Kajaria Ceramics Intrinsic Value

KAJARIACERTiles & ceramicsMid CapNSE

Market cap ₹19,474 CrEPS ₹16.06

Current market price

₹1,215.40

+₹4.80 (+0.40%)

NSE · 9 Oct 2026

Closing price

Intrinsic Value Estimate

Based on DCF and peer comparison with Bear / Base / Bull scenarios.

Final Intrinsic Value

₹1,045.44

-13.98% vs market

Overvalued

vs Market Price

-13.98%

Overvalued

Valuation range₹903.71 – ₹1,253.83

Bear
₹903.71Base
₹1,045.44central estimateBull
₹1,253.83

Scenario range reflects DCF assumptions and peer-multiple distribution.

Kajaria Ceramics Intrinsic Value Analysis

The latest available EOD closing price for Kajaria Ceramics (KAJARIACER) is ₹1,215 per share. Understock's estimated intrinsic value is ₹1,045 per share. This estimate is 14.0% below that price; the page's comparison band labels the shares overvalued.

The stored DCF estimate is ₹488, and the peer-based estimate is ₹1,603. The displayed value combines them using the stored DCF weight of 50% and peer weight of 50%. Peer comparison uses 8 matched sector companies and contributing P/E, P/B, EV/EBITDA multiples.

For context, available company data reports ROCE of 19.4% and P/E of 39.9×. These metrics describe the business and are not separate intrinsic-value estimates.

How Understock Calculates Intrinsic Value

Understock follows the company's stored valuation classification. Where DCF applies, the model discounts projected or normalized cash flows and terminal value using stored assumptions. Peer valuation compares available company multiples with medians from matched industry or sector companies, with a curated peer-group fallback where database matches are unavailable; the contributing multiples and their weights depend on sector rules and available data. For Kajaria Ceramics, the displayed estimate uses both stored values and their respective weights. DCF and peer estimates can differ because they use different assumptions, financial metrics, and market reference points.

Review this company's DCF valuation · Learn how DCF works · Use the DCF calculator · See Kajaria Ceramics peer valuation · What intrinsic value means

The intrinsic value shown is an algorithmic estimate based on publicly available financial data — including DCF analysis, peer comparison, and historical financials. It is not a research report, investment advice, or a recommendation to buy, sell, or hold any security. Stock valuations involve uncertainty and may differ significantly from market prices. Please consult a SEBI-registered investment adviser before making any investment decision.

Kajaria Ceramics Peer Comparison

How this company stacks up against sector peers on valuation and quality metrics.

Consumer Discretionary · 8 peers · sector medians shown

Better than medianWorse than median

Company	Mkt Cap	P/E	P/B	EV/EBITDA	ROE	Net Margin	Rev CAGR 3y
Kajaria Ceramics KAJARIACER · you	₹19,474 Cr	39.9×	6.3×	23.8×	15.8%	10.0%	3.3%
Sector median	—	49.7×	7.5×	34.7×	16.6%	5.4%	15.2%
Havells India HAVELLS	₹71,921 Cr	42.7×	7.6×	33.2×	17.9%	7.5%	10.2%
Dixon Technologies India DIXON	₹70,926 Cr	43.1×	15.1×	38.2×	30.8%	2.9%	58.9%
KALYANKJIL KALYANKJIL	₹63,434 Cr	28.5×	6.1×	27.4×	21.4%	3.8%	36.4%
Vishal Mega Mart VMM	₹55,298 Cr	66.1×	7.5×	29.4×	11.3%	6.5%	19.4%
Page Industries PAGEIND	₹43,361 Cr	56.3×	28.6×	38.8×	50.8%	14.6%	3.6%
Voltas VOLTAS	₹43,176 Cr	114.8×	6.8×	70.2×	5.9%	2.6%	14.5%
K.P.R. Mill KPRMILL	₹36,674 Cr	42.3×	6.4×	29.0×	15.2%	13.0%	2.4%
Blue Star BLUESTARCO	₹32,312 Cr	60.5×	9.3×	36.2×	15.4%	4.3%	15.8%

Peer comparison verdict

Kajaria trades at a discount to sector peers on P/E (39.9× vs median 49.7×). This may signal undervaluation — or reflect lower expected growth or higher perceived risk versus the peer group.

Business quality

Valuation

P/E ratio

39.9×

P/B ratio

—

EV/EBITDA

—

Price/Sales

—

Returns

ROE

15.8%

ROCE

19.4%

ROA

—

Growth

Revenue CAGR (3yr)

3.3%

EPS CAGR (3yr)

12.1%

Efficiency

Asset turnover

—

FCF yield

2.8%

Dividend yield

1.1%

Liquidity & Solvency

Debt / Equity

0.02×

Debt / EBITDA

—

Interest coverage

30.2×

Current ratio

2.97×

Quick ratio

—

Financial health

Piotroski F-Score, Altman Z-Score, and key solvency ratios.

Is the business financially healthy?

Two structured frameworks that go beyond a single number to assess financial strength.

Altman Z-Score

Predicts likelihood of financial distress. Above 2.99 = safe zone; 1.81–2.99 = grey zone; below 1.81 = distress.

12.85

Safe zone

0 (distress)2.99 (safe)5+

Piotroski F-Score

6 / 9 — Moderate

Nine binary checks across profitability, leverage/liquidity, and operating efficiency. 7+ = financially strong; 4–6 = average; 0–3 = weak signals.

Profitability (1–4)

Leverage (5–7)

Efficiency (8–9)

Positive net income

Positive operating cash flow

Improving return on assets

Cash flow exceeds net income

Debt ratio reduced

Improving current ratio

No equity dilution

Improving gross margin

Improving asset turnover

Calculated from annual report data sourced via BSE/NSE filings. For precise figures refer to BSE/NSE filings.

Full financial data

Charts and annual statements for income, balance sheet and cash flow.

Income trend

Revenue, profit and margin trends over time.

Revenue

Net profit

Operating margin

Net margin

Revenue

₹4,830 Cr

Net profit

₹485 Cr

Operating margin

—

Net margin

10.0%

Revenue and net profit in ₹ Crores (left axis). Margins % on right axis.

Cash flow

Where cash comes from and where it goes.

Operating CFInvesting CFFinancing CFFree cash flow

Operating CF — Cash earned from running the business. The core engine of financial health.

Investing CF — Cash spent on assets and equipment. Negative is normal — it means the company is investing in growth.

Financing CF — Cash from borrowing or repaying loans and dividends. Negative means debt is being repaid.

Free cash flow — Operating CF minus capex. Cash left after keeping the business running. Positive and growing is ideal.

Operating CF

₹663.67 Cr

Investing CF

₹0 Cr

Financing CF

₹0 Cr

Free cash flow

₹536.33 Cr

Balance sheet

Assets show what the company owns. Liabilities show what it owes. Equity is what's left for shareholders.

How the company is funded — equity is owners' money, debt is long-term borrowing, current liabilities are short-term obligations.

Equity

Debt

Current liabilities

Total assets

—

Total debt

₹49 Cr

Equity

₹3,066 Cr

Debt / Equity

0.02×

Numbers are illustrative — order-of-magnitude correct. For precise figures, refer to the company's annual report on BSE/NSE.

Shareholding pattern

Who owns this company and how that has changed.

What shareholding tells you: When promoters (founders/controlling shareholders) increase their stake, it usually signals confidence in the business. Rising FII (foreign funds) interest means international money is moving in. High promoter pledge is a risk — pledged shares can be force-sold if the stock price falls sharply.

Latest quarter

Promoter

47.7%

FII

11.6%

+1.4 pp QoQ

DII

26.2%

-1.2 pp QoQ

Retail

14.5%

Trend over time (%)

Quarterly data

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Change (YoY)
Promoter	47.5%	47.5%	47.5%	47.5%	47.5%	47.5%	47.5%	47.5%	47.6%	47.7%	47.7%	47.7%	+0.2 ppYoY
FII (Foreign)	18.5%	18.3%	19.2%	16.2%	16.1%	16.0%	15.8%	12.6%	11.6%	11.7%	10.2%	11.6%	-1.0 ppYoY
DII (Domestic)	25.4%	25.5%	24.9%	27.8%	28.4%	27.9%	27.7%	27.4%	26.0%	26.3%	27.5%	26.2%	-1.2 ppYoY
Retail	8.6%	8.7%	8.4%	8.5%	8.1%	8.6%	9.1%	12.6%	14.8%	14.3%	14.6%	14.5%	+1.9 ppYoY

Signals from the trend

➡️

PromoterStable — no notable buying or selling

📉

FIINet sellers (6.9pp) — foreign institutional interest is declining

📈

DIINet buyers (+0.8pp) — domestic funds are accumulating

Mixed signals — DII buying on the positive side, but FII outflows adds uncertainty.

pp = percentage points. FII = Foreign Institutional Investors. DII = Domestic Institutional Investors (MFs, insurance). Data sourced from NSE/BSE filings. Verify on BSE/NSE before any investment decision.