Kajaria Ceramics share price today

Kajaria Ceramics Ltd's share price was ₹1,180.70 at the close on 6 November 2026. It has been rising for 23 weeks. That is 2.6% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹885 and ₹1,253, and at that close it sat 80% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Kajaria Ceramics Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 1 week in a row.

Over the last 11 years the share price moved +154% while the NIFTY 500 moved +251%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: revenue up on a year earlier for 12 quarters in a row (every quarter we can compare), profit up on a year earlier for 6 quarters in a row and highest quarterly profit in 16 quarters.

1. Revenue up on a year earlier for 12 quarters in a row (every quarter we can compare)

   In the September 2026 quarter revenue was ₹1,468 crore, +23.8% on a year earlier.

   Why: Revenue rose because the company won market share across regions and demand from retail and project customers was strong.

   Next results: check whether tile volumes hold at the pace management set, helped by retail and project work.

   From the earnings call on 26 Oct 2026.

2. Profit up on a year earlier for 6 quarters in a row

   In the September 2026 quarter profit was ₹191 crore, +42.5% on a year earlier.

   Why: Profit rose because price increases covered fuel costs and the gap between sales and direct costs stayed steady, so the company kept more from each sale.

   Next results: check whether the share of sales left after costs stays around the current level as volumes change.

   From the earnings call on 26 Oct 2026.

3. Highest quarterly profit in 16 quarters

   Profit of ₹191 crore in the September 2026 quarter is the highest of the last 16 quarters.

   Why: Profit was the highest in 16 quarters because the company sold more tiles, the price gap with Morbi narrowed, and more of the tiles sold were the better kind.

   From the earnings call on 26 Oct 2026.

For July to September 2026 (the quarter ended 30 September 2026), Kajaria Ceramics reported revenue of ₹1,468 crore, up 23.8% from ₹1,186 crore a year earlier, and a profit of ₹191 crore, up 42.5% from ₹134 crore.

Kajaria Ceramics results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Kajaria Ceramics' management discussed these results on a call held on 26 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Kajaria Ceramics closed at ₹1,180.70 on 6 November 2026, up 5.0% from ₹1,125.00 a year earlier (7 November 2025) and down 3.7% over five years. Its highest weekly close since March 2016 was ₹1,503.30 on 20 September 2024.

Kajaria Ceramics share price: then and now

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 6 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

563 weekly closes from 11 March 2016 to 6 November 2026.

6 Nov 2026: Kajaria Ceramics closed at ₹1,180.70, up 6.4% on the week and down 2.9% on the month. 29 Oct 2026: ex-date for an interim dividend of ₹12 a share.

Earlier

• 26 Oct 2026: Kajaria Ceramics held its results call for July to September 2026. Management guided: Double-digit tile volume growth over next 2 quarters and next year with value growth lagging next year as inflation does not repeat.
• Results for July to September 2026: Revenue up 23.8% and profit up 42.5% on a year earlier.
• 21 Sep 2026: ex-date for a dividend of ₹6 a share.
• Our read, 22 Aug 2026: Kajaria recovered from a low-margin correction year and now carries India's largest tiles brand into a capacity expansion phase, but the current margins are near a 10-year peak and any Morbi recovery will test whether the earnings growth is real or borrowed from competitors.

Our read of the business

Kajaria exited FY25 at 11% operating margin, the worst in a decade, and has since expanded to 19-20% as gas-price disruption killed ~70% of Morbi competitor capacity, letting Kajaria raise prices by 12-17% while Morbi was forced to hike 35-40%. April to June 2026 delivered 20% revenue growth and profit up 55% year-on-year.

April to June 2026: Revenue up 20% year-on-year, operating margin at 19.6%, volume +6%, and a ₹400 crore capital spending plan announced, but volume fell short of the double-digit guidance issued just three months earlier.

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

Kajaria Ceramics paid ₹18 a share in regular dividends in the 12 months to 7 November 2026 (2 payments), a yield of 1.52% at the ₹1,180.70 close on 6 November 2026. The last was an interim dividend of ₹12 a share, ex-date 29 October 2026.

Kajaria Ceramics dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. Kajaria Ceramics Ltd paid out 46% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years.

From the NSE corporate-actions record, read 7 November 2026.

On the call for July to September 2026, held on 26 October 2026, Kajaria Ceramics' management guided: Double-digit tile volume growth over next 2 quarters and next year with value growth lagging next year as inflation does not repeat.

“We are not greedy for margin; instead, we will focus more on selling volumes. Our focus will be on absolute EBITDA rather than EBITDA percentage.”Management, on the call for July to September 2026

What management guided

• Srikalahasti 12.5 MSM commissioning by end-June next year.
• FY27 sales 130 MSM to FY28 145 MSM with outsourcing 42 MSM to 36-37 MSM as new lines add 19-20 MSM.
• Other expenses to stay around ₹141 crore to ₹142 crore on higher advertising.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 26 October 2026.

One change in Kajaria Ceramics' own numbers looks lasting: costs spread over more sales. Also showing up, but too early to call lasting: new management.

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Checked against results and calls up to April to June 2026, 10 October 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

Volume growth stalls below 8% for two consecutive quarters, removing the incremental fixed-cost leverage that explains the margin expansion beyond Operation Manthan savings.

Each change stops working if

• Operating leverage off the post-unification base: Volume growth stalls below 8% for two consecutive quarters, removing the incremental fixed-cost leverage that explains the margin expansion beyond Operation Manthan savings.
• : Morbi operational plant count returns above 250 by the July to September 2026 results, compressing the pricing gap and allowing Morbi suppliers to recover market share at lower price points.
• Adhesives adjacency scaling at 80% revenue growth: Adhesive growth rate falls below 40% for two quarters, indicating the dealer cross-sales opportunity is saturating at current SKU depth.

The main risks

• Morbi recovery compresses the pricing window: If Morbi restarts above 250 plants before Kajaria's new capacity is operational, the competitive pricing advantage compresses and operating margin reverts toward 15-16%. ⚠ estimate
• Management guidance reliability, three contradictions in six months: Capital spending guidance reversed from no major spend to ₹400 crore; guidance policy reversed from explicit no-guidance to a double-digit volume call; Kerovit stake status unclear across calls. ✓ fact
• Capital spending deployment at a cycle margin peak: ₹400 crore of FY27 capital spending (up from ₹137 crore in FY26) is committed at precisely the moment operating margin is near its 10-year peak, if margins compress before the capacity ramps, returns will disappoint. ⚠ estimate

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

When Kajaria Ceramics reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Sep 2026 operating margin stays at or above 18% (it was 18% in Sep 2025) while advertising spend rises and gas prices stay volatile; operating profit above ₹213 crore.

Kajaria Ceramics is on 4 of our India lists: Multibagger study list, Undervalued stocks, Dividend stocks and Small & mid cap stocks.

Kajaria Ceramics Ltd earned ₹191 Cr of net profit in the Sep 2026 quarter, +42.5% on the same quarter a year earlier. That is the 6th quarter in a row of profit growth. Full-year FY26 profit was ₹487 Cr. Over 10 years profit has grown 7.5% a year on average. That is 13.0% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹134 Cr.

For the full year, FY26 profit was ₹487 Cr (+62.3% on the year before).

Why profit moved: revenue changed +23.8% on a year earlier and the margin moved +2.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +93.0% and revenue +14.4%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

FY27-Q1. revenue ₹1,328 Cr and profit ₹171 Cr as reported.

FY27-Q2. revenue ₹1,468 Cr and profit ₹191 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Kajaria Ceramics Ltd reported ₹1,468 Cr of revenue in the Sep 2026 quarter, +23.8% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 7.2% a year on average. The last full year, FY26, came in at ₹4,830 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹5,337 Cr.

FY26 revenue was ₹4,830 Cr, +4.2% on the year before.

Recent pace: the last four quarters grew +14.4% on average, against 7.2% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +14.4%, against +7.3% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +65.3%, against +24.6% a year (accelerating).

FY27-Q1. revenue ₹1,328 Cr and profit ₹171 Cr as reported.

FY27-Q2. revenue ₹1,468 Cr and profit ₹191 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Kajaria Ceramics Ltd's operating margin was 20.0% in the Sep 2026 quarter, 2.0 percentage points higher than the same quarter a year ago. Across 13 years it has been between 14.0% and 20.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. The operating-leverage catapult is active: fixed costs (plant depreciation Rs 169 Cr FY26, administrative headcount already rationalized) are installed; each incremental revenue rupee flows at the variable margin rate. Q1 FY27 OPM of 19.6% on Rs 1,328 Cr revenue versus Q1 FY26 OPM of 17% on Rs 1,103 Cr revenue confirms the fixed-cost leverage is working. The unification removed three parallel sales teams that were approaching the same dealer set with different product categories, that inefficiency is gone and the dealer addition rate is now net-positive.

Why the margin moved: operating margin changed +1.5 percentage points on the year while gross margin changed −0.4 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

FY27-Q1. revenue ₹1,328 Cr and profit ₹171 Cr as reported.

FY27-Q2. revenue ₹1,468 Cr and profit ₹191 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Over the last 3 years, 145% of Kajaria Ceramics Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹664 Cr of operating cash against ₹487 Cr of profit. After ₹137 Cr of spending on assets, ₹527 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 145% of profit came in as cash: the cash cycle got 18 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner.

What to look at next: the bigger use of cash is spending on new assets, at 1.5× depreciation over three years. The next section checks what that spending is building.

Kajaria Ceramics Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 92 days in FY26, down from 110 days in FY21. It spent ₹747 Cr on assets over the last 3 years. Customers take 47 days to pay, and stock sits for 105 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Why this happened. The Morbi gas crisis is the dominant near-term catalyst. At the Q4 FY26 call, management said 150-160 plants would be operational versus 500-600 pre-crisis, a 70% reduction. At Q1 FY27, Morbi outsourcing is still necessary because Kajaria's own capacity is at full utilisation. The narrowing of the price gap from 40% to below 20% versus Morbi players is a structural shift in customer perception, once brand loyalty is established during a supply shortage, it does not fully reverse when supply normalises.

At FY26 sales of ₹4,830 Cr, each day of that cycle ties up about ₹13.2 Cr, so roughly ₹1,217 Cr is tied up in the business at any time.

FY26: customers took 47 days to pay and stock sat for 105 days, about 3.5 months of sales sitting as stock, for a full cycle of 92 days, shorter than FY21's 110.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 105 days. Customers pay about 47 days after that. Suppliers are paid at 61 days. Together that makes the 92-day cycle.

Spending on assets: ₹747 Cr over the last 3 years, against ₹482 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹119 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Kajaria Ceramics Ltd's P/E is 29.3×, near the low end of its own history: it has been lower only 6% of the time. Its usual P/E (the middle reading) is 42.2×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹37.99.