Ceramics industry
11 companies · ₹27,753 cr · 3 with AI deep dives · Q1FY27 report
RAC summer surge and jewellery SSSG coexist with a sector-wide margin squeeze from West Asia commodity shock
- Revenue YoY
- +22.6%
- EBITDA margin
- 13.2%
- 0bps YoY
- Price, 1 year
- -0.5%
- 40% of names up
- P/E vs own 5y
- -13.8%
- 32.2x now
Exhibit 1The quarter in numbers
constant panel of 5 companies above ₹500 cr- Jun 26
- 2,928 cr
- Mar 26
- 3,097 cr
- QoQ
- -5.5%
- Jun 25
- 2,389 cr
- YoY
- +22.6%
- Peak
- 3,097 cr
- vs peak
- -5.5%
- Jun 26
- 13.2%
- Mar 26
- 11.1%
- QoQ
- +210bps
- Jun 25
- 13.2%
- YoY
- 0bps
- Peak
- 13.2%
- vs peak
- 0bps
Breadth: 80% of 5 companies grew revenue year on year (was 100% a quarter earlier) and 60% expanded margin (was 80%).
Exhibit 2What it costs
26.17x - 43.99x across the panel todayThe median name trades at 32.2x, -13.8% against this industry's own 5-year median of 37.4x, and -51.5% against its own peak of 66.5x.
Exhibit 3Structure
₹27,753 crKajaria Ceramics Ltd is 72.6% of this industry by market cap. The top 5 are 97.1% and the top 10 are 99.9%.
Exhibit 4Screen
P/E below the sub-industry median of 32.23x, 5y ROCE above its median of 5.76%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (11 of 11)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
Exhibit 6What managements said
from Consumer Durables earnings calls · as of 2026-06-30The West Asia conflict is the dominant cross-sector headwind: crude oil up from USD 67 to USD 97 per barrel (Whirlpool), Morbi gas from ₹48 to ₹86-88/SCM (Kajaria), copper above…
- WHIRLPOOL (Q1FY27): “the crude oil prices, which similar time last year were operating at USD 67, are now…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
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