Kajaria Ceramics Ltd. share price target

Q4 revenue grew 16% YoY (+3% QoQ) spurred by a 13% rise in tile realisations; volume growth was subdued at 2%

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...

Apart from earlier announced capex of | 250 crore on tiles in FY22, it is adding 5 MSM greenfield GVT capacity in FY23 (revenue potential - | 400 crore) & | 80 crore capex in sanitaryware segment Q3FY22 Results: Mixed Bag results with higher volume growth but lower margins. Topline was up 27.4% YoY at | 1068.2 crore with tiles revenues up 26.8% YoY at | 961.6 crore, led by volume growth of ~13.5% YoY at 25.6 MSM...

Q3 revenue grew 27% YoY (+10% QoQ) driven by 14% volume growth to 25.6msm the highest-ever volumes for KJC

Strong customer sentiments, revival in B2B business, market share gains and revival in construction sector is supporting growth. We expect the exports business to improve as company started its operations in Dubai. With an optimistic outlook, we reiterate our ACCUMULATE rating...

Q2 revenue grew 37% YoY (+73% QoQ) driven by 25% volume growth to 24.8msm

The company has announced a large capex of | 250 crore (seeing strong demand and higher utilisation) in FY22 which will increase its overall capacity by 18% and generate ~| 500 crore worth of additional revenue Q2FY22 Results: Kajaria reported robust results led by strong volumes growth. Revenue was up 36.6% YoY at | 973.6 crore. Tiles sales volumes were up ~25% YoY at 24.8 MSM and tiles revenues were up 35.6% YoY at | 882.6...

Kajaria Ceramic's (Kajaria) Q2FY22 result was beat to our and consensus estimates on key parameters. After a subdued performance in Q1FY22 owing to second wave of Covid-19, the company reported encouraging sales volume growth as well as higher NSR in Q2FY22. Net sales increased by 36.6% YoY to Rs9,736mn, while EBITDA came in at Rs1,805mn, an impressive growth of 25.6% over Q2FY21. The company reported net profit of Rs1,193mn. The management reiterated 15% sales volume growth and ~20% net sales growth in H2FY22E. We believe Kajaria is poised to benefit from strong demand as the company's 3 new plants are expected to be completed by year end and would drive higher earnings growth in future. We have...

Background: Kajaria Ceramics is the largest tile manufacturer in India, with a 73 msm annual capacity (28.10MSM Ceramic tiles, 44.9MSM Vetrified tiles) spread across eight plants; three plants in Morbi, Gujarat with cumulative capacity of 15.9 MSM, one each in Sikandrabad - UP (8.4MSM), Vijayawada - AP (2.9 MSM) and Sri Kalahasti - AP (5 MSM), Malootana Rajasthan (6.5 MSM) and Gailpur - Rajasthan (34.3 MSM). Kajaria has a strong distribution network of 1,400 dealers,...

The company has announced a large capex of | 250 crore (seeing strong demand and higher utilisation) in FY22, which will increase its overall capacity by 18% and generate ~| 500 crore worth of additional revenue...