Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
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Research updated
Kajaria Ceramics Ltd.
NSE: KAJARIACERIndustrialsBuilding Products & Equipment
- Last close
- ₹1,215.00
- Day change
- −₹9.60 (−0.78%)vs
- Market cap
- ₹19,030 crIndian rupees
- Research updated
- 1 report
About Kajaria Ceramics
Kajaria Ceramics Ltd. is a leading manufacturer of ceramic and vitrified tiles in India. Established in 1988, the company focuses on providing high-quality and innovative tiling solutions to cater to a wide range of consumer and commercial needs. Its primary function is to produce an extensive catalog of tiles that include ceramic wall and floor tiles, polished vitrified tiles, and glazed vitrified tiles. Kajaria Ceramics Ltd. impacts the construction and real estate sectors significantly, given the critical role of tiles in residential, commercial, and industrial construction projects. Known for its quality and technological advancement, Kajaria has set benchmark standards in the industry. The company operates through a pan-India network of dealers and subsidiaries, ensuring extensive market reach. By consistently expanding its production capacity and enhancing its product range, Kajaria Ceramics Ltd. plays a vital role in shaping construction trends and raising the aesthetic standards of the built environment both domestically and internationally.
- Sector
- Industrials
- Industry
- Building Products & Equipment
- Listing
- NSE: KAJARIACER
- Employees
- 4,356
- Headquarters
- New Delhi, India
- ISIN
- INE217B01036
- Website
- kajariaceramics.com
Public research · Report of
Business model & financial foundation
Kajaria Ceramics (NSE: KAJARIACER), Ceramic and vitrified tiles, bathware and tile adhesives: revenue of ₹4,833 crore in FY26 (+3.2% on FY25), an EBITDA margin of 17.8%, net profit of ₹485.4 crore and net cash of ₹793.0 crore.
- Revenue, FY26 (₹ crore)
- 4,833
- consolidated
- Revenue growth, FY26
- +3.2%
- on FY25
- EBITDA margin, FY26
- 17.8%
- EBITDA (company presentation, including plywood) / revenue
- Net profit, FY26 (₹ crore)
- 485.4
- to owners
- Return on equity, FY26
- 16.7%
- on average equity
- Net debt, FY26 (₹ crore)
- -793.0
- Company-reported net debt (negative net cash)
- Market capitalisation (₹ crore)
- 19,107
- at the close of 16 Oct 2026
Company profile
Kajaria Ceramics is India's largest manufacturer of ceramic and vitrified tiles. It sells about 118 million sq m a year through a national dealer network: roughly half comes from its own plants, about a fifth from partly owned subsidiary plants and the rest is outsourced, mainly from Morbi. The company has added bathware (Kerovit sanitaryware and faucets) and tile adhesives. Natural gas is the key variable cost, and pricing tracks the Morbi cluster.
| Item | Value |
|---|---|
| Legal name | Kajaria Ceramics Limited |
| Exchange and ticker | NSE: KAJARIACER; BSE: 500233 |
| ISIN | INE217B01036 |
| CIN | L26924HR1985PLC056150 |
| Sector | Building Materials |
| Industry | Ceramic and vitrified tiles, bathware and tile adhesives |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP |
| Market capitalisation | ₹19,107 crore (16 Oct 2026) |
| Shares outstanding | 15.93 crore shares (FY26) |
| Price | ₹1,215 (close, 16 Oct 2026) |
| 52-week range | ₹869.6 - ₹1,294 (to 16 Oct 2026) |
| Website | https://www.kajariaceramics.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Kajaria Vitrified Pvt Ltd | 95% | Polished vitrified tile manufacturing, Morbi (8.90 MSM) |
| Kajaria Infinity Pvt Ltd | 84.59% | Glazed vitrified tile manufacturing, Morbi (2.70 MSM after reduction from 5.70) |
| South Asian Ceramic Tiles Pvt Ltd | 59.5% | Ceramic floor tile manufacturing, Balanagar, Telangana (4.75 MSM) |
| Kajaria Surfaces Pvt Ltd (formerly Keronite Tiles) | 100% | Glazed vitrified tile manufacturing, Morbi (6 MSM) |
| Kajaria Bathware Pvt Ltd | 100% | Bath fittings (Kerovit); 85% at FY26 year end, rose to 100% after buying Aravali's CCPS for Rs 50 cr in Aug 2026 |
| Kajaria Sanitaryware Pvt Ltd | 69.7% | Sanitaryware manufacturing, Morbi (step-down via Kajaria Bathware) |
| Kerovit Global Pvt Ltd | 85% | High-end sanitaryware manufacturing, Morbi (step-down) |
| Kajaria Adhesive Pvt Ltd | 100% | Tile adhesive manufacturing, Erode Tamil Nadu |
| Kajaria Plywood Pvt Ltd | 100% | Plywood trading, discontinued |
| Kajaria International DMCC | 100% | Trading and international JVs (UAE; UK closed) |
| Kajaria Ramesh Tiles Ltd (JV) | 50% | 50% JV in Nepal, 5.10 MSM tiles, equity accounted |
Tile capacity 82.70 MSM excluding the 5.10 MSM Nepal JV (FY26 AR). Brownfield expansions of 10 MSM at Srikalahasti and 11 MSM at Gailpur due by Mar-Apr 2027.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 47.69% | 47.69% | 47.69% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 11.66% | 10.23% | 11.58% | |
| Domestic institutions | 26.30% | 27.48% | 26.25% | |
| of which mutual funds | 22.19% | 23.31% | 22.62% | |
| Retail | 14.34% | 14.60% | 14.48% | |
| Other | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Kajaria Ceramics (NSE: KAJARIACER, BSE 500233) is India's largest branded tile maker. FY26 consolidated sales were Rs4,832.5cr, including discontinued plywood. It sold 118.52 MSM of tiles in FY26: 62.85 MSM from its own plants, 26.26 MSM from partly owned subsidiaries and 29.41 MSM outsourced, mostly from Morbi. Tiles earned Rs4,280.29cr. Bathware brought in Rs413.64cr and adhesives Rs136.43cr.
The company controls the brand, distribution, plants in several regions and a net cash balance sheet. It does not control gas prices, Morbi pricing or export demand. Installed tile capacity is 82.70 MSM excluding the Nepal JV. Brownfield plants of 10 MSM at Srikalahasti and 11 MSM at Gailpur are due by Mar–Apr 2027.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Tiles | 4,280 | 88.6% | 651.2 | 93.6% |
| Others | 550.1 | 11.4% | 44.4 | 6.4% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Somany Ceramics (SOMANYCERA) | Second-largest branded tile maker with a similar own-plant, JV and outsourced sourcing mix |
| Asian Granito India (ASIANTILES) | Listed tile maker with Morbi-centred capacity; read on Morbi pricing |
| Orient Bell (ORIENTBELL) | Smaller branded tile maker in north India; same distribution model |
| Cera Sanitaryware (CERA) | |
| Prism Johnson (PRSMJOHNSN) | Owns H&R Johnson, a major branded tile maker, inside a cement group |
| Greenpanel / Century Plyboards (CENTURYPLY) | Branded building-materials distribution peer on the same dealer channel |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total sales (including discontinued plywood) | 3,697 | 4,372 | 4,578 | 4,683 | 4,833 |
| Cost of revenue (vendor classification) * | 1,653 | 1,926 | 2,110 | 1,966 | 2,209 |
| Other operating costs (vendor classification) * | 1,030 | 1,397 | 1,255 | 1,634 | 1,216 |
| EBITDA (vendor classification) * | 639.3 | 625.3 | 735.1 | 669.7 | 921.4 |
| EBIT * | 522.8 | 483.8 | 593.8 | 504.3 | 704.5 |
| Finance costs including discontinued operations | 12.7 | 21.4 | 21.1 | 24.9 | 22.6 |
| PBT after JV and exceptional, including discontinued operations | 510.2 | 462.5 | 575.6 | 436.0 | 679.8 |
| Tax expense (current and deferred) | 127.4 | 116.3 | 143.5 | 136.0 | 192.8 |
| Profit for the year including NCI and discontinued operations | 382.7 | 346.2 | 432.2 | 300.0 | 487.0 |
| Diluted EPS (continuing and discontinued operations) (₹) | 23.68 | 21.62 | 26.48 | 18.47 | 30.44 |
| EBITDA (company presentation, including plywood) | 699.7 | 597.5 | 862.0 | ||
| Materials, stock-in-trade purchases and inventory change | 1,977 | n.r. | n.r. | ||
| Power and fuel | 866.1 | 912.4 | 888.5 | ||
| Employee benefits expense | 505.3 | n.r. | n.r. | ||
| Other expenses excluding power and fuel | 530.4 | n.r. | n.r. | ||
| Other income including discontinued operations | 46.2 | 43.3 | 52.9 | ||
| Depreciation including discontinued operations | 148.0 | 166.2 | 169.4 | ||
| Share of profit/(loss) of joint ventures | -1.20 | 0.77 | 1.02 | ||
| Exceptional items (negative for loss) | 0.00 | -14.5 | -44.0 | ||
| Profit/(loss) attributable to non-controlling interests | 10.1 | 5.67 | 1.59 | ||
| Profit attributable to owners (including discontinued operations) | 422.1 | 294.4 | 485.4 | ||
| COGS continuing (original-basis fallback where noted) | 1,977 | 1,966 | 2,067 | ||
| Employee continuing (original-basis fallback where noted) | 505.3 | 566.1 | 529.9 | ||
| Other ex-power/fuel continuing (original-basis fallback where noted) | 530.4 | 564.9 | 479.6 | ||
| Aggregate discontinued operating cost bridge (signed) | 0.00 | 76.9 | 5.17 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 2,187 | 2,404 | 2,617 | 2,744 | 3,066 |
| Borrowings excluding leases | 164.9 | 249.8 | 170.6 | 175.9 | 130.3 |
| Cash equivalents and other bank balances | 32.3 | 10.5 | 514.1 | 582.9 | 755.1 |
| Trade receivables | 513.3 | 601.2 | 619.4 | 570.2 | 628.5 |
| Inventories | 465.9 | 564.7 | 532.2 | 618.1 | 551.5 |
| Trade payables | 298.1 | 310.4 | 293.3 | 338.1 | 319.5 |
| Net PPE excluding ROU | 26.5 | 28.4 | 1,534 | 1,584 | 1,535 |
| Capital work in progress | 263.4 | 81.7 | 67.9 | 108.7 | 119.3 |
| Total assets * | 2,986 | 3,331 | 3,543 | 3,756 | 4,029 |
| Company-reported net debt (negative net cash) | n.r. | -424.0 | -793.0 | ||
| Cash and cash equivalents | 98.3 | 18.9 | 55.9 | ||
| Other bank balances | 415.8 | 564.0 | 699.2 | ||
| Non-controlling interests | 59.1 | 65.8 | 64.9 | ||
| Right-of-use assets | 100.8 | 107.0 | |||
| Current plus non-current lease liabilities | 97.9 | 98.3 | |||
| Current investments | n.d. | n.d. | n.d. |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 318.9 | 277.3 | 597.4 | 501.0 | 663.7 |
| Free cash flow (vendor definition) * | 156.8 | 63.9 | 301.3 | 280.5 | 536.3 |
| Cash dividends paid | -127.3 | -143.3 | -143.3 | -175.2 | -191.1 |
| Cash purchase of PPE and capital expenditure | -263.4 | -208.2 | -299.9 | -220.5 | -127.3 |
| Cash buybacks | 0.00 | 0.00 | 0.00 | ||
| Cash investment in joint ventures | -17.7 | -19.5 | -3.30 | ||
| Repayment of non-current borrowings | -9.96 | -31.4 | -22.2 | ||
| Lease principal paid | -24.9 | -31.7 | |||
| Lease interest paid | -5.33 | -6.71 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 15.92 | 15.92 | 15.93 | 15.93 | 15.93 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Total sales (including discontinued plywood) | 1,179 | 1,164 | 1,227 | 1,104 | 1,187 | 1,168 | 1,373 | 1,328 |
| Cost of revenue (vendor classification) * | 496.7 | 471.7 | 539.5 | 442.5 | 485.7 | 629.0 | 532.1 | |
| Other operating costs (vendor classification) * | 361.1 | 383.3 | 400.7 | 337.4 | 346.1 | 352.8 | 396.1 | |
| EBITDA (vendor classification) * | 170.4 | 162.6 | 157.8 | 201.0 | 212.1 | 276.4 | 278.6 | |
| EBIT * | 130.1 | 123.0 | 114.4 | 157.4 | 130.9 | 229.7 | 236.4 | |
| Finance costs including discontinued operations | 4.73 | 8.70 | 6.83 | 5.19 | 5.78 | 5.94 | 5.72 | 5.00 |
| PBT after JV and exceptional, including discontinued operations | 120.5 | 109.7 | 77.6 | 149.9 | 181.2 | 124.7 | 224.0 | 231.4 |
| Tax expense (current and deferred) | 35.0 | 30.7 | 34.4 | 39.6 | 47.2 | 38.6 | 67.4 | 60.3 |
| Profit for the period including NCI and discontinued operations | 85.5 | 79.0 | 43.2 | 110.3 | 134.0 | 86.2 | 156.6 | 171.0 |
| Diluted EPS (continuing and discontinued operations) (₹) | 5.28 | 4.88 | 2.67 | 6.84 | 8.33 | 5.50 | 9.77 | 10.63 |
| EBITDA (company presentation, including plywood) | 158.9 | 148.7 | 122.8 | 184.6 | 212.9 | 200.9 | 263.5 | 260.3 |
| Materials, stock-in-trade purchases and inventory change | 511.5 | 479.0 | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. |
| Power and fuel | 224.4 | 241.2 | 234.0 | 224.0 | 215.1 | 225.1 | 224.4 | 270.5 |
| Employee benefits expense | 144.3 | 150.7 | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. |
| Other expenses excluding power and fuel | 140.1 | 144.0 | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. |
| Other income including discontinued operations | 9.87 | 10.5 | 12.8 | 13.2 | 15.5 | 11.7 | 12.5 | 17.1 |
| Depreciation including discontinued operations | 40.6 | 39.9 | 43.6 | 43.7 | 41.9 | 41.5 | 42.3 | 42.2 |
| Share of profit/(loss) of joint ventures | -2.92 | -1.00 | 6.99 | 0.90 | 0.49 | -0.77 | 0.40 | 1.12 |
| Exceptional items (negative for loss) | 0.00 | 0.00 | -14.5 | 0.00 | 0.00 | -39.6 | -4.38 | 0.00 |
| Profit/(loss) attributable to non-controlling interests | 1.27 | 1.24 | 0.66 | 1.33 | 1.02 | -1.57 | 0.81 | 1.57 |
| Profit attributable to owners (including discontinued operations) | 84.3 | 77.7 | 42.5 | 109.0 | 133.0 | 87.7 | 155.8 | 169.5 |
| COGS continuing (original-basis fallback where noted) | 511.5 | 479.0 | 539.5 | 442.5 | 510.3 | 485.7 | 629.0 | 532.1 |
| Employee continuing (original-basis fallback where noted) | 144.3 | 150.7 | 143.3 | 136.0 | 130.5 | 135.3 | 128.1 | 139.5 |
| Other ex-power/fuel continuing (original-basis fallback where noted) | 140.1 | 144.0 | 166.7 | 113.5 | 116.7 | 121.0 | 128.4 | 125.6 |
| Aggregate discontinued operating cost bridge (signed) | 0.00 | 0.00 | 20.3 | 3.82 | 1.10 | 0.29 | -0.04 | 0.05 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 33.1% | 18.3% | 4.7% | 2.3% | 3.2% |
| EBITDA margin | 15.3% | 12.8% | 17.8% | ||
| Net margin | 9.2% | 6.3% | 10.0% | ||
| Return on equity | 16.8% | 11.0% | 16.7% | ||
| Return on capital employed | 23.7% | 19.3% | 21.8% | 17.7% | 23.0% |
| Return on assets | 12.3% | 8.1% | 12.5% | ||
| Net debt (₹ crore) | -424.0 | -793.0 | |||
| Net debt / EBITDA | -0.71x | -0.92x | |||
| Interest cover | 41.3x | 22.7x | 28.1x | 20.2x | 31.1x |
| Asset turnover | 1.34x | 1.38x | 1.33x | 1.28x | 1.24x |
| Receivable days | 51 | 50 | 49 | 44 | 47 |
| Inventory days (on revenue) | 46 | 47 | 42 | 48 | 42 |
| Payable days (on revenue) | 29 | 26 | 23 | 26 | 24 |
| Cash conversion | 1.42x | 1.70x | 1.37x | ||
| Capex intensity | 7.1% | 4.8% | 6.6% | 4.7% | 2.6% |
| Free cash flow (₹ crore) | 55.6 | 69.2 | 297.5 | 280.5 | 536.3 |
| Dividend payout | 34.0% | 59.5% | 39.4% | ||
| EPS, diluted (₹) | 23.68 | 21.62 | 26.48 | 18.47 | 30.44 |
| Book value per share (₹) | 137.4 | 151.0 | 164.3 | 172.3 | 192.5 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company presentation, including plywood) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company-reported net debt (negative net cash).
- Net debt / EBITDA: net debt / EBITDA (company presentation, including plywood).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (continuing and discontinued operations)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Kajaria Ceramics
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