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Last Updated: April 2, 2026, 3:11 am
Author: Getaka|Social: XLinkedIn

Kajaria Ceramics Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹607.23Overvalued by 38.79%vs CMP ₹992.00

P/E (36.5) × ROE (11.2%) × BV (₹184.00) × DY (0.91%)

₹365.86Overvalued by 63.12%vs CMP ₹992.00
MoS: -171.1% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹605.6322%Over (-38.9%)
Graham NumberEarnings₹311.0516%Over (-68.6%)
Earnings PowerEarnings₹166.3413%Over (-83.2%)
DCFCash Flow₹238.2513%Over (-76%)
Net Asset ValueAssets₹183.997%Over (-81.5%)
EV/EBITDAEnterprise₹585.399%Over (-41%)
Earnings YieldEarnings₹233.707%Over (-76.4%)
ROCE CapitalReturns₹345.109%Over (-65.2%)
Revenue MultipleRevenue₹436.595%Over (-56%)
Consensus (9 models)₹365.86100%Overvalued

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -0.3%

*Investments are subject to market risks

Investment Snapshot

62
Kajaria Ceramics Ltd scores 62/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health76/100 · Strong
ROCE 17.1% GoodROE 11.2% AverageD/E 0.05 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money20/100 · Weak
FII holding down -4.13% (6mo) SellingDII holding down 1.38% MF sellingPromoter holding at 47.7% Stable
Earnings Quality60/100 · Moderate
OPM stable around 15% SteadyWorking capital: 42 days (improving) Efficient
Quarterly Momentum68/100 · Strong
Revenue (4Q): 1% YoY FlatProfit (4Q): +3% YoY PositiveOPM: 17.0% (up 4.0% YoY) Margin expansion
Industry Rank60/100 · Moderate
P/E 36.5 vs industry 34.8 In-lineROCE 17.1% vs industry 12.4% Above peers3Y sales CAGR: 8% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:11 am

Market Cap 15,797 Cr.
Current Price 992
Intrinsic Value₹365.86
High / Low 1,322/745
Stock P/E36.5
Book Value 184
Dividend Yield0.91 %
ROCE17.1 %
ROE11.2 %
Face Value 1.00
PEG Ratio-138.67

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Kajaria Ceramics Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Kajaria Ceramics Ltd 15,797 Cr. 992 1,322/74536.5 1840.91 %17.1 %11.2 % 1.00
Cera Sanitaryware Ltd 6,020 Cr. 4,667 7,275/4,46126.8 1,0631.39 %22.4 %18.3 % 5.00
Carysil Ltd 2,255 Cr. 793 1,072/51224.9 1990.30 %15.4 %14.5 % 2.00
Nitco Ltd 1,996 Cr. 87.1 164/64.052.9 13.20.00 %42.9 %% 10.0
Asian Granito India Ltd 1,732 Cr. 58.4 78.8/39.233.5 62.20.00 %2.17 %2.10 % 10.0
Industry Average3,347.44 Cr727.6534.82200.520.55%12.44%14.63%6.10

All Competitor Stocks of Kajaria Ceramics Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 1,0911,2051,0641,1221,1521,2081,0961,1791,1561,2221,1031,1861,168
Expenses 9581,0298959429731,0369271,0231,0031,083916973968
Operating Profit 133176169179178172169156152138187213200
OPM % 12%15%16%16%16%14%15%13%13%11%17%18%17%
Other Income 769811155104-111215-28
Interest 8754553576566
Depreciation 33343136394242414043444242
Profit before tax 10014014314714614012812111078150181125
Tax % 26%21%24%25%26%25%28%29%28%44%26%26%31%
Net Profit 741111091111081049286794311013486
EPS in Rs 4.676.786.756.786.546.435.645.294.882.676.848.355.51

Last Updated: February 5, 2026, 8:40 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 5:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,8362,1872,4132,5502,7112,9562,8082,7813,7054,3824,4744,6354,679
Expenses 1,5501,8311,9502,0492,2532,5012,3912,2663,0933,7893,7684,0003,940
Operating Profit 287355463500457455417515612593706636739
OPM % 16%16%19%20%17%15%15%19%17%14%16%14%16%
Other Income 105111182315262535-14-12
Interest 41293434241620111322172023
Depreciation 475673818989108107115133148165170
Profit before tax 199270361396355358312413510462576436533
Tax % 34%32%35%36%36%36%19%25%25%25%25%31%
Net Profit 131185236254229229254309383346432300374
EPS in Rs 8.2211.0514.5615.9114.7814.2516.0619.3623.6821.6426.5018.4823.37
Dividend Payout % 21%18%17%19%20%21%19%52%46%42%45%49%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)41.22%27.57%7.63%-9.84%0.00%10.92%21.65%23.95%-9.66%24.86%-30.56%
Change in YoY Net Profit Growth (%)0.00%-13.65%-19.94%-17.47%9.84%10.92%10.74%2.29%-33.61%34.52%-55.41%

Kajaria Ceramics Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:8%
5 Years:11%
3 Years:8%
TTM:2%
Compounded Profit Growth
10 Years:7%
5 Years:6%
3 Years:-3%
TTM:-15%
Stock Price CAGR
10 Years:14%
5 Years:23%
3 Years:3%
1 Year:-15%
Return on Equity
10 Years:17%
5 Years:16%
3 Years:15%
Last Year:13%

Last Updated: September 5, 2025, 8:40 am

Balance Sheet

Last Updated: December 4, 2025, 1:30 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 15161616161616161616161616
Reserves 5147259561,1591,3351,5591,6981,8532,1062,3112,6012,7282,914
Borrowings 236243294213170120166126165250239274290
Other Liabilities 410575653652619677557530699751684737749
Total Liabilities 1,1761,5591,9182,0402,1402,3722,4372,5252,9863,3283,5393,7553,969
Fixed Assets 6928601,1211,1771,1451,0781,1951,1921,1501,4471,6381,7171,667
CWIP 417888189327152638268109136
Investments 00000010502183440
Other Assets 4436217908549771,2001,2061,3131,5731,7981,8151,8952,126
Total Assets 1,1761,5591,9182,0402,1402,3722,4372,5252,9863,3283,5393,7553,969

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 166180316338238317224509426296602501
Cash from Investing Activity + -151-263-267-140-136-261-90-296-298-182-298-372
Cash from Financing Activity + -1387-39-168-72-114-140-205-120-135-216-209
Net Cash Flow 25103030-58-697-2288-80
Free Cash Flow 14-844719510020310340816287323305
CFO/OP 81%73%90%93%80%99%78%118%91%71%105%97%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow51.00112.00169.00287.00287.00335.00251.00389.00447.00343.00467.00362.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 333541496159525751505145
Inventory Days 98151189168150147189119122127111126
Days Payable 78120144121102112886678706169
Cash Conversion Cycle 546587961089415211094107101102
Working Capital Days -6-017314341575136454742
ROCE %32%33%34%31%25%23%18%21%24%20%21%17%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 47.49%47.49%47.49%47.49%47.49%47.49%47.49%47.49%47.49%47.49%47.61%47.69%
FIIs 16.89%17.95%18.48%18.33%19.18%16.21%16.07%16.04%15.79%12.55%11.57%11.66%
DIIs 26.23%25.22%25.43%25.53%24.91%27.83%28.39%27.91%27.68%27.39%26.00%26.30%
Public 9.36%9.33%8.59%8.66%8.43%8.46%8.05%8.57%9.06%12.57%14.82%14.34%
No. of Shareholders 68,22567,85471,39674,77780,08183,28077,58782,46289,56793,31092,81491,388

Shareholding Pattern Chart

No. of Shareholders

Kajaria Ceramics Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Small Cap Fund 7,000,000 1.83 631.68N/AN/AN/A
Kotak Multicap Fund 2,922,797 1.16 263.752,822,7972026-01-26 06:35:543.54%
Nippon India Small Cap Fund 2,895,434 0.4 261.283,085,0252026-02-23 05:23:09-6.15%
Franklin India Small Cap Fund 2,099,656 1.48 189.471,585,3122026-02-23 05:23:0932.44%
SBI Large & Midcap Fund 2,000,000 0.48 180.482,594,8262025-12-08 04:35:14-22.92%
HSBC Small Cap Fund 1,845,200 1.11 166.51N/AN/AN/A
Nippon India Multi Cap Fund 1,445,552 0.27 130.45N/AN/AN/A
SBI ELSS Tax Saver Fund 1,397,320 0.4 126.09N/AN/AN/A
Bajaj Finserv Flexi Cap Fund 1,096,509 1.59 98.951,053,0102026-02-23 02:12:344.13%
UTI Mid Cap Fund 1,000,000 0.79 90.24920,3362026-01-26 06:35:548.66%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.001.00
Basic EPS (Rs.) 18.4826.5121.6423.6919.37
Diluted EPS (Rs.) 18.4726.4821.6223.6819.37
Cash EPS (Rs.) 29.1736.4930.1031.2926.12
Book Value[Excl.RevalReserv]/Share (Rs.) 172.27164.25151.03137.38121.52
Book Value[Incl.RevalReserv]/Share (Rs.) 172.27164.25151.03137.38121.52
Revenue From Operations / Share (Rs.) 290.96287.41275.25232.74174.79
PBDIT / Share (Rs.) 41.9946.8339.3040.0933.32
PBIT / Share (Rs.) 31.6137.5430.9532.8526.62
PBT / Share (Rs.) 30.3536.2129.0532.0525.94
Net Profit / Share (Rs.) 18.7927.2021.7524.0419.42
NP After MI And SOA / Share (Rs.) 18.4826.5021.6423.6819.36
PBDIT Margin (%) 14.4316.2914.2717.2219.06
PBIT Margin (%) 10.8613.0511.2414.1115.22
PBT Margin (%) 10.4312.5910.5513.7614.84
Net Profit Margin (%) 6.459.467.9010.3211.10
NP After MI And SOA Margin (%) 6.359.217.8610.1711.07
Return on Networth / Equity (%) 10.7216.1314.8017.7616.48
Return on Capital Employeed (%) 16.5120.7819.0822.4620.48
Return On Assets (%) 7.8311.9110.3412.6212.19
Long Term Debt / Equity (X) 0.020.020.020.010.01
Total Debt / Equity (X) 0.060.060.080.060.05
Asset Turnover Ratio (%) 1.271.331.341.261.07
Current Ratio (X) 2.572.642.252.202.81
Quick Ratio (X) 1.701.851.501.502.00
Inventory Turnover Ratio (X) 8.068.351.621.781.15
Dividend Payout Ratio (NP) (%) 59.5133.9541.5933.7751.64
Dividend Payout Ratio (CP) (%) 38.1025.1430.0225.8638.35
Earning Retention Ratio (%) 40.4966.0558.4166.2348.36
Cash Earning Retention Ratio (%) 61.9074.8669.9874.1461.65
Interest Coverage Ratio (X) 33.4035.3228.0350.1449.50
Interest Coverage Ratio (Post Tax) (X) 18.3521.5216.8731.0729.84
Enterprise Value (Cr.) 13329.9618137.8116673.6115973.2914421.34
EV / Net Operating Revenue (X) 2.883.963.814.315.19
EV / EBITDA (X) 19.9324.3226.6525.0327.20
MarketCap / Net Operating Revenue (X) 2.954.023.834.375.29
Retention Ratios (%) 40.4866.0458.4066.2248.35
Price / BV (X) 4.987.047.217.647.87
Price / Net Operating Revenue (X) 2.954.023.834.375.29
EarningsYield 0.020.020.020.020.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Kajaria Ceramics Ltd. is a Public Limited Listed company incorporated on 20/12/1985 and has its registered office in the State of Haryana, India. Company's Corporate Identification Number(CIN) is L26924HR1985PLC056150 and registration number is 056150. Currently Company is involved in the business activities of Manufacture of other clay building materials. Company's Total Operating Revenue is Rs. 4218.82 Cr. and Equity Capital is Rs. 15.93 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Ceramics/Tiles/SanitarywareSF-11, Second Floor, JMD Regent Plaza, Gurgaon Haryana 122001Contact not found
Management
NamePosition Held
Mr. Ashok KajariaChairman & Managing Director
Mr. Chetan KajariaJoint Managing Director
Mr. Rishi KajariaJoint Managing Director
Mr. Dev Datt RishiNon Executive Director
Mr. Rajender Mohan MallaIndependent Director
Dr. Lalit Kumar PanwarIndependent Director
Mr. Sudhir BhargavaIndependent Director
Mr. Ambika SharmaIndependent Director

FAQ

What is the intrinsic value of Kajaria Ceramics Ltd and is it undervalued?

As of 09 April 2026, Kajaria Ceramics Ltd's intrinsic value is ₹365.86, which is 63.12% lower than the current market price of ₹992.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (11.2 %), book value (₹184), dividend yield (0.91 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Kajaria Ceramics Ltd?

Kajaria Ceramics Ltd is trading at ₹992.00 as of 09 April 2026, with a FY2026-2027 high of ₹1,322 and low of ₹745. The stock is currently in the middle of its 52-week range. Market cap stands at ₹15,797 Cr..

How does Kajaria Ceramics Ltd's P/E ratio compare to its industry?

Kajaria Ceramics Ltd has a P/E ratio of 36.5, which is above the industry average of 34.82. The premium over industry average may reflect growth expectations or speculative interest.

Is Kajaria Ceramics Ltd financially healthy?

Key indicators for Kajaria Ceramics Ltd: ROCE of 17.1 % indicates efficient capital utilization. Dividend yield is 0.91 %.

Is Kajaria Ceramics Ltd profitable and how is the profit trend?

Kajaria Ceramics Ltd reported a net profit of ₹300 Cr in Mar 2025 on revenue of ₹4,635 Cr. Compared to ₹383 Cr in Mar 2022, the net profit shows a declining trend.

Does Kajaria Ceramics Ltd pay dividends?

Kajaria Ceramics Ltd has a dividend yield of 0.91 % at the current price of ₹992.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Kajaria Ceramics Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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