Geojit has given Accumulate recommendation for Kajaria Ceramics with a target price of Rs. 1400 in its research report issued on Jan 28, 2022

Geojit’s research report on Kajaria Ceramics

Kajaria Ceramics limited manufactures glazed and unglazed ceramic tiles. The company sells its products in India and it also exports them to other countries. During Q3FY22, revenues grew 27.4% YoY (+9.7% QoQ), driven by robust sales volumes (+13.5% YoY to 25.6 MSM). Resultantly, EBITDA rose 1.1% YoY to Rs. 184cr, despite margin contracting 450bps YoY to 17.2% on account of higher power and fuel costs (+69.6% YoY) and cost of raw materials (+16.1% YoY). PAT rose 2.6% YoY to Rs. 122cr. While concern remains around higher fuel costs, company’s long-term outlook remains promising with strong economic revival despite the supply chain constraints and lockdown, increased sales volumes, ramp up of construction activities and low interest rates regime.


Given current upside potential at current price levels, we reiterate our ACCUMULATE rating on the stock with a rolled forward target price of Rs. 1,400 based on 35x FY24E adj. EPS.

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At 16:00 hrs Kajaria Ceramics was quoting at Rs 1,323.15, down Rs 11.70, or 0.88 percent.

It has touched an intraday high of Rs 1,334.85 and an intraday low of Rs 1,308.35.

It was trading with volumes of 2,000 shares, compared to its thirty day average of 8,811 shares, a decrease of -77.30 percent.

In the previous trading session, the share closed up 0.14 percent or Rs 1.80 at Rs 1,334.85.

The share touched its 52-week high Rs 1,379.00 and 52-week low Rs 805.70 on 19 January, 2022 and 01 February, 2021, respectively.

Currently, it is trading 4.05 percent below its 52-week high and 64.22 percent above its 52-week low.

Market capitalisation stands at Rs 21,065.08 crore.

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