Kajaria Ceramics Ltd - Stock Valuation and Financial Performance

BSE: 500233 | NSE: KAJARIACER | Ceramics/Marble/Granite/Sanitaryware | Small Cap

Kajaria Ceramics Share Price

881.75 8.55 0.98%
as on 21-Feb'25 16:59

DeciZen - make an informed investing decision on Kajaria Ceramics

Overall Rating
Bole Toh

1. Quality

2. Valuation

Undervalued

3. Price Trend

Kajaria Ceramics stock performance -
881.75 -372.00-30.00% past year

Price Chart, Live Stock Chart, Technical Chart of
P/E Ratio (CD):
39.64
Market Cap:
14,043.8 Cr.
52-wk low:
858
52-wk high:
1,578.3

Is Kajaria Ceramics Ltd an attractive stock to invest in?

1. Is Kajaria Ceramics Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Kajaria Ceramics Ltd is a good quality company.

2. Is Kajaria Ceramics Ltd undervalued or overvalued?

The key valuation ratios of Kajaria Ceramics Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

3. Is Kajaria Ceramics Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Kajaria Ceramics Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Kajaria Ceramics:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Kajaria Ceramics Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE %
34.4%35.1%32.4%26.1%23.2%18.8%22.2%24.8%20.3%22.4%-
Value Creation
Index
1.61.61.40.90.70.40.70.80.51.0-

Growth Parameters

Growth Parameters Colour Code Guide

Sales
2,1872,4132,5502,7112,9562,8082,7813,7054,3824,5784,697
Sales YoY Gr.
-10.4%5.6%6.3%9.1%-5%-1%33.2%18.3%4.5%-
Adj EPS
11.114.815.914.814.716.119.723.721.926.122.2
YoY Gr.
-33.5%8.1%-7.2%-0.7%9.5%22.2%20.7%-7.6%19.2%-
BVPS (₹)
46.660.973.884.798.7107.5117.2133.2145.6163.3174.5
Adj Net
Profit
176235253235233256313378349416354
Cash Flow from Ops.
180316338238317224509426296602-
Debt/CF from Ops.
1.40.90.60.70.40.60.20.30.70.3-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 8.6%9.1%18.1%4.5%
Adj EPS 10%12.2%9.9%19.2%
BVPS14.9%10.6%11.7%12.1%
Share Price 9% 9.8% -10.7% -29.1%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity %
27.627.423.618.61615.517.518.915.716.813.2
Op. Profit
Mgn %
16.319.219.616.915.414.918.516.513.515.313.8
Net Profit
Mgn %
8.59.9108.48911.310.389.37.5
Debt to
Equity
0.30.30.20.10.10.10.10.10.10.1-
Working Cap
Days
89105107111114119116959910065
Cash Conv.
Cycle
2830376473787455576040

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 18.08%

Return on Equity has declined versus last 3 years average to 13.20%

Net Profit has been subdued in last 3 years 9.94%

Sales growth is not so good in last 4 quarters at 3.46%

Latest Financials - Kajaria Ceramics Ltd.

Standalone Consolidated
TTM EPS (₹) 22.2 22.2
TTM Sales (₹ Cr.) 4,218 4,697
BVPS (₹.) 171.9 174.5
Reserves (₹ Cr.) 2,723 2,764
P/BV 5.13 5.05
PE 39.64 39.64
From the Market
52 Week Low / High (₹) 858.00 / 1578.25
All Time Low / High (₹) 1.41 / 1578.25
Market Cap (₹ Cr.) 14,044
Equity (₹ Cr.) 15.9
Face Value (₹) 1
Industry PE 34.3

Quarterly Results

 Mar'24 YoY Gr. Rt. %Jun'24 YoY Gr. Rt. %Sep'24 YoY Gr. Rt. %Dec'24 YoY Gr. Rt. %
Sales (₹ Cr.) 1,241 31,114 4.71,179 5.11,164 1
Adj EPS (₹) 6.4 -7.85.6 -16.45.3 -224.9 -25.4
Op. Profit Mgn % 13.86 -74 bps15.00 -90 bps13.47 -255 bps12.78 -274 bps
Net Profit Mgn % 8.46 -98 bps8.50 -175 bps7.50 -240 bps6.87 -253 bps

Management X-Ray of Kajaria Ceramics:

Shareholding Pattern

JavaScript chart by amCharts 3.21.5
JavaScript chart by amCharts 3.21.5Promoters:47.48%Institutions:43.95%Non-Institutions:8.57%

Promoter's Holding & Share Pledging

JavaScript chart by amCharts 3.21.5Sep22Dec22Mar23Jun23Sep23Dec23Mar24Jun24Sep24Dec240%10%20%30%40%50%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Kajaria Ceramics

MRP
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MOS
spaceLock icon%
DP
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Base EPS
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DPS
spaceLock icon
MRP: ₹ 0
DP: ₹0
Base EPS ₹:
DPS ₹:
MOS (%):
Expected EPS Growth Rate:
0%
Base 0%
50%
Expected Rate of Return:
0%
Base 0%
50%
Future PE:
0
Base 0
200
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max

Event Update

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Analyst's Notes

Kajaria Ceramics: Q2FY24 Result Update - 26 Oct 2023

Particulars

Q2FY24

(Rs. Cr)

YoY Trend

Comments

Revenue

1,122

+4%

Driven by tiles volume growth of 6.3% while realisation decline by 3.4%
EBITDA

179

+39%

 
EBITDA Margin

16%

+400 bps

On account of low power and fuel cost
PAT

111

+51%

 

At par result with strong management guidance of 9-10% volume growth and margin guidance of 14-16%.

Kajaria Ceramics: Q1FY24 Result Update - 07 Aug 2023

Particulars

Q1FY24

YoY Trend

Comments

Revenue

1,064

6%

driven by tiles volume growth of 7.2%

EBITDA

169

10%

 

EBITDA Margin

16%

+100bps

Driven by decrease in fuel prices

PAT

109

17%

 

 

 

 

 

 

 

 

 

At par result  driven by tiles volume growth of 7.2% YoY while realisation declined 1.8% YoY. Management has maintained its guidance of 14% to 16% EBITDA margin for FY24

 

Kajaria Ceramics: Q4FY23 Result Update - 19 May 2023

 

 

Q4FY23

YOY (%)

Comment

Revenue ( Consolidated)

1,205

9

 

EBITDA

176

6

 

EBITDA Margin

14.60%

-46bps

Improvement in EBITDA margin of 240bps on QOQ basis on account of decline in gas prices and cost optimization initiative.

PAT

108

13

 

Decent result on account of easing in input costs.

 

Kajaria Ceramics: Q2FY23 Result Update - 14 Nov 2022

Market Cap: Rs. 16,394 cr

CMP: Rs. 1,030 | PE 43x

Results

INR Crore

YoY Growth

Comments

Revenue

1078

11%

Change in product mix, increase in realizations.

EBITDA

129

-29.8%

Increase in gas cost and advertisement cost.

Click here for 10-year X-ray

 

Key Highlights:-

·         Q2FY2023 consolidated revenue from
operations increased by 11% year-on-year to Rs.1078 Crores from Rs.974 Crores in Q2
FY2022 mainly because of increase in realization and some change in product mix.

·         Revenue from the bathware segment was flattish in Q2 to Rs.74 Crores as compared to
corresponding quarter previous year.

·         Revenue from plywood segment grew by 17% from
Rs.17 Crores to Rs.19 Crores in Q2.

·         EBITDA margin for this quarter stood at 12.01% as
compared to 18.54% in the corresponding quarter of the previous year.

·         A sharp decline in
margin was mainly because of the increase in gas cost by 70% from Rs.37 to Rs.62 per
SCM and increase in advertisement cost by 40%.

 

Management Outlook:-

·         Management expects the gas cost to come down sharply leading to lower costs and easing of margin pressure.

·         Planning CAPEX in Nepal to capture the domestic market which currently is satisfied by Indian imports, but is quite costly to 45% import duty on tiles.

·         Total investment in Sikandrabad plant focusing on GVT to be INR 80 cr total, out of which 50 cr will be done this year, and in Nepal, it should be 30 cr this year and 95 cr next year.

·         Currently 1700 dealers all across India, plan to add around 300 more per year.

·         The market size should be roughly 21000 Crores for the year ending 2022 and around
22000 Crores for year ending 2023.

Kajaria Ceramics : Q1FY23 Results Update - 22 Jul 2022

Kajaria Ceramics: Quarterly Result Q4FY22 - 19 May 2022

Kajaria Ceramics | Market Cap: Rs 14,998 Cr

CMP 1260 | P/E 24x FY23,

 

Results: Kajaria Ceramics reported 33% year on year growth in sales for FY22. The company reported a robust revenue growth in the quarter led by 21% higher volume and 9% increase in realization.  Operating profit was up by 20% and operating margins reduced to 16.5% (vs 18.3% last year) due to increased gas prices.

Click here for 10 year X-ray


Key highlights:

  • Kajaria reported healthy yoy growth across tiles, bathware and plywood segment. The tile business grew by ~33% and bathware, sanitaryware &plywood business grew by 38% during FY22.
  • Sharp rise in gas prices, packaging and freight charges led to reduced gross margins. Volume was impacted during Jan-Feb on account of the 3rd wave of Covid19.
  • During 9MFY22, the company took ~15% price increase in the faucetware division on account of increase in brass price. In the tiles segment, the company took price hikes of ~9-10%. It last hiked prices in Nov’21, and has announced a price hike of 2% in May’22 (
  • In Q3, the company had announced plans for a 5 msm greenfield GVT slabs plant in Gujarat at a capex of Rs. 210 Cr (which was expected to be commissioned by Mar’23). However, it has now withdrawn this capacity expansion as the uncertainty in availability of gas and rising gas prices render the project unviable. Kajaria plans to review the situation after 6-8 months. Till then, its plant in South India will feed the North and West markets.
  • Commissioned 4.4msm PVT capacity in Apr’22, and 4.2msm of ceramic floor tiles at Gailpur and 3.8msm of value-added GVT at the Srikalahasti Plant in May’22.

 

Outlook: The management is optimistic on the demand outlook going forward owing to strong construction activity across India. Tile export momentum from India, which had slowed during Q2-Q3, improved in Q4 on the back of higher electricity and gas costs in other exporting countries – Italy, Spain and China.

The management believes that India will continue to be highly competitive in the export markets (Kajaria estimates export market size of Rs. 12700 Cr in FY22 and expects it to reach Rs. 17000-18000 Cr in FY23); thus, larger domestic players will continue to enjoy reduced competitive intensity and better pricing power in the domestic market, leading to market share gains. The company guided for 15-20% in volume growth in FY23.

Key Ratios of Kajaria Ceramics

Adj EPS (Rs.)

Price Chart, Live Stock Chart, Technical Chart of

Sales (Cr.)

Price Chart, Live Stock Chart, Technical Chart of

ROE (%)

Price Chart, Live Stock Chart, Technical Chart of

ROCE (%)

Price Chart, Live Stock Chart, Technical Chart of
Company Name CMP(₹)
Change ₹(%)
Market Cap
Net Sales (₹ Cr.)
Latest EPS (₹)
Net Profit Margin %
Latest P/E
Latest P/BV
Kajaria Ceramics 881.8 8.6 (1%) Small Cap 4,578 22.2 9.3 39.3 5
Somany Ceramics 438.7 -4.5 (-1%) Small Cap 2,591 17 3.9 26.1 2.4
Cera Sanitaryware 5,821.1 -131.6 (-2.2%) Small Cap 1,871 182.9 12.7 32.5 6.1
Asian Granito India 47.4 -1.6 (-3.2%) Small Cap 1,531 0.4 -1.3 115 0.5
Pokarna 1,148.4 -12.2 (-1.1%) Small Cap 688 46.5 12.3 25 5
Orient Bell 280.8 0.2 (0.1%) Small Cap 674 3.2 0 88.4 1.3
Nitco 106.2 -2.1 (-1.9%) Small Cap 323 -34.4 -48.5 - -16.5
Exxaro Tiles 8.2 -0 (-0.5%) Small Cap 302 -0.1 0.6 - 1.3
Pacific Industries 223.8 2.4 (1.1%) Small Cap 189 9 4.7 24.7 0.9
Murudeshwar Ceramics 37.5 0.8 (2.2%) Small Cap 186 1.3 2.8 29.1 0.6
Shows rows:

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales2,1872,4132,5502,7112,9562,8082,7813,7054,3824,578
Operating Expenses 1,8331,9562,0532,2542,5072,3922,2723,0953,7903,879
Manufacturing Costs6747046857868938086261,0481,3991,204
Material Costs7507548058851,0089901,1451,3991,6261,825
Employee Cost 207252289318345357325408461505
Other Costs 201246275266261237177239304345
Operating Profit 354457496456449416509611592700
Operating Profit Margin (%) 16.2%19.0%19.5%16.8%15.2%14.8%18.3%16.5%13.5%15.3%
Other Income 9101511182421283446
Interest 31343424162011132221
Depreciation 5673818989108107115133148
Exceptional Items -6001-5000-80
Profit Before Tax 270361396355358312413510462576
Tax 8512514212712959104127116143
Profit After Tax 185236254229229254309383346432
PAT Margin (%) 8.5%9.8%10.0%8.4%7.7%9.0%11.1%10.3%7.9%9.4%
Adjusted EPS (₹)11.114.515.914.814.316.119.423.721.626.5
Dividend Payout Ratio (%)18%17%19%20%21%19%52%46%42%45%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 7419681,1721,3461,5701,7091,8652,1212,3182,601
Share Capital 16161616161616161616
Reserves 7259521,1571,3301,5541,6931,8492,1052,3022,585
Minority Interest62767666666465657859
Debt2222531711359511797126203161
Long Term Debt9614211659312231245263
Short Term Debt126110557663966610215298
Trade Payables242293268258309239207298310293
Others Liabilities 366429353335332308291377419424
Total Liabilities 1,6332,0192,0402,1402,3722,4372,5252,9863,3283,539

Fixed Assets

Gross Block1,2451,5411,6621,6951,6761,8781,9491,9762,2872,563
Accumulated Depreciation385421485550598683756827840925
Net Fixed Assets8601,1211,1771,1451,0781,1951,1921,1501,4471,638
CWIP 7888189327152638268
Investments 000001050218
Inventories303384372378406513373466565532
Trade Receivables207274339451475397432513601619
Cash Equivalents 11225282252225443424394514
Others Assets1742119266677166169238149
Total Assets 1,6332,0192,0402,1402,3722,4372,5252,9863,3283,539

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity 180316338238317224509426296602
PBT 270361396355358312413510462576
Adjustment 85112119111104111107106147138
Changes in Working Capital -66-53-48-101-12-9987-62-18726
Tax Paid -80-103-129-128-133-100-98-129-126-138
Cash Flow From Investing Activity -263-267-140-137-261-90-296-298-184-298
Capex -265-269-142-138-114-121-101-263-208-278
Net Investments 000-1-22812-202-4632-4
Others 22328119811-7-15
Cash Flow From Financing Activity 87-39-168-72-114-140-205-120-135-216
Net Proceeds from Shares 751201005511
Net Proceeds from Borrowing 1146-27-23-38-250-8-311
Interest Paid 0-34-34-24-16-15-7-9-21-20
Dividend Paid -26-38-49-47-57-115-159-127-143-143
Others 28-23-5821-314-441931-65
Net Cash Flow 5103030-58-697-2388
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)29.727.6323.7118.1515.6915.4717.2919.2115.617.57
ROCE (%)34.4435.1432.4326.0823.2318.7722.2324.7920.2622.42
Asset Turnover Ratio1.691.481.411.331.311.231.171.41.451.39
PAT to CFO Conversion(x)0.971.341.331.041.380.881.651.110.861.39
Working Capital Days
Receivable Days28333952575452454547
Inventory Days37464849485756404142
Payable Days9612912797828371666860

Kajaria Ceramics Ltd Stock News

Kajaria Ceramics Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Kajaria Ceramics on 21-Feb-2025 16:59 is ₹881.8.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 21-Feb-2025 16:59 the market cap of Kajaria Ceramics stood at ₹14,043.8.
The latest P/E ratio of Kajaria Ceramics as of 21-Feb-2025 16:59 is 39.64.
The latest P/B ratio of Kajaria Ceramics as of 21-Feb-2025 16:59 is 5.13.
The 52-week high of Kajaria Ceramics is ₹1,578.3 and the 52-week low is ₹858.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Kajaria Ceramics is ₹4,218 ( Cr.) .

About Kajaria Ceramics Ltd

Kajaria Ceramics Limited is the largest manufacturer of ceramic and vitrified tiles in India. Equipped with cutting-edge technology, the company strive to deliver quality products and services to its customers. Its team of experts work around the clock to ensure that the quality of its product is never compromised.
 
In order to cater to the specific needs of its customers, the company produces various categories of tiles, including kitchen tiles, bathroom tiles, wall tiles, floor tiles and exterior wall tiles. It aims at producing tiles that complement the distinctive style of its customers and cater to the vast needs of Indian audience. All of its tiles are crafted with intense care using state-of-the-art technology to ensure that it live up to the expectations of its buyers. Choicest of materials are used to produce the company’s magnificent range of products. 

The company’s mesmerizing range of designer bathroom & kitchen floor and wall tiles have a luxurious appeal and seem to have been struck with afflatus. The premier collection is a showstopper and has the ability to make any dimension look grand. Every single piece of tile from the company’s range of designer bathroom & kitchen floor and wall tiles has a compelling aura. The matt finish tiles for kitchen from company’s collection fit perfectly with modern day designs while its rustic kitchen wall tiles blend easily with every surrounding.

Business area of the company

The company is the leader in the Indian tile industry. It has a manufacturing presence across regions. The company’s presence straddles across the entire tile value chain - ceramic wall and floor tiles, polished and glazed vitrified tiles -- providing customers with the widest choice in tiles across all price points.

Products:

  • Bathroom Tiles
  • Kitchen Tiles
  • Wall Tiles
  • Floor Tiles
  • Vitrified Tiles
  • Ceramic Tiles
  • Polished Vitrified Tiles
  • Eternity - Glazed Vitrified Tiles

Certifications

  • ISO - 9001:2008: For implementing a Quality Management System for the Manufacture and Supply of Ceramic Tiles.
  • OHSAS-18001: For implementing an Occupational Health & Safely Management System for the Manufacturing of Ceramic Tiles.
  • SA-8000: For implementing of Social Accountability Standards for the Manufacturing of Ceramic Tiles.
  • ISO-14001: For implementing an Environmental Management system for the Manufacturing of Ceramic Tiles.
  • ISO-22000:2005: For implementing a Food Safety Management System for the Manufacturing of Ceramic Tiles.
  • ISO-50001:2011: For Establishing, Implementing, Maintaining and Improving an Energy Management System for a systematic approach in achieving continual improvement of energy performance.
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