Whalesbook
Is baar Kajaria Ceramics ne Q4 mein kamaal kar diya. Profit 262.5% chadh kar ₹156.6 Crore ho gaya, revenue 12.4% badh kar ₹1,373 Crore pahunch gaya, aur EBITDA margins bhi 19.2% tak pahunch gaye, jo pichhle quarter mein sirf 11.3% the. Iske saath, company ne ₹297 Crore ka share buyback aur ₹6 per share ka final dividend bhi announce kiya hai. Yeh sab dekh kar lagta hai ki paisa hi paisa hoga!
Toh phir stock kyun gira?
Asal mein, market abhi valuation par zyada focus kar raha hai. Kajaria Ceramics ka P/E ratio 44-52 ke beech chal raha hai, jo ki sector ke competitors jaise Cera Sanitaryware (P/E 27.48) aur Somany Ceramics (P/E 27.95) se kaafi zyada hai. Iska matlab hai ki stock apne actual value se mehnga lag raha hai investors ko. Puraana performance toh mast tha hi, pichhle saal stock 48.62% bhaga tha, par ab future growth ke liye thoda doubt hai.
Sector ki kya situation hai?
Indian ceramic tiles market toh future mein bahut grow karne wala hai, 2033 tak USD 40.6 billion ka ho jayega, CAGR 7-8% ke aas paas rehne ka expect hai. Kajaria, jo India ki sabse badi tile manufacturer hai, iska fayda uthane ke liye ready hai. Par haan, kuch challenges bhi hain. Exports pe anti-dumping duties lag rahi hain aur gas ki shortage bhi Morbi mein production affect kar rahi hai. Waise, Kajaria jaise bade players, jinke paas stock zyada hai, woh isko handle kar sakte hain.
Analysts kya bol rahe hain?
Analysts mostly 'Outperform' rating de rahe hain aur price target ₹1,122 se ₹1,440 ke beech mein de rahe hain. UBS ne toh 'Buy' rating bhi diya hai. Woh expect karte hain ki FY27 mein profit 15-20% badhega aur revenue 8.3% annually grow karega. Toh overall outlook toh positive hi hai, par current valuation ek chota sa risk factor bana hua hai.