Sharekhan's research report on Kajaria Ceramics
Consolidated revenue stayed in-line, with resilient tile volume growth. Consolidated OPM was hit by Bathware unit losses. OPM and PAT lagged estimates. Management marginally lowered tile volume growth guidance to 9-10% y-o-y, while it expects to meet lower end of OPM guidance of 15-17% for FY2025. It retained its three-year growth guidance as of now with a consolidated revenue target of Rs. 6500 crore for FY2027 and OPM of 15-17%.
Outlook
We maintain a Buy on Kajaria Ceramics with a revised PT of Rs. 1,600, factoring downwardly revised estimates and considering a healthy earnings growth trajectory in the next three years.
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