Disclaimer: This information is for educational purposes only and does not constitute any financial advice.

Kajaria Ceramics, India’s largest tile maker, produced 26.98 million square meters (MSM) in Q1FY25 - an increase of 7.8% YoY, despite weak domestic demand, and 28.7 MSM in Q2, up 10% YoY . Revenue rose ~5% to ₹1,179 crore in Q2, yet PAT dropped ~16% YoY to ₹84 crore due to margin squeeze from its sanitaryware division and increased overhead .

Brokerages like Emkay, Bob Capital, and Prabhudas Lilladhar rate Kajaria a Buy/Accumulate, with price targets in the ₹950–1,050 range . The stock trades at ~60x trailing earnings - rich but justified by market leadership and improving demand outlook as the real estate cycle revives.

Long-term catalysts include expansion in sanitaryware and adhesive segments, strong brand and dealer network, and margin recovery through cost containment. Short-term volatility from input costs may persist, but management expects rebound in H2FY25.

If you're bullish on India’s real estate and urbanization trends, Kajaria’s scale, strong volume performance, and favorable analyst outlook make it a compelling long-term buy. Just be prepared for near-term margin pain.