Moving up the value chain
Kajaria Ceramics is the largest manufacturer of ceramic/vitrified tiles in India with a product basket of more than 2,600 varieties of ceramic and vitrified tiles. It has an annual aggregate capacity of 63.90 mn. sq.
Valuations: Kajaria’s dominant position coupled with impressive brand stregth, exapnding product portfolio, sustained market share gains and sound balalnce sheet strength will drive growth going ahead. Consequently, we estimate consolidated revenue/PAT to grow at a CAGR of 15%/22% over FY17-19E. The stock currently trades at 41.3x/31x FY18E/19E EPS. We value the stock at 34x FY19E EPS arriving at a target price (TP) of Rs. 802. Recommend HOLD.
Research Report Kajaria Ceramics Ltd
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