ICICI Direct has given Hold recommendation for Kajaria Ceramics with a target price of Rs. 1370 in its research report issued on Jan 24, 2022

ICICI Direct’s research report on Kajaria Ceramics

Kajaria Ceramics is the largest manufacturer of ceramic/vitrified tiles in India with current annual capacity of 70.4 mn. square metre. Apart from earlier announced capex of Rs 250 crore on tiles in FY22, it is adding 5 MSM greenfield GVT capacity in FY23 (revenue potential – Rs 400 crore) & Rs 80 crore capex in sanitaryware segment.


While we like Kajaria as a solid play on tiles, we await better entry price and maintain HOLD, with gas price rise being a key risk on margins ahead. We value Kajaria at Rs 1370/share, at 38x FY24 P/E.

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At 17:30 Kajaria Ceramics was quoting at Rs 1,316.25, up Rs 44.30, or 3.48 percent.

It has touched an intraday high of Rs 1,320.00 and an intraday low of Rs 1,285.20.

It was trading with volumes of 5,528 shares, compared to its thirty day average of 8,718 shares, a decrease of -36.59 percent.

In the previous trading session, the share closed up 1.33 percent or Rs 16.70 at Rs 1,271.95.

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 4.39 percent below its 52-week high and 63.63 percent above its 52-week low.

Market capitalisation stands at Rs 20,955.23 crore.

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