# Ceramics/Tiles/Sanitaryware — company-by-company sector analysis

> Ceramics/Tiles/Sanitaryware: Kajaria Ceramics Ltd owns the largest revenue base; Nitco Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Ceramics/Tiles/Sanitaryware has underperformed NIFTY 500 by 4.5% over 52 weeks and 0% over 13 weeks. 4 of 6 covered companies beat NIFTY on Mansfield relative strength, while 2 of 6 beat the sector itself. Kajaria Ceramics Ltd leads with revenue of ₹4,830 crore, based on 6 of 6 comparable companies through Mar 2026.

### Is the Ceramics/Tiles/Sanitaryware sector outperforming NIFTY 500?

Ceramics/Tiles/Sanitaryware has underperformed NIFTY 500 by 4.5% over 52 weeks and 0% over 13 weeks. 4 of 6 covered companies beat NIFTY on Mansfield relative strength, while 2 of 6 beat the sector itself.

### Which Ceramics/Tiles/Sanitaryware company is largest by revenue?

Kajaria Ceramics Ltd leads with revenue of ₹4,830 crore, based on 6 of 6 comparable companies through Mar 2026.

### Which Ceramics/Tiles/Sanitaryware company is growing fastest?

Nitco Ltd has the fastest current revenue growth at 72.4%, across 6 of 6 comparable companies.

### Which Ceramics/Tiles/Sanitaryware company has the strongest 4-Factor Sector Score?

Kajaria Ceramics Ltd ranks first at 73.6/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Ceramics/Tiles/Sanitaryware company has the least gross debt?

Cera Sanitaryware Ltd has the lowest comparable gross debt at ₹47 crore. Hindware Home Innovation Ltd has the highest at ₹856 crore.

### Which Ceramics/Tiles/Sanitaryware company has the lowest comparable PEG?

Kajaria Ceramics Ltd has the lowest comparable Guarded PEG at 2, among 2 of 6 companies that pass the metric’s comparability rules.

### How much history does this Ceramics/Tiles/Sanitaryware comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Ceramics/Tiles/Sanitaryware has underperformed NIFTY 500 by 4.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 0%. 4 of 6 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Kajaria Ceramics Ltd is the strongest against the sector itself at +7.4%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 0.0%
52-week sector return versus NIFTY 500: -4.5%
Stocks leading NIFTY: 4/6
Stocks leading sector: 2/6

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 6
Combined market value: ₹34.8K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Kajaria Ceramics Ltd (KAJARIACER): 74/100 — Favorable setup; evidence 100%
   - Growth & earnings 27.8/35 | Capital efficiency 21.8/25 | Valuation 9.2/20 | Relative strength 14.8/20
   - Exact sum: 27.8 + 21.8 + 9.2 + 14.8 = 73.6
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Somany Ceramics Ltd (SOMANYCERA): 63/100 — Mixed-positive evidence; evidence 81%
   - Growth & earnings 21.7/35 | Capital efficiency 15.6/25 | Valuation 13.8/20 | Relative strength 12.0/20
   - Exact sum: 21.7 + 15.6 + 13.8 + 12 = 63.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Nitco Ltd (NITCO): 58/100 — Mixed-positive evidence; evidence 81%
   - Growth & earnings 26.6/35 | Capital efficiency 6.8/25 | Valuation 7.6/20 | Relative strength 16.7/20
   - Exact sum: 26.6 + 6.8 + 7.6 + 16.7 = 57.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Cera Sanitaryware Ltd (CERA): 47/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 9.0/35 | Capital efficiency 20.7/25 | Valuation 8.2/20 | Relative strength 9.0/20
   - Exact sum: 9 + 20.7 + 8.2 + 9 = 46.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Hindware Home Innovation Ltd (HINDWAREAP): 32/100 — Adverse evidence; evidence 66%
   - Growth & earnings 15.5/35 | Capital efficiency 4.8/25 | Valuation 8.5/20 | Relative strength 3.0/20
   - Exact sum: 15.5 + 4.8 + 8.5 + 3 = 31.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Asian Granito India Ltd (ASIANTILES): 28/100 — Adverse evidence; evidence 79%
   - Growth & earnings 12.6/35 | Capital efficiency 7.0/25 | Valuation 6.6/20 | Relative strength 1.8/20
   - Exact sum: 12.6 + 7 + 6.6 + 1.8 = 28
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Kajaria Ceramics Ltd is the scale leader at ₹4,830 crore, 73.2% ahead of Somany Ceramics Ltd. Nitco Ltd's growth is 72.4% from a ₹542 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Kajaria Ceramics Ltd is the scale benchmark; Nitco Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Kajaria Ceramics Ltd's growth falls below Nitco Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Kajaria Ceramics Ltd · ₹4,830 crore | 73.2% versus #2 · Somany Ceramics Ltd | 8/8 recent comparable periods | 6/6 companies · 102 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Kajaria Ceramics Ltd (KAJARIACER): ₹4.8K Cr
2. Somany Ceramics Ltd (SOMANYCERA): ₹2.8K Cr
3. Hindware Home Innovation Ltd (HINDWAREAP): ₹2.5K Cr
4. Cera Sanitaryware Ltd (CERA): ₹1.9K Cr
5. Asian Granito India Ltd (ASIANTILES): ₹1.8K Cr

### Revenue growth — fastest growers
1. Nitco Ltd (NITCO): 72%
2. Asian Granito India Ltd (ASIANTILES): 11%
3. Cera Sanitaryware Ltd (CERA): 5.2%
4. Somany Ceramics Ltd (SOMANYCERA): 4.9%
5. Kajaria Ceramics Ltd (KAJARIACER): 3.8%

### 20-quarter Revenue history
- KAJARIACER: Jun 2021 ₹562 Cr | Sep 2021 ₹974 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.4K Cr
- CERA: Jun 2021 ₹228 Cr | Sep 2021 ₹403 Cr | Dec 2021 ₹404 Cr | Mar 2022 ₹410 Cr | Jun 2022 ₹397 Cr | Sep 2022 ₹416 Cr | Dec 2022 ₹458 Cr | Mar 2023 ₹536 Cr | Jun 2023 ₹429 Cr | Sep 2023 ₹463 Cr | Dec 2023 ₹439 Cr | Mar 2024 ₹549 Cr | Jun 2024 ₹401 Cr | Sep 2024 ₹493 Cr | Dec 2024 ₹452 Cr | Mar 2025 ₹581 Cr | Jun 2025 ₹422 Cr | Sep 2025 ₹488 Cr | Dec 2025 ₹499 Cr | Mar 2026 ₹645 Cr
- NITCO: Jun 2021 ₹80 Cr | Sep 2021 ₹90 Cr | Dec 2021 ₹120 Cr | Mar 2022 ₹123 Cr | Jun 2022 ₹91 Cr | Sep 2022 ₹74 Cr | Dec 2022 ₹113 Cr | Mar 2023 ₹106 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹80 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹66 Cr | Dec 2024 ₹85 Cr | Mar 2025 ₹94 Cr | Jun 2025 ₹150 Cr | Sep 2025 ₹108 Cr | Dec 2025 ₹132 Cr | Mar 2026 ₹152 Cr
- SOMANYCERA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹622 Cr | Mar 2023 ₹679 Cr | Jun 2023 ₹587 Cr | Sep 2023 ₹655 Cr | Dec 2023 ₹612 Cr | Mar 2024 ₹738 Cr | Jun 2024 ₹579 Cr | Sep 2024 ₹666 Cr | Dec 2024 ₹645 Cr | Mar 2025 ₹769 Cr | Jun 2025 ₹604 Cr | Sep 2025 ₹685 Cr | Dec 2025 ₹682 Cr | Mar 2026 ₹818 Cr
- HINDWAREAP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹713 Cr | Mar 2023 ₹768 Cr | Jun 2023 ₹623 Cr | Sep 2023 ₹693 Cr | Dec 2023 ₹693 Cr | Mar 2024 ₹772 Cr | Jun 2024 ₹600 Cr | Sep 2024 ₹630 Cr | Dec 2024 ₹594 Cr | Mar 2025 ₹699 Cr | Jun 2025 ₹531 Cr | Sep 2025 ₹676 Cr | Dec 2025 ₹640 Cr | Mar 2026 ₹663 Cr
- ASIANTILES: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹399 Cr | Mar 2023 ₹456 Cr | Jun 2023 ₹335 Cr | Sep 2023 ₹401 Cr | Dec 2023 ₹371 Cr | Mar 2024 ₹424 Cr | Jun 2024 ₹360 Cr | Sep 2024 ₹384 Cr | Dec 2024 ₹366 Cr | Mar 2025 ₹515 Cr | Jun 2025 ₹388 Cr | Sep 2025 ₹407 Cr | Dec 2025 ₹462 Cr | Mar 2026 ₹538 Cr

### 20-quarter Revenue growth history
- KAJARIACER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 79% | Sep 2022 11% | Dec 2022 2.2% | Mar 2023 9.4% | Jun 2023 5.6% | Sep 2023 4.1% | Dec 2023 5.6% | Mar 2024 0.3% | Jun 2024 3.0% | Sep 2024 5.1% | Dec 2024 0.4% | Mar 2025 1.2% | Jun 2025 0.6% | Sep 2025 0.6% | Dec 2025 1.0% | Mar 2026 12%
- CERA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 74% | Sep 2022 3.2% | Dec 2022 13% | Mar 2023 31% | Jun 2023 8.1% | Sep 2023 11% | Dec 2023 -4.2% | Mar 2024 2.4% | Jun 2024 -6.5% | Sep 2024 6.5% | Dec 2024 3.0% | Mar 2025 5.8% | Jun 2025 5.2% | Sep 2025 -1.0% | Dec 2025 10% | Mar 2026 11%
- NITCO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 -18% | Dec 2022 -5.8% | Mar 2023 -14% | Jun 2023 1.6% | Sep 2023 8.8% | Dec 2023 -29% | Mar 2024 -32% | Jun 2024 -24% | Sep 2024 -18% | Dec 2024 5.1% | Mar 2025 30% | Jun 2025 114% | Sep 2025 63% | Dec 2025 56% | Mar 2026 63%
- SOMANYCERA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1.6% | Mar 2024 8.7% | Jun 2024 -1.4% | Sep 2024 1.7% | Dec 2024 5.4% | Mar 2025 4.2% | Jun 2025 4.3% | Sep 2025 2.9% | Dec 2025 5.7% | Mar 2026 6.4%
- HINDWAREAP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -2.7% | Mar 2024 0.5% | Jun 2024 -3.7% | Sep 2024 -9.1% | Dec 2024 -14% | Mar 2025 -9.5% | Jun 2025 -12% | Sep 2025 7.3% | Dec 2025 7.7% | Mar 2026 -5.2%
- ASIANTILES: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -7.0% | Mar 2024 -7.0% | Jun 2024 7.5% | Sep 2024 -4.2% | Dec 2024 -1.4% | Mar 2025 21% | Jun 2025 7.8% | Sep 2025 6.0% | Dec 2025 26% | Mar 2026 4.5%

## Operating Economics & Margin Trend

What the numbers say: Kajaria Ceramics Ltd leads both opm at 19% and margin change at +8 percentage points.

Investor read: Kajaria Ceramics Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Kajaria Ceramics Ltd · 19% | 36.7% versus #2 · Cera Sanitaryware Ltd | 4/8 recent comparable periods | 6/6 companies · 120 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Kajaria Ceramics Ltd (KAJARIACER): 19%
2. Cera Sanitaryware Ltd (CERA): 14%
3. Somany Ceramics Ltd (SOMANYCERA): 11%
4. Hindware Home Innovation Ltd (HINDWAREAP): 7.0%
5. Nitco Ltd (NITCO): -3.2%

### Margin change — fastest expanders
1. Kajaria Ceramics Ltd (KAJARIACER): +8.0 pp
2. Nitco Ltd (NITCO): +3.3 pp
3. Somany Ceramics Ltd (SOMANYCERA): +3.0 pp
4. Hindware Home Innovation Ltd (HINDWAREAP): +1.0 pp
5. Cera Sanitaryware Ltd (CERA): −5.1 pp

### 20-quarter OPM history
- KAJARIACER: Jun 2021 14% | Sep 2021 19% | Dec 2021 17% | Mar 2022 15% | Jun 2022 15% | Sep 2022 12% | Dec 2022 12% | Mar 2023 15% | Jun 2023 16% | Sep 2023 16% | Dec 2023 16% | Mar 2024 14% | Jun 2024 15% | Sep 2024 13% | Dec 2024 13% | Mar 2025 11% | Jun 2025 17% | Sep 2025 18% | Dec 2025 17% | Mar 2026 19%
- CERA: Jun 2021 9.5% | Sep 2021 15% | Dec 2021 16% | Mar 2022 19% | Jun 2022 16% | Sep 2022 16% | Dec 2022 16% | Mar 2023 17% | Jun 2023 16% | Sep 2023 17% | Dec 2023 14% | Mar 2024 17% | Jun 2024 14% | Sep 2024 15% | Dec 2024 14% | Mar 2025 19% | Jun 2025 13% | Sep 2025 12% | Dec 2025 8.3% | Mar 2026 14%
- NITCO: Jun 2021 -12% | Sep 2021 -9.8% | Dec 2021 -5.5% | Mar 2022 -12% | Jun 2022 -8.1% | Sep 2022 -16% | Dec 2022 -2.0% | Mar 2023 -15% | Jun 2023 -5.4% | Sep 2023 -2.7% | Dec 2023 -18% | Mar 2024 -30% | Jun 2024 -15% | Sep 2024 -19% | Dec 2024 -5.9% | Mar 2025 -6.6% | Jun 2025 33% | Sep 2025 -13% | Dec 2025 -4.6% | Mar 2026 -3.2%
- SOMANYCERA: Jun 2021 7.0% | Sep 2021 12% | Dec 2021 11% | Mar 2022 8.2% | Jun 2022 8.0% | Sep 2022 6.8% | Dec 2022 7.0% | Mar 2023 9.0% | Jun 2023 9.0% | Sep 2023 10% | Dec 2023 10% | Mar 2024 11% | Jun 2024 8.0% | Sep 2024 8.0% | Dec 2024 8.0% | Mar 2025 8.0% | Jun 2025 8.0% | Sep 2025 8.0% | Dec 2025 9.0% | Mar 2026 11%
- HINDWAREAP: Jun 2021 3.1% | Sep 2021 8.0% | Dec 2021 8.2% | Mar 2022 9.0% | Jun 2022 8.6% | Sep 2022 7.8% | Dec 2022 7.0% | Mar 2023 11% | Jun 2023 10% | Sep 2023 11% | Dec 2023 7.0% | Mar 2024 10% | Jun 2024 7.0% | Sep 2024 5.0% | Dec 2024 5.0% | Mar 2025 6.0% | Jun 2025 9.0% | Sep 2025 8.0% | Dec 2025 8.0% | Mar 2026 7.0%
- ASIANTILES: Jun 2021 9.1% | Sep 2021 8.9% | Dec 2021 8.5% | Mar 2022 6.1% | Jun 2022 1.7% | Sep 2022 -0.2% | Dec 2022 -7.0% | Mar 2023 -10% | Jun 2023 3.0% | Sep 2023 5.0% | Dec 2023 0.0% | Mar 2024 5.0% | Jun 2024 4.0% | Sep 2024 4.0% | Dec 2024 4.0% | Mar 2025 3.0% | Jun 2025 6.0% | Sep 2025 9.0% | Dec 2025 10% | Mar 2026 -4.0%

### 20-quarter Margin change history
- KAJARIACER: Jun 2021 +17.1 pp | Sep 2021 −1.6 pp | Dec 2021 −4.5 pp | Mar 2022 −5.0 pp | Jun 2022 +0.9 pp | Sep 2022 −6.5 pp | Dec 2022 −5.2 pp | Mar 2023 −0.1 pp | Jun 2023 +0.8 pp | Sep 2023 +4.0 pp | Dec 2023 +4.0 pp | Mar 2024 −1.0 pp | Jun 2024 −1.0 pp | Sep 2024 −3.0 pp | Dec 2024 −3.0 pp | Mar 2025 −3.0 pp | Jun 2025 +2.0 pp | Sep 2025 +5.0 pp | Dec 2025 +4.0 pp | Mar 2026 +8.0 pp
- CERA: Jun 2021 +6.9 pp | Sep 2021 +2.5 pp | Dec 2021 +2.8 pp | Mar 2022 +3.3 pp | Jun 2022 +6.5 pp | Sep 2022 +0.8 pp | Dec 2022 −0.5 pp | Mar 2023 −2.2 pp | Jun 2023 0.0 pp | Sep 2023 +1.0 pp | Dec 2023 −2.0 pp | Mar 2024 0.0 pp | Jun 2024 −2.0 pp | Sep 2024 −2.0 pp | Dec 2024 0.0 pp | Mar 2025 +2.0 pp | Jun 2025 −1.0 pp | Sep 2025 −3.3 pp | Dec 2025 −5.7 pp | Mar 2026 −5.1 pp
- NITCO: Jun 2021 +61.5 pp | Sep 2021 +4.0 pp | Dec 2021 −1.7 pp | Mar 2022 +7.2 pp | Jun 2022 +4.0 pp | Sep 2022 −5.7 pp | Dec 2022 +3.5 pp | Mar 2023 −3.5 pp | Jun 2023 +2.7 pp | Sep 2023 +12.8 pp | Dec 2023 −15.6 pp | Mar 2024 −14.8 pp | Jun 2024 −10.0 pp | Sep 2024 −16.7 pp | Dec 2024 +11.6 pp | Mar 2025 +23.5 pp | Jun 2025 +48.4 pp | Sep 2025 +6.6 pp | Dec 2025 +1.4 pp | Mar 2026 +3.3 pp
- SOMANYCERA: Jun 2021 +13.9 pp | Sep 2021 +0.5 pp | Dec 2021 −1.8 pp | Mar 2022 −7.6 pp | Jun 2022 +1.0 pp | Sep 2022 −5.3 pp | Dec 2022 −4.0 pp | Mar 2023 +0.8 pp | Jun 2023 +1.0 pp | Sep 2023 +3.2 pp | Dec 2023 +3.0 pp | Mar 2024 +2.0 pp | Jun 2024 −1.0 pp | Sep 2024 −2.0 pp | Dec 2024 −2.0 pp | Mar 2025 −3.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 +3.0 pp
- HINDWAREAP: Jun 2021 +12.4 pp | Sep 2021 −1.4 pp | Dec 2021 −1.9 pp | Mar 2022 −1.5 pp | Jun 2022 +5.6 pp | Sep 2022 −0.2 pp | Dec 2022 −1.2 pp | Mar 2023 +2.0 pp | Jun 2023 +1.4 pp | Sep 2023 +3.2 pp | Dec 2023 +0.0 pp | Mar 2024 −1.0 pp | Jun 2024 −3.0 pp | Sep 2024 −6.0 pp | Dec 2024 −2.0 pp | Mar 2025 −4.0 pp | Jun 2025 +2.0 pp | Sep 2025 +3.0 pp | Dec 2025 +3.0 pp | Mar 2026 +1.0 pp
- ASIANTILES: Jun 2021 +6.2 pp | Sep 2021 −3.1 pp | Dec 2021 −4.4 pp | Mar 2022 −3.4 pp | Jun 2022 −7.4 pp | Sep 2022 −9.1 pp | Dec 2022 −15.5 pp | Mar 2023 −16.1 pp | Jun 2023 +1.3 pp | Sep 2023 +5.2 pp | Dec 2023 +7.0 pp | Mar 2024 +15.0 pp | Jun 2024 +1.0 pp | Sep 2024 −1.0 pp | Dec 2024 +4.0 pp | Mar 2025 −2.0 pp | Jun 2025 +2.0 pp | Sep 2025 +5.0 pp | Dec 2025 +6.0 pp | Mar 2026 −7.0 pp

## Profit Scale & Acceleration

What the numbers say: Kajaria Ceramics Ltd leads with ₹487 crore of TTM profit, 96.4% above Cera Sanitaryware Ltd. Kajaria Ceramics Ltd shows 62.3% growth from a ₹487 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Kajaria Ceramics Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Kajaria Ceramics Ltd · ₹487 crore | 96.4% versus #2 · Cera Sanitaryware Ltd | 4/8 recent comparable periods | 6/6 companies · 102 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Kajaria Ceramics Ltd (KAJARIACER): ₹487 Cr
2. Cera Sanitaryware Ltd (CERA): ₹248 Cr
3. Somany Ceramics Ltd (SOMANYCERA): ₹73 Cr
4. Nitco Ltd (NITCO): ₹29 Cr
5. Asian Granito India Ltd (ASIANTILES): ₹10 Cr

### Profit growth — fastest growers
1. Kajaria Ceramics Ltd (KAJARIACER): 62%
2. Somany Ceramics Ltd (SOMANYCERA): 26%
3. Cera Sanitaryware Ltd (CERA): 6.9%

### 20-quarter Net profit history
- KAJARIACER: Jun 2021 ₹41 Cr | Sep 2021 ₹119 Cr | Dec 2021 ₹125 Cr | Mar 2022 ₹97 Cr | Jun 2022 ₹93 Cr | Sep 2022 ₹69 Cr | Dec 2022 ₹74 Cr | Mar 2023 ₹111 Cr | Jun 2023 ₹109 Cr | Sep 2023 ₹111 Cr | Dec 2023 ₹108 Cr | Mar 2024 ₹104 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹86 Cr | Dec 2024 ₹79 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹110 Cr | Sep 2025 ₹134 Cr | Dec 2025 ₹86 Cr | Mar 2026 ₹157 Cr
- CERA: Jun 2021 ₹12 Cr | Sep 2021 ₹43 Cr | Dec 2021 ₹43 Cr | Mar 2022 ₹53 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹51 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹57 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹47 Cr | Sep 2024 ₹69 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹86 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹77 Cr
- NITCO: Jun 2021 ₹-32 Cr | Sep 2021 ₹-27 Cr | Dec 2021 ₹-31 Cr | Mar 2022 ₹-37 Cr | Jun 2022 ₹-39 Cr | Sep 2022 ₹-36 Cr | Dec 2022 ₹-34 Cr | Mar 2023 ₹-42 Cr | Jun 2023 ₹-33 Cr | Sep 2023 ₹-32 Cr | Dec 2023 ₹-45 Cr | Mar 2024 ₹-53 Cr | Jun 2024 ₹-44 Cr | Sep 2024 ₹-35 Cr | Dec 2024 ₹-660 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹-12 Cr | Mar 2026 ₹-8 Cr
- SOMANYCERA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹11 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹37 Cr
- HINDWAREAP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹8 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹-16 Cr | Dec 2024 ₹-18 Cr | Mar 2025 ₹-31 Cr | Jun 2025 ₹-29 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹-19 Cr
- ASIANTILES: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-27 Cr | Mar 2023 ₹-48 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹-8 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹-33 Cr

### 20-quarter Profit growth history
- KAJARIACER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 127% | Sep 2022 -42% | Dec 2022 -41% | Mar 2023 14% | Jun 2023 17% | Sep 2023 61% | Dec 2023 46% | Mar 2024 -6.3% | Jun 2024 -16% | Sep 2024 -23% | Dec 2024 -27% | Mar 2025 -59% | Jun 2025 20% | Sep 2025 56% | Dec 2025 8.9% | Mar 2026 265%
- CERA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 233% | Sep 2022 19% | Dec 2022 33% | Mar 2023 19% | Jun 2023 43% | Sep 2023 12% | Dec 2023 -8.8% | Mar 2024 21% | Jun 2024 -18% | Sep 2024 21% | Dec 2024 -12% | Mar 2025 13% | Jun 2025 0.0% | Sep 2025 -17% | Dec 2025 -48% | Mar 2026 -10%
- SOMANYCERA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 109% | Mar 2024 42% | Jun 2024 -7.7% | Sep 2024 -43% | Dec 2024 -57% | Mar 2025 -44% | Jun 2025 -42% | Sep 2025 -29% | Dec 2025 70% | Mar 2026 95%
- HINDWAREAP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -36% | Mar 2024 -87% | Jun 2024 -500% | Sep 2024 -180% | Dec 2024 -460% | Mar 2025 -1,133% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ASIANTILES: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 240% | Dec 2025 — | Mar 2026 —

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/6 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Cera Sanitaryware Ltd has the clearest covered balance-sheet capacity with ₹799 crore net cash and gross debt of ₹47 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Cera Sanitaryware Ltd · ₹47 crore | 79.5% versus #2 · Kajaria Ceramics Ltd | 8/8 recent comparable periods | 6/6 companies · 120 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Cera Sanitaryware Ltd (CERA): ₹47 Cr
2. Kajaria Ceramics Ltd (KAJARIACER): ₹229 Cr
3. Nitco Ltd (NITCO): ₹314 Cr
4. Somany Ceramics Ltd (SOMANYCERA): ₹374 Cr
5. Asian Granito India Ltd (ASIANTILES): ₹439 Cr

### Net debt — lowest net debt
1. Cera Sanitaryware Ltd (CERA): ₹-799 Cr
2. Kajaria Ceramics Ltd (KAJARIACER): ₹-526 Cr
3. Somany Ceramics Ltd (SOMANYCERA): ₹228 Cr
4. Nitco Ltd (NITCO): ₹283 Cr
5. Asian Granito India Ltd (ASIANTILES): ₹356 Cr

### 20-quarter Gross debt history
- KAJARIACER: Jun 2021 ₹124 Cr | Sep 2021 ₹118 Cr | Dec 2021 ₹118 Cr | Mar 2022 ₹165 Cr | Jun 2022 ₹165 Cr | Sep 2022 ₹222 Cr | Dec 2022 ₹222 Cr | Mar 2023 ₹250 Cr | Jun 2023 ₹250 Cr | Sep 2023 ₹168 Cr | Dec 2023 ₹168 Cr | Mar 2024 ₹239 Cr | Jun 2024 ₹239 Cr | Sep 2024 ₹261 Cr | Dec 2024 ₹261 Cr | Mar 2025 ₹274 Cr | Jun 2025 ₹274 Cr | Sep 2025 ₹290 Cr | Dec 2025 ₹290 Cr | Mar 2026 ₹229 Cr
- CERA: Jun 2021 ₹100 Cr | Sep 2021 ₹110 Cr | Dec 2021 ₹110 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹45 Cr | Sep 2022 ₹44 Cr | Dec 2022 ₹44 Cr | Mar 2023 ₹53 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹64 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹67 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹60 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹47 Cr
- NITCO: Jun 2021 ₹778 Cr | Sep 2021 ₹804 Cr | Dec 2021 ₹804 Cr | Mar 2022 ₹812 Cr | Jun 2022 ₹833 Cr | Sep 2022 ₹832 Cr | Dec 2022 ₹832 Cr | Mar 2023 ₹882 Cr | Jun 2023 ₹882 Cr | Sep 2023 ₹911 Cr | Dec 2023 ₹911 Cr | Mar 2024 ₹973 Cr | Jun 2024 ₹973 Cr | Sep 2024 ₹934 Cr | Dec 2024 ₹934 Cr | Mar 2025 ₹291 Cr | Jun 2025 ₹291 Cr | Sep 2025 ₹306 Cr | Dec 2025 ₹306 Cr | Mar 2026 ₹314 Cr
- SOMANYCERA: Jun 2021 ₹453 Cr | Sep 2021 ₹427 Cr | Dec 2021 ₹427 Cr | Mar 2022 ₹512 Cr | Jun 2022 ₹547 Cr | Sep 2022 ₹552 Cr | Dec 2022 ₹552 Cr | Mar 2023 ₹534 Cr | Jun 2023 ₹534 Cr | Sep 2023 ₹371 Cr | Dec 2023 ₹371 Cr | Mar 2024 ₹378 Cr | Jun 2024 ₹378 Cr | Sep 2024 ₹370 Cr | Dec 2024 ₹370 Cr | Mar 2025 ₹360 Cr | Jun 2025 ₹360 Cr | Sep 2025 ₹327 Cr | Dec 2025 ₹327 Cr | Mar 2026 ₹374 Cr
- HINDWAREAP: Jun 2021 ₹242 Cr | Sep 2021 ₹192 Cr | Dec 2021 ₹192 Cr | Mar 2022 ₹374 Cr | Jun 2022 ₹374 Cr | Sep 2022 ₹996 Cr | Dec 2022 ₹996 Cr | Mar 2023 ₹958 Cr | Jun 2023 ₹958 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹889 Cr | Jun 2025 ₹889 Cr | Sep 2025 ₹910 Cr | Dec 2025 ₹910 Cr | Mar 2026 ₹856 Cr
- ASIANTILES: Jun 2021 ₹264 Cr | Sep 2021 ₹243 Cr | Dec 2021 ₹243 Cr | Mar 2022 ₹199 Cr | Jun 2022 ₹199 Cr | Sep 2022 ₹211 Cr | Dec 2022 ₹211 Cr | Mar 2023 ₹227 Cr | Jun 2023 ₹226 Cr | Sep 2023 ₹266 Cr | Dec 2023 ₹266 Cr | Mar 2024 ₹248 Cr | Jun 2024 ₹248 Cr | Sep 2024 ₹220 Cr | Dec 2024 ₹220 Cr | Mar 2025 ₹272 Cr | Jun 2025 ₹272 Cr | Sep 2025 ₹295 Cr | Dec 2025 ₹295 Cr | Mar 2026 ₹439 Cr

### 20-quarter Net debt history
- KAJARIACER: Jun 2021 ₹-324 Cr | Sep 2021 ₹-447 Cr | Dec 2021 ₹-447 Cr | Mar 2022 ₹-65 Cr | Jun 2022 ₹-259 Cr | Sep 2022 ₹-116 Cr | Dec 2022 ₹-116 Cr | Mar 2023 ₹86 Cr | Jun 2023 ₹-144 Cr | Sep 2023 ₹-349 Cr | Dec 2023 ₹-349 Cr | Mar 2024 ₹-70 Cr | Jun 2024 ₹-275 Cr | Sep 2024 ₹-184 Cr | Dec 2024 ₹-184 Cr | Mar 2025 ₹-167 Cr | Jun 2025 ₹-309 Cr | Sep 2025 ₹-257 Cr | Dec 2025 ₹-257 Cr | Mar 2026 ₹-526 Cr
- CERA: Jun 2021 ₹-343 Cr | Sep 2021 ₹-335 Cr | Dec 2021 ₹-335 Cr | Mar 2022 ₹-496 Cr | Jun 2022 ₹-496 Cr | Sep 2022 ₹-500 Cr | Dec 2022 ₹-500 Cr | Mar 2023 ₹-603 Cr | Jun 2023 ₹-603 Cr | Sep 2023 ₹-681 Cr | Dec 2023 ₹-681 Cr | Mar 2024 ₹-766 Cr | Jun 2024 ₹-766 Cr | Sep 2024 ₹-581 Cr | Dec 2024 ₹-581 Cr | Mar 2025 ₹-631 Cr | Jun 2025 ₹-634 Cr | Sep 2025 ₹-654 Cr | Dec 2025 ₹-654 Cr | Mar 2026 ₹-799 Cr
- NITCO: Jun 2021 ₹765 Cr | Sep 2021 ₹793 Cr | Dec 2021 ₹793 Cr | Mar 2022 ₹811 Cr | Jun 2022 ₹821 Cr | Sep 2022 ₹821 Cr | Dec 2022 ₹821 Cr | Mar 2023 ₹884 Cr | Jun 2023 ₹871 Cr | Sep 2023 ₹900 Cr | Dec 2023 ₹900 Cr | Mar 2024 ₹980 Cr | Jun 2024 ₹966 Cr | Sep 2024 ₹926 Cr | Dec 2024 ₹926 Cr | Mar 2025 ₹203 Cr | Jun 2025 ₹200 Cr | Sep 2025 ₹247 Cr | Dec 2025 ₹247 Cr | Mar 2026 ₹283 Cr
- SOMANYCERA: Jun 2021 ₹214 Cr | Sep 2021 ₹199 Cr | Dec 2021 ₹199 Cr | Mar 2022 ₹316 Cr | Jun 2022 ₹338 Cr | Sep 2022 ₹438 Cr | Dec 2022 ₹438 Cr | Mar 2023 ₹354 Cr | Jun 2023 ₹354 Cr | Sep 2023 ₹239 Cr | Dec 2023 ₹239 Cr | Mar 2024 ₹300 Cr | Jun 2024 ₹300 Cr | Sep 2024 ₹306 Cr | Dec 2024 ₹306 Cr | Mar 2025 ₹283 Cr | Jun 2025 ₹270 Cr | Sep 2025 ₹248 Cr | Dec 2025 ₹248 Cr | Mar 2026 ₹228 Cr
- HINDWAREAP: Jun 2021 ₹209 Cr | Sep 2021 ₹162 Cr | Dec 2021 ₹162 Cr | Mar 2022 ₹320 Cr | Jun 2022 ₹320 Cr | Sep 2022 ₹990 Cr | Dec 2022 ₹990 Cr | Mar 2023 ₹949 Cr | Jun 2023 ₹949 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹864 Cr | Jun 2025 ₹864 Cr | Sep 2025 ₹899 Cr | Dec 2025 ₹899 Cr | Mar 2026 ₹817 Cr
- ASIANTILES: Jun 2021 ₹226 Cr | Sep 2021 ₹214 Cr | Dec 2021 ₹214 Cr | Mar 2022 ₹93 Cr | Jun 2022 ₹93 Cr | Sep 2022 ₹62 Cr | Dec 2022 ₹62 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹127 Cr | Dec 2023 ₹127 Cr | Mar 2024 ₹170 Cr | Jun 2024 ₹170 Cr | Sep 2024 ₹172 Cr | Dec 2024 ₹172 Cr | Mar 2025 ₹210 Cr | Jun 2025 ₹210 Cr | Sep 2025 ₹238 Cr | Dec 2025 ₹238 Cr | Mar 2026 ₹356 Cr

## Return On Capital Employed

What the numbers say: Kajaria Ceramics Ltd leads ROCE at 23.3%, 0.9 percentage points above Cera Sanitaryware Ltd. Nitco Ltd has the strongest latest improvement at +13.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Kajaria Ceramics Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Kajaria Ceramics Ltd · 23.3% | 4% versus #2 · Cera Sanitaryware Ltd | 3/8 recent comparable periods | 6/6 companies · 90 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Kajaria Ceramics Ltd (KAJARIACER): 23%
2. Cera Sanitaryware Ltd (CERA): 22%
3. Somany Ceramics Ltd (SOMANYCERA): 13%
4. Nitco Ltd (NITCO): 7.1%
5. Hindware Home Innovation Ltd (HINDWAREAP): 7.0%

### ROCE change — fastest improvers
1. Nitco Ltd (NITCO): +13.2 pp
2. Kajaria Ceramics Ltd (KAJARIACER): +6.0 pp
3. Hindware Home Innovation Ltd (HINDWAREAP): +5.2 pp
4. Somany Ceramics Ltd (SOMANYCERA): +0.6 pp
5. Asian Granito India Ltd (ASIANTILES): 0.0 pp

### 20-quarter ROCE history
- KAJARIACER: Jun 2021 — | Sep 2021 24% | Dec 2021 — | Mar 2022 21% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 19% | Dec 2023 23% | Mar 2024 22% | Jun 2024 21% | Sep 2024 13% | Dec 2024 18% | Mar 2025 15% | Jun 2025 16% | Sep 2025 16% | Dec 2025 18% | Mar 2026 21%
- CERA: Jun 2021 — | Sep 2021 15% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 21% | Jun 2023 26% | Sep 2023 21% | Dec 2023 25% | Mar 2024 18% | Jun 2024 23% | Sep 2024 18% | Dec 2024 23% | Mar 2025 18% | Jun 2025 22% | Sep 2025 17% | Dec 2025 — | Mar 2026 15%
- NITCO: Jun 2021 — | Sep 2021 -41% | Dec 2021 — | Mar 2022 511% | Jun 2022 — | Sep 2022 77% | Dec 2022 — | Mar 2023 40% | Jun 2023 — | Sep 2023 22% | Dec 2023 -34% | Mar 2024 21% | Jun 2024 -40% | Sep 2024 22% | Dec 2024 -382% | Mar 2025 -9.1% | Jun 2025 -171% | Sep 2025 4.2% | Dec 2025 12% | Mar 2026 4.1%
- SOMANYCERA: Jun 2021 — | Sep 2021 18% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 13% | Dec 2023 14% | Mar 2024 16% | Jun 2024 16% | Sep 2024 15% | Dec 2024 14% | Mar 2025 12% | Jun 2025 11% | Sep 2025 10% | Dec 2025 11% | Mar 2026 12%
- HINDWAREAP: Jun 2021 — | Sep 2021 28% | Dec 2021 — | Mar 2022 21% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 16% | Dec 2023 16% | Mar 2024 13% | Jun 2024 12% | Sep 2024 5.3% | Dec 2024 6.5% | Mar 2025 4.4% | Jun 2025 -1.0% | Sep 2025 6.7% | Dec 2025 2.2% | Mar 2026 9.6%
- ASIANTILES: Jun 2021 — | Sep 2021 14% | Dec 2021 — | Mar 2022 8.3% | Jun 2022 — | Sep 2022 2.4% | Dec 2022 — | Mar 2023 -7.6% | Jun 2023 — | Sep 2023 -6.0% | Dec 2023 -3.0% | Mar 2024 0.3% | Jun 2024 1.0% | Sep 2024 0.1% | Dec 2024 1.2% | Mar 2025 1.5% | Jun 2025 1.8% | Sep 2025 3.2% | Dec 2025 5.5% | Mar 2026 1.5%

### 20-quarter ROCE change history
- KAJARIACER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.5 pp | Dec 2022 — | Mar 2023 −3.5 pp | Jun 2023 — | Sep 2023 −1.2 pp | Dec 2023 — | Mar 2024 +4.0 pp | Jun 2024 — | Sep 2024 −6.3 pp | Dec 2024 −4.7 pp | Mar 2025 −7.1 pp | Jun 2025 −4.9 pp | Sep 2025 +3.3 pp | Dec 2025 −0.1 pp | Mar 2026 +6.0 pp
- CERA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.4 pp | Dec 2022 — | Mar 2023 +3.3 pp | Jun 2023 — | Sep 2023 −0.2 pp | Dec 2023 — | Mar 2024 −2.7 pp | Jun 2024 −3.3 pp | Sep 2024 −3.0 pp | Dec 2024 −1.9 pp | Mar 2025 −0.6 pp | Jun 2025 −1.0 pp | Sep 2025 −1.4 pp | Dec 2025 — | Mar 2026 −2.9 pp
- NITCO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +117.7 pp | Dec 2022 — | Mar 2023 −471.0 pp | Jun 2023 — | Sep 2023 −55.0 pp | Dec 2023 — | Mar 2024 −19.3 pp | Jun 2024 — | Sep 2024 −0.1 pp | Dec 2024 −348.2 pp | Mar 2025 −29.7 pp | Jun 2025 −130.6 pp | Sep 2025 −17.6 pp | Dec 2025 +393.9 pp | Mar 2026 +13.2 pp
- SOMANYCERA: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.5 pp | Dec 2022 — | Mar 2023 −1.9 pp | Jun 2023 — | Sep 2023 +0.4 pp | Dec 2023 — | Mar 2024 +5.0 pp | Jun 2024 — | Sep 2024 +1.9 pp | Dec 2024 −0.5 pp | Mar 2025 −4.3 pp | Jun 2025 −5.0 pp | Sep 2025 −4.4 pp | Dec 2025 −2.5 pp | Mar 2026 +0.6 pp
- HINDWAREAP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.2 pp | Dec 2022 — | Mar 2023 −5.5 pp | Jun 2023 — | Sep 2023 −1.4 pp | Dec 2023 — | Mar 2024 −1.7 pp | Jun 2024 — | Sep 2024 −10.3 pp | Dec 2024 −9.3 pp | Mar 2025 −8.9 pp | Jun 2025 −12.9 pp | Sep 2025 +1.4 pp | Dec 2025 −4.3 pp | Mar 2026 +5.2 pp
- ASIANTILES: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.5 pp | Dec 2022 — | Mar 2023 −15.9 pp | Jun 2023 — | Sep 2023 −8.4 pp | Dec 2023 — | Mar 2024 +7.9 pp | Jun 2024 — | Sep 2024 +6.1 pp | Dec 2024 +4.2 pp | Mar 2025 +1.2 pp | Jun 2025 +0.8 pp | Sep 2025 +3.1 pp | Dec 2025 +4.3 pp | Mar 2026 0.0 pp

## Valuation Against Growth & Quality

What the numbers say: Kajaria Ceramics Ltd has the lowest comparable Guarded PEG at 2×, 50.9% below Cera Sanitaryware Ltd. Only 2 of 6 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Kajaria Ceramics Ltd · 2× | 50.9% versus #2 · Cera Sanitaryware Ltd | 0/8 recent comparable periods | 2/6 companies · 21 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Kajaria Ceramics Ltd (KAJARIACER): 2.0
2. Cera Sanitaryware Ltd (CERA): 4.1

### P/E — lowest P/E
1. Somany Ceramics Ltd (SOMANYCERA): 24.4
2. Cera Sanitaryware Ltd (CERA): 31.4
3. Kajaria Ceramics Ltd (KAJARIACER): 36.7
4. Asian Granito India Ltd (ASIANTILES): 76.0
5. Nitco Ltd (NITCO): 76.1

### 20-quarter Guarded PEG history
- KAJARIACER: Jun 2021 — | Sep 2021 1.7 | Dec 2021 — | Mar 2022 — | Jun 2022 1.7 | Sep 2022 3.6 | Dec 2022 — | Mar 2023 3.9 | Jun 2023 — | Sep 2023 — | Dec 2023 1.3 | Mar 2024 1.5 | Jun 2024 2.5 | Sep 2024 4.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.0
- CERA: Jun 2021 — | Sep 2021 3.1 | Dec 2021 1.1 | Mar 2022 0.8 | Jun 2022 0.6 | Sep 2022 — | Dec 2022 0.8 | Mar 2023 1.0 | Jun 2023 1.3 | Sep 2023 1.8 | Dec 2023 1.8 | Mar 2024 2.8 | Jun 2024 3.7 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 4.1 | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- KAJARIACER: Jun 2021 51.3 | Sep 2021 52.2 | Dec 2021 50.6 | Mar 2022 38.5 | Jun 2022 38.8 | Sep 2022 44.8 | Dec 2022 48.3 | Mar 2023 50.1 | Jun 2023 57.2 | Sep 2023 57.6 | Dec 2023 51.7 | Mar 2024 42.7 | Jun 2024 52.8 | Sep 2024 57.0 | Dec 2024 45.8 | Mar 2025 37.2 | Jun 2025 51.6 | Sep 2025 53.5 | Dec 2025 38.7 | Mar 2026 35.0
- CERA: Jun 2021 56.2 | Sep 2021 57.2 | Dec 2021 47.7 | Mar 2022 43.1 | Jun 2022 34.1 | Sep 2022 38.8 | Dec 2022 35.6 | Mar 2023 40.9 | Jun 2023 46.9 | Sep 2023 48.2 | Dec 2023 43.0 | Mar 2024 38.1 | Jun 2024 47.2 | Sep 2024 45.8 | Dec 2024 38.8 | Mar 2025 31.0 | Jun 2025 35.7 | Sep 2025 32.2 | Dec 2025 27.0 | Mar 2026 24.2
- NITCO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -5.2 | Sep 2025 -4.4 | Dec 2025 — | Mar 2026 53.6
- SOMANYCERA: Jun 2021 37.0 | Sep 2021 31.9 | Dec 2021 32.9 | Mar 2022 24.2 | Jun 2022 26.5 | Sep 2022 22.1 | Dec 2022 23.5 | Mar 2023 31.7 | Jun 2023 41.5 | Sep 2023 41.8 | Dec 2023 36.3 | Mar 2024 26.3 | Jun 2024 35.8 | Sep 2024 31.9 | Dec 2024 33.5 | Mar 2025 25.1 | Jun 2025 38.3 | Sep 2025 31.3 | Dec 2025 29.6 | Mar 2026 23.7
- HINDWAREAP: Jun 2021 47.4 | Sep 2021 38.7 | Dec 2021 36.7 | Mar 2022 31.9 | Jun 2022 21.9 | Sep 2022 28.2 | Dec 2022 35.3 | Mar 2023 39.2 | Jun 2023 75.5 | Sep 2023 91.3 | Dec 2023 75.5 | Mar 2024 59.2 | Jun 2024 86.3 | Sep 2024 72.3 | Dec 2024 65.8 | Mar 2025 — | Jun 2025 — | Sep 2025 -37.9 | Dec 2025 -43.3 | Mar 2026 78.9
- ASIANTILES: Jun 2021 23.6 | Sep 2021 18.7 | Dec 2021 12.1 | Mar 2022 9.8 | Jun 2022 6.3 | Sep 2022 8.7 | Dec 2022 26.1 | Mar 2023 22.9 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -114.6 | Sep 2024 -4,969.5 | Dec 2024 157.9 | Mar 2025 23.0 | Jun 2025 28.3 | Sep 2025 129.0 | Dec 2025 119.2 | Mar 2026 31.9

## Enterprise Value & Book Value

What the numbers say: Somany Ceramics Ltd leads ev/ebitda at 7.6×; Asian Granito India Ltd leads p/bv at 1.04×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Somany Ceramics Ltd · 7.6× | 30.9% versus #2 · Hindware Home Innovation Ltd | 0/8 recent comparable periods | 6/6 companies · 99 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Somany Ceramics Ltd (SOMANYCERA): 7.6
2. Hindware Home Innovation Ltd (HINDWAREAP): 11.0
3. Asian Granito India Ltd (ASIANTILES): 13.9
4. Cera Sanitaryware Ltd (CERA): 16.7
5. Kajaria Ceramics Ltd (KAJARIACER): 18.6

### P/BV — lowest P/BV
1. Asian Granito India Ltd (ASIANTILES): 1.0
2. Hindware Home Innovation Ltd (HINDWAREAP): 2.4
3. Somany Ceramics Ltd (SOMANYCERA): 2.4
4. Cera Sanitaryware Ltd (CERA): 5.7
5. Kajaria Ceramics Ltd (KAJARIACER): 6.3

### 20-quarter EV/EBITDA history
- KAJARIACER: Jun 2021 29.7 | Sep 2021 31.3 | Dec 2021 30.4 | Mar 2022 23.0 | Jun 2022 22.4 | Sep 2022 26.6 | Dec 2022 27.7 | Mar 2023 27.0 | Jun 2023 31.6 | Sep 2023 32.6 | Dec 2023 29.4 | Mar 2024 24.3 | Jun 2024 29.9 | Sep 2024 31.1 | Dec 2024 24.4 | Mar 2025 19.4 | Jun 2025 25.7 | Sep 2025 27.0 | Dec 2025 20.3 | Mar 2026 18.6
- CERA: Jun 2021 31.5 | Sep 2021 33.0 | Dec 2021 28.8 | Mar 2022 26.4 | Jun 2022 21.1 | Sep 2022 24.3 | Dec 2022 22.4 | Mar 2023 26.1 | Jun 2023 30.5 | Sep 2023 31.6 | Dec 2023 28.2 | Mar 2024 25.1 | Jun 2024 31.3 | Sep 2024 29.9 | Dec 2024 26.5 | Mar 2025 21.0 | Jun 2025 24.6 | Sep 2025 22.3 | Dec 2025 18.7 | Mar 2026 16.7
- NITCO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 66.9 | Dec 2025 55.5 | Mar 2026 54.6
- SOMANYCERA: Jun 2021 15.0 | Sep 2021 13.9 | Dec 2021 14.9 | Mar 2022 11.6 | Jun 2022 12.1 | Sep 2022 11.6 | Dec 2022 11.7 | Mar 2023 12.8 | Jun 2023 16.6 | Sep 2023 16.0 | Dec 2023 14.3 | Mar 2024 10.6 | Jun 2024 14.4 | Sep 2024 12.2 | Dec 2024 11.8 | Mar 2025 8.3 | Jun 2025 11.6 | Sep 2025 9.3 | Dec 2025 8.5 | Mar 2026 7.6
- HINDWAREAP: Jun 2021 18.1 | Sep 2021 18.7 | Dec 2021 17.4 | Mar 2022 14.8 | Jun 2022 12.4 | Sep 2022 16.0 | Dec 2022 17.4 | Mar 2023 12.3 | Jun 2023 16.7 | Sep 2023 18.7 | Dec 2023 16.9 | Mar 2024 13.3 | Jun 2024 15.0 | Sep 2024 12.8 | Dec 2024 14.0 | Mar 2025 13.0 | Jun 2025 18.8 | Sep 2025 19.5 | Dec 2025 14.6 | Mar 2026 11.0
- ASIANTILES: Jun 2021 12.8 | Sep 2021 10.9 | Dec 2021 8.2 | Mar 2022 6.8 | Jun 2022 5.2 | Sep 2022 5.2 | Dec 2022 8.7 | Mar 2023 29.5 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 14.7 | Sep 2024 20.3 | Dec 2024 19.9 | Mar 2025 11.6 | Jun 2025 16.2 | Sep 2025 18.7 | Dec 2025 18.7 | Mar 2026 13.9

### 20-quarter P/BV history
- KAJARIACER: Jun 2021 9.2 | Sep 2021 10.6 | Dec 2021 10.1 | Mar 2022 7.7 | Jun 2022 7.8 | Sep 2022 8.5 | Dec 2022 8.3 | Mar 2023 7.9 | Jun 2023 9.4 | Sep 2023 9.1 | Dec 2023 8.3 | Mar 2024 7.3 | Jun 2024 9.6 | Sep 2024 9.0 | Dec 2024 6.6 | Mar 2025 5.1 | Jun 2025 6.6 | Sep 2025 6.9 | Dec 2025 5.3 | Mar 2026 5.2
- CERA: Jun 2021 7.3 | Sep 2021 7.5 | Dec 2021 6.9 | Mar 2022 6.9 | Jun 2022 5.2 | Sep 2022 6.7 | Dec 2022 6.4 | Mar 2023 8.2 | Jun 2023 8.5 | Sep 2023 9.4 | Dec 2023 8.4 | Mar 2024 7.2 | Jun 2024 8.4 | Sep 2024 7.8 | Dec 2024 7.6 | Mar 2025 6.0 | Jun 2025 6.5 | Sep 2025 5.9 | Dec 2025 4.9 | Mar 2026 4.4
- NITCO: Jun 2021 3.2 | Sep 2021 2.6 | Dec 2021 -1.7 | Mar 2022 -1.3 | Jun 2022 2.6 | Sep 2022 -0.6 | Dec 2022 -0.7 | Mar 2023 -0.7 | Jun 2023 -0.7 | Sep 2023 -0.7 | Dec 2023 -0.6 | Mar 2024 -1.0 | Jun 2024 -1.6 | Sep 2024 -1.2 | Dec 2024 -1.6 | Mar 2025 -1.4 | Jun 2025 -2.9 | Sep 2025 10.4 | Dec 2025 7.0 | Mar 2026 6.7
- SOMANYCERA: Jun 2021 4.2 | Sep 2021 4.7 | Dec 2021 5.2 | Mar 2022 4.0 | Jun 2022 3.7 | Sep 2022 3.1 | Dec 2022 2.7 | Mar 2023 2.9 | Jun 2023 4.2 | Sep 2023 3.7 | Dec 2023 3.7 | Mar 2024 3.0 | Jun 2024 4.5 | Sep 2024 4.0 | Dec 2024 3.6 | Mar 2025 2.3 | Jun 2025 3.2 | Sep 2025 2.4 | Dec 2025 2.1 | Mar 2026 2.0
- HINDWAREAP: Jun 2021 9.5 | Sep 2021 10.2 | Dec 2021 7.4 | Mar 2022 6.3 | Jun 2022 7.0 | Sep 2022 5.5 | Dec 2022 6.4 | Mar 2023 5.4 | Jun 2023 8.3 | Sep 2023 7.6 | Dec 2023 6.9 | Mar 2024 5.1 | Jun 2024 6.1 | Sep 2024 4.3 | Dec 2024 4.0 | Mar 2025 3.0 | Jun 2025 4.1 | Sep 2025 3.5 | Dec 2025 2.8 | Mar 2026 2.0
- ASIANTILES: Jun 2021 2.4 | Sep 2021 2.3 | Dec 2021 2.0 | Mar 2022 1.4 | Jun 2022 0.9 | Sep 2022 0.5 | Dec 2022 0.5 | Mar 2023 0.5 | Jun 2023 0.6 | Sep 2023 0.6 | Dec 2023 0.8 | Mar 2024 0.6 | Jun 2024 0.7 | Sep 2024 0.9 | Dec 2024 0.7 | Mar 2025 0.5 | Jun 2025 0.6 | Sep 2025 0.6 | Dec 2025 1.2 | Mar 2026 0.9

## Market action

Kajaria Ceramics Ltd has the strongest one-year price move in Ceramics/Tiles/Sanitaryware at -0.9%. It also leads on Mansfield relative strength against NIFTY at +10.7%. 4 of 6 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Kajaria Ceramics Ltd (KAJARIACER): -0.9%
2. Somany Ceramics Ltd (SOMANYCERA): -12%
3. Cera Sanitaryware Ltd (CERA): -13%
4. Asian Granito India Ltd (ASIANTILES): -13%
5. Hindware Home Innovation Ltd (HINDWAREAP): -22%

### Strongest relative strength versus NIFTY 500
1. Kajaria Ceramics Ltd (KAJARIACER): 11%
2. Somany Ceramics Ltd (SOMANYCERA): 11%
3. Cera Sanitaryware Ltd (CERA): 7.4%
4. Nitco Ltd (NITCO): 7.1%
5. Asian Granito India Ltd (ASIANTILES): -15%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 3 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Kajaria Ceramics Ltd (KAJARIACER) — market value ₹19.1K Cr; latest fundamentals Mar 2026
- Cera Sanitaryware Ltd (CERA) — market value ₹7.8K Cr; latest fundamentals Mar 2026
- Nitco Ltd (NITCO) — market value ₹2.5K Cr; latest fundamentals Mar 2026
- Somany Ceramics Ltd (SOMANYCERA) — market value ₹2.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Hindware Home Innovation Ltd (HINDWAREAP) — market value ₹1.8K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Asian Granito India Ltd (ASIANTILES) — market value ₹1.6K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 3. Unverified: 3. Withheld: 0. Graded companies: 6.

3 of 6 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | SOMANYCERA | Somany Ceramics Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | HINDWAREAP | Hindware Home Innovation Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ASIANTILES | Asian Granito India Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Ceramics/Tiles/Sanitaryware index?

The Nifty Ceramics/Tiles/Sanitaryware index tracks India's listed Ceramics/Tiles/Sanitaryware companies as a single basket. This page follows the same 6 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Ceramics/Tiles/Sanitaryware sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Ceramics/Tiles/Sanitaryware stocks in India?

Ranked by this page's four-factor score, Kajaria Ceramics Ltd places first among 6 listed Ceramics/Tiles/Sanitaryware companies, followed by Somany Ceramics Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Ceramics/Tiles/Sanitaryware stocks are listed in India?

This comparison covers 6 listed Ceramics/Tiles/Sanitaryware companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Ceramics/Tiles/Sanitaryware company is the biggest?

Kajaria Ceramics Ltd is the largest, with trailing-twelve-month revenue of ₹4,830 crore, ahead of Somany Ceramics Ltd at ₹2,789 crore. That covers 6 of 6 companies with comparable reporting through Mar 2026.

### Which Ceramics/Tiles/Sanitaryware company is growing fastest?

Nitco Ltd has the fastest revenue growth at 72.4% year on year, across 6 of 6 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Ceramics/Tiles/Sanitaryware company has the best profit margins?

Kajaria Ceramics Ltd has the highest operating margin at 19%, from 6 of 6 comparable companies. Kajaria Ceramics Ltd shows the biggest recent improvement, at +8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Ceramics/Tiles/Sanitaryware company makes the most profit?

Kajaria Ceramics Ltd earns the most, at ₹487 crore of trailing-twelve-month net profit, from 6 of 6 comparable companies. Kajaria Ceramics Ltd has the fastest profit growth at 62.3%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Ceramics/Tiles/Sanitaryware company earns the highest return on capital?

Kajaria Ceramics Ltd leads on return on capital employed at 23.3%, across 6 of 6 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Ceramics/Tiles/Sanitaryware stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Kajaria Ceramics Ltd screens cheapest at 2×. Only 2 of 6 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Ceramics/Tiles/Sanitaryware company has the strongest balance sheet?

Cera Sanitaryware Ltd carries the lowest comparable gross debt at ₹47 crore, from 6 of 6 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Ceramics/Tiles/Sanitaryware sector beating the market?

Ceramics/Tiles/Sanitaryware has underperformed NIFTY 500 by 4.5% over the last 52 weeks and 0% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 6 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Ceramics/Tiles/Sanitaryware stock has the strongest price momentum?

Kajaria Ceramics Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Ceramics/Tiles/Sanitaryware company scores highest for research priority?

Kajaria Ceramics Ltd scores 73.6 out of 100 with 100% evidence confidence, from 27.8 points on growth and earnings, 21.8 on capital efficiency, 9.2 on valuation and 14.8 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Ceramics/Tiles/Sanitaryware companies does this comparison cover, and over what period?

It compares 6 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Ceramics/Tiles/Sanitaryware sector?

The 6 Ceramics/Tiles/Sanitaryware companies on this page carry ₹34,750 crore of combined market value. Kajaria Ceramics Ltd is the largest at ₹19,091 crore, about 55% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Ceramics/Tiles/Sanitaryware sector's P/E ratio?

The median price-to-earnings ratio across the 6 Ceramics/Tiles/Sanitaryware companies on this page is 76×, measured on the 6 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Ceramics/Tiles/Sanitaryware sector performing?

4 of the 6 covered Ceramics/Tiles/Sanitaryware companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 4.5% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/ceramics-tiles-sanitaryware