ICICI Direct has given Buy recommendation for Kajaria Ceramics with a target price of Rs. 1165 in its research report issued on May 18, 2022

ICICI Direct’s research report on Kajaria Ceramics

Kajaria Ceramics is the largest manufacturer of ceramic/vitrified tiles in India with a current annual capacity of 82.8 mn square metre. Apart from completed capex of Rs 250 crore on tiles, it is doing Rs 80 crore capex in the sanitaryware segment.


Kajaria is a quasi-play on housing. Post steep correction, we believe gas price uncertainty is largely built in. Thus we upgrade from HOLD to BUY. We value Kajaria at Rs 1165/share, at 35x FY24 P/E.

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