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Kajaria Ceramics Limited
(KAJARIACER)
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Rating:74Outperform
Price Target:
₹1,329.00
▲(9.44% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by strong financial performance—low leverage and improved, high-quality cash flows—partly offset by profitability volatility. Technical indicators are mixed with short-term weakness but longer-term trend support. Valuation is a notable headwind due to a high P/E and only modest dividend yield.
Positive Factors
Conservative Balance Sheet
Very low leverage and a growing equity base reduce refinancing and downturn risk. This gives Kajaria financial flexibility to sustain operations, invest in capacity, and absorb cyclical weakness in construction demand.
Negative Factors
Profitability Volatility
Variable margins indicate exposure to energy and raw-material costs, pricing conditions, and product mix. Persistent volatility can make earnings less predictable and constrain the durability of returns even when demand remains resilient.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Very low leverage and a growing equity base reduce refinancing and downturn risk. This gives Kajaria financial flexibility to sustain operations, invest in capacity, and absorb cyclical weakness in construction demand.
Read all positive factors
Kajaria Ceramics Limited (KAJARIACER) vs. iShares MSCI India ETF (INDA)
Market Cap
₹187.44B
Dividend Yield1.13%
Average Volume (3M)11.67K
Price to Earnings (P/E)36.0
Beta (1Y)0.89
Revenue Growth8.32%
EPS Growth74.12%
CountryIN
Employees4,484
SectorGeneral
Sector StrengthN/A
IndustryConstruction Materials
Share Statistics
EPS (TTM)34.28
Shares Outstanding157,143,050
10 Day Avg. Volume4,500
30 Day Avg. Volume11,672
Financial Highlights & Ratios
PEG Ratio0.46
Price to Book (P/B)4.81
Price to Sales (P/S)3.05
P/FCF Ratio26.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,430.00Price Target Upside17.75% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)41.78
Revenue Forecast (FY)₹55.81B
Kajaria Ceramics Limited Business Overview & Revenue Model
Company Description
Kajaria Ceramics Limited is a leading Indian enterprise specializing in the production and distribution of a diverse range of ceramic and vitrified tiles, primarily marketed under its Kajaria, Kerovit, and Eternity brands within India. Its extensi...
How the Company Makes Money
Kajaria Ceramics primarily makes money by manufacturing and selling tiles, generating revenue from the sale of ceramic and vitrified tile products to channel partners and end-market customers tied to new construction and replacement/renovation dem...
Kajaria Ceramics Limited Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
88
Very Positive
Cash Flow
83
Very Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 50.56B | 48.30B | 46.28B | 44.64B | 43.72B | 36.97B |
| Gross Profit | 16.64B | 11.75B | 25.12B | 24.36B | 24.46B | 20.43B |
| EBITDA | 9.34B | 8.75B | 6.68B | 7.49B | 6.17B | 6.38B |
| Net Income | 5.46B | 4.88B | 2.94B | 4.22B | 3.44B | 3.77B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 40.29B | 37.56B | 35.43B | 33.31B | 29.87B |
| Cash, Cash Equivalents and Short-Term Investments | 7.55B | 5.78B | 4.41B | 3.09B | 1.64B | 2.30B |
| Total Debt | 0.00 | 2.29B | 2.74B | 2.39B | 2.50B | 1.65B |
| Total Liabilities | -31.30B | 8.99B | 9.46B | 8.67B | 9.26B | 7.99B |
| Stockholders Equity | 31.30B | 30.66B | 27.44B | 26.17B | 23.27B | 21.22B |
Cash Flow | ||||||
| Free Cash Flow | 1.59B | 5.66B | 3.25B | 2.97B | 638.50M | 1.57B |
| Operating Cash Flow | 2.21B | 6.93B | 5.01B | 5.97B | 2.96B | 4.26B |
| Investing Cash Flow | -2.25B | -3.82B | -3.72B | -2.97B | -1.84B | -2.98B |
| Financing Cash Flow | -56.20M | -2.74B | -2.09B | -2.12B | -1.35B | -1.20B |
Kajaria Ceramics Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹187.44B | 36.03 | ― | 1.13% | 8.32% | 74.12% | |
62 Neutral | ₹25.17B | 23.81 | ― | 0.98% | 9.32% | 82.85% | |
56 Neutral | ₹14.85B | 65.37 | ― | 2.50% | 18.50% | -67.27% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹5.94B | 27.72 | ― | 0.25% | 13.22% | 387.47% | |
54 Neutral | ₹22.28B | 23.05 | ― | 0.08% | -35.05% | -48.06% | |
43 Neutral | ₹20.91B | -70.50 | ― | 0.99% | 28.75% | 98.71% |
* General Sector Average
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Kajaria Ceramics Limited Corporate Events
Kajaria Ceramics Takes Full Control of Bathware Subsidiary With CCPS Buyout
Aug 6, 2026
Kajaria Ceramics Limited has moved to consolidate full ownership over its bathware subsidiary, Kajaria Bathware Private Limited, by acquiring 44,11,764 compulsorily convertible preference shares from Aravali Investment Holdings. As a result of thi...
Kajaria Ceramics Boosts Paid-Up Capital With New ESOP Share Allotment
Jun 27, 2026
Kajaria Ceramics has announced the allotment of 20,760 equity shares under its Kajaria Employee Stock Option Scheme 2015, following the exercise of options from tranches 2 and 3 at an issue price of Rs 980 per share. The new shares, with a face va...
Kajaria Ceramics Backs Nepal JV Loan With Standby Letter of Credit
Jun 2, 2026
Kajaria Ceramics has issued a Standby Letter of Credit of INR 3.75 crore, routed via State Bank of India, in favour of Everest Bank in Nepal to support a term loan for its Nepalese joint venture, Kajaria Ramesh Tiles Limited. The facility backs a ...
Kajaria Ceramics Publishes Postal Ballot Dispatch Notices to Shareholders
May 24, 2026
Kajaria Ceramics Limited has informed stock exchanges that it has completed dispatch of its Postal Ballot Notice dated April 30, 2026, and has published related advertisements in the Financial Express and Jansatta on May 24, 2026. This step unders...
Kajaria Ceramics Installs New Operations President at Key Gailpur Plant
May 24, 2026
Kajaria Ceramics has appointed industry veteran Parag Goel as President Operations for its Gailpur plant, effective May 26, 2026, following a board-approved resolution under listing regulations. He replaces outgoing COO Rajveer Choudhary, who resi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.