Financials Kajaria Ceramics Limited

Equities

KAJARIACER

INE217B01036

Construction Supplies & Fixtures

Market Closed - Bombay S.E. Other stock markets 06:00:47 2025-07-11 am EDT			5-day change	1st Jan Change
1,177.25 ^INR	-1.28%		+2.36%	+1.53%

May. 07	Kajaria Ceramics Limited Reports Earnings Results for the Full Year Ended March 31, 2025	CI
May. 07	Jefferies Adjusts Kajaria Ceramics' Price Target to INR1,120 From INR1,420, Keeps at Buy	MT

Projected Income Statement: Kajaria Ceramics Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	28,080	27,809	37,052	43,819	45,784	46,351	50,723	56,561
Change	-	-0.97%	33.24%	18.26%	4.48%	1.24%	9.43%	11.51%
EBITDA ¹	4,159	5,088	6,107	5,920	6,997	6,262	7,222	8,340
Change	-	22.34%	20.02%	-3.06%	18.19%	-10.51%	15.34%	15.48%
EBIT ¹	3,078	4,022	4,953	4,592	5,517	4,608	5,415	6,381
Change	-	30.65%	23.17%	-7.3%	20.16%	-16.48%	17.53%	17.83%
Interest Paid ¹	-195.1	-107.1	-127.3	-223.2	-211.2	-200.3	-199.1	-188
Earnings before Tax (EBT) ¹	3,124	4,127	5,102	4,625	5,756	4,843	5,658	6,786
Change	-	32.1%	23.61%	-9.35%	24.47%	-15.87%	16.84%	19.95%
Net income ¹	2,553	3,080	3,770	3,445	4,221	2,944	4,172	5,024
Change	-	20.65%	22.38%	-8.62%	22.53%	-30.27%	41.74%	20.42%
Announcement Date	6/26/20	6/14/21	5/17/22	5/16/23	5/7/24	5/7/25	-	-

¹INR in Million

Estimates

Fiscal Period: March	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	7,000	7,147	7,413	6,520	2,776	7,125	8,383	9,525	5,617	9,736	10,682	11,018	10,082	10,778	10,911	12,048	10,642	11,216	11,518	12,408	11,137	11,879	12,333	12,723	11,537	12,778	12,408	13,117
Change	-	2.1%	3.72%	-12.04%	-57.43%	156.7%	17.66%	13.62%	-41.03%	73.33%	9.73%	3.14%	-8.49%	6.9%	1.24%	10.42%	-11.67%	5.39%	2.69%	7.73%	-10.25%	6.66%	3.82%	3.17%	-9.32%	10.75%	-2.89%	5.71%
EBITDA ¹	1,060	1,052	1,113	933.7	-75.7	1,437	1,818	1,909	804.2	1,805	1,838	1,659	1,536	1,294	1,331	1,759	1,692	1,797	1,788	1,720	1,670	1,798	1,741	1,678	1,586	1,696	1,642	2,085
Change	-	-0.7%	5.8%	-16.13%	-108.11%	1,998.15%	26.5%	5.04%	-57.88%	124.43%	1.86%	-9.74%	-7.44%	-15.74%	2.83%	32.22%	-3.83%	6.2%	-0.52%	-3.79%	-2.88%	7.64%	-3.16%	-3.6%	-5.5%	6.95%	-3.24%	27.02%
EBIT ¹	-	790.8	835.5	-	-	-	-	1,644	539	1,523	1,558	1,333	1,212	957.6	1,005	1,416	1,387	1,436	1,399	1,295	1,249	1,422	1,400	1,495	1,174	1,312	1,194	1,525
Change	-	-	5.65%	-	-	-	-	-	-67.21%	182.63%	2.25%	-14.41%	-9.07%	-21.01%	4.99%	40.86%	-2.07%	3.57%	-2.63%	-7.4%	-3.55%	13.85%	-1.52%	6.74%	-21.46%	11.73%	-8.97%	27.69%
Charge d'intérêts ¹	-45.2	-52.2	-48.4	-49.3	-33.8	-20.8	-26.1	-26.4	-	-	-	-39.8	-36.1	-31.6	-83.1	-	-52.7	-42.6	-49.8	-66.1	-46.8	-44.67	-47.67	-69.75	-55	-58	-70	-56
Earnings before Tax (EBT) ¹	809.1	806.8	838.4	670.2	-335.5	1,190	1,580	1,692	568.8	1,567	1,602	1,364	1,257	965.7	-	1,405	1,427	1,474	1,458	1,396	1,281	1,469	1,463	1,306	1,216	1,263	1,414	1,623
Change	-	-0.28%	3.92%	-20.06%	-150.06%	454.81%	32.77%	7.05%	-66.38%	175.56%	2.19%	-14.86%	-7.82%	-23.18%	-	-	1.59%	3.31%	-1.07%	-4.26%	-8.25%	14.63%	-0.38%	-10.71%	-6.92%	3.87%	11.96%	14.78%
Net income ¹	510.1	930.7	612.6	495.9	-271	891.2	1,189	1,271	430.6	1,161	1,220	957.6	923	698.6	743.2	1,080	1,075	1,080	1,042	1,024	898.2	1,071	1,002	976.5	895.8	960	914	1,130
Change	-	82.45%	-34.18%	-19.05%	-154.65%	428.86%	33.46%	6.85%	-66.12%	169.72%	5.06%	-21.52%	-3.61%	-24.31%	6.38%	45.34%	-0.46%	0.41%	-3.49%	-1.68%	-12.32%	19.21%	-6.46%	-2.5%	-8.26%	7.17%	-4.79%	23.58%
Announcement Date	7/23/19	10/23/19	2/10/20	6/26/20	8/7/20	10/20/20	1/21/21	6/14/21	8/3/21	10/22/21	1/21/22	5/17/22	7/21/22	11/2/22	1/28/23	5/16/23	7/26/23	10/20/23	1/31/24	5/7/24	7/23/24	-	-	-	-	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 S1
Net sales ¹	9,901
Change	-
EBITDA ¹	1,361
Change	-
EBIT	-
Change	-
Charge d'intérêts ¹	-54.6
Earnings before Tax (EBT) ¹	854.9
Change	-
Net income ¹	620.2
Change	-
Announcement Date	10/20/20

¹INR in Million

Estimates

Forecast Balance Sheet: Kajaria Ceramics Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-1,070	-3,490	-2,965	-1,845	-3,435	-4,069	-5,635	-7,199
Change	-	-226.17%	15.04%	37.77%	-86.18%	-18.46%	-29.48%	-27.76%
Announcement Date	6/26/20	6/14/21	5/17/22	5/16/23	5/7/24	5/7/25	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Kajaria Ceramics Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,240	1,127	2,687	2,316	3,004	2,205	2,194	2,444
Change	-	-9.11%	138.43%	-13.79%	29.67%	-26.59%	-18.91%	11.38%
Free Cash Flow (FCF) ¹	1,004	3,961	1,568	638.5	3,013	2,805	3,641	3,994
Change	-	294.32%	-60.41%	-59.28%	371.86%	-6.9%	18.11%	9.69%
Announcement Date	6/26/20	6/14/21	5/17/22	5/16/23	5/7/24	5/7/25	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Kajaria Ceramics Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	14.81%	18.3%	16.48%	13.51%	15.28%	13.51%	14.24%	14.74%
EBIT Margin (%)	10.96%	14.46%	13.37%	10.48%	12.05%	9.94%	10.68%	11.28%
EBT Margin (%)	11.13%	14.84%	13.77%	10.55%	12.57%	10.45%	11.15%	12%
Net margin (%)	9.09%	11.08%	10.17%	7.86%	9.22%	6.35%	8.23%	8.88%
FCF margin (%)	3.58%	14.24%	4.23%	1.46%	6.58%	6.05%	7.18%	7.06%
FCF / Net Income (%)	39.34%	128.57%	41.6%	18.53%	71.37%	95.29%	87.27%	79.49%
Profitability
ROA	-	12.41%	13.68%	10.91%	12.28%	-	-	-
ROE	15.53%	17.19%	18.89%	15.49%	17.08%	10.98%	14.56%	16.19%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	4.42%	4.05%	7.25%	5.29%	6.56%	4.76%	4.33%	4.32%
CAPEX / EBITDA (%)	29.81%	22.15%	44%	39.13%	42.93%	35.22%	30.38%	29.3%
CAPEX / FCF (%)	123.45%	28.46%	171.36%	362.8%	99.7%	78.62%	60.27%	61.2%
Items per share
Cash flow per share ¹	14.12	31.99	26.73	18.54	37.74	31.45	41.84	43.73
Change	-	126.64%	-16.45%	-30.62%	103.52%	-16.67%	23.35%	4.52%
Dividend per Share ¹	3	10	11	9	12	9	10.93	13.03
Change	-	233.33%	10%	-18.18%	33.33%	-25%	3.74%	19.15%
Book Value Per Share ¹	107.8	117.5	133.3	146.1	164.3	172.3	187.9	205.9
Change	-	8.95%	13.49%	9.59%	12.42%	4.88%	6.35%	9.62%
EPS ¹	16.06	19.37	23.68	21.62	26.48	18.47	26.58	31.88
Change	-	20.61%	22.25%	-8.7%	22.48%	-30.25%	14.68%	19.95%
Nbr of stocks (in thousands)	158,957	159,081	159,204	159,233	159,258	159,272	159,272	159,272
Announcement Date	6/26/20	6/14/21	5/17/22	5/16/23	5/7/24	5/7/25	-	-