# Kajaria Ceramics share price today (Kajaria Ceramics Ltd, NSE: KAJARIACER)

> Kajaria Ceramics share price today: ₹1,159.60 at the NSE close on 4 November 2026, up 3.1% in a year. Kajaria Ceramics (NSE: KAJARIACER) is worth ₹18,225 crore, trades at a P/E of 28.8 and has closed between ₹885.20 and ₹1,253.40 over the past 52 weeks. > Kajaria Ceramics Ltd's results are improving, while its P/E is near the low end of its own history over 11 years, higher than only 6% of past readings. KAJARIACER · Ceramics/Tiles/Sanitaryware · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/kajaria-ceramics-ltd

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## Key numbers

- Business trend: Turning around, from the last 12 quarters
- Price: ₹1,159.60 (+3.1% in a year)
- P/E: 28.8× (lower than 94% of the last 11 years)
- Revenue (Sep 2026): ₹1,468 Cr (+23.8% on a year ago)
- Profit (Sep 2026): ₹191 Cr (+42.5% on a year ago)
- Operating margin: 20.0% (+2.0 points on a year ago)
- ROCE: 23%, FY26
- ROIC: 23.1%, against a 12.0% cost of capital: +11.1 points

The main question: yearly earnings per share moved +64.9% while the share price moved +3.1%. ## What is the Kajaria Ceramics share price today? Kajaria Ceramics Ltd's share price was ₹1,159.60 at the close on 4 November 2026. It has been rising for 23 weeks. That is 0.7% 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 75% of the way up from that low. 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 +149% 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. ## What changed at Kajaria Ceramics this quarter? 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. ## What are Kajaria Ceramics' latest quarterly results? 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

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹1,468 crore | ₹1,186 crore | +23.8% |
| Profit | ₹191 crore | ₹134 crore | +42.5% |
| Earnings per share | ₹12.06 | ₹8.35 | +44.4% |
| Operating margin | 20.0% | 18.0% | +2.0 points |

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.)

## What is the Kajaria Ceramics share price history? Kajaria Ceramics closed at ₹1,159.60 on 4 November 2026, up 3.1% from ₹1,125.00 a year earlier (7 November 2025) and down 5.4% 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

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹1,109.20 | +4.5% |
| 1 month ago · 1 Oct 2026 | ₹1,225.10 | −5.3% |
| 6 months ago · 8 May 2026 | ₹1,104.10 | +5.0% |
| 1 year ago · 7 Nov 2025 | ₹1,125.00 | +3.1% |
| 3 years ago · 3 Nov 2023 | ₹1,255.35 | −7.6% |
| 5 years ago · 4 Nov 2021 | ₹1,225.65 | −5.4% |
| 10 years ago · 4 Nov 2016 | ₹598.50 | +93.8% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹464.93 | +149.4% |
| Highest weekly close since March 2016 · 20 Sep 2024 | ₹1,503.30 | −22.9% |
| Lowest weekly close since March 2016 · 22 May 2020 | ₹310.00 | +274.1% |
| 52-week high (weekly close) · 14 Aug 2026 | ₹1,253.40 | −7.5% |
| 52-week low (weekly close) · 1 Feb 2026 | ₹885.20 | +31.0% |

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 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (563 weekly closes from 11 March 2016 to 4 November 2026.)

## What is the latest news on Kajaria Ceramics? 4 Nov 2026: Kajaria Ceramics closed at ₹1,159.60, up 4.5% on the week and down 5.3% 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.)

## What dividend does Kajaria Ceramics pay? Kajaria Ceramics paid ₹18 a share in regular dividends in the 12 months to 5 November 2026 (2 payments), a yield of 1.55% at the ₹1,159.60 close on 4 November 2026. The last was an interim dividend of ₹12 a share, ex-date 29 October 2026. ### Kajaria Ceramics dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 29 Oct 2026 | ₹12 | Interim | same day |
| 21 Sep 2026 | ₹6 | Dividend | same day |
| 24 Oct 2025 | ₹8 | Interim | same day |
| 12 Sep 2025 | ₹4 | Dividend | same day |
| 4 Nov 2024 | ₹5 | Interim | same day |
| 30 Aug 2024 | ₹6 | Dividend | n/a |
| 2 Nov 2023 | ₹6 | Interim | same day |
| 5 Sep 2023 | ₹3 | Dividend | n/a |
| 8 Feb 2023 | ₹6 | Interim | same day |
| 15 Sep 2022 | ₹3 | Dividend | n/a |
| 2 Nov 2021 | ₹8 | Interim | 3 Nov 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

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 5 November 2026.)

## What did Kajaria Ceramics management say on the latest results call? 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](https://files.tijorifinance.com/insight/india/166/Conference Call/CC-Oct26.pdf). (From the call for July to September 2026, 26 October 2026.)

## What is the future of Kajaria Ceramics? What is changing in the business? 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. Costs spread over more sales looks lasting

A cost reset (internal clean-up called Operation Manthan, plus merging three tile sales teams into one) cut costs by what management calls ₹150 crore a year: ₹80-90 crore from raw-material and carton savings, ₹20-25 crore from staff and ₹15 crore from travel. Operating margin (profit from the business before interest, depreciation and tax, as a share of sales) went from 13.23%, 13.18%, 11.32% and 16.95% a year earlier to 18%, 17.16%, 19.19% and 19.61% in the last four quarters. Operating profit rose ₹303 crore over the four quarters while depreciation and interest stayed flat, and once sales started growing (up 12.4% in Mar 2026 and 20.4% in Jun 2026) the lower cost base spread over more sales. Why it may last: Staff, travel and team-merger savings are a lower cost base the company owns, and they held through a weak demand half-year as well as a strong one. Some of the 19-20% margin in the last two quarters rides on Morbi-shock pricing and will fade, and planned 40-50% higher advertising will absorb part of the savings, which is why management itself guides only 18-19%. What could be flattering it: Two things could be dressing this up: (1) a weak base year, the Mar 2025 quarter had only an 11.32% operating margin and the whole of FY25 was 14%, so some of the jump is recovery to the old normal (FY22 17%, FY24 16%); and (2) the gas-price shock that shut most Morbi plants (the cluster of small, unbranded tile makers) from March 2026, which let Kajaria raise prices 12-16% while rivals raised 35-40%, a windfall, not a lasting cost advantage. A third doubt: profit on paper but not in cash. Next check: 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. Quarter by quarter, 4 quarters

July to September 2025

Sales were almost flat (₹1,186 crore vs ₹1,179 crore a year earlier, +0.6%) yet operating profit rose from ₹156 crore to ₹213 crore and operating margin from 13.23% to 18%. With no sales help, this is the cost cut itself. ✓ fact

From our notes of the call for July to September 2025: Savings classified as recurring and structural; will persist across future years. October to December 2025

Sales were again flat (₹1,168 crore vs ₹1,156 crore, +1%) with zero tile volume growth and discounts to clear old stock, yet operating profit rose from ₹152 crore to ₹200 crore and operating margin held at 17.16% against 13.18% a year earlier. Margin slipped from 18% the quarter before because of the discounts. ✓ fact

From our notes of the call for October to December 2025: Cost reduction journey Phase 2 ongoing with management identifying additional lever areas for Q4/FY27. January to March 2026

Sales rose 12.4% (₹1,373 crore vs ₹1,222 crore) on 11% volume growth, and operating profit nearly doubled from ₹138 crore to ₹263 crore; operating margin 19.19% vs 11.32%. Part of this quarter is price increases of 12-16% taken in March to cover gas costs, and the year-ago quarter was unusually weak. ✓ fact

From our notes of the call for January to March 2026: Operating leverage (12% sales growth on 7% lower production) plus supply chain efficiencies. April to June 2026

Sales up 20.4% (₹1,328 crore vs ₹1,103 crore) on 6% volume growth plus price increases; operating profit ₹260 crore vs ₹187 crore and operating margin 19.61% vs 16.95%. Depreciation (₹42 crore) and interest (₹5 crore) did not rise, so the gain reached profit before tax (₹231 crore vs ₹150 crore). ✓ fact

From our notes of the call for April to June 2026: Unification of Ceramic, PVT and GVT into one Tiles vertical, combined with cost cutting, has made the organization leaner. New management too early to call

The promoter family relaunched the company as 'Kajaria 2.0': three tile sales teams merged into one from April 2025, an internal review (Operation Manthan) cut costs and found a ₹20 crore fraud at the bathware subsidiary, approval rules were tightened, and new heads of people, marketing, digital and the bathware business (Kerovit) were hired. The action this changed is the cost reset in L01, and volume after the merger (11% in Mar 2026, 6% in Jun 2026). Why it may last: The structure is new and has run only five quarters, and the same team has a subsidiary fraud and repeated unreconciled changes in what it says. What would decide it: Kerovit turning its growth into profit and the next two calls matching this one. What could be flattering it: The industry cycle (the Morbi shock) doing the work while the new structure takes the credit; and a team whose word keeps shifting. Next check: Kerovit growth (planned 35-40% in value for FY27) shows up with a profit figure, and the 18-19% margin and double-digit volume statements are repeated unchanged. Quarter by quarter, 4 quarters

July to September 2025

Team merger and cost review launched; the same call disclosed a two-year ₹20 crore fraud by a subsidiary finance head and admitted 'judgment error'. Operating margin 18% vs 13.23%. ✓ fact

From our notes of the call for July to September 2025: April 2025 unification consolidated fragmented sales approach where same dealers approached by multiple teams for different tile categories. October to December 2025

Dealer merger 70-75% complete; product lines cut; margin held at 17.16% on flat sales. But growth promised for this quarter did not arrive and promised higher advertising was cut. ✓ fact

From our notes of the call for October to December 2025: Kajaria 2.0 transformation commenced: SKU reduction from multi-division consolidation, dealer unification 70-75% complete. January to March 2026

Merger complete; tile volume +11%, and management says January-February volume was already up 8-9% before the Morbi shock. Sales ₹1,373 crore. ✓ fact

From our notes of the call for January to March 2026: Volume +11% Q4 to revenue ₹1,212 crore reflecting unification gains post-9-month realignment. April to June 2026

New Kerovit head joined in April; bathware sales +33% but still in 'correction mode' with no profit shown. Operating margin 19.61%. The same call reversed earlier statements on guidance and capital spending without explanation. ✓ fact

From our notes of the call for April to June 2026: A new Chief Business Officer joined in April as the division undergoes operational corrections. 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.)

## What could change the Kajaria Ceramics story? What are the risks? 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.)

## What to watch in Kajaria Ceramics' next results? 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. | What to check | Why |
| --- | --- |
| 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. | Costs spread over more sales |
| Kerovit growth (planned 35-40% in value for FY27) shows up with a profit figure, and the 18-19% margin and double-digit volume statements are repeated unchanged. | New management |
| H2 tile volume to stay at guided pace on retail plus project execution - verify against next print. | From the call |
| Srikalahasti commissioning on flagged timeline with larger shed economics - track COD progress and capitalised cost. | From the call |

## Which stock lists is Kajaria Ceramics on? Kajaria Ceramics is on 4 of our India lists: Multibagger study list, Undervalued stocks, Dividend stocks and Small & mid cap stocks. - [Multibagger study list Study stage: middle](https://www.sectoralpha.in/multibagger-stocks-india)
- [Undervalued stocks Profit growth x: 1.6530054644808743](https://www.sectoralpha.in/markets/in/deep-value-stocks)
- [Dividend stocks Regular dividend yield (%): 1.55](https://www.sectoralpha.in/dividend-stocks-india)
- [Small & mid cap stocks Size rank in India: 381](https://www.sectoralpha.in/small-cap-stocks-india)

## Is Kajaria Ceramics profitable? 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. 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. ## How much revenue does Kajaria Ceramics make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Kajaria Ceramics keep? 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. 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. ## Is Kajaria Ceramics' profit turning into cash? 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. 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. ## Where does Kajaria Ceramics' cash go? 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. 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. ## What is Kajaria Ceramics' P/E ratio, and how does it compare with its own history? Kajaria Ceramics Ltd's P/E is 28.8×, 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. 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. Why the multiple is where it is: over the past year earnings per share moved +64.9% while the price moved +3.1%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved −1.1% a year; about +9.7% a year came from earnings growth and about −10.8 percentage points from the multiple (the market paying less); over 10 years the price moved +6.8% a year; about +9.7% a year came from earnings growth and about −2.9 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Kajaria Ceramics share price assume? Worked out from its price on 11 October 2026, Kajaria Ceramics Ltd's share price assumed profit growth of about 19.8% a year. Over the past 10 years its profit actually grew 7.5% a year. Today its P/E is 28.8×, lower than 94% of its own last 11 years. This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Kajaria Ceramics business getting better or worse? Kajaria Ceramics Ltd's business is turning around. Profit growth has swung from −23.4% at its low to +65.3%, rising from a low 5 quarters ago, with ROCE rising at 26.3%. This is based on 12 quarters of 4 measures. Why it matters: a turn in growth is often where a bigger change starts. The lines say a turn is forming, so the question is whether the next quarters confirm it. ## What is the Kajaria Ceramics story, and has it been checked? Kajaria Ceramics Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: Not stated in the research file. Our read, 22 August 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. What is proven. 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. What is not proven yet. What would change our mind. The test written in advance. Morbi recovery compresses the pricing window. Measured by: Morbi recovery compresses the pricing window by the next result. The test written in advance. What the surface reading misses. The surface reading is: OPM at 19.6% and expanding is near the peak of a 10-year range, a high score on margin quality The research reads it further: OPM at the 83rd percentile is near-peak, not mid-cycle. The mid-cycle normalised rate is 15.9%. The 23% gap between current and mid-cycle OPM is the embedded margin risk. What the surface reading misses. OPM at 83rd percentile inflates the earnings denominator by ~13% versus mid-cycle. The 25-point percentile gap between how low this appears (17th) and how low it truly is (42nd) at normalised margins is the single most important arithmetic feature of this stock right now. Lever 1 · Operating leverage: building. Post-unification efficiencies delivered Rs 150 Cr per year in savings, and revenue growth of 18-20% now drops incrementally to margin at a much higher rate than the correction years. What proves it keeps working: Operating leverage off the post-unification base. It stops working if Volume growth stalls below 8% for two consecutive quarters, removing the incremental fixed-cost leverage that explains the margin expansion beyond Operation Manthan savings. Sources: our stock research file (22 August 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Kajaria Ceramics management deliver what it promised? What Kajaria Ceramics Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Value Growth Guidance Withdrawn · 26 October 2026. In Jul 2026, management expressed confidence in 20% value growth for the year, supporting a materially stronger outlook than volume growth alone. In Oct 2026, management declined to provide a value-growth figure and limited its stated commitment to 10% volume growth, materially withdrawing the prior guidance without explaining what changed beyond saying value was difficult to assess. Dealer Network Expansion Plan Reversed · 26 October 2026. In Jul 2026, management expected to add 100 dealers, including 50 exclusive dealers, as part of its distribution-led growth strategy. In Oct 2026, management instead described the network as consolidating and allowed for a decrease of 100 dealers, with no explanation for the reversal; this weakens a previously stated distribution expansion assumption. Guidance Policy Reversal · 31 July 2026. In Apr 2026, management explicitly asked shareholders not to expect guidance, but in Jul 2026 it issued a specific double-digit volume outlook for the next 9 months. This is a material change in the company's stated communication and confidence posture, with no reconciliation of the earlier no-guidance position. Major Capex Strategy Reversal · 31 July 2026. In Jan 2026, management said it did not expect major capex for the next one to two years. In Jul 2026, it announced an FY27 capex plan of roughly Rs.400 crores for two capacity projects, representing a sharp change in capital allocation and capacity strategy that management did not reconcile with its prior position. Every quote above is taken word for word from the company’s own earnings calls. ## What is Kajaria Ceramics management's track record? Working-capital control shows discipline, but spending plans and guidance policy changed without a clear bridge. ### Regulatory and governance record

Company-acknowledged subsidiary fund diversion by named CFO Dilip Kumar Maliwal; dismissed and police complaint filed. No finding against promoters is asserted. 0% Promoter shares pledged

Sources:

- [kajariaceramics.com](https://www.kajariaceramics.com/storage/pdf/secretarial-compliance-report-2025-26.pdf)
- [cnbctv18.com](https://www.cnbctv18.com/market/kajaria-ceramics-share-price-cfo-subsidiary-fraud-20-crore-two-years-investor-call-today-impact-19798328.htm)
- [scanx.trade](https://scanx.trade/stock-market-news/companies/kajaria-ceramics-promoter-group-sells-3-7-stake-open-market/52398283)

(Checked 14 October 2026.)

## How much does Kajaria Ceramics earn on its capital? Kajaria Ceramics Ltd earned a ROCE of 23% in FY26. That is up from a low of 17% in FY25. Its return on capital used (ROIC) is 11.1 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 10.1% net margin and 1.20× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 10.1% net margin × 1.20× asset turnover × 1.31× leverage (assets divided by equity) ≈ 15.9% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 23.1% − 12.0% = +11.1 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. The 23.1% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 18.4%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Kajaria Ceramics have too much debt? Kajaria Ceramics Ltd has total debt of ₹406 Cr against shareholder equity of ₹3,055 Cr as of Sep 2026, so its debt is 0.13× its equity, which is very little. Year by year, that ratio went from 0.08 in FY22 to 0.07 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Kajaria Ceramics shareholding pattern? Foreign institutions cut their stake in Kajaria Ceramics Ltd by 4.0 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 12.1% of the company. Domestic institutions moved −2.3 points over the same period, to 26.1%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: −4.0 points over 8 quarters, to 12.1%; Domestic institutions: −2.3 points over 8 quarters, to 26.1%; Promoters: −0.8 points over 8 quarters, to 46.7%. Why the owners changed: foreign institutions drove it (−4.0 points), together with domestic institutions (−2.3 points). They reduced their stake. ## How far is Kajaria Ceramics from balance-sheet trouble? For Kajaria Ceramics Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Kajaria Ceramics rank in its industry? 79.0 out of 100, rank 1 of 6 in Ceramics/Tiles/Sanitaryware, with 97% of the evidence available. Kajaria Ceramics Ltd scores 79.0 out of 100 against the 6 companies it is compared with in Ceramics/Tiles/Sanitaryware, ranking 1. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. The four parts add up to the total exactly: 25.1 + 23.5 + 11 + 19.4 = 79. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Kajaria Ceramics compared with? Kajaria Ceramics ranks 1 of 6 Ceramics/Tiles/Sanitaryware companies on the 4-Factor Sector Score, with 79.0 out of 100. 1. Kajaria Ceramics Ltd this page KAJARIACER · losing its lead · Most evidence points up · 97% evidence 79.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.1/35 · Revenue 14.4% · Profit 65.3% · Operating margin change 2 points · 100% evidence Capital efficiency 23.5/25 · ROCE 23.4% · Operating margin 20% · 100% evidence Valuation 11.0/20 · P/E 27.5× · PEG 2 · 85% evidence Relative strength 19.4/20 · Lead over its industry 13% · Lead over NIFTY 500 5.9% · 1 year -8.1% · 100% evidence · 7 of 12 weeks ahead Exact sum: 25.1 + 23.5 + 11 + 19.4 = 79 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Somany Ceramics Ltd](https://www.sectoralpha.in/stocks/somany-ceramics-ltd) SOMANYCERA · breaking out · Evidence leans up · 60% evidence 61.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.4/35 · Revenue 9.3% · Profit 88.7% · Operating margin change 4 points · 83% evidence Capital efficiency 14.7/25 · ROCE 12.8% · Operating margin 12% · 76% evidence Valuation 12.9/20 · P/E 20.3× · PEG n/a · 35% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 20.4% · 1 year 18.5% · 25% evidence · 11 of 12 weeks ahead Exact sum: 21.4 + 14.7 + 12.9 + 12.5 = 61.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Cera Sanitaryware Ltd](https://www.sectoralpha.in/stocks/cera-sanitaryware-ltd) CERA · quiet · Evidence leans down · 78% evidence 40.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 7.0/35 · Revenue 9% · Profit -17.8% · Operating margin change -3 points · 88% evidence Capital efficiency 17.1/25 · ROCE 19.2% · Operating margin 10% · 100% evidence Valuation 7.0/20 · P/E 27.5× · PEG 4.05 · 85% evidence Relative strength 9.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -14.8% · 1 year -29.2% · 25% evidence · 0 of 12 weeks ahead Exact sum: 7 + 17.1 + 7 + 9.5 = 40.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Asian Granito India Ltd](https://www.sectoralpha.in/stocks/asian-granito-india-ltd) ASIANTILES · quiet · Evidence leans down · 75% evidence 37.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.5/35 · Revenue 17.3% · Profit 100% · Operating margin change -0.2 points · 83% evidence Capital efficiency 4.1/25 · ROCE 2.9% · Operating margin 6.2% · 76% evidence Valuation 7.3/20 · P/E 104× · PEG n/a · 35% evidence Relative strength 4.8/20 · Lead over its industry -15.8% · Lead over NIFTY 500 -20.5% · 1 year -27.7% · 100% evidence · 1 of 12 weeks ahead Exact sum: 21.5 + 4.1 + 7.3 + 4.8 = 37.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Nitco Ltd](https://www.sectoralpha.in/stocks/nitco-ltd) NITCO · quiet · Evidence leans down · 76% evidence 37.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.8/35 · Revenue 28.6% · Profit 95.5% · Operating margin change -40 points · 88% evidence Capital efficiency 3.1/25 · ROCE 7.2% · Operating margin -7% · 100% evidence Valuation 10.0/20 · P/E n/a · PEG n/a · 0% evidence Relative strength 1.3/20 · Lead over its industry -10.6% · Lead over NIFTY 500 -16.4% · 1 year -34.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 22.8 + 3.1 + 10 + 1.3 = 37.2 · What this means: Earnings are strong; relative strength in its sector is -10.6% and the one-year return is -34.1%. 6. [Hindware Home Innovation Ltd](https://www.sectoralpha.in/stocks/hindware-home-innovation-ltd) HINDWAREAP · basing · Most evidence points down · 68% evidence 34.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.6/35 · Revenue 6.1% · Profit 93.8% · Operating margin change -1.2 points · 65% evidence Capital efficiency 5.4/25 · ROCE 7.1% · Operating margin 8% · 100% evidence Valuation 10.0/20 · P/E n/a · PEG n/a · 0% evidence Relative strength 3.9/20 · Lead over its industry -18.5% · Lead over NIFTY 500 -23.4% · 1 year -55% · 100% evidence · 0 of 12 weeks ahead Exact sum: 15.6 + 5.4 + 10 + 3.9 = 34.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Ceramics/Tiles/Sanitaryware](https://www.sectoralpha.in/sectors/ceramics-tiles-sanitaryware), all 6 compared on one page. ## Which companies are close to Kajaria Ceramics in size? Kajaria Ceramics is the largest of 6 Ceramics/Tiles/Sanitaryware companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: Cera Sanitaryware, Somany Ceramics, Nitco, Hindware Home Innovation and Asian Granito India. ### Ceramics/Tiles/Sanitaryware companies close in size

1. Kajaria Ceramics Ltd ₹17,430 crore
2. [Cera Sanitaryware Ltd](https://www.sectoralpha.in/stocks/cera-sanitaryware-ltd) ₹5,683 crore
3. [Somany Ceramics Ltd](https://www.sectoralpha.in/stocks/somany-ceramics-ltd) ₹2,227 crore
4. [Nitco Ltd](https://www.sectoralpha.in/stocks/nitco-ltd) ₹1,741 crore
5. [Hindware Home Innovation Ltd](https://www.sectoralpha.in/stocks/hindware-home-innovation-ltd) ₹1,392 crore
6. [Asian Granito India Ltd](https://www.sectoralpha.in/stocks/asian-granito-india-ltd) ₹1,360 crore

[All 6 Ceramics/Tiles/Sanitaryware companies, largest first](https://www.sectoralpha.in/sectors/ceramics-tiles-sanitaryware#all-companies)

### Companies close in size in other industries

1. [Chalet Hotels Ltd](https://www.sectoralpha.in/stocks/chalet-hotels-ltd) ₹17,643 crore · Hotels
2. [Finolex Cables Ltd](https://www.sectoralpha.in/stocks/finolex-cables-ltd) ₹17,435 crore · Cables - Telecom
3. Kajaria Ceramics Ltd ₹17,430 crore
4. [Tenneco Clean Air India Ltd](https://www.sectoralpha.in/stocks/tenneco-clean-air-india-ltd) ₹17,424 crore · Auto Ancillaries - Others
5. [Alivus Life Sciences Ltd](https://www.sectoralpha.in/stocks/alivus-life-sciences-ltd) ₹17,376 crore · Pharmaceuticals Bulk Drugs & Formulation

## What else do people ask about Kajaria Ceramics? ### What is Kajaria Ceramics's share price today? Kajaria Ceramics Ltd's share price is ₹1,159.60, +3.1% over the past year. The whole company is worth ₹18,225 Cr on the market. In the last 52 weeks it traded between ₹885 to ₹1,253; today it is 75% of the way up from the low, 0.7% above its 200-day average (as of 4 November 2026). ### What were Kajaria Ceramics's latest quarterly results? Kajaria Ceramics Ltd reported revenue of ₹1,468 Cr and net profit of ₹191 Cr for the Sep 2026 quarter. Revenue rose 23.8% and profit rose 42.5% compared with a year earlier. Earnings per share were ₹12.06. The operating margin was 20.0%, 2.0 percentage points higher than a year earlier (as of 4 November 2026). ### What is Kajaria Ceramics's market cap? Kajaria Ceramics Ltd's market capitalisation is ₹18,225 Cr at a share price of ₹1,159.60. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Kajaria Ceramics performing? Kajaria Ceramics Ltd's share price has been rising for 23 weeks. In its latest quarter, revenue rose 23.8% and profit rose 42.5% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 1 week running (as of 4 November 2026). ### Will Kajaria Ceramics's share price go up? This page does not forecast Kajaria Ceramics Ltd's share price. What it shows instead: the share price is ₹1,159.60, and it has been rising for 23 weeks. Its P/E of 28.8× is higher than 6% of its own last 11 years (as of 4 November 2026). ### Who owns Kajaria Ceramics? Promoters own 46.7% of Kajaria Ceramics Ltd, foreign institutions 12.1%, domestic institutions 26.1% and the public 15.1% (latest quarter). The biggest change over the last two years: Foreign institutions cut their stake by 4.0 percentage points over 8 quarters (as of 4 November 2026). ### Does Kajaria Ceramics have too much debt? No, Kajaria Ceramics Ltd has little debt: its debt is 0.07× its equity, and its operating profit is 38 times its interest bill. FY26 borrowings were ₹229 Cr against equity of ₹3,066 Cr. So the returns on this page come from the business, not borrowed money (as of 4 November 2026). ### Where is Kajaria Ceramics in its business cycle? Kajaria Ceramics Ltd's FY26 operating margin was 18.0%, against a 13-year range of 14.0% to 20.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 20.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Kajaria Ceramics story? The main question: yearly earnings per share moved +64.9% while the share price moved +3.1%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Kajaria Ceramics a stock worth studying right now? What the numbers show: Kajaria Ceramics Ltd's results are improving, while its P/E is near the low end of its own history over 11 years, higher than only 6% of past readings. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Kajaria Ceramics share price forecast for 2026? What management itself guided: Double-digit tile volume growth over next 2 quarters and next year with value growth lagging next year as inflation does not repeat. 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. What would change the story: Volume growth stalls below 8% for two consecutive quarters, removing the incremental fixed-cost leverage that explains the margin expansion beyond Operation Manthan savings. ### Where does this page get Kajaria Ceramics' management information? From Kajaria Ceramics' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Multibagger study list: https://www.sectoralpha.in/multibagger-stocks-india
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- Dividend stocks: https://www.sectoralpha.in/dividend-stocks-india
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