Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Aug - Submission of copies of newspaper advertisements for 40th Annual General Meeting and E-voting information
Source: Bse
Kajaria Ceramics Limited (KAJARIACER)
Large CapConsumer stocks · Large cap · NSE
Kajaria Ceramics is India's largest manufacturer of ceramic/vitrified tiles, with an annual capacity of 87.80 mn. sq. meters across nine plants. The company also has operations in sanitaryware, faucets, and tile adhesives, expanding its presence in the building materials segment.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result31 Jul, 07:45 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
43NeutralSMA20 -1.0% / mo · MACD − · sector -4.6pp vs Nifty 500 (3M)
Stock trend: 51
Sector RS: 31
Sector 3M: -10.2% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
KAJARIACERD candles · FIT view-3.8%Latest close ₹1189.80 on 2026-10-21
Bar
-2.9%
RSI
41
MACD hist
-1.91
52W pos
79%
2026-10-21O ₹1225.00H ₹1225.10L ₹1182.20C ₹1189.80Vol 2.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
KAJARIACERNifty Consumer DurablesNifty 500
- KAJARIACER
- -3.2%
- Nifty 500
- -6.5%
- Nifty Consumer Durables
- -11.0%
- Vs Nifty 500
- +3.3 pp
Chart stats
21 Oct 2026- From 52W high
- -8.0%
- 52W range position
- 75%
- ATR (14)
- 2.8%
- Volume vs 20D
- 0.41x
- Avg traded value
- ₹66.8 Cr
- 20D price channel
- ₹1,167 - ₹1,265.9
₹1,293.8
₹869.6 - ₹1,293.8
₹32.9
Latest completed session
20-session average
22.2% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE52
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +20.4% · PAT +55.5% YoY
Technical
Neutral43
Price trend and sector-relative-strength timing.
Valuation
Legacy model+13.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Healthy Trust77
high confidence · 9/14 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +20% YoY · PAT +55% YoY · margin expansion · operating leverage
Filed 31 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,328 Cr | +20.4% | -3.3% |
| EBITDA | ₹260 Cr | +39.0% | -1.1% |
| Operating margin | 20.0% | +300 bps | +100 bps |
| PAT | ₹171 Cr | +55.5% | +8.9% |
| PAT margin | 12.9% | +291 bps | +145 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 33.30
- P/B
- 6.38
- EV/EBITDA
- 17.58
- Market Cap
- 19213.00Cr
Profitability
- ROE
- 17.90%
- ROCE
- 23.40%
- ROA
- 13.61%
- Dividend Y
- 1.14%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 11.00%
- Revenue 3Y
- 3.00%
- EPS 3Y
- 14.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 42.64×
- Altman Z
- 9.36
- Book Value
- 192.00
Cash Flow
- FCF Yield
- 1.71%
- FCF Positive Y
- 11/5
- OCF
- 664.00 Cr
- EPS TTM
- 34.28
Shareholding
- Promoter Hold
- 47.69%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 83%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,328-3.3% vs prev
Net Profit
₹ CrLatest: 171+8.9% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 41.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.0% over last month) — short-term momentum negative.
- RSI(14) at 41 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 7% off 52W high · 37% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
65
RS percentile
Stage 2 UptrendEstablished S2
1M return
-0.9%
3M return
-3.2%
6M return
-0.2%
1Y return
-2.2%
RS 1D
0
RS 20D
+2
Sector rank
#8
Industry rank
-
Stage evidence
- Price is 2.6% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.2%.
50-DMA
price below
200-DMA
price above
S2 entered
01 Jul 2026
S2 age
78 trading sessions
Sector
improving
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 106.53-0.63%
RS vs Nifty 500107
Valuation & peers
U-Score 52 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 52 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation4/30
Growth10/25
Quality15/20
Balance Sheet11/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
52
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
52/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 13.1%.
- Quality contributes 15/20 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Growth is weaker at 10/25; verify the latest quarterly trend.
- Cash flow is weaker at 7/10; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
33.3
PB
6.4
EV/EBITDA
17.6
ROE
17.9%
ROCE
23.4%
FCF Yield
1.7%
Debt/Equity
0.1
MoS
+13.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
52
Previous: 52
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+13.1%
Previous: +11.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
52
52
52
52
52
52
52
52
52
52
52
52
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹384.82
-209.2% MoS
Growth-justified P/E
40.0
Growth-justified Value
₹1,369.83
+13.1% MoS
PEG
2.73
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
LGEINDIA
Mid
LG Electronics India Limited
FMCG
match 139
44
64.4
24.7%
-617%
WATCHLIST
NESTLEIND
Large
Nestle India Limited
FMCG
match 132
49
61.4
74.2%
-377%
FAIR VALUE
VBL
Large
Varun Beverages Limited
FMCG
match 132
49
42.9
16.2%
+7%
FAIR VALUE
DODLA
Small
Dodla Dairy Limited
FMCG
match 123
50
24.8
16.4%
+25%
FAIR VALUE
HNDFDS
Small
Hindustan Foods Limited
FMCG
match 122
37
42.7
14.6%
-29%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-22T07:25:40.398Z
Management commentary snapshot
Kajaria Ceramics reported strong Q4 FY26 results with consolidated revenue up 12% YoY to Rs. 1373 crores, driven by 11% volume growth. EBITDA margin significantly expanded to 19.19% from 10.01% YoY, reflecting cost optimization and improved realizations.
The company demonstrated robust Q4 FY26 performance, reversing earlier flattish growth with 11% volume expansion and significant margin improvement. Strategic capacity additions and diversification into bathware and adhesives are positive. However, the closure of UK operations and reduced capacity in one subsidiary warrant monitoring.
Current business mix
Revenue by Product/Segment (Q4 FY26)
Latest issuer-disclosed distribution across 6 reported categories.
Own Manufacturing (Tiles)46.3%
Outsourcing (Tiles)24.0%
Subsidiaries (Tiles)18.0%
Sanitary ware / Faucets8.5%
Adhesives2.9%
Plywood (Discontinued)0.3%
Growth engines
Tile Volume Growth
Achieved 11% volume growth in Q4 FY26, driven by efforts towards unification of sales and demand momentum since January 2026.
Expansion in Glazed Vitrified Tiles
Approved expansion of Srikalahasti facility by 10 MSM capacity for Glazed Vitrified Tiles, expected by March 2027.
Adhesive Business Expansion
Acquired 100% of Kajaria Adhesive Private Limited (KAPL) and expects a new 9000 MT/month unit in Erod, Tamil Nadu, to be operational in Q2 FY27.
Bathware Segment Consolidation
Board approved acquisition of remaining 15% stake in Kajaria Bathware (P) Ltd. for Rs. 50 crore, consolidating ownership.
Capacity and execution
Glazed Vitrified Tiles Capacity
Expansion of Srikalahasti manufacturing facility by 10 MSM capacity for Glazed Vitrified Tiles, at approx. ₹210 crore, expected by March 2027.
Adhesive Manufacturing Unit
New manufacturing unit for tile adhesives at Erod, Tamil Nadu, with 9000 MT per month capacity, expected to be operational in Q2 FY27.
Tailwinds
Improved Sales Realization & Cost Optimization
Margin improvement is a result of cost optimization and some improvement in sales realization along with all-round efficiencies.
Demand Momentum
Experienced good momentum in demand since January 2026, following sales unification efforts in the first 9 months.
Headwinds
International Market Challenges
Closed UK showroom operations of Kajaria International DMCC due to high running expenses and difficulty in making profit in short to medium term.
Initial Sales Unification Impact
Unification of sales efforts in the first 9 months of FY26 resulted in flattish growth due to realignment of inventory across channels.
Capacity Reduction in Subsidiary
Kajaria Infinity Pvt. Ltd. reduced its annual capacity of glazed vitrified tiles from 5.70 MSM to 2.70 MSM.
Risk radar
Execution Risk for New Capacities
New 10 MSM GVT capacity at Srikalahasti and 9000 MT/month adhesive plant are expected by March 2027 and Q2 FY27 respectively; timely commissioning and ramp-up are crucial.
Subsidiary Performance & Utilization
Kerovit Global (high-end sanitaryware) operated at 59% utilization in Q4 FY26, indicating potential for further ramp-up or demand challenges.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Q4 FY26 results show strong YoY growth in revenue, volumes, and profitability, indicating a recovery from earlier periods. QoQ progression of EBITDA margin highlights sequential operational improvements and demand momentum since January 2026.
Sector KPIs management disclosed
Volume Growth (Consolidated Tiles)
Q4 FY26 sales volume (MSM) increased to 33.51 from 30.11 in Q4 FY25, representing 11% growth. FY26 sales volume was 118.52 MSM vs 114.69 MSM in FY25.
EBITDA Margin
Consolidated EBITDA margin for Q4 FY26 stood at 19.19%, significantly up from 10.01% in Q4 FY25. This is the highest quarterly margin in FY26.
Capacity Utilization - Vitrified Tiles
Kajaria Vitrified operated at 99% in Q4 FY26. Kajaria Infinity operated at 97% in Q4 FY26. Kajaria Surfaces operated at 81% in Q4 FY26.
Capacity Utilization - Sanitaryware/Faucets
Kajaria Sanitaryware operated at 70% in Q4 FY26. Kerovit Global (high-end) operated at 59% in Q4 FY26. Faucet plant operated at 89% in Q4 FY26.
Management forward view
Optimistic Outlook
Management remains optimistic about the current year’s performance and beyond, stating 'The journey has just begun'.
Shareholder Value Enhancement
Announced a buyback of equity shares (subject to approval), reflecting strong financial position and confidence in long-term fundamentals.
Focus on Efficiencies
Margin improvement is attributed to cost optimization, improved sales realization, and all-round efficiencies in production, sales, and supply chain.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Tile Volume Growth | 11% in Q4 FY26 | Sustained double-digit volume growth in subsequent quarters, especially from own manufacturing and subsidiaries. |
| EBITDA Margin | 19.19% in Q4 FY26 | Maintenance or further improvement in margins, indicating continued success in cost optimization and pricing power. |
| New Capacity Commissioning & Ramp-up | Srikalahasti GVT (10 MSM) by Mar 2027; Erod Adhesive (9000 MT/month) by Q2 FY27 | Timely commissioning and rapid utilization ramp-up of new tile and adhesive capacities. |
| Sanitaryware & Faucet Utilization | KSPL 70%, KGPL 59%, Faucet 89% in Q4 FY26 | Improvement in utilization rates, particularly for the high-end Kerovit Global plant, indicating stronger demand for premium products. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
operational efficiencydeliveredquantified
The company will complete the implementation of the new vendor portal across all subsidiaries of Kajaria within 2 to 3 months.
Timeframe: 2 to 3 monthsDirection: positiveConfidence: High
Outcome check: OPM moved from 17.0% to average 19.0% (+2.0 pp).
operational efficiencydeliveredquantified
The INR 150 crores of annualized cost savings achieved through Operation Manthan will continue and remain structured for all future years.
Timeframe: Long-termDirection: positiveConfidence: High
Outcome check: OPM moved from 17.0% to average 19.0% (+2.0 pp).
regulatory expectationnot yet verifiablequantified
The fraud amount of approximately INR 20 crores will likely be shown as an exceptional expenditure in the financials.
Timeframe: Next financial reporting periodDirection: neutralConfidence: High
capex timelinenot yet verifiable
There will be no further capex expenditure required for the new sanitary ware plant as it is already in production.
Timeframe: FutureDirection: neutralConfidence: High
operational efficiencydelivered
The company may conduct a forensic audit for the Kerovit Global subsidiary to investigate the vendor fraud.
Timeframe: Near-termDirection: positiveConfidence: Medium
Outcome check: OPM moved from 17.0% to average 19.0% (+2.0 pp).
operational efficiencyfailed
The company will reduce costs further by identifying more areas of cost optimization beyond the INR 150 crores already achieved.
Timeframe: FutureDirection: positiveConfidence: High
Outcome check: OPM moved from 17.0% to average 19.0% (+2.0 pp).
Trust Score
77Healthy Trust · high confidenceClaim-tested Trust
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 89% delivered/partly-delivered outcomes on 9 checked claims, with 1 adverse claim outcome. It ranks around the 83rd percentile of the scored universe and 87th percentile within Consumer. No major sub-score weakness stands out.
High Trust: 9/14 extracted management claims have outcome checks; 78% were fully delivered and 1 were partially delivered. 1 claim(s) were contradicted or failed.
Computed 21 Oct 2026
management-trust-v1
37 extracted concalls · 9/14 claims matched
Score band
Healthy Trust
Generally investable credibility. Look for weak sub-scores before increasing position size.
Relative rank
83rd percentile
overall median 67 · Consumer: 87th pctile, median 66 · Large: 65th pctile, median 73
Evidence depth
Medium sample
9/14 claims have outcome checks.
Claim delivery
89% delivered or partly delivered
9/14 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · high confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Enough evidence exists to treat this as a stronger reliability read.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
82
strong · capital discipline
Results
82
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.7%.
- ▸11 years of positive FCF.
- ▸Debt/equity is 0.07.
Trust risks
- ▸2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Continue researching Kajaria Ceramics Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug - Public Notice for conducting the 40th Annual General Meeting through Video Conferencing / Other Audio Visual Means / Record Date of Dividend for the financial …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Aug - Newspaper Publication : Special Window for transfer and dematerialisation of physical shares
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.