Skip to main content
Swing Capital

Kajaria Ceramics Ltd

NSE: KAJARIACER BSE: 500233

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]

₹1,045
52W: ₹870 — ₹1322
PE 35.3 · Book ₹182 · +474% vs book
Market Cap₹16,649 Cr
Stock P/E35.3Price to Earnings
ROCE23.1%Return on Capital
ROE17.2%Return on Equity
Div. Yield0.85%Face Value ₹1

Strengths

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

Weaknesses

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

Shareholding Pattern

Promoters47.69%
FIIs10.23%
DIIs27.47%
Public14.6%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters47.49%47.49%47.49%47.49%47.49%47.61%▲0.147.69%▲0.147.69%
FIIs16.21%16.07%▼0.116.04%▼0.015.79%▼0.312.55%▼3.211.57%▼1.011.66%▲0.110.23%▼1.4
DIIs27.83%28.39%▲0.627.91%▼0.527.68%▼0.227.39%▼0.326%▼1.426.3%▲0.327.47%▲1.2
Public8.46%8.05%▼0.48.57%▲0.59.06%▲0.512.57%▲3.514.82%▲2.314.34%▼0.514.6%▲0.3

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,0241,1041,0021,0621,0501,1051,0071,0791,0531,235
Expenses8819688689249291,0098619078951,016
Operating Profit14413613413912196146172158219
OPM %14%12%13%13%12%9%14%16%15%18%
Net Profit9595879380-5510012193143
EPS ₹5.965.985.445.834.99-3.456.267.585.849

AI Insights

Revenue Trend

Mar 2026 revenue at ₹4,374Cr, up 3.7% YoY. OPM at 16%.

Debt Position

Borrowings at ₹89Cr. Debt-to-equity ratio: 0.03x. Healthy balance sheet.

Capex Cycle

CWIP at ₹103Cr (9% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 27.47% (+2.25pp change). FIIs: 10.23% (-7.72pp change). Promoters hold 47.69%.

Margin & Efficiency

ROCE declining from 36% (Mar 2015) to 23% (Mar 2026). Working capital days: 31.

Valuation

PE 35.3x with 23.1% ROCE. Price is 474% above book value of ₹182. Dividend yield: 0.85%.

Recent Announcements