Buy Kajaria Ceramics: target of Rs 1270: Sharekhan

An Edelweiss research report for Q4FY21 says road tonnage continued to improve, evident in e-way bill generation (up 6% QoQ) and improved core trucking rentals. “We estimate tonnage would increase by three–five percent for truckers. Asset-light plays Mahindra Logistics and TCI Express remain our preferred picks due to their ability to scale up/down as the environment demands,” the report said. Edelweiss is bullish on Blue Dart Express due to the pandemic-induced boom in e-commerce and its leaner cost structure. It has retained a ‘buy’ call on Mahindra Logistics, TCI Express and Blue Dart Express.

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26 Aug, 2025 12:21

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Sharekhan's research report on Kajaria Ceramics

Better-than-expected performance for Q4 led by strong tile volume growth and improvement in realizations. Bathware and Plyboards registered strong growth y-o-y on low base. Demand optimism leads to brownfield expansions to be completed by FY2022 end at a capex of Rs. 250 crore with an incremental revenue potential of over Rs. 500 crore. Strong net cash position and healthy free cash flow generation to aid in capex plans without leveraging balance sheet.

Outlook

We retain Buy on Kajaria Ceramics with a revised PT of Rs. 1270, led by an upward revision in estimates and a strong 29% CAGR in net earnings estimated over FY2021-FY2023E.

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