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 36.4
  • Book Value 192
  • Dividend Yield 0.76 %
  • ROCE 23.3 %
  • ROE 17.9 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 46.6%

Cons

  • The company has delivered a poor sales growth of 11.7% 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

Consolidated Figures in Rs. Crores / View Standalone

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
1,205 1,064 1,122 1,152 1,208 1,096 1,179 1,156 1,222 1,103 1,186 1,168 1,373
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%
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
Profit before tax 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%
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
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Upcoming result date: today

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
2,187 2,413 2,550 2,711 2,956 2,808 2,781 3,705 4,382 4,474 4,635 4,830
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%
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
Profit before tax 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%
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 26.50 18.48 30.48
Dividend Payout % 18% 17% 19% 20% 21% 19% 52% 46% 42% 45% 49% 46%
Compounded Sales Growth
10 Years: 7%
5 Years: 12%
3 Years: 3%
TTM: 4%
Compounded Profit Growth
10 Years: 8%
5 Years: 11%
3 Years: 14%
TTM: 73%
Stock Price CAGR
10 Years: 8%
5 Years: 5%
3 Years: 3%
1 Year: 48%
Return on Equity
10 Years: 17%
5 Years: 16%
3 Years: 15%
Last Year: 18%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 725 956 1,159 1,335 1,559 1,698 1,853 2,106 2,311 2,601 2,728 3,050
243 294 213 170 120 166 126 165 250 239 274 229
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
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
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

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
180 316 338 238 317 224 509 426 296 602 501
-263 -267 -140 -136 -261 -90 -296 -298 -182 -298 -372
87 -39 -168 -72 -114 -140 -205 -120 -135 -216 -209
Net Cash Flow 5 10 30 30 -58 -6 9 7 -22 88 -80
Free Cash Flow -84 47 195 100 203 103 408 162 87 323 305
CFO/OP 73% 90% 93% 80% 99% 78% 118% 91% 71% 105% 97%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 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%

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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Documents

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