Kajaria Ceramics Ltd

Kajaria Ceramics Ltd

₹ 1,188 -3.30%
30 Apr - close price
About

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]

Key Points

Product Portfolio
Their product portfolio includes ceramic wall & floor tiles, polished & glazed vitrified tiles, bath-ware solutions, and plywood & laminates. [1] In FY23, tiles accounted for ~88% of revenues while the rest of products accounted for ~12% of revenues[2]

  • Market Cap 18,938 Cr.
  • Current Price 1,188
  • High / Low 1,322 / 761
  • Stock P/E 40.1
  • Book Value 182
  • Dividend Yield 0.76 %
  • ROCE 23.1 %
  • ROE 17.2 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 56.4%

Cons

  • The company has delivered a poor sales growth of 11.6% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
1,091 964 1,010 1,024 1,104 1,002 1,062 1,050 1,105 1,007 1,079 1,053 1,235
948 828 864 881 968 868 924 929 1,009 861 907 895 1,016
Operating Profit 143 137 146 144 136 134 139 121 96 146 172 158 219
OPM % 13% 14% 14% 14% 12% 13% 13% 12% 9% 14% 16% 15% 18%
13 14 14 16 24 16 18 17 -95 19 22 -0 17
Interest 3 3 1 2 2 2 2 3 2 2 2 2 3
Depreciation 23 22 27 30 32 32 29 28 29 29 29 29 30
Profit before tax 130 126 131 128 127 116 125 107 -29 134 163 126 203
Tax % 26% 26% 26% 26% 25% 26% 26% 26% 88% 26% 26% 26% 29%
96 94 98 95 95 87 93 80 -55 100 121 93 143
EPS in Rs 6.04 5.88 6.13 5.96 5.98 5.44 5.83 4.99 -3.45 6.26 7.58 5.84 9.00
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
2,233 2,443 2,528 2,581 2,726 2,572 2,523 3,299 3,971 4,103 4,219 4,374
1,946 2,055 2,085 2,152 2,321 2,194 2,089 2,767 3,455 3,541 3,720 3,679
Operating Profit 287 388 443 429 405 378 434 533 516 562 499 695
OPM % 13% 16% 18% 17% 15% 15% 17% 16% 13% 14% 12% 16%
1 21 21 19 34 49 50 43 50 69 -54 58
Interest 6 7 4 4 3 9 5 6 11 8 9 9
Depreciation 39 47 53 62 63 79 74 84 91 111 117 118
Profit before tax 243 355 407 382 373 339 406 485 463 512 319 626
Tax % 31% 33% 34% 34% 34% 18% 26% 25% 26% 26% 36% 27%
168 237 270 252 246 279 302 362 344 381 204 457
EPS in Rs 10.60 14.92 17.00 15.87 15.47 17.54 18.97 22.76 21.63 23.95 12.82 28.68
Dividend Payout % 19% 17% 18% 19% 19% 17% 53% 48% 42% 50% 70% 49%
Compounded Sales Growth
10 Years: 6%
5 Years: 12%
3 Years: 3%
TTM: 4%
Compounded Profit Growth
10 Years: 7%
5 Years: 9%
3 Years: 11%
TTM: 68%
Stock Price CAGR
10 Years: 8%
5 Years: 5%
3 Years: 3%
1 Year: 48%
Return on Equity
10 Years: 17%
5 Years: 15%
3 Years: 15%
Last Year: 17%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 16 16 16 16 16 16 16 16 16 16 16 16
Reserves 706 940 1,164 1,361 1,550 1,714 1,862 2,095 2,304 2,555 2,592 2,883
81 43 11 12 10 76 33 70 135 67 96 89
392 460 469 443 472 389 397 511 505 535 568 575
Total Liabilities 1,195 1,460 1,659 1,831 2,047 2,195 2,308 2,692 2,961 3,172 3,272 3,563
514 663 719 745 709 694 688 817 990 1,141 1,133 1,109
CWIP 4 6 5 1 0 9 9 181 78 55 97 103
Investments 79 109 109 116 117 134 129 119 144 202 181 190
598 683 827 969 1,221 1,358 1,481 1,574 1,749 1,775 1,861 2,161
Total Assets 1,195 1,460 1,659 1,831 2,047 2,195 2,308 2,692 2,961 3,172 3,272 3,563

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
9 305 262 199 291 235 452 362 218 551 455
-70 -215 -135 -114 -285 -139 -245 -239 -132 -215 -327
63 -91 -84 -57 -63 -104 -202 -110 -110 -256 -209
Net Cash Flow 2 -2 44 28 -57 -7 5 13 -24 80 -82
Free Cash Flow -35 103 150 107 246 209 383 197 41 350 348
CFO/OP 27% 103% 88% 75% 104% 89% 127% 92% 66% 121% 112%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 31 38 44 58 55 49 54 49 49 46 43 45
Inventory Days 62 62 69 76 83 95 58 70 76 65 63 51
Days Payable 55 65 61 56 68 53 51 52 46 49 52 48
Cash Conversion Cycle 39 35 52 77 70 92 62 66 79 63 55 48
Working Capital Days 15 18 31 47 46 51 40 32 42 42 33 31
ROCE % 36% 41% 38% 30% 25% 21% 22% 24% 20% 20% 17% 23%

Insights

In beta
Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Number of Dealers
Number

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Tiles Sales Volume
MSM
Total Tile Production Capacity
MSM
Revenue Share - Retail
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
47.49% 47.49% 47.49% 47.49% 47.49% 47.49% 47.49% 47.49% 47.49% 47.61% 47.69% 47.69%
17.95% 18.48% 18.33% 19.18% 16.21% 16.07% 16.04% 15.79% 12.55% 11.57% 11.66% 10.23%
25.22% 25.43% 25.53% 24.91% 27.83% 28.39% 27.91% 27.68% 27.39% 26.00% 26.30% 27.47%
9.33% 8.59% 8.66% 8.43% 8.46% 8.05% 8.57% 9.06% 12.57% 14.82% 14.34% 14.60%
No. of Shareholders 67,85471,39674,77780,08183,28077,58782,46289,56793,31092,81491,38892,831

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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