Kajaria Ceramics financials and balance sheet

NSE: KAJARIACERBSE: 500233Consumer DurablesSmall Cap

₹1,136.60₹23.00 (1.98%)BSE ₹1,136.45

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,159.60.

52-week range of traded prices to 23 Oct 2026

₹869.60Low, 2 Feb 2026₹1,275.00High, 14 Aug 2026

Next results date: the board meets on 24 Oct 2026 to consider: financial results and dividend.

Market cap: ₹17,861 Cr396th largest listed
P/E: 32.7
P/B: 5.8
Dividend yield: 1.23%
ROE: 18.8%
ROCE: 23.6%
Debt to equity: 0.04
Volume, NSE: 1,56,12249.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Kajaria Ceramics annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 2.7% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty. From the year to Mar 2025, the company reports a discontinued business.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue4,830
Materials and goods−2,067
Employee costs−530
Other expenses−1,368
Operating profit865
Depreciation−169
Other income+53
One-off items−43
Finance costs−23
Profit before tax683
Tax−193
Discontinued businesses−3.1
Net profit487

What the company owns

Plant, investments and other assets₹2,094 Cr
Cash and bank₹755 Cr
Receivables₹628 Cr
Inventory₹551 Cr

What pays for it: net worth and liabilities

Net worth₹3,130 Cr
Other liabilities₹449 Cr
Owed to suppliers₹320 Cr
Borrowings₹130 Cr

Kajaria Ceramics business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Kajaria Ceramics segment results by quarter

Revenue by segment

₹4,830 CrTotal

Tiles₹4,280 Cr88.6% of total
others*₹550 Cr11.4% of total

Profit by segment

Tiles₹651 Cr93.6% of total
others*₹44 Cr6.4% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Tiles
Revenue, ₹ crore
2,755
2,605
2,533
3,363
3,989
4,111
4,249
4,280
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
364
316
394
476
447
542
463
651
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
others*
Revenue, ₹ crore
202
203
248
342
393
468
386
550
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−3
−8
8
19
12
10
−2
44
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	2,956	2,808	2,781	3,705	4,382	4,578	4,635	4,830
Company revenue, as in its results	2,956	2,808	2,781	3,705	4,382	4,578	4,635	4,830
Revenue	2,755	2,605	2,533	3,363	3,989	4,111	4,249	4,280
Revenue growth	–	−5.4%	−2.8%	32.8%	18.6%	3.1%	3.4%	0.7%
Profit	364	316	394	476	447	542	463	651
Profit growth	–	−13.2%	24.8%	20.7%	−6.0%	21.2%	−14.7%	40.7%
Margin	13.2%	12.1%	15.6%	14.1%	11.2%	13.2%	10.9%	15.2%
Return on capital	24.5%	19.9%	26.3%	26.8%	21.3%	26.2%	21.3%	29.3%
Assets	1,944	1,997	1,859	2,299	2,660	2,574	2,751	2,758
Liabilities	460	410	362	522	557	507	583	537
Capital employed	1,483	1,587	1,497	1,777	2,102	2,068	2,168	2,221
Revenue	202	203	248	342	393	468	386	550
Revenue growth	–	0.7%	22.1%	37.7%	15.0%	19.0%	−17.5%	42.4%
Profit	−3	−8	8	19	12	10	−2	44
Profit growth	–	–	–	141.8%	−38.4%	−20.2%	–	–
Margin	−1.7%	−3.9%	3.2%	5.7%	3.1%	2.0%	−0.5%	8.1%
Return on capital	−2.5%	−5.1%	5.3%	11.3%	6.9%	3.7%	−0.7%	12.4%
Assets	170	197	203	234	247	363	378	466
Liabilities	35	44	51	61	73	101	94	107
Capital employed	136	153	152	173	173	261	284	358

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Kajaria Ceramics quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 11 May	Mar 2020Filed 26 Jun	Mar 2021Filed 15 Jun	Mar 2022Filed 17 May	Mar 2023Filed 17 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
Revenue from operations	2,855	2,783	2,956	2,808	2,781	3,705	4,382	4,578	4,635	4,830
	2,358	2,326	2,507	2,392	2,272	3,095	3,790	3,879	4,009	3,965
Materials and goods bought	919	1,060	1,146	1,101	1,247	1,555	1,807	1,977	1,966	2,067
Employee costs	–	–	345	357	325	408	461	505	566	530
Other expenses	–	–	1,015	934	700	1,132	1,522	1,397	1,477	1,368
Operating profit before depreciation	496	456	449	416	509	611	592	700	626	865
Operating margin	17.4%	16.4%	15.2%	14.8%	18.3%	16.5%	13.5%	15.3%	13.5%	17.9%
Materials, % of revenue	–	–	38.8%	39.2%	44.8%	42.0%	41.2%	43.2%	42.4%	42.8%
Employee costs, % of revenue	–	–	11.7%	12.7%	11.7%	11.0%	10.5%	11.0%	12.2%	11.0%
Other expenses, % of revenue	–	–	34.3%	33.3%	25.2%	30.5%	34.7%	30.5%	31.9%	28.3%
Depreciation and amortisation	81	89	89	108	107	115	133	148	165	169
Operating profit after depreciation	415	368	360	308	402	495	459	552	461	696
Other income	15	11	18	24	21	28	34	46	43	53
Finance costs	34	24	16	20	11	13	22	21	20	23
Profit before one-off items and tax	396	355	363	312	413	510	470	577	483	726
One-off items	0	1	−5	0	0	0	−8	0	0	−43
Profit before tax	396	355	358	312	413	510	463	577	483	683
	142	127	129	59	104	127	116	143	136	193
Current tax	126	126	130	94	108	121	117	135	128	185
Deferred tax	16	1	−1	−35	−4	6	−1	9	8	7
Share of profit of joint ventures and associates	–	–	–	–	–	–	0	−1	1	–
Profit from discontinued businesses	–	–	–	–	–	–	–	–	−48	−3
	253	229	229	254	309	383	346	432	300	487
Belonging to the company's shareholders	253	229	227	255	308	377	345	422	294	485
Belonging to outside owners of subsidiaries	–	–	2	−2	1	6	2	10	6	2
Other comprehensive income	–	–	0	−1	0	0	−1	0	1	10
Total comprehensive income	–	–	229	253	309	382	346	432	301	497
Net margin	8.9%	8.2%	7.7%	9.0%	11.1%	10.3%	7.9%	9.4%	–	10.1%
Net margin without joint ventures and associates	–	–	–	–	–	–	7.9%	9.5%	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Net margin is left blank for the year to Mar 2025: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 11 May	Mar 2020Filed 26 Jun	Mar 2021Filed 15 Jun	Mar 2022Filed 17 May	Mar 2023Filed 17 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
	1,641	1,778	1,933	2,187	2,404	2,676	2,810	3,130
	1,575	1,714	1,869	2,122	2,327	2,617	2,744	3,066
Share capital	16	16	16	16	16	16	16	16
Reserves	1,559	1,698	1,853	2,106	2,311	2,601	2,728	3,050
Belonging to outside owners of subsidiaries	66	64	65	65	78	59	66	65
	95	117	97	128	209	171	176	130
Repayable after a year	31	22	31	24	52	63	71	49
Repayable within a year	63	96	66	104	157	107	105	81
	587	517	460	659	710	667	708	667
Trade payables	309	239	207	298	310	293	338	320
Other financial liabilities	138	125	104	161	149	135	153	133
Other liabilities	56	52	68	77	79	103	81	86
Provisions	16	5	6	8	8	28	30	29
Tax owed	5	0	8	11	5	1	1	18
	146	144	134	140	178	201	238	232
Other financial liabilities	0	23	15	1	28	49	0	72
Other liabilities	3	2	2	24	0	0	73	1
Provisions	5	24	17	18	21	4	5	8
Deferred tax	107	73	69	73	77	84	89	101
Liabilities going with businesses held for sale	–	–	–	–	39	–	–	–
	2,373	2,439	2,527	2,987	3,331	3,543	3,756	4,029
Held for sale or for a demerger	–	–	–	–	75	–	–	–
	1,202	1,251	1,234	1,535	1,644	1,780	1,938	2,047
Plant in use, after depreciation	1,067	1,142	1,152	1,100	1,370	1,534	1,584	1,535
Plant being built	93	26	15	263	82	68	109	119
Intangible assets	2	2	3	2	1	1	1	1
Goodwill	8	8	8	8	33	33	32	32
Intangible assets being developed	0	1	0	0	0	0	0	0
Investments	0	0	0	0	2	0	4	4
Stakes in joint ventures and associates	0	0	0	0	0	15	30	35
Loans given	12	20	21	0	0	0	11	6
Other financial assets	5	1	0	153	76	33	151	304
Deferred tax	1	1	1	1	3	4	1	2
Other assets	13	49	33	7	77	94	16	9
	1,171	1,188	1,293	1,451	1,611	1,763	1,819	1,982
Inventories	406	513	373	466	565	532	618	551
Trade receivables	475	397	432	513	601	619	570	628
Cash and cash equivalents	22	16	25	32	11	98	19	56
Other bank balances	230	209	418	392	383	416	564	699
Current investments	0	10	5	0	0	0	0	0
Loans given	5	4	13	16	10	59	7	6
Other financial assets	4	4	4	3	1	4	4	3
Other assets	29	35	23	28	41	34	36	38
Net debt	−157	−118	−351	−296	−185	−344	−407	−625

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 15 Jun	Mar 2022Filed 17 May	Mar 2023Filed 17 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
	509	426	296	602	501	667
	607	554	422	740	666	836
	87	−62	−185	26	−1	−60
Receivables	−37	−83	−82	−18	41	−65
Inventories	140	−93	−100	32	−80	67
Payables	−22	116	8	2	36	−34
Other working capital	6	−2	−10	9	2	−28
Tax paid	−98	−129	−126	−138	−117	−169
Capital spending	113	269	232	300	221	127
Free cash flow	396	157	64	301	280	539
	−296	−298	−184	−298	−372	−336
Plant and property sold	11	5	23	22	25	27
Companies bought	0	−7	0	0	0	0
Interest received	18	22	27	30	39	0
Dividends received	0	0	0	0	0	46
	−205	−120	−135	−216	−209	−293
Borrowings raised	−30	28	1	21	39	0
Borrowings repaid	0	0	42	−60	−29	−45
Interest paid	−7	−9	−17	−17	−14	−16
Lease payments	−14	0	−19	−22	−30	−38
Dividends paid	159	127	143	143	175	191
Shares bought back	0	0	0	0	0	0
Shares issued	5	5	1	1	0	0
Net change in cash	9	7	−23	88	−80	37

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Kajaria Ceramics dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 11 May	Mar 2020Filed 26 Jun	Mar 2021Filed 15 Jun	Mar 2022Filed 17 May	Mar 2023Filed 17 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
Earnings per share	₹15.86	₹14.78	₹14.25	₹16.06	₹19.37	₹23.69	₹21.64	₹26.51	₹18.48	₹30.48
Diluted earnings per share	₹15.82	₹14.75	₹14.25	₹16.06	₹19.37	₹23.68	₹21.62	₹26.48	₹18.47	₹30.44
Dividend per share	₹3.00	₹3.00	₹3.00	₹3.00	₹10.00	₹11.00	₹9.00	₹12.00	₹9.00	₹14.00
Book value per share	–	–	₹99.05	₹107.82	₹117.46	₹133.32	₹146.15	₹164.25	₹172.28	₹192.44
Dividend payout	18.9%	20.9%	21.1%	18.7%	51.6%	46.5%	41.6%	45.3%	48.7%	45.9%
Shareholder yield	–	–	–	–	1.0%	0.8%	0.8%	0.8%	1.3%	1.3%
Market cap at the year end (₹ crore)	9,274	9,100	9,376	5,974	14,745	16,224	16,788	18,392	13,680	14,655

Ratios

Consolidated, years to March.Kajaria Ceramics PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 11 May	Mar 2020Filed 26 Jun	Mar 2021Filed 15 Jun	Mar 2022Filed 17 May	Mar 2023Filed 17 May	Mar 2024Filed 8 May	Mar 2025Filed 10 Jun	Mar 2026Filed 30 Apr
Revenue growth	18.0%	–	–	−5.0%	−1.0%	33.2%	18.3%	4.5%	–	4.2%
Operating profit growth	7.1%	−8.1%	−1.5%	−7.5%	22.3%	20.0%	−3.1%	18.2%	–	38.1%
Net profit growth	10.3%	−9.6%	0.1%	10.8%	21.8%	23.9%	−9.5%	24.8%	–	62.3%
Earnings per share growth	10.0%	−6.8%	−3.6%	12.7%	20.6%	22.3%	−8.7%	22.5%	–	64.9%
	–	–	14.4%	15.5%	17.2%	18.9%	15.5%	17.1%	11.0%	16.7%
	–	–	–	1.1 pts	1.7 pts	1.7 pts	−3.4 pts	1.6 pts	−6.1 pts	5.7 pts
From the net margin	–	–	–	2.7 pts	3.4 pts	−1.4 pts	−4.3 pts	2.7 pts	–	–
From asset turnover	–	–	–	−1.1 pts	−0.8 pts	3.2 pts	0.5 pts	−0.7 pts	–	–
From borrowing	–	–	–	−0.5 pts	−1.0 pts	−0.1 pts	0.4 pts	−0.4 pts	–	–
Return on capital employed	–	–	20.8%	16.2%	19.8%	21.4%	17.6%	19.4%	15.4%	21.3%
Cash conversion	–	–	–	–	164.7%	111.2%	85.4%	139.2%	167.0%	136.9%
Interest cover	12.2	15.3	23.1	15.8	37.5	38.9	20.6	26.1	23.0	30.7
Debt to equity	–	–	0.06	0.07	0.05	0.06	0.09	0.06	0.06	0.04
Receivable days	–	–	59	52	57	51	50	49	45	47
Inventory days	–	–	129	170	109	109	114	98	115	97
Payable days	–	–	98	79	61	70	63	54	63	56
Cash conversion cycle, days	–	–	89	142	105	90	101	93	97	88
Working capital days	–	–	49	69	59	46	55	55	50	48
Asset turnover	–	–	1.25	1.17	1.12	1.34	1.39	1.33	1.27	1.24
Assets per rupee of net worth	–	–	1.51	1.46	1.39	1.38	1.42	1.39	1.36	1.34
Sales per rupee of plant	–	–	2.77	2.46	2.41	3.37	3.20	2.99	2.93	3.15
Capital spending to depreciation	–	–	–	–	1.06	2.33	1.74	2.03	1.33	0.75
Plant being built, % of plant in use	–	–	8.8%	2.2%	1.3%	23.9%	6.0%	4.4%	6.9%	7.8%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2025 and Mar 2026: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2025: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 12.5%
Cash from operations against operating profit: 77.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	7.2%	11.7%	3.3%
Profit growth, yearly rate	7.8%	9.5%	12.1%
Return on equity, average	–	15.8%	14.9%
Return on capital employed, average	–	19.0%	18.7%
Operating margin, average	15.9%	15.3%	15.6%
Net margin, average	9.2%	9.4%	9.8%
Asset turnover, average	–	1.31	1.28
Cash conversion cycle, days, average	–	94	93
Interest cover, average	24.3	27.9	26.6
Debt to equity, average	–	0.06	0.06

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	2,490	1,769	667
Cash from investing	−1,488	−1,006	−336
Cash from financing	−973	−718	−293
Capital spending	1,149	648	127
Dividends paid	780	510	191
Shares bought back	0	0	0
Shares issued for cash	8	1	0
Borrowings raised	89	60	0
Borrowings repaid	176	134	45

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	7	6	5	5	7
Altman Z-scorePublished threshold 1.81	–	–	10.66	8.33	17.99	15.30	13.97	15.98	11.73	13.01
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.74	−1.05	−2.40	−2.73	−2.63	−2.38
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	3.85	9.26	7.42	3.73	4.69	4.02
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.19	1.14	1.30	1.45
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−11.48	9.78	−14.33	−1.15	−1.45	−9.19	6.01
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	30.30	−40.48	0.16	5.01	−15.16	16.73	−15.97
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.22	−0.43	0.12	0.22	−0.08	0.06	0.02
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.14	0.13	4.19	0.20	0.22	0.50	0.99
Effective tax ratePublished threshold 17.16 per cent	35.96	35.66	36.11	18.86	25.16	24.98	25.14	24.87	28.12	28.23
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−0.22	−2.20	0.87	3.88	3.46

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
30 Jan 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AAReview, Re-affirm	Stable	95
30 Jan 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A1+Review, Re-affirm		285

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.