NSE: KAJARIACER · BSE: 500233
KAJARIA CERAMICS LTD
Manufactures and sells ceramic tiles, bathware (sanitaryware and faucets) and adjacent products such as tile adhesives. Tiles are the core business, contributing ₹4,280.29 crore or 88.6% of FY26 segment revenue with segment EBIT of ₹651.18 crore, while an "others" bucket (bathware, adhesives and related adjacencies) contributed ₹550.07 crore or 11.4% with segment EBIT of ₹44.43 crore. The tile business runs across multiple owned manufacturing locations in India (including Sri Kalahasti and Kailpur/Gailpur in Rajasthan), with two new lines totalling 21 million sqm of annual tile capacity being added — 10 million sqm at Sri Kalahasti (₹210 crore) and 11 million sqm at Kailpur (₹165 crore, targeted by April 2027). FY27 tile volume is guided at around 130 million sqm versus 118 million sqm in FY26, with about 40% of sales planned to be met through outsourcing versus 29-30% currently. Bathware is being scaled after acquiring the remaining 15% stake for full ownership, with FY27 value growth guided at 35-40% and Q1 FY27 bathware revenue at ₹120 crore (+33% YoY). Adhesives revenue doubled YoY to ₹44 crore in Q4 FY26. The largest cost inputs are materials (20.5% of revenue) and other operating expenses (28.3%), with employee cost at 11.0% and depreciation at 3.5%; gas/fuel for kilns is a significant variable component, with management noting industry gas prices at ₹84/SCM. Q1 FY27 consolidated revenue was ₹1,328 crore (+20% YoY) with EBITDA margin of 19.60% and a working capital cycle of 46 days. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Tiles (89%), Others (Bathware, Adhesives, Adjacencies) (11%). Cyclical, asset-heavy branded building-products manufacturer with multi-locational tile capacity and growing bathware/adhesive adjacencies
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,705 | 4,382 | 4,578 | 4,635 | 4,830 |
| EBITDA (ex other income) | 611 | 584 | 700 | 626 | 822 |
| margin % | 16.5 | 13.3 | 15.3 | 13.5 | 17.0 |
| Owners' profit | 377 | 345 | 422 | 294 | 485 |
| EPS, as reported (₹) | 23.69 | 21.64 | 26.51 | 18.48 | 30.48 |
| ROE % · ROCE % | 17.5 · 22.5 | 14.4 · 18.5 | 16.2 · 20.8 | 10.7 · 16.5 | 15.6 · 21.0 |
| Debt / equity (x) | 0.06 | 0.09 | 0.06 | 0.06 | 0.04 |
| Cash from operations | 426 | 296 | 602 | 501 | 667 |
| Capex | (269) | (232) | (300) | (221) | (127) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,179 | 1,164 | 1,222 | 1,103 | 1,186 | 1,168 | 1,373 | 1,328 |
| Profit before tax | 123 | 111 | 101 | 151 | 181 | 126 | 224 | 230 |
| Net profit | 86 | 79 | 43 | 110 | 134 | 86 | 157 | 171 |
| EPS (₹) | 5.29 | 4.88 | 2.67 | 6.84 | 8.35 | 5.51 | 9.78 | 10.64 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Tiles | 4,337 | 89.8 |
| others* | 161 | 3.3 |
| Others* | 230 | 4.8 |
| Others | 102 | 2.1 |
| Total, before eliminations | 4,830 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KAJARIA CERAMICS LTD ◆ | 17,760 | 32.5 | 5.67 | 20.4 | 15.6 | 20.3 | 11.7 | 20.9 |
| SOMANY CERAMICS LIMITED | 2,234 | 21.0 | 2.43 | 8.9 | 8.1 | 8.8 | 11.1 | 12.0 |
| NITCO LIMITED | 1,658 | — | 4.55 | 58.8 | 7.9 | 4.4 | 10.6 | (4.9) |
| ASIAN GRANITO IND. LTD. | 1,371 | 60.8 | 0.89 | 14.6 | 1.2 | 1.3 | 7.5 | 6.5 |
| ORIENT BELL LIMITED | 534 | 25.2 | 1.62 | 13.4 | 3.8 | 4.0 | 6.6 | 8.6 |
| EXXARO TILES LIMITED | 278 | 69.0 | 0.99 | 14.3 | 1.0 | 1.3 | — | 9.1 |
| MURUDESHWAR CERAMICS LTD | 160 | 16.3 | 0.42 | 7.3 | 2.8 | 2.9 | — | 19.2 |
| Manoj Ceramic Limited | 131 | 4.3 | — | — | — | 10.8 | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 32.5 | 25.2 | 5 of 7 | 33% |
| P/B | 5.7 | 1.4 | 8 of 8 | 0% |
| ROCE | 20.3 | 2.9 | 1 of 11 | 100% |
| ROE | 15.6 | 4.7 | 1 of 8 | 100% |
| Debt / Equity | 0.0 | 0.3 | 1 of 8 | 100% |
| EBITDA margin | 20.9 | 7.5 | 1 of 10 | 100% |
| Revenue growth | 20.4 | 31.3 | 8 of 11 | 30% |
| Profit growth | 55.0 | 0.6 | 4 of 10 | 67% |
| Market cap | 17760 | 278 | 1 of 11 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Kajaria Ceramics posts audio of September results conference call | investor communications | low | — | — |
| 24 Oct 2026 · Trading window to reopen 48 hours after results and dividend announcement | compliance | minimal | — | — |
| 24 Oct 2026 · Q2 FY27 sales up 24%, profit after tax up 43% as margin expands | investor communications | medium | — | — |
| 24 Oct 2026 · Rs 12 interim dividend, higher Q2 profit and Rs 554 crore expansion | corporate actions | high | — | — |
| 24 Oct 2026 · Kajaria approves Rs554 crore expansion across three manufacturing sites | capex operations | high | — | — |
| 24 Oct 2026 · Kajaria declares Rs 12 interim dividend; record date October 29, 2026 | corporate actions | high | — | — |
| 24 Oct 2026 · Rs 12 interim dividend approved as profit rises and capacity expands | corporate actions | high | — | — |
| 24 Oct 2026 · Q2 profit up 118%; Rs12 dividend and Rs554 crore expansion | results | high | — | — |
| 21 Oct 2026 · Management to meet institutional investors on October 27 and 28 | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Kajaria Ceramics Conference Call Re-scheduled to Oct 26, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.