Buy Kajaria Ceramics: target of Rs 1200: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on Kajaria Ceramics

The tile industry is expected to grow at 8.6% CAGR over 2020-2027 led by residential market and new construction. Kajaria is poised to grow at higher than industry growth rates led by market share gains. Morbi tile exports continue to remain strong and is expected to close the fiscal year at higher exports numbers than last year. Hence, stable pricing and domestic market share gains for Kajaria remain intact. Natural Gas if brought under the GST ambit may lead to higher operating margins as companies claim input tax credit.

Outlook

We retain Buy on Kajaria Ceramics with a revised PT of Rs. 1200, as we believe the company is entering into a high growth phase led by structural demand drivers.

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