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

ICICI Securities Limited

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.

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><p><em>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.</em></p>

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