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India's largest ceramic tile manufacturer, also making sanitaryware and bath fittings.
India's largest ceramic tile manufacturer, also making sanitaryware and bath fittings.
Sells tiles by area through a dealer and showroom network, and uses the same channel for bath fittings and sanitaryware to raise sales per dealer. Demand follows housing construction and renovation, and prices are pressured by output from a cluster of smaller producers in Gujarat's Morbi region.
Moat: narrow (brand, scale, distribution). Largest tile brand and dealer network in India, but the category is fragmented with many regional and unorganized players.
Headquarters: New Delhi, India · Founded: 1988 · Employees: 7,280
Size Kajaria Ceramics (KAJARIACER.NS) is an India Industrials company (Building Products) with a market value of $1.96B, the 373rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,181 on 6 Nov 2026.
Performance Over six months the shares gained 7.5%, against -4.1% for the median peer and 0.0% for the India market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 14.2% over the last twelve months (peer median +2.8%); the operating margin is 15.8% (peer median 9.2%).
Valuation It trades at 26.1× forward earnings against a peer median of 14.7× (4th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 26% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +15 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.6 points above its cost of capital (15.4% WACC).
Next results Next results expected around 15 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹53.4B | ₹48.3B | ₹46.4B | ₹44.7B | ₹43.8B |
| Revenue growth | — | +4% | +4% | +2% | — |
| Gross profit | ₹13.5B | ₹9.95B | ₹8.36B | ₹9.05B | ₹7.77B |
| EBITDA | ₹10.1B | ₹8.79B | ₹6.46B | ₹7.17B | ₹6.02B |
| Net income | ₹6.02B | ₹4.85B | ₹2.94B | ₹4.22B | ₹3.44B |
| Free cash flow | n/a | ₹5.66B | ₹3.05B | ₹3.15B | ₹743M |
| Capital expenditure | n/a | ₹1.27B | ₹2.21B | ₹3.00B | ₹2.32B |
| Total debt | ₹4.06B | ₹2.29B | ₹2.74B | ₹2.39B | ₹2.50B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kajaria Ceramics KAJARIACER.NS | $1.96B | +7% | +14% | 16% | 26.1× | 26.2% |
| Cera Sanitaryware CERA.NS | $654M | -12% | +15% | 10% | 24.4× | 21.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KAJARIACER.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.7% | -1.1% | 10th lowest of 21 |
| 6-month return | +7.5% | -4.1% | 7th highest of 21 |
| Distance from 52-week high | -7.4% | -25.2% | 2nd highest of 21 |
| Revenue growth (TTM) | +14.2% | +2.8% | 6th highest of 21 |
| Operating margin | 15.8% | 9.2% | 3rd highest of 21 |
| Forward P/E | 26.1× | 14.7× | 4th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 26.2% | 4.2% | 3rd most demanding of 19 |
| Growth delivered (Del g) | +11.7% | +5.4% | 5th highest of 19 |
| Hurdle (Req g minus delivered) | +14.5 pp | +1.5 pp | 2nd most demanding of 19 |
| ROIC minus cost of capital | +7.6 pp | +2.7 pp | 4th highest of 21 |
| EV / EBITDA | 18.0× | 9.3× | 2nd most expensive of 13 |
| Net debt / EBITDA | -0.4× | 0.8× | 4th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kajaria Ceramics KAJARIACER.NS | India | $1.96B | +7% | +14% | 16% | 26.1× | 26.2% | +11.7% |
| Tecnoglass TGLS | United States | $1.95B | +10% | +10% | 18% | 13.8× | n/a | n/a |
| Jangho 601886.SS | China | $2.01B | +26% | +14% | 5% | 15.0× | -0.1% | +3.9% |
| Hyundai Elevator 017800.KS | South Korea | $1.79B | -31% | -9% | 9% | 9.4× | -5.5% | +6.3% |
| Interface TILE | United States | $1.78B | +4% | +7% | 12% | 14.5× | 11.4% | +4.7% |
| Qingdao East Steel Tower Stock 002545.SZ | China | $2.25B | -50% | +23% | 32% | 8.5× | -10.2% | +13.0% |
| Reliance Worldwide RWC.AX | Australia | $2.33B | +47% | -5% | 12% | 16.3× | 9.9% | +7.5% |
| Shanghai Mechanical & Electrical Industry 600835.SS | China | $2.34B | -27% | -2% | 2% | 22.5× | 0.6% | -3.8% |
| Century Plyboards (India) CENTURYPLY.NS | India | $1.50B | -20% | +26% | 10% | 34.4× | n/a | n/a |
| Xiamen Solex High-Tech Industries 603992.SS | China | $1.38B | -35% | +18% | 8% | 29.9× | 13.5% | +5.2% |
| Preformed Line Products PLPC | United States | $1.28B | -24% | +16% | 10% | 18.8× | 10.2% | +7.5% |
| Rinnai 5947.T | Japan | $3.07B | -3% | +4% | 10% | 13.3× | -9.5% | +6.4% |
| Takara standard 7981.T | Japan | $1.20B | +2% | +2% | 7% | n/a | -5.5% | +5.7% |
| STO Express 002468.SZ | China | $3.40B | -8% | +26% | 5% | 10.2× | -12.5% | +20.8% |
| Nichias 5393.T | Japan | $3.52B | -5% | +3% | 15% | 15.2× | 7.1% | +5.1% |
| Solareast 603366.SS | China | $1.07B | +8% | 0% | -2% | n/a | 39.8% | +2.9% |
| Suzhou Huaya Intelligence Technology 003043.SZ | China | $990M | -20% | +2% | 11% | 78.3× | 27.6% | +22.3% |
| Zehnder ZEHN.SW | Switzerland | $983M | +10% | +2% | 8% | 17.5× | 2.5% | +1.5% |
| Apogee Enterprises APOG | United States | $956M | +25% | +3% | 9% | 13.6× | -0.3% | +2.7% |
| Guangzhou Guangri Stock 600894.SS | China | $956M | -20% | +2% | 0% | 9.6× | 7.2% | +1.4% |
| Quanex Building Products NX | United States | $949M | +2% | +1% | 6% | 10.7× | 6.0% | +16.6% |