Kajaria Ceramics Ltd Q3 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 4 Aug 2026 | Consumer Durables | Market Cap: ₹18.6K Cr
Kajaria Ceramics expects volume growth of around 8-9% for the current financial year due to tough market conditions. The company expects volume growth of 8% to 9% for the full year, reflecting tough market conditions (Page 15).
From Kajaria Ceramics Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.
Price
₹1,208
Market Cap
₹18.6K Cr
P/E Ratio
32.3
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Kajaria Ceramics Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹1.4K Cr, net profit ₹157 Cr.
Full financials →📊 Revenue & Sales Performance
- →Kajaria Ceramics expects volume growth of around 8-9% for the current financial year due to tough market conditions.
- →No specific guidance is given for beyond this year; the company will revisit the 3-year growth vision at the end of Q4 and revise if necessary.
- →Growth in future years is contingent on retail market revival; as retail sales improve, volumes and realizations are expected to increase.
- →The company is not planning significant new capacity expansion; future sales growth will mostly come from outsourcing.
- →They anticipate margin improvement and better realizations with increased retail contribution.
- →Industry supply is currently high, partly due to reduction in exports leading to more supply in the domestic market, which pressures prices.
- →Kajaria expects industry demand to improve following positive factors like government budget and expected RBI rate cuts starting next financial year.
📈 Profitability & Margins
- →The company expects volume growth of 8% to 9% for the full year, reflecting tough market conditions (Page 15).
- →The EBITDA margin is anticipated to improve gradually due to operating leverage and better performance from the new Sanitaryware plant (Pages 6, 16).
- →Employee cost, currently higher, is targeted to be reduced to 2023-24 levels by FY25-26, which would aid margin expansion (Page 9).
- →Realization is expected to improve as retail sales pick up and the product mix normalizes away from price-competitive project sales (Pages 9, 16).
- →The company is cautious and not revising its previously stated 3-year vision but will review and potentially update after FY25 (Page 15).
- →Bathware segment growth of about 10% is expected this year, with recovery anticipated in future periods (Page 4).
- →Overall, improvement in margins and earnings is expected as demand recovers and cost structures are optimized.
🏗️ Capital Expenditure Plans
- →Kajaria Ceramics is planning a low capex for the next year; no significant new capacity additions are contemplated.
- →Current focus is on optimizing existing capacity and leveraging outsourcing for incremental sales growth.
- →They plan to acquire a 75% stake in Kajaria Adhesives Private Limited to set up a tile adhesive plant in Tamil Nadu but not 100% stake to retain a local partner for sales promotion and local management.
- →A capex of INR 31 crores is being made for building a warehouse and shed for inventory stocking related to their Nepal project.
- →No major future capacity expansions are planned; the aim is to sell existing capacity at better prices.
- →Capex is primarily aimed at supporting operations and improving efficiency rather than aggressive growth.
💰 Fundraising & Capital Structure
- →No mention of any current or planned new fundraising through debt or equity in the transcript.
- →The company is not discussing any major new projects beyond those already underway.
- →Ashok Kajaria referenced that dividend payout policy remains stable without indication of capital raising needs.
- →Focus appears on waiting for market revival before executing additional projects or financial maneuvers.
- →CFO Sanjeev Agarwal mentioned that any revision in guidance or major decisions will be disclosed after careful assessment, implying no immediate fundraising plans.
- →Overall, the company seems focused on cost control, market recovery, and existing commitments rather than pursuing fresh capital raising at present.
📋 Order Book & Pipeline
Key Metrics
Frequently Asked Questions
What were Kajaria Ceramics Ltd Q3 FY25 results?
Kajaria Ceramics expects volume growth of around 8-9% for the current financial year due to tough market conditions. The company expects volume growth of 8% to 9% for the full year, reflecting tough market conditions (Page 15).
What is Kajaria Ceramics Ltd share price analysis?
Kajaria Ceramics Ltd currently shows a neutral. The stock trades at a P/E of 32.3 with a market cap of ₹18,636 Cr. Investors should review the full earnings analysis for detailed insights.
Is Kajaria Ceramics Ltd planning capital expenditure?
Kajaria Ceramics is planning a low capex for the next year; no significant new capacity additions are contemplated.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.