KAJARIACER
Kajaria Ceramics share price & financials
- Price
- ₹1,239.5
- Market cap
- ₹19.1k Cr
- Sector
- Consumer Durables
- Calls analysed
- 7
Kajaria Ceramics Limited Q1 FY27
What went well
- Consolidated revenue grew 20% YoY to INR 1,328 crores, driven by price increases and volume recovery.
- EBITDA margin expanded significantly to 19.60%, up from 16.72% in Q1 FY26.
- PAT increased by 55.04% YoY to INR 169 crores.
What to watch
- April experienced a soft demand period due to Morbi shutdown, dealer pre-buying, and labor shortages.
- Gas market remains highly volatile due to geopolitical situations, making future price predictions uncertain.
What Kajaria Ceramics Limited does
Kajaria Ceramics manufactures and sells ceramic, polished vitrified and glazed vitrified tiles for walls and floors across own plants, majority-owned subsidiaries and joint ventures, supplementing in-house output with outsourced tile volumes sold under the Kajaria brand. It has diversified into adjacent building-products categories through subsidiaries making sanitaryware and faucets (including the Kerovit brand) and tile adhesives, and earlier operated a plywood business that has since been classified as discontinued. Products reach the market through a multi-layered, pan-India dealer and showroom-based distribution network, supported by exports to select international markets including through a UAE joint venture.
Segments
- Tiles – Own Manufacturing
- Tiles – Subsidiaries
- Tiles – Outsourcing
- Sanitaryware / Faucets
- Adhesives
- Plywood
- Installed tile production capacity
- 87.80 million square metres per annum
- Number of tile manufacturing plants
- 9 plants
- Manufacturing locations
- Sikandrabad (Uttar Pradesh), Gailpur and Malootana (Rajasthan), three plants at Morbi (Gujarat), Srikalahasti (Andhra Pradesh), Balanagar (Telangana), and Nawalparasi (Nepal)
- Market position
- Largest tile manufacturer in India; 8th largest tile manufacturer globally
- Sanitaryware production capacity
- 7.5 lakh pieces per annum (Kajaria Sanitaryware) plus 4.5 lakh pieces per annum (Kerovit Global)
- Faucet production capacity
- 1.60 million pieces per annum (Gailpur, Rajasthan facility)
Guidance record · Q1 FY27
what the last two calls moved 22 tracked 5 delivered 6 missed 11 open- EBITDA Margin delivered said Q3 FY25 Promised: 14-15% for FY26 Q1 FY27: Period passed. Promise remains achieved.
- Volume Growth missed said Q1 FY26 Promised: some volume growth in Q3 FY26 Q1 FY27: Period passed. Promise remains missed.
- Total Capex FY26 revised down said Q4 FY25 Promised: INR 100-150 crores Q1 FY27: Period passed. Promise remains revised down.
All 22 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 20.4%, net profit up 55.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,179 | 1,156 | 1,222 | 1,103 | 1,186 +1% | 1,168 +1% | 1,373 +12% | 1,328 +20% |
| EBITDA | 156 | 152 | 138 | 187 | 213 +37% | 200 +32% | 263 +91% | 260 +39% |
| Net profit | 86 | 79 | 43 | 110 | 134 +56% | 86 +9% | 157 +265% | 171 +55% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −1.4% 1Y
1Y: ₹1,243.6 on 10 Sept 2025 → ₹1,226.4. High ₹1,261.6 (13 Oct 2025), low ₹883.65 (28 Jan 2026).
How the price took the results
close before → close after
- Q1 FY27
- +0.5%
- 31 Jul
- Q4 FY26
- −3.3%
- 30 Apr
- Q3 FY26
- +1.0%
- 2 Feb
- Q2 FY26
- +1.1%
- 16 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 3.3% a year over 3 years, FY23 to FY26. Operating margin widened to 17.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹4.4k Cr | ₹4.5k Cr | ₹4.7k Cr | ₹4.8k Cr |
| Operating profit | ₹592 Cr | ₹698 Cr | ₹615 Cr | ₹863 Cr |
| Operating margin | 13.5% | 15.4% | 13.2% | 17.9% |
| Interest | ₹22 Cr | ₹19 Cr | ₹21 Cr | ₹23 Cr |
| Depreciation | ₹133 Cr | ₹148 Cr | ₹166 Cr | ₹170 Cr |
| Net profit | ₹347 Cr | ₹432 Cr | ₹300 Cr | ₹487 Cr |
| Net margin | 7.9% | 9.5% | 6.4% | 10.1% |
| ROCE | 20.0% | 21.0% | 17.0% | 23.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹16 Cr | ₹16 Cr | ₹16 Cr | ₹16 Cr | ₹16 Cr | ₹16 Cr |
| Reserves | ₹1.9k Cr | ₹2.1k Cr | ₹2.3k Cr | ₹2.6k Cr | ₹2.9k Cr | ₹3.0k Cr |
| Borrowings | ₹126 Cr | ₹165 Cr | ₹250 Cr | ₹239 Cr | ₹290 Cr | ₹229 Cr |
| Other liabilities | ₹530 Cr | ₹699 Cr | ₹751 Cr | ₹684 Cr | ₹749 Cr | ₹733 Cr |
| Total liabilities | ₹2.5k Cr | ₹3.0k Cr | ₹3.3k Cr | ₹3.5k Cr | ₹4.0k Cr | ₹4.0k Cr |
| Fixed assets | ₹1.2k Cr | ₹1.1k Cr | ₹1.4k Cr | ₹1.6k Cr | ₹1.7k Cr | ₹1.7k Cr |
| Capital work in progress | ₹15 Cr | ₹263 Cr | ₹82 Cr | ₹68 Cr | ₹136 Cr | ₹119 Cr |
| Investments | ₹5 Cr | ₹0 Cr | ₹2 Cr | ₹18 Cr | ₹40 Cr | ₹39 Cr |
| Other assets | ₹1.3k Cr | ₹1.6k Cr | ₹1.8k Cr | ₹1.8k Cr | ₹2.1k Cr | ₹2.2k Cr |
| Total assets | ₹2.5k Cr | ₹3.0k Cr | ₹3.3k Cr | ₹3.5k Cr | ₹4.0k Cr | ₹4.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +1.91 pp while DIIs trimmed −1.15 pp. The shareholder count grew 34% to 1,25,200.
- Promoters
- 47.7%
- FIIs
- 11.6%
- DIIs
- 26.2%
- Public
- 14.5%
Since Jun 2025
- Public +1.91 pp
- DIIs −1.15 pp
- FIIs −0.97 pp
How it drifted, 12 quarters
Over this window FIIs fell from 18.5% to 11.6% — −6.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 47.5%, FIIs 18.5%, DIIs 25.4%, Public 8.6%.Dec '23: Promoters 47.5%, FIIs 18.3%, DIIs 25.5%, Public 8.7%.Mar '24: Promoters 47.5%, FIIs 19.2%, DIIs 24.9%, Public 8.4%.Jun '24: Promoters 47.5%, FIIs 16.2%, DIIs 27.8%, Public 8.5%.Sep '24: Promoters 47.5%, FIIs 16.1%, DIIs 28.4%, Public 8.1%.Dec '24: Promoters 47.5%, FIIs 16.0%, DIIs 27.9%, Public 8.6%.Mar '25: Promoters 47.5%, FIIs 15.8%, DIIs 27.7%, Public 9.1%.Jun '25: Promoters 47.5%, FIIs 12.6%, DIIs 27.4%, Public 12.6%.Sep '25: Promoters 47.6%, FIIs 11.6%, DIIs 26.0%, Public 14.8%.Dec '25: Promoters 47.7%, FIIs 11.7%, DIIs 26.3%, Public 14.3%.Mar '26: Promoters 47.7%, FIIs 10.2%, DIIs 27.5%, Public 14.6%.Jun '26: Promoters 47.7%, FIIs 11.6%, DIIs 26.2%, Public 14.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Smallcap World Fund, Inc Global fund house newly disclosed 1.73% held
- Mahindra Manulife Business Cycle Fund Mutual fund newly disclosed 1.00% held
- Kotak Balanced Advantage Fund Mutual fund +0.50 pp 3.57% held
- HSBC Mutual Fund - HSBC Business Cycles Fund Mutual fund +0.41 pp 1.68% held
- Franklin India Mid Cap Fund Mutual fund +0.30 pp 2.27% held
The same filing shows 3 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Kajaria Ceramics Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ck Trustees Private Limited (In Its Capacity As Sole Trustee Of Chetan Kajaria Family Private Trust) | 16.24% | unchanged |
| Rk Trustees Private Limited (In Its Capacity As Sole Trustee Of Rishi Kajaria Family Private Trust) | 16.24% | unchanged |
| Vk Trustees Private Limited (In Its Capacity As Sole Trustee Of Versha Kajaria Family Private Trust) | 8.12% | unchanged |
| SBI ELSS Tax Saver Fund Mutual fund | 7.09% | −0.21 pp |
| Kotak Balanced Advantage Fund Mutual fund | 3.57% | +0.50 pp |
| Franklin India Mid Cap Fund Mutual fund | 2.27% | +0.30 pp |
| Nippon Life India Trustee Ltd-A/C Nippon India Large Cap Fund Mutual fund | 2.24% | −0.71 pp |
| UTI Children'S Equity Fund Mutual fund | 1.88% | −0.30 pp |
| Smallcap World Fund, Inc Global fund house | 1.73% | newly disclosed |
| HSBC Mutual Fund - HSBC Business Cycles Fund Mutual fund | 1.68% | +0.41 pp |
| Rishi Kajaria | 1.25% | unchanged |
| A. K. Kajaria (Huf) (Karta A K Kajaria) | 1.24% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in KAJARIACER
Filings to Aug 2026
0 new, 4 added, 7 trimmed, 0 sold out — net −2.00 L shares (−1.4%).
- Held by funds
- ₹1.7k Cr
- 16 schemes
- Biggest holder
- SBI Smallcap Fund
- ₹852 Cr · 2.0% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Smallcap Fund SBI Mutual Fund | ₹852 Cr | held | Apr '25 |
| SBI Large and Midcap Fund SBI Mutual Fund | ₹243 Cr | held | Aug '23 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹236 Cr | held | Apr '25 |
| SBI ELSS Tax Saver Fund SBI Mutual Fund | ₹166 Cr | held | Apr '24 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹147 Cr | held | Sep '24 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹40 Cr | −0.08 L | Dec '22 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹16 Cr | +0.02 L | Sep '24 |
| SBI Retirement Benefit Fund - Aggressive Plan SBI Mutual Fund | ₹16 Cr | −0.65 L | Jan '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 7 trimmed — net −2.00 L shares (−1.4%)
- Funds are sitting on
- +8%
- vs est. average cost
- Held by funds
- ₹1.7k Cr
- 16 schemes · ≈ 9.1% of the company
- Biggest holder
- SBI Smallcap Fund
- ₹852 Cr · 2.0% of that fund
- Longest holder
- HDFC Large and Mid Cap Fund
- 3y 8m · since Dec '22
Shares held by these funds +288%
Aug '23 1.42 cr shares Jul '26
What the price assumes
ExpensiveTo justify its price of ₹1226, this stock must grow earnings at 23% every year for 7 years. Our analysis caps realistic growth at ~12%. At that growth it is worth ₹680 — downside of 45%.
- Growth the price implies
- 23.5% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 12.0% a year
- net profit, FY23–FY26 · EPS 12.1%
- The gap
- 0.1 pp
- -45% downside if it only repeats history
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Kajaria Ceramics Limited
Guides on how to read this kind of business and the numbers that matter.