In today’s briefing:
- Kajaria Ceramics (Q3FY22 Result update): Market share gains continue. Maintain BUY
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 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.
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