Kajaria Ceramics Ltd

Kajaria Ceramics Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Kajaria Ceramics Ltd

₹ 1,119 2.30%
10 Apr 4:01 p.m.
kajariaceramics.com BSE: 500233 NSE: KAJARIACER
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]

Website BSE NSE
  • Market Cap ₹ 17,832 Cr.
  • Current Price ₹ 1,119
  • High / Low ₹ 1,322 / 761
  • Stock P/E 41.2
  • Book Value ₹ 184
  • Dividend Yield 0.80 %
  • ROCE 17.1 %
  • ROE 11.2 %
  • Face Value ₹ 1.00
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Pros

  • Company has been maintaining a healthy dividend payout of 45.2%

Cons

  • The company has delivered a poor sales growth of 10.5% 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.

Peer comparison

Consumer Discretionary Consumer Durables Consumer Durables Ceramics

Part of BSE 500 Nifty 500 BSE Allcap BSE Consumer Discretionary BSE SmallCap Select Index

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
1,091 1,205 1,064 1,122 1,152 1,208 1,096 1,179 1,156 1,222 1,103 1,186 1,168
958 1,029 895 942 973 1,036 927 1,023 1,003 1,083 916 973 968
Operating Profit 133 176 169 179 178 172 169 156 152 138 187 213 200
OPM % 12% 15% 16% 16% 16% 14% 15% 13% 13% 11% 17% 18% 17%
7 6 9 8 11 15 5 10 4 -11 12 15 -28
Interest 8 7 5 4 5 5 3 5 7 6 5 6 6
Depreciation 33 34 31 36 39 42 42 41 40 43 44 42 42
Profit before tax 100 140 143 147 146 140 128 121 110 78 150 181 125
Tax % 26% 21% 24% 25% 26% 25% 28% 29% 28% 44% 26% 26% 31%
74 111 109 111 108 104 92 86 79 43 110 134 86
EPS in Rs 4.67 6.78 6.75 6.78 6.54 6.43 5.64 5.29 4.88 2.67 6.84 8.35 5.51
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
1,836 2,187 2,413 2,550 2,711 2,956 2,808 2,781 3,705 4,382 4,474 4,635 4,679
1,550 1,831 1,950 2,049 2,253 2,501 2,391 2,266 3,093 3,789 3,768 4,000 3,940
Operating Profit 287 355 463 500 457 455 417 515 612 593 706 636 739
OPM % 16% 16% 19% 20% 17% 15% 15% 19% 17% 14% 16% 14% 16%
1 0 5 11 11 8 23 15 26 25 35 -14 -12
Interest 41 29 34 34 24 16 20 11 13 22 17 20 23
Depreciation 47 56 73 81 89 89 108 107 115 133 148 165 170
Profit before tax 199 270 361 396 355 358 312 413 510 462 576 436 533
Tax % 34% 32% 35% 36% 36% 36% 19% 25% 25% 25% 25% 31%
131 185 236 254 229 229 254 309 383 346 432 300 374
EPS in Rs 8.22 11.05 14.56 15.91 14.78 14.25 16.06 19.36 23.68 21.64 26.50 18.48 23.37
Dividend Payout % 21% 18% 17% 19% 20% 21% 19% 52% 46% 42% 45% 49%
Compounded Sales Growth
10 Years: 8%
5 Years: 11%
3 Years: 8%
TTM: 1%
Compounded Profit Growth
10 Years: 5%
5 Years: 3%
3 Years: -7%
TTM: 17%
Stock Price CAGR
10 Years: 9%
5 Years: 3%
3 Years: 0%
1 Year: 44%
Return on Equity
10 Years: 17%
5 Years: 16%
3 Years: 14%
Last Year: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 15 16 16 16 16 16 16 16 16 16 16 16 16
Reserves 514 725 956 1,159 1,335 1,559 1,698 1,853 2,106 2,311 2,601 2,728 2,914
236 243 294 213 170 120 166 126 165 250 239 274 290
410 575 653 652 619 677 557 530 699 751 684 737 749
Total Liabilities 1,176 1,559 1,918 2,040 2,140 2,372 2,437 2,525 2,986 3,328 3,539 3,755 3,969
692 860 1,121 1,177 1,145 1,078 1,195 1,192 1,150 1,447 1,638 1,717 1,667
CWIP 41 78 8 8 18 93 27 15 263 82 68 109 136
Investments 0 0 0 0 0 0 10 5 0 2 18 34 40
443 621 790 854 977 1,200 1,206 1,313 1,573 1,798 1,815 1,895 2,126
Total Assets 1,176 1,559 1,918 2,040 2,140 2,372 2,437 2,525 2,986 3,328 3,539 3,755 3,969

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
166 180 316 338 238 317 224 509 426 296 602 501
-151 -263 -267 -140 -136 -261 -90 -296 -298 -182 -298 -372
-13 87 -39 -168 -72 -114 -140 -205 -120 -135 -216 -209
Net Cash Flow 2 5 10 30 30 -58 -6 9 7 -22 88 -80
Free Cash Flow 14 -84 47 195 100 203 103 408 162 87 323 305
CFO/OP 81% 73% 90% 93% 80% 99% 78% 118% 91% 71% 105% 97%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 33 35 41 49 61 59 52 57 51 50 51 45
Inventory Days 98 151 189 168 150 147 189 119 122 127 111 126
Days Payable 78 120 144 121 102 112 88 66 78 70 61 69
Cash Conversion Cycle 54 65 87 96 108 94 152 110 94 107 101 102
Working Capital Days -6 -0 17 31 43 41 57 51 36 45 47 42
ROCE % 32% 33% 34% 31% 25% 23% 18% 21% 24% 20% 21% 17%

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
%

Shareholding Pattern

Numbers in percentages

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
47.49% 47.49% 47.49% 47.49% 47.49% 47.49% 47.49% 47.49% 47.49% 47.49% 47.61% 47.69%
16.89% 17.95% 18.48% 18.33% 19.18% 16.21% 16.07% 16.04% 15.79% 12.55% 11.57% 11.66%
26.23% 25.22% 25.43% 25.53% 24.91% 27.83% 28.39% 27.91% 27.68% 27.39% 26.00% 26.30%
9.36% 9.33% 8.59% 8.66% 8.43% 8.46% 8.05% 8.57% 9.06% 12.57% 14.82% 14.34%
No. of Shareholders 68,22567,85471,39674,77780,08183,28077,58782,46289,56793,31092,81491,388

* 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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Credit ratings

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