Kajaria Ceramics Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹17,319 Cr
- P/E
- 30.03
- ROE
- 17.88%
- PEG
- 2.14
- Price to sales
- 3.42
- Debt to equity
- 0.07
- 52W high / low
- ₹1,261 / ₹884
- Sales growth (5Y)
- 11.68%
- EBITDA margin
- 18.55%
- Net profit margin
- 10.79%
- Promoter holding
- 46.74%
- Sales (last year)
- ₹5,056 Cr
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]
Guidance scorecard · Q2 FY27 call
What Kajaria Ceramics Ltd's management guided
and where it ranks in Consumer Durables
Consumer Durables
RevenueQ2 FY27 call
10–20%- Kajaria expects double-digit volume growth over the next 6 to 12 months, driven by both retail and project demand.
- Volume growth is anticipated to come from deeper market penetration including Tier 2 and Tier 3 cities, expanding dealer network and project sales.
- Sales volume targeted to increase from 130 million sqm to about 145 million sqm in FY28 with some reduction in outsourcing as new capacity comes online.
- Revenue growth in tile segment expected to be volume-led with little to no incremental value growth due to absence of inflation next year.
- Adhesive segment expected to grow significantly, targeting INR 400 crore in revenue next year.
2 more points from Kajaria Ceramics Ltd's call on revenue
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MarginsQ2 FY27 call
FlatSee what Kajaria Ceramics Ltd said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- Kajaria Ceramics is undertaking brownfield expansions in North and South plants to increase capacity and capitalize on competitive gas pricing.
- The Kalahasti brownfield expansion capacity increased from 10 million to 12.5 million square meters, with capex rising from INR 210 crores to INR 240 crores due to larger sheds and warehouses.
- Future incremental capex after this expansion is expected to be lower, mainly machinery costs, as the shed and warehouse are already built.
- Kajaria aims to double capacity in the same shed from 12.5 million to 25 million square meters in the future.
2 more points from Kajaria Ceramics Ltd's call on capex
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FundraisingQ2 FY27 call
See what Kajaria Ceramics Ltd said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
- Project demand in India is picking up with numerous ongoing and upcoming construction projects.
- Kajaria expects to capture a good share of the project market alongside its retail network.
- A combination of retail (direct sales) and project sales is driving volume growth with no major imbalance between the two.
2 more points from Kajaria Ceramics Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Consumer Durables
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Consumer Durables companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹166 Cr | 20.3 | |
| 2 | 40%+ | Up 2%+ | ₹100 Cr | 12.7 | |
| 3 | 40%+ | Up 0–2% | ₹3,249 Cr | 17.4 | |
| 4 | 40%+ | Up 0–2% | ₹2,081 Cr | 18.8 | |
| 5 | 40%+ | Flat | ₹2,429 Cr | 41.1 | |
| 6 | 40%+ | Flat | ₹2,163 Cr | 25.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Consumer Durables rankingKajaria Ceramics Ltd announcements
All announcements →- Dividend / buyback / bonusNotableKajaria Ceramics Limited declares interim dividend and approves production expansions
- Dividend / buyback / bonusNotableKajaria Ceramics Limited Q2 FY 2026-27 Results and Corporate Actions
- Dividend / buyback / bonusNotableKajaria Ceramics Limited announces Q2 FY 2026-27 results, interim dividend, and expansions
Financials of Kajaria Ceramics Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Kajaria Ceramics Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 47.49% | 47.49% | 47.49% | 47.49% | 47.49% | 47.49% | 47.49% | 47.61% | 47.69% | 47.69% | 47.69% | 46.74% |
| FIIs + | 18.33% | 19.18% | 16.21% | 16.07% | 16.04% | 15.79% | 12.55% | 11.57% | 11.66% | 10.23% | 11.58% | 12.05% |
| DIIs + | 25.53% | 24.91% | 27.83% | 28.39% | 27.91% | 27.68% | 27.39% | 26.00% | 26.30% | 27.47% | 26.24% | 26.08% |
| Public + | 8.66% | 8.43% | 8.46% | 8.05% | 8.57% | 9.06% | 12.57% | 14.82% | 14.34% | 14.60% | 14.48% | 15.11% |
| No. of Shareholders | 74,777 | 80,081 | 83,280 | 77,587 | 82,462 | 89,567 | 93,310 | 92,814 | 91,388 | 92,831 | 1,25,200 | 86,701 |
Financials of Kajaria Ceramics Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,122 | 1,152 | 1,208 | 1,096 | 1,179 | 1,156 | 1,222 | 1,103 | 1,186 | 1,168 | 1,373 | 1,328 | 1,468 |
| Expenses + | 942 | 973 | 1,036 | 927 | 1,023 | 1,003 | 1,083 | 916 | 973 | 968 | 1,110 | 1,068 | 1,182 |
| Operating Profit | 179 | 178 | 172 | 169 | 156 | 152 | 138 | 187 | 213 | 200 | 263 | 260 | 287 |
| OPM % | 16% | 16% | 14% | 15% | 13% | 13% | 11% | 17% | 18% | 17% | 19% | 20% | 20% |
| Other Income + | 8 | 11 | 15 | 5 | 10 | 4 | -11 | 12 | 15 | -28 | 9 | 18 | 17 |
| Interest | 4 | 5 | 5 | 3 | 5 | 7 | 6 | 5 | 6 | 6 | 6 | 5 | 5 |
| Depreciation | 36 | 39 | 42 | 42 | 41 | 40 | 43 | 44 | 42 | 42 | 42 | 42 | 43 |
| Profit before tax | 147 | 146 | 140 | 128 | 121 | 110 | 78 | 150 | 181 | 125 | 224 | 231 | 255 |
| Tax % | 25% | 26% | 25% | 28% | 29% | 28% | 44% | 26% | 26% | 31% | 30% | 26% | 25% |
| Net Profit + | 111 | 108 | 104 | 92 | 86 | 79 | 43 | 110 | 134 | 86 | 157 | 171 | 191 |
| EPS in Rs | 6.78 | 6.54 | 6.43 | 5.64 | 5.29 | 4.88 | 2.67 | 6.84 | 8.35 | 5.51 | 9.78 | 10.64 | 12.06 |
Financials of Kajaria Ceramics Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 2,187 | 2,413 | 2,550 | 2,711 | 2,956 | 2,808 | 2,781 | 3,705 | 4,382 | 4,474 | 4,635 | 4,830 | 5,338 |
| Expenses + | 1,831 | 1,950 | 2,049 | 2,253 | 2,501 | 2,391 | 2,266 | 3,093 | 3,789 | 3,768 | 4,000 | 3,962 | 4,327 |
| Operating Profit | 355 | 463 | 500 | 457 | 455 | 417 | 515 | 612 | 593 | 706 | 635 | 869 | 1,011 |
| OPM % | 16% | 19% | 20% | 17% | 15% | 15% | 19% | 17% | 14% | 16% | 14% | 18% | 19% |
| Other Income + | 0 | 5 | 11 | 11 | 8 | 23 | 15 | 26 | 25 | 35 | -14 | 3 | 15 |
| Interest | 29 | 34 | 34 | 24 | 16 | 20 | 11 | 13 | 22 | 17 | 20 | 23 | 22 |
| Depreciation | 56 | 73 | 81 | 89 | 89 | 108 | 107 | 115 | 133 | 148 | 165 | 169 | 169 |
| Profit before tax | 270 | 361 | 396 | 355 | 358 | 312 | 413 | 510 | 462 | 576 | 436 | 680 | 835 |
| Tax % | 32% | 35% | 36% | 36% | 36% | 19% | 25% | 25% | 25% | 25% | 31% | 28% | |
| Net Profit + | 185 | 236 | 254 | 229 | 229 | 254 | 309 | 383 | 346 | 432 | 300 | 487 | 604 |
| EPS in Rs | 11.05 | 14.56 | 15.91 | 14.78 | 14.25 | 16.06 | 19.36 | 23.68 | 21.64 | 26.50 | 18.48 | 30.48 | 37.99 |
| Dividend Payout % | 18% | 17% | 19% | 20% | 21% | 19% | 52% | 46% | 42% | 45% | 49% | 46% |
Financials of Kajaria Ceramics Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 |
| Reserves | 725 | 956 | 1,159 | 1,335 | 1,559 | 1,698 | 1,853 | 2,106 | 2,311 | 2,601 | 2,728 | 3,050 | 2,982 |
| Borrowings + | 243 | 294 | 213 | 170 | 120 | 166 | 126 | 165 | 250 | 239 | 274 | 229 | 406 |
| Other Liabilities + | 575 | 653 | 652 | 619 | 677 | 557 | 530 | 699 | 751 | 684 | 737 | 733 | 789 |
| Total Liabilities | 1,559 | 1,918 | 2,040 | 2,140 | 2,372 | 2,437 | 2,525 | 2,986 | 3,328 | 3,539 | 3,755 | 4,027 | 4,192 |
| Fixed Assets + | 860 | 1,121 | 1,177 | 1,145 | 1,078 | 1,195 | 1,192 | 1,150 | 1,447 | 1,638 | 1,717 | 1,675 | 1,648 |
| CWIP | 78 | 8 | 8 | 18 | 93 | 27 | 15 | 263 | 82 | 68 | 109 | 119 | 122 |
| Investments | 0 | 0 | 0 | 0 | 0 | 10 | 5 | 0 | 2 | 18 | 34 | 39 | 43 |
| Other Assets + | 621 | 790 | 854 | 977 | 1,200 | 1,206 | 1,313 | 1,573 | 1,798 | 1,815 | 1,895 | 2,195 | 2,380 |
| Total Assets | 1,559 | 1,918 | 2,040 | 2,140 | 2,372 | 2,437 | 2,525 | 2,986 | 3,328 | 3,539 | 3,755 | 4,027 | 4,192 |
Financials of Kajaria Ceramics Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 180 | 316 | 338 | 238 | 317 | 224 | 509 | 426 | 296 | 602 | 501 | 664 |
| Cash from Investing Activity + | -263 | -267 | -140 | -136 | -261 | -90 | -296 | -298 | -182 | -298 | -372 | -336 |
| Cash from Financing Activity + | 87 | -39 | -168 | -72 | -114 | -140 | -205 | -120 | -135 | -216 | -209 | -290 |
| Net Cash Flow | 5 | 10 | 30 | 30 | -58 | -6 | 9 | 7 | -22 | 88 | -79 | 37 |
| Free Cash Flow | -84 | 47 | 195 | 100 | 203 | 103 | 408 | 162 | 87 | 323 | 305 | 563 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 73% | 90% | 93% | 80% | 99% | 78% | 118% | 91% | 71% | 105% | 97% | 96% |
Financials of Kajaria Ceramics Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 35 | 41 | 49 | 61 | 59 | 52 | 57 | 51 | 50 | 51 | 45 | 47 |
| Inventory Days | 151 | 189 | 168 | 150 | 147 | 189 | 119 | 122 | 127 | 111 | 126 | 105 |
| Days Payable | 120 | 144 | 121 | 102 | 112 | 88 | 66 | 78 | 70 | 61 | 69 | 61 |
| Cash Conversion Cycle | 65 | 87 | 96 | 108 | 94 | 152 | 110 | 94 | 107 | 101 | 102 | 92 |
| Working Capital Days | -0 | 17 | 31 | 43 | 41 | 57 | 51 | 36 | 45 | 47 | 42 | 42 |
| ROCE % | 33% | 34% | 31% | 25% | 23% | 18% | 21% | 24% | 20% | 21% | 17% | 23% |
Guidance history
How Kajaria Ceramics Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY27 call → | 10–20% | Flat | Planned | — | — |
| Q1 FY27 call → | 10–20% | Flat | Planned | — | — |
| Q4 FY26 call → | 0–10% | Flat | — | — | — |
| Q3 FY26 call → | 10–20% | Flat | None planned | None planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
23 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −9.4% | 50% |
| Last 6 months | −7.2% | 41% |
| Last 3 months | −7.5% | 47% |
The price is 26.6% below its all-time high of ₹1,500.65 (20 Sept 2024). Stocks more than 20% below their peak have their score halved, so 46 became 23.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Kajaria Ceramics Ltd: 0.4 × 50 + 0.4 × 41 + 0.2 × 47 = 46, halved to 23 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Kajaria Ceramics Ltd's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q2 FY26 earnings call →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
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