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Hold Kajaria Ceramics; target of Rs 389: Emkay Global Financial


Emkay Global Financial recommended hold rating on Kajaria Ceramics with a target price of Rs 389 in its research report dated June 27, 2020.

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Emkay Global Financial's report on Kajaria Ceramics

Q4 results were impacted by nationwide lockdowns, leading to a 19% yoy volume decline (vs. estimate of 12% fall). EBITDA was at Rs934mn vs. our estimate of Rs1,037mn and OPM stood at 14.3% vs. estimate of 14.5%. Key positives: 1) Gross margin improvement of 2.7pp yoy/78bps qoq to 41.4% 2) 11 days improvement in receivables days. Key negatives ...


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