Kajaria Ceramics Limited (KAJARIACER.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-21.1%

₹904.39

vs ₹1,146.30 price

Levered DCF

₹1,309.34

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

11.82

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	30.19×	45.91×	46.25×	48.77×	43.04×	47.85×	23.4×	42.15×
P/B	4.81×	4.92×	7.27×	7.22×	7.65×	7.89×	3.49×	6.06×
P/S	3.05×	2.92×	4.26×	3.84×	4.39×	5.31×	2.13×	3.24×
EV / EBITDA	17.05×	20.62×	25.61×	27.63×	25.63×	28.03×	13.99×	20.89×
Gross margin	24.3%	54.3%	54.6%	55.9%	55.3%	52.5%	57.5%	58.0%
Operating margin	14.4%	10.2%	12.6%	10.5%	13.4%	14.7%	11.0%	12.4%
Net margin	10.1%	6.4%	9.5%	7.9%	10.2%	11.1%	9.1%	7.7%
Current ratio	2.97×	2.57×	2.64×	2.25×	2.2×	2.81×	2.3×	2×
Debt / equity	0.07×	0.1×	0.09×	0.11×	0.08×	0.07×	0.1×	0.08×
Interest coverage	30.74×	23.5×	32.45×	20.63×	39.01×	38.19×	15.84×	23.48×
Dividend yield	1.3%	1.3%	0.8%	0.9%	0.8%	1.1%	1.9%	0.6%
Payout ratio	39.1%	59.5%	34.0%	41.6%	33.8%	51.6%	45.0%	25.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.9%	10.7%	16.1%	14.8%	17.8%	16.5%	14.9%	14.4%
Return on invested capital	14.4%	10.7%	14.1%	12.5%	15.2%	14.3%	12.3%	12.5%
Return on assets	12.1%	7.8%	11.9%	10.3%	12.6%	12.2%	10.5%	9.5%
Free cash flow yield	3.8%	2.4%	1.6%	0.4%	1.0%	2.7%	1.7%	2.0%
Earnings yield	3.3%	2.2%	2.2%	2.1%	2.3%	2.1%	4.3%	2.4%
Enterprise value	₹149.2B	₹137.7B	₹191.8B	₹170.4B	₹163.6B	₹148.4B	₹61.3B	₹96.5B
Net debt / EBITDA	0.2×	0.38×	0.19×	0.39×	0.21×	0.19×	0.34×	0.21×
Cash conversion cycle (days)	71	94	99	99	90	104	136	88