External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><div><div><div><ul><li>Revenue grew by 15.7% YoY and 3.1% QoQ to Rs11,018mn: KCL reported revenue of Rs11,018mn in 4QFY22, up 15.7% YoY and 3.1% QoQ.</li></ul><div><div><div><div><ul><li>Revenue from in-house tiles segment grew by 19.1% YoY to Rs5,587mn in 4QFY22 due to growth in blended pricing and volume.</li></ul><div><div><div><div><ul><li>The company has taken price hikes at regular intervals, which led to blended realization growth of Rs424/sq mt in 4QFY22 vs Rs417/sq mt in 3QFY22.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Revenue grew by 15.7% YoY and 3.1% QoQ to Rs11,018mn: KCL reported revenue of Rs11,018mn in 4QFY22, up 15.7% YoY and 3.1% QoQ.Revenue from in-house tiles segment grew by 19.1% YoY to Rs5,587mn in 4QFY22 due to growth in blended pricing and volume.The company has taken price hikes at regular intervals, which led to blended realization growth of Rs424/sq mt in 4QFY22 vs Rs417/sq mt in 3QFY22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kajaria Ceramics - Ramping up of Capacity Shall Support Volume; Operating Margi

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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<div><div><div><ul><li>Q4FY22 performance: Kajaria posted lower-than-estimated margin (~200bps miss) in Q4FY22, as margin compressed QoQ on rising gas prices (crude linked).</li></ul><div><div><div><ul><li>Tiles sales volumes/revenue rose 2/16% YoY (2-year CAGR 19/29%). Outsourced volume continues to lead growth (+12% YoY, 2-year CAGR 39%).</li></ul><div><div><div><ul><li>Outlook: For FY23, KJC targets volume/revenue growth of ~15-20%/20-25%.</li></ul></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Q4FY22 performance: Kajaria posted lower-than-estimated margin (~200bps miss) in Q4FY22, as margin compressed QoQ on rising gas prices (crude linked).Tiles sales volumes/revenue rose 2/16% YoY (2-year CAGR 19/29%). Outsourced volume continues to lead growth (+12% YoY, 2-year CAGR 39%).Outlook: For FY23, KJC targets volume/revenue growth of ~15-20%/20-25%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<div><div><div><ul><li>Q4FY22 performance: Kajaria posted lower-than-estimated margin (~200bps miss) in Q4FY22, as margin compressed QoQ on rising gas prices (crude linked).</li></ul><div><div><div><ul><li>Outlook: For FY23, KJC targets volume/revenue growth of ~15-20%/20-25%.</li></ul><div><div><div><ul><li>It expects India’s tiles export to increase by ~35% YoY, as sharp spikes in gas and electricity prices in European countries have increased Indian tile’s competitiveness.</li></ul></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Q4FY22 performance: Kajaria posted lower-than-estimated margin (~200bps miss) in Q4FY22, as margin compressed QoQ on rising gas prices (crude linked).Outlook: For FY23, KJC targets volume/revenue growth of ~15-20%/20-25%.It expects India’s tiles export to increase by ~35% YoY, as sharp spikes in gas and electricity prices in European countries have increased Indian tile’s competitiveness.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kajaria Ceramics - Soaring Gas Prices Dent Margins

Thematic (Sector/Industry)

<ul>
<li>In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base</li>
<li>Despite earlier cost pass-through, we estimate margin compression YoY amid elevated gas prices for tiles companies, higher resin prices, and absence of inventory gains for plastic pipe companies</li>
<li>Hence, we expect aggregate revenue for our coverage universe to firm up 19% YoY</li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>


In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base
Despite earlier cost pass-through, we estimate margin compression YoY amid elevated gas prices for tiles companies, higher resin prices, and absence of inventory gains for plastic pipe companies
Hence, we expect aggregate revenue for our coverage universe to firm up 19% YoY

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Building Materials (Q4FY22 Results Preview): Healthy demand

<p>It has doubled its Capex run-rate FY22 onwards to expand capacities, all through internal accruals. It expects its margin to rebound on full benefit of the price hikes taken in Q3 and if gas prices stabilise around current levels. We reiterate our BUY rating on Kajaria Ceramics (KJC), with an unchanged target price of INR1,450/sh (21x its Dec-23E consolidated EBITDA). KJC reported robust growth across tiles, bathware, and ply segments, riding on both healthy demand and market share gains, which drove its revenue by 27% YoY.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

It has doubled its Capex run-rate FY22 onwards to expand capacities, all through internal accruals. It expects its margin to rebound on full benefit of the price hikes taken in Q3 and if gas prices stabilise around current levels. We reiterate our BUY rating on Kajaria Ceramics (KJC), with an unchanged target price of INR1,450/sh (21x its Dec-23E consolidated EBITDA). KJC reported robust growth across tiles, bathware, and ply segments, riding on both healthy demand and market share gains, which drove its revenue by 27% YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kajaria Ceramics (Q3FY22 Result update): Market share gains continue. Maintain BUY

India

Kajaria Ceramics Limited manufactures glazed and unglazed ceramic tiles. The Company sells its products in India and it also exports them to other countries.

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Kajaria Ceramics (KJC IN)

Kajaria Ceramics - Ramping up of Capacity Shall Support Volume; Operating Margi

We have revised our rating from Buy earlier to Accumulate besides revising our target price (TP) to Rs1,129 (Rs1,490 earlier) after changing our...

Nirmal Bang

HSIE Results Daily: Kajaria Ceramics

We maintain our BUY rating on Kajaria Ceramics (KJC), with a revised target price of INR 1,420/share (21x its Mar’24E consolidated EBITDA).

HDFC Securities

Kajaria Ceramics - Soaring Gas Prices Dent Margins

We maintain our BUY rating on Kajaria Ceramics (KJC), with a revised target price of INR 1,420/share (21x its Mar’24E consolidated EBITDA).

HDFC Securities

Building Materials (Q4FY22 Results Preview): Healthy demand

In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base Despite earlier cost pass-through, we...

HDFC Securities

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Kajaria Ceramics - Ramping up of Capacity Shall Support Volume; Operating Margi

We have revised our rating from Buy earlier to Accumulate besides revising our target price (TP) to Rs1,129 (Rs1,490 earlier) after changing our...

Nirmal Bang

HSIE Results Daily: Kajaria Ceramics

We maintain our BUY rating on Kajaria Ceramics (KJC), with a revised target price of INR 1,420/share (21x its Mar’24E consolidated EBITDA).

HDFC Securities

Kajaria Ceramics - Soaring Gas Prices Dent Margins

We maintain our BUY rating on Kajaria Ceramics (KJC), with a revised target price of INR 1,420/share (21x its Mar’24E consolidated EBITDA).

HDFC Securities

Building Materials (Q4FY22 Results Preview): Healthy demand

In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base Despite earlier cost pass-through, we...

HDFC Securities

Kajaria Ceramics (Q3FY22 Result update): Market share gains continue. Maintain BUY

It has doubled its Capex run-rate FY22 onwards to expand capacities, all through internal accruals. It expects its margin to rebound on full...

HDFC Securities