Kajaria Ceramics Ltd logo

Kajaria Ceramics Ltd

KAJARIACER NSE

Key Fundamentals

SmallcapCeramicsConsumer Goods
Market Cap
₹19,837 Cr
Volatility
Moderate
P/E Ratio
35.76
EBITDA
₹818 Cr
Return on Equity
12.39%
Debt to Equity
0.07
Book Value
₹195.07
EPS
₹25.39
52W High
₹1,309.7
52W Low
₹869.6

Insights

Beta

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

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40 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

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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
AI opinion · based on fundamentals
Risk medium

Kajaria Ceramics, India's largest ceramic tile manufacturer with a market cap of ₹20,183 crore, trades at a PE of 36.2x with near-zero debt and a consistent ROE averaging 15-18% over the past decade. The company has shown a sharp TTM profit growth of 64% but its 3-year sales CAGR of just 3% and negative stock returns over 3 years highlight a period of subdued topline momentum.

Bull Case 8
  • Company is virtually debt-free, providing significant financial flexibility and resilience against interest rate cycles
  • TTM profit growth of 64% indicates a strong earnings recovery and improving operating leverage
  • Consistent ROE track record — 18% last year, 15% over 3 years, 16% over 5 years, and 17% over 10 years — demonstrates sustained capital efficiency
  • Healthy dividend payout ratio of 46.6% with a current yield of 1.11%, reflecting shareholder-friendly capital allocation
  • 10-year compounded sales growth of 7% and profit growth of 8% show long-term business durability through multiple cycles
  • 5-year compounded profit growth of 11% outpaces 5-year sales growth of 12%, suggesting margin discipline and operational efficiency gains
  • TTM sales growth of 9% shows acceleration from the 3-year CAGR of 3%, signaling a potential topline recovery
  • Price-to-book of 6.46x, while elevated, is supported by consistently high ROE in the 15-18% range, justifying premium valuation for a market leader
Bear Case 8
  • PE ratio of 36.2x is elevated for a building materials company with only 3% compounded sales growth over 3 years, leaving limited margin of safety
  • 3-year stock CAGR of -5% indicates the market has de-rated the stock despite profit growth, suggesting valuation concerns
  • 3-year compounded sales growth of just 3% is well below inflation, indicating near-flat real revenue growth in recent years
  • 5-year compounded sales growth of only 11.7% is modest for a company commanding a premium multiple in a growing economy
  • 1-year stock return of -1% shows continued lack of price momentum even as TTM profits surged 64%, suggesting the market is skeptical about earnings sustainability
  • 10-year stock CAGR of 7% has significantly underperformed broader market indices, indicating long-term wealth creation has been limited relative to peers
  • Price-to-book of 6.46x leaves the stock vulnerable to sharp correction if ROE trends decline from the current 18% level
  • 5-year stock CAGR of only 4% despite 12% sales and 11% profit compounding over the same period indicates persistent valuation compression

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

AI News Digest

Anthropic anthropic claude-opus-4.6 18h ago
Positives 4
  • Q1FY27 profit surges 56% YoY Aug 2

    Consolidated net profit jumped 56% YoY to ₹171.03 crore in Q1FY27 on revenue of ₹1,328.08 crore (up 20% YoY). Board approved ₹165 crore capacity expansion at Gailpur and ₹12.15 crore solar park investment.

  • ₹6 dividend, record date Sep 21 Aug 12

    Final dividend of ₹6 per share announced with record date September 21, 2026, subject to approval at 40th AGM on September 15.

  • Full buyout of Bathware subsidiary Aug 6

    Acquired remaining CCPS in Kajaria Bathware from Aravali Investment Holdings for ₹50 crore, consolidating 100% ownership of the subsidiary.

  • ₹296.70 crore buyback completed Jul 20

    Bought back 21.50 lakh shares at ₹1,380 each totalling ₹296.70 crore. Share extinguishment completed by July 27, 2026.

Neutral 4
  • CHRO Ashish Goel resigns Jul 27

    Chief Human Resources Officer Ashish Goel resigned effective July 27, 2026, citing personal and health reasons.

  • ₹24.80 crore block trade on BSE Jul 20

    Approximately 2 lakh shares traded in a block deal at ₹1,240 per share on BSE, indicating institutional activity.

  • Nuvama India Conference attendance Aug 5

    Vice Chairman Chetan Kajaria and CFO Sanjeev Agarwal to attend Nuvama India Conference in Singapore on August 11-12. No UPSI to be shared.

  • Q1FY27 earnings call held Jul 31 Jul 23

    Conference call with senior management held on July 31 at 4:30 PM IST to discuss Q1FY27 unaudited results. Audio recording made available August 3.

TL;DR: Kajaria Ceramics is firing on all cylinders with a 56% profit surge in Q1FY27, strong revenue growth, and aggressive capital allocation through capacity expansion, buyback, and subsidiary consolidation. No material headwinds are visible in recent news flow. The CHRO departure is worth monitoring but management transition appears orderly. With demand momentum, shareholder-friendly actions, and capacity additions underway, the near-term trajectory looks constructive.

Quarterly Results

  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

  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
3,965
4,118
Operating Profit
355
463
500
457
455
417
515
612
593
706
636
865
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
7
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

  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 Jun 2026
Promoters 47.69%
DIIs 26.25%
FIIs 11.58%
Public 10.36%
Others 4.11%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
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%
11.58%
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%
26.25%
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%
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%
10.36%
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%
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
1,25,200

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 Goods sector within the Ceramics 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 ₹19837.36 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 35.76. 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 ₹1,309.7. 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 1.12%. 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 12.39%. 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

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