Kajaria Ceramics Ltd(KAJARIACER)

NSE: KAJARIACERBSE: 500233

₹ 1,137.65-1.84%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 17,877 crNext results: 24 Oct 2026Website: www.kajariaceramics.comUpdated: 24 Oct 2026

About

Kajaria Ceramics is India's leading branded tile manufacturer, producing ceramic, glazed vitrified and polished vitrified tiles across plants in Rajasthan, Andhra Pradesh and Himachal Pradesh, with an owned capacity of 87.80 MSM as of Q2 FY26. Beyond tiles, Kajaria operates Kerovit (bathware) and a fast-growing adhesives business, together contributing 11.4% of FY26 revenue.^[1][2][3][4]

Business segments

Tiles: ₹4,280.29 crores revenue in FY26, 88.6% of consolidated revenue, EBIT margin 15.2%; the segment covers ceramic floor tiles, glazed vitrified tiles (GVT) and polished vitrified tiles (PVT).^[4]
Others (Bathware + Adhesives): ₹550.07 crores revenue in FY26, 11.4% of consolidated revenue, EBIT margin 8.1%; tiles' share fell 6.3 pp over FY2018 - FY2026 as non-tile verticals grew.^[4]
Kerovit (Bathware): ₹122 crores revenue in Q1 FY27 (+33% YoY); ₹117 crores in Q4 FY26 (+6% YoY). Covers sanitaryware, faucets and allied bathroom products.^[5][2]
Adhesives: ₹45 crores revenue in Q1 FY27 vs ₹25 crores in Q1 FY26; FY26 full-year adhesives revenue was ₹169 crores vs ₹83.71 crores in FY25.^[5][2]

Manufacturing capacity and operations

Total owned tile manufacturing capacity was 87.80 MSM as of Q2 FY26 and Q3 FY26, spread across plants in Rajasthan (Gailpur, Bhiwadi), Andhra Pradesh (Srikalahasti) and Himachal Pradesh.^[1][6]
Gailpur (Rajasthan): one production unit of 9.1 MSM per annum was converted from ceramic floor tiles to GVT in Q3 FY26 to capture higher realisations from value-added products.^[6]
Nepal JV (KRTL): 5.10 MSM capacity, operating at ~86% utilisation in Q2 FY26.^[1]
Channel mix: 70% retail and 30% projects as of Q3 FY26; geographic revenue mix in Q1 FY27 was North 35%, South 30%, East 20%, West 15%.^[6][5]

Key operating numbers

Tile sales volume: 118.52 MSM in FY26 vs 114.69 MSM in FY25; Q1 FY27 volume grew 6% YoY despite a soft April.^[2][5]
Tiles segment revenue: ₹1,162 crores in Q1 FY27 (+18% YoY); ₹1,212 crores in Q4 FY26 (+11% YoY).^[5][2]
Average blended gas cost: ~₹71/SCM in Q1 FY27; North India gas price ₹62.5/SCM in April 2026 vs ₹55.54/SCM average in Q4 FY26.^[5][2]
Working capital cycle: 46 days at 30 June 2026, improved 5 days from 51 days at 31 March 2026, which had itself improved 14 days from 65 days at 31 December 2025.^[5][2]
Annualised cost savings of ₹150 crores achieved through Operation Manthan (launched May 2025): raw material/plant negotiations, ~250 headcount reduction, carton reengineering and travel cuts.^[1]

Distribution and customers

Dealer network: ~1,800 total dealers / 450 exclusive as of Q1 FY27; 1,850 dealers / 450 exclusive showrooms as of Q2 FY26.^[5][1]
Sales force unification (ceramic + GVT + PVT teams merged, dealer pricing and scheme structure unified from 1 January 2026) was ~70 - 75% complete at end of Q3 FY26 and finished in Q4 FY26.^[6]
Projects/institutional channel: Kajaria secured a lion's share of supply with two large Indian builders as a newly activated growth lever in Q1 FY27.^[5]
India industry tile exports: ~₹4,000 crores in Q3 FY26 (quarterly); estimated ~₹16,000 crores for full-year FY26, down from ₹20,000 crores in FY24, due to Red Sea freight disruptions.^[6]

Expansion and capex

Srikalahasti (Andhra Pradesh): 10 MSM GVT capacity approved at ~₹210 crores; expected completion by March 2027.^[2]
Gailpur/Bhiwadi (Rajasthan): new 11 MSM GVT line approved at ₹165 crores; leverages existing shed; completion targeted by April 2027 (Q1 FY28); expected revenue contribution ₹400 - 450 crores.^[5]
Total FY27 capex planned at ~₹400 crores, inclusive of Srikalahasti, Gailpur expansions and maintenance capex.^[5]
Adhesives plant at Erode, Tamil Nadu (KAPL, 9,000 MT/month capacity): investment raised to ₹23 crores; expected operational in Q2 FY27.^[1][2]

Recent corporate actions

Kajaria announced acquisition of the remaining 15% CCPS stake in Kerovit (Bathware) from Aravali Investment Holdings for ₹50 crores, moving to 100% ownership; a new Chief Business Officer joined Kerovit in April 2026.^[5][2]
Board approved acquisition of remaining 10% of Kajaria Surfaces Pvt. Ltd. and remaining 25% of Kajaria Adhesive Pvt. Ltd. at January 30, 2026 meeting, to consolidate 100% ownership of both subsidiaries.^[6]
Board announced a share buyback (subject to shareholder approval) in Q4 FY26, citing strong net-cash position and tax efficiency.^[2]
UK showroom operations under Kajaria International DMCC are being wound down and closed due to high running expenses and unviable near-to-medium-term economics.^[1]

Morbi gas crisis and competitive dynamics

GSPC gas prices at Morbi rose from ~₹48 to ₹86 - 88/SCM, forcing Morbi players to raise tile prices 40 - 45%; Kajaria's North/South plants faced only 10 - 12% gas cost increase and took ~10 - 13% price hikes.^[5]
The branded vs. Morbi price differential compressed from ~40% to ~20% as of Q1 FY27, driving demand toward organised branded players.^[5]
As of the Q4 FY26 call, only 70 - 90 of ~500 Morbi plants were running; management expected not more than 150 - 160 to resume, creating structural volume demand for multi-location branded players.^[2]

Market Cap

₹17,877 Cr

High / Low

₹1,294 / 870

Stock P/E

35.5

Price / Book

6.3

Book Value

₹192

EPS

₹30.5

No. of Shares

15.93 Cr

ROCE

23.7%

ROE

16.7%

OPM

15.3%

Debt / Equity

0.04

Sales

₹4,830 Cr

Net Profit

₹487 Cr

Promoter holding

46.7%

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Kajaria Ceramics Ltd(KAJARIACER)

About

Business segments

Manufacturing capacity and operations

Key operating numbers

Distribution and customers

Expansion and capex

Recent corporate actions

Morbi gas crisis and competitive dynamics

Signal history

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