Kajaria Ceramics Ltd. share price target

ICICI Securities Ltd | Retail Equity Research Kajaria Ceramics (Kajaria) posted revenue growth of 3.5% YoY to | 628.7 crore, below our expectation of | 661.8 crore mainly on account of subdued volume growth of 3.2% (our estimate: 8.9%) The EBITDA margin expanded 74 bps YoY to 19.9% mainly on account of lower power & fuel costs (declined 314 bps YoY to ~17.5%). However, it was below our estimate of 21.1% mainly on account of higher raw material and manufacturing cost (up 240bps YoY to 36.1%)...

The EBITDA margin expanded 474 bps YoY to 21.3% mainly on account of lower power & fuel costs (declined 246 bps YoY to ~18.1%) due to falling gas prices and above our expectation of 20.0% The bottomline grew at a robust pace of 36.3% YoY to | 63.4 crore and was largely in line with our estimate of | 62.9 crore led by a betterthan-expected EBITDA margin performance WC days reduced to 47 days in Q1FY17 vs. 52 days in Q4FY16 while D/E also dropped to 0.21x in Q1FY17 against 0.28x in Q4FY16 Passage of GST augurs well for domestic industry...

Kajaria Ceramics is the largest tile manufacturer in India, with a 68.6 mn sq. metres (msm) annual capacity (28.9msm ceramic tile, 30.4msm polished vitrified tiles and 9.3msm glazed vitrified tile). Manufacturing capacity is spread across nine plants; five in Morbi, Gujarat with a cumulative capacity of 27.2 msm, one each in Sikandrabad UP (9.5msm), Vijayawada AP (2.3msm), Gailpur Rajasthan (23.1 msm) and Malootana (6.5 msm). Kajaria has a strong distribution network of 900 dealers, 10,000 sales points across the country and 24 display centers are located at all the Kajaria's offices. Kajaria is the only tile manufacturer in India to be awarded...

ICICI Securities Ltd | Retail Equity Research We attended the analyst meet of Kajaria Ceramics. The management has a bullish outlook on the growth prospects of Kajaria, going forward. It has...

ICICI Securities Ltd | Retail Equity Research Kajaria Ceramics (Kajaria) posted revenue growth of 12.0% YoY to | 655.1 crore. It was above our estimate of | 625.5 crore mainly led by...

Kajaria Ceramics is the largest tile manufacturer in India, with a 68.6 mn sq. metres (msm) annual capacity (28.9msm ceramic tile, 30.4msm polished vitrified tiles and 9.3msm glazed vitrified tile). Manufacturing capacity is spread across nine plants; five in Morbi, Gujarat with a cumulative capacity of 27.2 msm, one each in Sikandrabad UP (9.5msm), Vijayawada AP (2.3msm), Gailpur Rajasthan (23.1 msm) and Malootana (6.5 msm). Kajaria has a strong distribution network of 900 dealers, 10,000 sales points across the country and 24 display centers are located at all the Kajaria's offices. Kajaria is the only tile manufacturer in India to be awarded...

Kajaria Ceramics is the second largest tile manufacturer in India, with a 62.1 mn sq. metres (msm) annual capacity (28.9msm ceramic tile, 23.9msm polished vitrified tiles and 9.3msm glazed vitrified tile). Manufacturing capacity is spread across eight plants; five in Morbi, Gujarat with a cumulative capacity of 27.2 msm, one each in Sikandrabad UP (9.5msm), Vijayawada AP (2.3msm) and Gailpur Rajasthan (23.1 msm). Kajaria has a strong distribution network of 900 dealers, 10,000 sales points across the country and 24 display centers are located at all the Kajaria's offices. Kajaria is the only tile manufacturer in India to be awarded Superbrand' status...

Kajaria posted revenue growth of 12% YoY, with volume growing at 6% and realizations grew by 6% for the period. For FY15, revenues grew by 19% in line with our estimates, volumes grew by 13% and realization saw a growth of 5%. Realization per SQM is at Rs.377 in Q4FY15 and improving from the JV side which is expected to support the improvement in realizations going forward

Kajaria Ceramics is the second largest tile manufacturer in India, with a 54.1 mn sq. metres (msm) annual capacity (25.9msm ceramic tile, 18.9msm polished vitrified tiles and 9.3msm glazed vitrified tile). Manufacturing capacity is spread across seven plants; four in Morbi, Gujarat with a cumulative capacity of 22.2 msm, one each in Sikandrabad UP (9.5msm), Vijayawada AP (2.3msm) and Gailpur Rajasthan (20.1 msm). Kajaria has a strong distribution network of 900 dealers, 10,000 sales points across the country and 24 display centers are located at all the Kajaria's offices. Kajaria is the only tile manufacturer in India to be awarded Superbrand' status...