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Buy Kajaria Ceramics; target of Rs 1210: ICICI Direct

ICICI Direct is bullish on Kajaria Ceramics recommended buy rating on the stock with a target price of Rs 1210 in its research report dated November 03, 2022.

November 05, 2022 / 01:06 PM IST
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ICICI Direct's research report on Kajaria Ceramics

Kajaria Ceramics is the largest manufacturer of ceramic/vitrified tiles in India with a current annual capacity of 84.5 mn sq metre (MSM). Apart from completed capex of Rs 250 crore on tiles, it is adding 3 MSM brownfield capex in Sikandrabad (~Rs 70 crore capex) and setting up a plant of 8 MSM in Nepal in JV with an investment of ~Rs 125 crore.


Kajaria is a solid play on tiles segment with brand leadership reflecting in superior realisations & margins. We believe gas price uncertainty is fully built in and margins will improve from H2FY23. Thus, we maintain BUY.