revenue growth
20 pct
FY 2027
official guidance
KAJARIA CERAMICS LIMITED
Last · NSE₹1215.00-9.60 (-0.78%)live · yahoo · 4h ago
Market cap₹190.9B157.1M sh
P/E · TTM35.4fwd 27.9 · eps 34.29
Beta0.49vs S&P 500
Div yield0.00%annual · TTM
52w range
₹869.60₹1293.80
Volume500.2Ksession
Loading chart…
OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Strong reported growth is offset by execution and fuel-price uncertainty.
Hold after Q1 FY27:
revenue rose 20% to INR1,328 crore, volume grew 6%, EBITDA margin reached 19.6%, and PAT rose to INR169 crore. The bull case is management's 20% FY27 revenue-growth target and 18%-19% full-year EBITDA margin, but volatile gas costs, heavier Morbi outsourcing, and unproven project-led growth keep the risk-reward from being a clean buy.
Themes
- Q1 Fy27 Results
- Tile Volume Growth
- Gas Cost Volatility
- Morbi Outsourcing
- Capacity Expansion
- Bathware Restructuring
Near term
May-July demand reportedly recovered after a soft April; delivery against the promised double-digit volume growth over the next nine months is the immediate test.
FY27 incremental demand must be met through Morbi outsourcing because the new in-house capacity is not expected until Q1 FY28.
Sustained non-Morbi price increases and the narrowed Morbi price gap should determine whether the 19.6% Q1 EBITDA margin is repeatable.
Longer term
The planned 22 million square meters of new capacity at Srikalahasti and Gailpur could improve cost and return on capital if the claimed more-than-2x turnover economics are achieved.
Distribution expansion and newly emphasized institutional projects may broaden growth beyond the historically retail-led channel.
Kerovit is growing quickly but remains in a restructuring and low-profitability phase, making execution in the bathware adjacency a meaningful contributor to the longer-term thesis.
Red flags
Management repeatedly described gas prices as highly volatile and could not quantify future pricing or the required offsetting price increase.
The double-digit volume and 20% value-growth outlook is management confidence rather than a detailed, independently verifiable bridge; institutional-sales mix and dealer additions were not fully quantified.
FY27 outsourcing will rise because capacity is constrained, exposing margins and supply reliability to Morbi economics before the new plants are commissioned.
The 35%-40% bathware value-growth target comes while management gives no bathware margin guidance and says the division is still undergoing corrections.
Forward outlook
operating margin
18–19 pct
FY 2027
official guidance
revenue growth
35–40 pct
FY 2027
management target
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
12:00 PM UTC+2
Period
Sep 2026
Est. EPS
$10.82
Est. revenue
14.2B
Earnings transcripts
- Issuer IR
Transcript of 40th AGM
KAJARIA CERAMICS LIMITED
- Issuer IR
Transcript of 40th AGM
KAJARIA CERAMICS LIMITED
- Issuer IR
Disclosure - Transcript of Con Call
KAJARIA CERAMICS LIMITED
- Issuer IR
Disclosure - Transcript of Con Call
KAJARIA CERAMICS LIMITED
- Issuer IR
Transcript of Con Call
KAJARIA CERAMICS LIMITED
- Issuer IR
Transcript of Con Call
KAJARIA CERAMICS LIMITED
Documents
FormReporting forFiledFlags