Kajaria Ceramics Limited (KAJARIACER)

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Kajaria Ceramics Limited (KAJARIACER) · mywealthgrid

About

Kajaria Ceramics Limited operates in ceramic tiles within the Consumer Discretionary sector. With a market cap of ₹19,966.66 Cr and recent quarterly revenues of ₹1,050–₹1,370 Cr, it is an established participant in the Indian ceramics market. The company maintains operating margins of 17–19%, reflecting stable cost management and pricing discipline.

Face value: ₹1

Market cap

₹19,516 Cr

P/E

35.8×

P/B

6.4×

Dividend yield

1.1%

ROE

16.7%

ROCE

23.4%

Debt / equity

0.04

OPM

17.9%

EPS (TTM)

₹34.3

Book value

₹192.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

High valuation at PE 36.58 relative to current earnings; verify if recent quarter profit levels are repeatable and justify the multiple

Operating margin volatility: OPM ranged 14.97–19.61% across recent quarters, indicating sensitivity to costs or sales mix; verify raw material cost trends and demand stability

Earnings volatility: EPS swung from ₹5.51 to ₹10.64 quarter-to-quarter; verify what drives these swings and forward consistency

Ceramics demand is tied to residential construction cycles; verify current demand environment, order pipeline, and capacity utilization

Generated analysis · source review pending

Growth drivers

Operating margin recovered to 19.61% in Jun 2026 from 14.97% in Dec 2025; verify if cost discipline or pricing power sustains this recovery
Debt-to-equity ratio of 0.04 provides significant financial flexibility for capex or expansion without balance sheet stress
Buyback announced Jun 2026 signals management confidence in cash generation; verify if free cash flow sustains both buybacks and regular dividends
Quarterly revenue base of ₹1,200+ Cr; verify geographic penetration depth, product mix, and addressable market to drive growth

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,225.1+2.9%1Y

Quick read

rule-based

Pros

+High return on capital employed of 20.7%
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 33.1×
+Dividend payout of 40.9% of profit

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

57/100

Business quality: 70
Growth: 60
Valuation: 41

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET NIFTY CONSUMER DURABLES

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,855	2,783	2,956	2,808	2,781	3,705	4,382	4,578	4,635	4,830
COGS	919	1,060	1,146	1,101	1,247	1,555	1,807	1,977	1,966	2,067
Gross profit	1,935	1,722	1,810	1,707	1,534	2,150	2,575	2,601	2,670	2,763
	1,439	1,266	1,360	1,291	1,025	1,539	1,983	1,903	2,043	1,898
	496	456	449	416	509	611	592	698	627	865
OPM %	17.4%	16.4%	15.2%	14.8%	18.3%	16.5%	13.5%	15.3%	13.5%	17.9%
Depreciation	81	89	89	108	107	115	133	148	165	169
Interest	34	24	16	20	11	13	22	21	20	23
	15	12	13	24	21	28	26	46	-6	7
Profit before tax	396	355	358	312	413	510	462	576	436	680
Tax	142	127	129	59	104	127	116	143	136	193
Tax %	36%	35.7%	36.1%	18.9%	25.2%	25%	25.1%	24.9%	31.2%	28.4%
	254	229	229	254	309	383	346	432	300	487
PAT margin %	8.9%	8.2%	7.7%	9%	11.1%	10.3%	7.9%	9.4%	6.5%	10.1%
EPS (₹)	—	14.8	14.3	16.1	19.4	23.7	21.6	26.5	18.5	30.5
EPS adjusted (₹)	15.9	14.8	14.3	—	19.4	23.7	21.6	26.5	18.5	30.5
	—	20.3%	21.1%	18.7%	51.6%	46.4%	41.6%	45.3%	48.7%	45.9%
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	16	16	16	16	16	16	16	16	16
Reserves	1,159	1,335	1,559	1,853	2,106	2,311	2,601	2,728	3,050
Minority interest	76	66	66	65	65	78	59	66	65
	171	135	95	99	128	209	171	176	130
	618	588	637	494	671	717	697	770	768
Total equity & liabilities	2,040	2,140	2,373	2,527	2,987	3,331	3,543	3,756	4,029
	1,177	1,145	1,078	1,192	1,150	1,405	1,567	1,617	1,568
CWIP	8	18	93	15	263	82	68	109	119
Investments	0	0	0	5	0	2	15	34	39
	854	977	1,202	1,314	1,574	1,842	1,893	1,997	2,303
Total assets	2,040	2,140	2,373	2,527	2,987	3,331	3,543	3,756	4,029

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Tiles	4,280.29	651.18	2,758.07	537.07	2,221	29.32
others*	550.07	44.43

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	61.2%	60.8%	55.2%	58%	58.8%	56.8%	57.6%	57.2%
EBITDA margin %	15.2%	14.8%	18.3%	16.5%	13.5%	15.3%	13.5%	17.9%
EBIT margin %	12.2%	11%	14.5%	13.4%	10.5%	12.1%	9.9%	14.4%
PAT margin %	7.7%	9%	11.1%	10.3%	7.9%	9.4%	6.5%	10.1%
Working capital
Receivable days	59	—	57	51	50	49	45	47
Inventory days	129	—	109	109	114	98	115	97
Payable days	7	—	61	70	63	54	63	56
NWC days	181	—	105	90	101	93	97	88
Leverage
Current ratio	2	—	2.81	2.2	2.27	2.64	2.57	2.97
Debt to EBITDA	0.21	—	0.19	0.21	0.35	0.24	0.28	0.15
Debt to equity	0.06	—	0.05	0.06	0.09	0.07	0.06	0.04
Interest coverage	24.3	17	39.5	41.1	22.1	28.3	25.1	33.1
Asset turnover	1.25	—	1.1	1.24	1.32	1.29	1.23	1.2
Return ratios
Return on assets %	9.6%	—	12.2%	12.8%	10.4%	12.2%	8%	12.1%
Return on capital employed %	22.4%	—	20.5%	23.8%	19.9%	21.8%	17%	23.4%
Return on equity %	14.5%	—	16.5%	18%	14.9%	16.5%	10.9%	15.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	47.49%	47.49%	47.49%	47.49%	47.49%	47.48%	47.48%	47.48%	47.61%	47.69%	47.69%	47.69%
	18.48%	18.32%	19.18%	16.21%	16.07%	16.04%	15.79%	12.55%	11.57%	11.66%	10.23%	11.58%
	25.45%	25.54%	24.92%	27.84%	28.39%	27.91%	27.68%	27.39%	26%	26.3%	27.48%	26.25%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	8.58%	8.65%	8.41%	8.46%	8.05%	8.57%	9.05%	12.58%	14.82%	14.35%	14.6%	14.48%
No. of shareholders	—	—	—	—	—	—	—	—	92,814	91,388	92,831	1,25,200

Promoter holding up 0.2 percentage points since Sep 2023.

33 deals · 14 Sept 2021 – 24 Jul 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
24 Jul 2025	LONG TERM INDIA FUND	Bulk	BSE	Buy	12,50,000	₹1,180.00	₹147.50 Cr
1 Jul 2025	JP MORGAN FUNDS	Bulk	NSE	Sell	8,85,002	₹1,067.88	₹94.51 Cr
25 Jan 2024	SOCIETE GENERALE	Block	BSE	Buy	1,98,777	₹1,332.15	₹26.48 Cr
25 Jan 2024	BNP PARIBAS ARBITRAGE	Block	BSE	Sell	1,98,777	₹1,332.15	₹26.48 Cr
22 Mar 2023	SMALL CAP WORLD FUND INC	Bulk	NSE	Sell	12,50,000	₹1,040.03	₹130.00 Cr
14 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	1,13,333	₹1,032.15	₹11.70 Cr
14 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	1,13,333	₹1,032.15	₹11.70 Cr
3 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	1,13,334	₹1,068.20	₹12.11 Cr
3 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	1,13,334	₹1,068.20	₹12.11 Cr
25 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	1,05,672	₹1,109.55	₹11.72 Cr

1–10 of 33

1 / 4

Mr. ASHOK KUMAR KAJARIAExecutive Director-Chairperson related to Promoter
Sanjeev AgarwalChief Financial Officer
Mr. CHETAN KAJARIAExecutive Director
Mr. RISHI KAJARIAExecutive Director-MD
Mr. DEV DATT RISHINon-Executive - Non Independent Director
Mr. SUDHIR BHARGAVANon-Executive - Independent Director
Mr. LALIT KUMAR PANWARNon-Executive - Independent Director
Mrs. AMBIKA SHARMANon-Executive - Independent Director
Mr. HITESH SOHANLAL JAINNon-Executive - Independent Director
Mr. PRADEEP UDHASNon-Executive - Independent Director
R C RawatSr. V.P. (Accounts & Taxation) & Company Secretary & Compliance Officer

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F&O

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Not in the F&O segment

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 12 fund houses

Held by these funds

15.18%

of the company's equity

All mutual funds

22.62%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

47 schemes · 12 fund houses

		Shares
Smallcap Fund	SBI Mutual Fund	68.42 L	851.64	2%	4.295%	-0
Portfolio of Kotak Multi Cap FundNEW	Kotak Mahindra Mutual Fund	46.37 L	577.24	1.89%	2.911%	—
Franklin India Small Cap Fund (Formerly known as Franklin India Smaller Companies Fund) ^	Franklin Templeton Mutual Fund	28.04 L	349.06	2.37%	1.76%	-0
Large and Midcap Fund	SBI Mutual Fund	19.55 L	243.33	0.57%	1.227%	-0
SMALL CAP FUND	Nippon India Mutual Fund	18.95 L	235.89	0.29%	1.19%	-0
ELSS Tax Saver Fund	SBI Mutual Fund	13.31 L	165.7	0.52%	0.836%	-0
Multi Cap FundNEW	Nippon India Mutual Fund	11.77 L	146.52	0.26%	0.739%	—
Flexi Cap Fund	Bajaj Finserv Mutual Fund	10.14 L	126.26	1.46%	0.637%	+92,497

1–8 of 47

1 / 6

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

28 announcementsExport CSV

1 Oct 2026, 5:12 pmCompany Update

Clarification On Volume Movement Letter

General PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	61.2%	60.8%	55.2%	58%	58.8%	56.8%	57.6%	57.2%
EBITDA margin %	15.2%	14.8%	18.3%	16.5%	13.5%	15.3%	13.5%	17.9%
EBIT margin %	12.2%	11%	14.5%	13.4%	10.5%	12.1%	9.9%	14.4%
PAT margin %	7.7%	9%	11.1%	10.3%	7.9%	9.4%	6.5%	10.1%
Working capital
Receivable days	59	—	57	51	50	49	45	47
Inventory days	129	—	109	109	114	98	115	97
Payable days	7	—	61	70	63	54	63	56
NWC days	181	—	105	90	101	93	97	88
Leverage
Current ratio	2	—	2.81	2.2	2.27	2.64	2.57	2.97
Debt to EBITDA	0.21	—	0.19	0.21	0.35	0.24	0.28	0.15
Debt to equity	0.06	—	0.05	0.06	0.09	0.07	0.06	0.04
Interest coverage	24.3	17	39.5	41.1	22.1	28.3	25.1	33.1
Asset turnover	1.25	—	1.1	1.24	1.32	1.29	1.23	1.2
Return ratios
Return on assets %	9.6%	—	12.2%	12.8%	10.4%	12.2%	8%	12.1%
Return on capital employed %	22.4%	—	20.5%	23.8%	19.9%	21.8%	17%	23.4%
Return on equity %	14.5%	—	16.5%	18%	14.9%	16.5%	10.9%	15.9%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Kajaria Ceramics LimitedKAJARIACERKAJARIACER	₹19,516 Cr	₹19,646 Cr	₹5,056 Cr	₹939 Cr	17.9%	₹546 Cr	10.1%	23.4%	16.7%	88
Varmora Granito LimitedVARMORAVARMORA	₹3,035 Cr	₹3,393 Cr	₹1,512 Cr	₹171 Cr	11.3%	₹55 Cr	3.6%	11.2%	7.2%	—
Somany Ceramics LimitedSOMANYCERASOMANYCERA	₹2,518 Cr	₹2,769 Cr	₹2,935 Cr	₹294 Cr	9.2%	₹106 Cr	2.7%	13.7%	10.1%	44
Nitco LimitedNITCONITCO	₹2,025 Cr	₹2,329 Cr	₹508 Cr	₹-33 Cr	4.6%	₹-29 Cr	5.3%	7.3%	9.5%	444
Asian Granito India LimitedASIANTILESASIANTILES	₹1,422 Cr	₹1,850 Cr	₹1,900 Cr	₹89 Cr	5.6%	₹13 Cr	1%	3.5%	1.4%	94
Orient Bell LimitedORIENTBELLORIENTBELL	₹586 Cr	₹616 Cr	₹752 Cr	₹51 Cr	5.7%	₹21 Cr	1.8%	5.3%	3.9%	10
Exxaro Tiles LimitedEXXAROEXXARO	₹270 Cr	₹361 Cr	₹325 Cr	₹26 Cr	8.2%	₹4 Cr	0.9%	5.2%	1%	318
Murudeshwar Ceramics LimitedMURUDCERAMURUDCERA	₹170 Cr	₹310 Cr	₹209 Cr	₹33 Cr	15.3%	₹10 Cr	5.3%	5.7%	2.9%	722
Manoj Ceramic LtdMCPLMCPL	₹99 Cr	—	₹203 Cr	₹25 Cr	12.1%	₹12 Cr	5.9%	—	—	—
Regency Ceramics LimitedREGENCERAMREGENCERAM	₹84 Cr	₹194 Cr	₹50 Cr	₹-34 Cr	-61.1%	₹-24 Cr	-62.3%	-155.1%	—	-47
Restile Ceramics LtdRESTILERESTILE	₹74 Cr	₹111 Cr	₹1 Cr	₹-1 Cr	5.7%	₹-1 Cr	-1.1%	—	—	31

Date	Category	Subject	Filing
1 Oct 2026, 5:12 pm	Company Update General	Clarification On Volume Movement Letter	PDF
1 Oct 2026, 3:47 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
1 Oct 2026, 3:42 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
1 Oct 2026, 3:08 pm	Company Update Clarification	Clarification sought from Kajaria Ceramics Ltd	—
16 Sept 2026, 2:25 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
16 Sept 2026, 2:21 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
15 Sept 2026, 2:16 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
10 Sept 2026, 6:01 pm	Company Update General	Disclosure Pursuant To The Provisions Of Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	271	338	238	317	509	426	296	602	501	667
	-265	-140	-137	-261	-296	-298	-184	-298	-372	-336
	4	-168	-72	-114	-205	-120	-135	-216	-209	-293
Net cash flow	10	30	30	-58	9	7	-23	88	-80	37
Free cash flow	-27,107	338	238	317	396	157	64	301	280	539
CFO / Operating profit %	—	68%	52.2%	70.6%	100%	69.7%	49.9%	86%	80%	77.1%

Kajaria Ceramics Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

25

1

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

OTHERS · revenue

Kajaria Ceramics Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Investor Presentation and earnings call

Dividends25

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

OTHERS · revenue

25

1

1