Goldman Sachs has reaffirmed its Buy rating on Kajaria Ceramics, setting a target price of ₹1,032 per share. This implies a 17% downside from the current market price of ₹1,240.00.
The brokerage highlighted that Q1 EBITDA came in above expectations, driven by effective cost management. However, the topline performance remained subdued, with tile volume growth at just 1% year-on-year and average selling price (ASP) flat on a sequential basis.
Despite the muted demand environment, Goldman Sachs credited the earnings beat to the company’s operational discipline. It expects further upside if demand conditions improve in the coming quarters.
Disclaimer: The brokerage views expressed above are those of Goldman Sachs. This article does not constitute investment advice. Readers are advised to consult their financial advisor before making any investment decisions.
