trade of ~2.18 lakh shares executed on NSE at ₹1154.40/share totaling ₹25.20 crore, likely institutional rebalancing with no directional signal.

  • Investor meet in Mumbai Jun 17

    Physical investor meet held June 22-23, 2026 in Mumbai led by Chairman Ashok Kajaria and CFO Sanjeev Agarwal, routine engagement with institutional investors.

TL;DR: Kajaria Ceramics is in a quiet phase with no operational headwinds surfacing. The ₹296.70 crore buyback at a significant premium to market price signals strong management confidence and balance sheet comfort. Zero promoter pledge adds to governance quality. With no negative catalysts visible, the near-term setup is constructive pending any demand or margin commentary from the recent investor meet.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
1,205
1,064
1,122
1,152
1,208
1,096
1,179
1,156
1,222
1,103
1,186
1,168
1,373
Expenses
1,029
895
942
973
1,036
927
1,023
1,003
1,083
916
973
968
1,110
Operating Profit
176
169
179
178
172
169
156
152
138
187
213
200
263
OPM %
15%
16%
16%
16%
14%
15%
13%
13%
11%
17%
18%
17%
19%
Other Income
6
9
8
11
15
5
10
4
-11
12
15
-28
9
Interest
7
5
4
5
5
3
5
7
6
5
6
6
6
Depreciation
34
31
36
39
42
42
41
40
43
44
42
42
42
PBT
140
143
147
146
140
128
121
110
78
150
181
125
224
Tax %
21%
24%
25%
26%
25%
28%
29%
28%
44%
26%
26%
31%
30%
Net Profit
111
109
111
108
104
92
86
79
43
110
134
86
157
EPS in Rs
6.78
6.75
6.78
6.54
6.43
5.64
5.29
4.88
2.67
6.84
8.35
5.51
9.78
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
Expenses
1,831
1,950
2,049
2,253
2,501
2,391
2,266
3,093
3,789
3,768
4,000
3,965
Operating Profit
355
463
500
457
455
417
515
612
593
706
636
865
OPM %
16%
19%
20%
17%
15%
15%
19%
17%
14%
16%
14%
18%
Other Income
0
5
11
11
8
23
15
26
25
35
-14
7
Interest
29
34
34
24
16
20
11
13
22
17
20
23
Depreciation
56
73
81
89
89
108
107
115
133
148
165
169
PBT
270
361
396
355
358
312
413
510
462
576
436
680
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
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
Div. Payout %
18%
17%
19%
20%
21%
19%
52%
46%
42%
45%
49%
46%
Figures in ₹ Crores

Balance Sheet

  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
735
Total Liabilities
1,559
1,918
2,040
2,140
2,372
2,437
2,525
2,986
3,328
3,539
3,755
4,029
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
2,196
Total Assets
1,559
1,918
2,040
2,140
2,372
2,437
2,525
2,986
3,328
3,539
3,755
4,029
Figures in ₹ Crores

Cash Flow

  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
-80
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

  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
97
Days Payable
120
144
121
102
112
88
66
78
70
61
69
56
Cash Conversion Cycle
65
87
96
108
94
152
110
94
107
101
102
88
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%

Shareholding Pattern

As of Mar 2026
Promoters 47.69%
DIIs 27.48%
Public 10.49%
FIIs 10.23%
Others 4.11%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
47.54%
47.54%
47.51%
47.51%
47.50%
47.50%
47.49%
47.49%
47.49%
47.49%
47.49%
47.49%
47.49%
47.49%
47.49%
47.48%
47.48%
47.48%
47.61%
47.69%
47.69%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
19.18%
16.21%
16.07%
16.04%
15.79%
12.55%
11.57%
11.66%
10.23%
DIIs
13.86%
14.37%
14.66%
16.80%
19.70%
21.75%
22.18%
24.50%
26.24%
25.22%
25.25%
25.31%
24.92%
27.84%
28.39%
27.91%
27.68%
27.40%
26.00%
26.30%
27.48%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
9.91%
9.84%
9.77%
9.91%
8.84%
8.52%
8.31%
7.68%
7.59%
7.66%
7.28%
7.12%
6.99%
6.99%
6.69%
7.08%
7.38%
9.11%
10.43%
9.99%
10.49%
Others
28.69%
28.25%
28.05%
25.77%
23.95%
22.23%
22.01%
20.32%
18.67%
19.63%
19.98%
20.09%
1.42%
1.48%
1.36%
1.49%
1.67%
3.46%
4.39%
4.36%
4.11%
No. of Shareholders
0
63,730
70,677
76,457
78,907
83,435
76,330
77,026
68,225
67,854
71,396
74,777
80,081
83,280
77,587
82,462
89,567
93,310
92,814
91,388
92,831

Documents

Frequently Asked Questions about Kajaria Ceramics Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: KAJARIACER and BSE: 500233. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Kajaria Ceramics Ltd belong to?
Kajaria Ceramics Ltd operates in the Consumer Discretionary sector within the Consumer Durables industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Kajaria Ceramics Ltd?
Kajaria Ceramics Ltd has a market capitalisation of approximately ₹19453.52 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Kajaria Ceramics Ltd?
The Price-to-Earnings (PE) ratio of Kajaria Ceramics Ltd is 39.26. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Kajaria Ceramics Ltd?
Over the past 52 weeks, Kajaria Ceramics Ltd has traded between a low of ₹869.6 and a high of ₹1,321.9. This range helps investors understand the stock's price volatility and recent trading levels.
Does Kajaria Ceramics Ltd pay dividends?
Yes, Kajaria Ceramics Ltd has a dividend yield of 0.66%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Kajaria Ceramics Ltd?
Kajaria Ceramics Ltd has a Return on Equity (ROE) of 16.15%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Kajaria Ceramics Ltd on Tapetide?
On Tapetide, you can view Kajaria Ceramics Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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

Explore More

More in Consumer Discretionary → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List