External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Kajaria Ceramics (KJC) reported Q3FY25 consol. revenue growth of 1% YoY with tile volume growth of 6.7% YoY (5-year CAGR of 7.2%) and realisation decline of 3.7% YoY (-1.9% QoQ).</li><li>EBITDA margin shrunk 274bps YoY/69bps QoQ to 12.8% due to higher employee cost, other expenses and lower utilisation of new sanitaryware plant, resulting in 16.8%/25.4% YoY EBITDA/APAT dip.</li><li>As per management, retail demand was subdued in Q3 and could pick up Q1FY26 onwards.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kajaria Ceramics (KJC) reported Q3FY25 consol. revenue growth of 1% YoY with tile volume growth of 6.7% YoY (5-year CAGR of 7.2%) and realisation decline of 3.7% YoY (-1.9% QoQ).EBITDA margin shrunk 274bps YoY/69bps QoQ to 12.8% due to higher employee cost, other expenses and lower utilisation of new sanitaryware plant, resulting in 16.8%/25.4% YoY EBITDA/APAT dip.As per management, retail demand was subdued in Q3 and could pick up Q1FY26 onwards.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kajaria Ceramics - Insipid Quarter; Near-Term Outlook Remains Challenging

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We downward revise our FY25/FY26/FY27 earnings estimates by 11.8%/9.4%/9.4% factoring in contraction in EBITDA margins and lower volume growth guidance of 8-9% in the tiles segment.</li><li>Additionally, muted demand in the bathware segment, primarily driven by weak retail business performance, has also influenced our outlook.</li><li>KJC is expected margin of 14-15% in FY26. However, in Q3FY25, margins were impacted by losses in the bathware segment, higher employee expenses, and lower realizations in the tiles segment.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We downward revise our FY25/FY26/FY27 earnings estimates by 11.8%/9.4%/9.4% factoring in contraction in EBITDA margins and lower volume growth guidance of 8-9% in the tiles segment.Additionally, muted demand in the bathware segment, primarily driven by weak retail business performance, has also influenced our outlook.KJC is expected margin of 14-15% in FY26. However, in Q3FY25, margins were impacted by losses in the bathware segment, higher employee expenses, and lower realizations in the tiles segment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kajaria Ceramics (KJC IN) - Soft Demand, Margins Contracted

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>The building materials sector experienced muted demand in Q2FY26, impacted by heavy rainfall</li><li>We project a 7% YoY revenue growth for our coverage universe, driven by volume growth, leading to an 11% YoY growth in EBITDA and a 7% YoY increase in APAT</li><li>We believe that the volume growth of major tile companies was negatively affected by weak export performance and soft domestic demand</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The building materials sector experienced muted demand in Q2FY26, impacted by heavy rainfallWe project a 7% YoY revenue growth for our coverage universe, driven by volume growth, leading to an 11% YoY growth in EBITDA and a 7% YoY increase in APATWe believe that the volume growth of major tile companies was negatively affected by weak export performance and soft domestic demandContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Building Materials (Q2FY26 Results Preview): Demand recovery yet to come

<ul><li>Dixon Technologies: Dixon reported a robust 95% YoY revenue growth to INR 128.36bn in Q1, primarily driven by a 125% surge in its mobile and EMS division</li><li>This growth was tempered by sluggish performance in home appliances and declines in consumer electronics and lighting segment</li><li>EBITDAM remained flat YoY to 3.8%, owing to decline in gross margins, offset by reduced employee costs and other expenses</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dixon Technologies: Dixon reported a robust 95% YoY revenue growth to INR 128.36bn in Q1, primarily driven by a 125% surge in its mobile and EMS divisionThis growth was tempered by sluggish performance in home appliances and declines in consumer electronics and lighting segmentEBITDAM remained flat YoY to 3.8%, owing to decline in gross margins, offset by reduced employee costs and other expensesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Dixon Technologies, Oberoi Realty, Mahindra & Mahindra Financial Services...

<ul><li>The building materials sector experienced soft demand in Q1FY26</li><li>Demand was satisfactory in April and May but decelerated in June due to the early onset of monsoons</li><li>We project a 6% YoY revenue growth for our coverage universe, driven by volume growth</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The building materials sector experienced soft demand in Q1FY26Demand was satisfactory in April and May but decelerated in June due to the early onset of monsoonsWe project a 6% YoY revenue growth for our coverage universe, driven by volume growthContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Building Materials (Q1FY26 Results Preview): Another Subdued Quarter

India

Kajaria Ceramics Limited manufactures glazed and unglazed ceramic tiles. The Company sells its products in India and it also exports them to other countries.

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Kajaria Ceramics (KJC IN)

Kajaria Ceramics - Insipid Quarter; Near-Term Outlook Remains Challenging

Kajaria Ceramics (KJC) reported Q3FY25 consol. revenue growth of 1% YoY with tile volume growth of 6.7% YoY (5-year CAGR of 7.2%) and realisation...

ICICI Securities Limited