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Kajaria Ceramics

₹1265.1 -18.2 | 1.4%

Market Cap ₹20223 Cr.

Stock P/E 58.5

P/B 8.7

Current Price ₹1265.1

Book Value ₹ 146.1

Face Value 1

52W High ₹1304.2

Dividend Yield 0.71%

52W Low ₹ 898

Kajaria Ceramics Research see more...

Overview Inc. Year: 1985Industry: Ceramics/Marble/Granite/Sanitaryware

Kajaria Ceramics Ltd is engaged in production ceramic/vitrified tiles in India. Its segments comprises Tiles and Others. The Tiles section consists of manufacturing and trading of ceramic and vitrified wall and floor tiles. The Others section includes production of sanitaryware and faucet and trading of plywood and block board. Its product category includes glazed vitrified tiles, ceramic tiles, and polished vitrified tiles. Its wall tiles consists of bathroom wall tiles, kitchen wall tiles, outside wall titles, residing room wall titles, bed room wall titles, and wall titles for industrial spaces. Its floor titles include residing room floor titles, outdoor ground titles, bed room floor titles, kitchen floor titles, lavatory ground titles and ground tiles for business areas. It has 8 manufacturing plants, which consist of Sikandrabad in Uttar Pradesh, Gailpur and Malootana in Rajasthan, Vijayawada and Srikalahasti in Andhra Pradesh and 3 plants in Gujarat.

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Kajaria Ceramics Share Price

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Kajaria Ceramics Quarterly Results

#(Fig in Cr.) Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023
Net Sales 838 953 562 974 1068 1102 1008 1078 1091 1205
Other Income 6 7 6 7 7 7 8 8 7 10
Total Income 845 960 568 981 1076 1109 1016 1085 1099 1215
Total Expenditure 657 762 481 793 884 936 855 948 958 1029
Operating Profit 188 198 86 188 191 173 162 137 141 186
Interest 3 3 3 3 3 4 4 3 8 7
Depreciation 28 27 27 28 28 33 32 34 33 34
Exceptional Income / Expenses 0 0 0 0 0 0 0 -4 0 -4
Profit Before Tax 158 169 57 157 160 136 126 97 100 141
Provision for Tax 37 38 15 37 35 39 33 28 26 30
Profit After Tax 121 131 41 119 125 97 93 69 74 111
Adjustments -2 -4 2 -3 -3 -1 -1 1 1 -3
Profit After Adjustments 119 127 43 116 122 96 92 70 74 108
Adjusted Earnings Per Share 7.5 8 2.7 7.3 7.7 6 5.8 4.4 4.7 6.8

Kajaria Ceramics Profit & Loss

#(Fig in Cr.) Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
Net Sales 1313 1583 1836 2187 2413 2550 2711 2956 2808 2781 3705 4382
Other Income 1 3 2 7 10 15 11 18 24 21 28 33
Total Income 1315 1586 1838 2194 2424 2565 2721 2974 2832 2802 3733 4415
Total Expenditure 1107 1338 1551 1833 1956 2053 2254 2507 2392 2272 3095 3790
Operating Profit 208 249 288 361 468 512 467 468 440 530 638 626
Interest 49 46 41 29 34 34 24 16 20 11 13 22
Depreciation 39 45 47 56 73 81 89 89 108 107 115 133
Exceptional Income / Expenses 0 0 0 -6 0 0 1 -5 0 0 0 -8
Profit Before Tax 120 158 199 270 361 396 355 358 312 413 510 464
Provision for Tax 38 50 68 85 125 142 127 129 59 104 127 117
Profit After Tax 82 108 131 185 236 254 229 229 254 309 383 347
Adjustments -1 -3 -7 -9 -5 -1 6 -2 2 -1 -6 -2
Profit After Adjustments 81 105 124 176 231 253 235 227 255 308 377 344
Adjusted Earnings Per Share 5.5 7.1 8.2 11.1 14.5 15.9 14.8 14.2 16.1 19.4 23.7 21.7

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 33% 8% 8% 11%
Operating Profit CAGR 20% 11% 4% 12%
PAT CAGR 24% 19% 9% 17%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 33% 50% 19% 26%
ROE Average 19% 17% 17% 24%
ROCE Average 25% 22% 23% 29%

Kajaria Ceramics Balance Sheet

#(Fig in Cr.) Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Shareholder's Funds 282 361 530 741 972 1175 1351 1575 1714 1869 2122
Minority's Interest 7 28 41 62 76 76 66 66 64 65 65
Borrowings 92 89 85 96 142 116 59 31 22 31 24
Other Non-Current Liabilities 71 74 80 89 104 119 118 113 121 101 116
Total Current Liabilities 468 538 497 644 724 554 546 587 517 460 659
Total Liabilities 920 1090 1233 1633 2019 2040 2140 2372 2437 2525 2986
Fixed Assets 521 620 692 860 1121 1177 1145 1078 1195 1192 1150
Other Non-Current Assets 16 27 69 119 37 41 41 121 55 40 385
Total Current Assets 383 443 473 654 861 822 951 1171 1188 1293 1451
Total Assets 920 1090 1233 1633 2019 2040 2140 2372 2437 2525 2986

Kajaria Ceramics Cash Flow

#(Fig in Cr.) Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Opening Cash & Cash Equivalents 3 3 3 5 10 20 50 80 22 16 25
Cash Flow from Operating Activities 91 98 166 180 316 338 238 317 224 509 426
Cash Flow from Investing Activities -69 -150 -151 -263 -267 -140 -137 -261 -90 -296 -298
Cash Flow from Financing Activities -19 53 -13 87 -39 -168 -72 -114 -140 -205 -120
Net Cash Inflow / Outflow 3 0 2 5 10 30 30 -58 -6 9 7
Closing Cash & Cash Equivalent 6 3 5 10 20 50 80 22 16 25 32

Kajaria Ceramics Ratios

# Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Earnings Per Share (Rs) 5.5 7.1 8.22 11.05 14.52 15.91 14.78 14.25 16.06 19.36 23.68
CEPS(Rs) 8.23 10.36 11.8 15.15 19.43 21.1 19.95 19.99 22.74 26.12 31.29
DPS(Rs) 1.25 1.5 1.75 2 2.5 3 3 3 3 10 11
Book NAV/Share(Rs) 19.17 24.52 33.34 46.63 60.94 73.78 84.47 98.61 107.47 117.24 133.2
Core EBITDA Margin(%) 14.65 14.15 14.12 14.65 16.93 17.39 16.4 15.2 14.81 17.52 15.81
EBIT Margin(%) 11.97 11.76 11.89 12.4 14.63 15.07 13.64 12.64 11.82 14.58 13.53
Pre Tax Margin(%) 8.51 9.09 9.84 11.18 13.35 13.88 12.77 12.11 11.13 14.21 13.2
PAT Margin (%) 5.81 6.22 6.49 7.65 8.74 8.89 8.22 7.74 9.03 10.64 9.91
Cash Profit Margin (%) 8.6 8.79 8.81 9.96 11.42 11.74 11.4 10.75 12.88 14.31 12.89
ROA(%) 9.36 10.73 11.31 12.9 12.93 12.51 10.94 10.14 10.54 12.45 13.89
ROE(%) 32.44 33.54 30.37 29.7 27.63 23.71 18.18 15.72 15.48 17.29 19.21
ROCE(%) 31.49 32.86 33.26 34.25 35.14 32.43 26.11 23.27 18.78 22.23 24.79
Receivable days 27.62 27.62 27.82 28.08 32.5 39.19 51.79 57.15 56.66 52.06 44.64
Inventory Days 44.19 42.73 37.23 37.47 46.43 48.35 49.22 48.42 59.7 55.67 39.63
Payable days 96.98 93.67 81.34 95.87 129.45 127.12 96.73 92.44 101.07 71.18 65.91
PER(x) 15.49 13.54 21.21 36.35 32.82 36.76 38.37 41.45 23.45 47.73 42.99
Price/Book(x) 4.44 3.92 5.23 8.61 7.82 7.93 6.71 5.99 3.5 7.88 7.64
Dividend Yield(%) 1.47 1.56 1 0.5 0.52 0.51 0.53 0.51 0.8 1.08 1.08
EV/Net Sales(x) 1.16 1.09 1.56 3.02 3.25 3.71 3.36 3.13 2.1 5.16 4.29
EV/Core EBITDA(x) 7.33 6.96 9.96 18.3 16.76 18.48 19.49 19.81 13.39 27.09 24.92
Net Sales Growth(%) 37.74 20.58 15.98 19.09 10.36 5.64 6.31 9.06 -5.01 -0.97 33.24
EBIT Growth(%) 41.05 20.97 18 24.54 31.88 8.86 -11.82 -1.53 -11.15 27.56 23.49
PAT Growth(%) 34.86 31.75 21.8 40.77 27.7 7.5 -9.93 0.07 10.83 21.84 23.9
EPS Growth(%) 33.43 29.21 15.69 34.51 31.35 9.61 -7.12 -3.57 12.69 20.57 22.3
Debt/Equity(x) 0.99 0.89 0.47 0.33 0.3 0.18 0.13 0.08 0.08 0.05 0.06
Current Ratio(x) 0.82 0.82 0.95 1.02 1.19 1.48 1.74 2 2.3 2.81 2.2
Quick Ratio(x) 0.42 0.42 0.56 0.54 0.66 0.81 1.05 1.3 1.31 2 1.5
Interest Cover(x) 3.46 4.41 5.8 10.2 11.47 12.66 15.74 23.97 17.01 39.54 41.08
Total Debt/Mcap(x) 0.22 0.23 0.09 0.04 0.04 0.02 0.02 0.01 0.02 0.01 0.01

Kajaria Ceramics Shareholding Pattern

# Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023
Promoter 47.54 47.54 47.54 47.51 47.51 47.5 47.5 47.49 47.49 47.49
FII 23.68 25.25 25.09 24.89 22.45 21.27 19.58 19.44 18.57 16.9
DII 15.75 14.46 14.9 15.24 17.27 20.32 22.4 22.82 24.5 26.24
Public 13.03 12.75 12.48 12.36 12.77 10.91 10.52 10.25 9.44 9.37
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Debtor days have improved from 71.18 to 65.91days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 47.49%.
  • Stock is trading at 8.7 times its book value.
  • The company has delivered a poor profit growth of 8% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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