HSBC has maintained its buy rating on Kajaria Ceramics but has cut the share price target to ₹1,500, implying a 19.1% upside from the current market price (CMP) of ₹1,259.25. The company faced slow momentum and higher stabilisation costs in its non-tile business, which led to disappointing margins.
HSBC expects a recovery in the second half of the year, with the company’s aggressive 3-year expansion plan hinging on the speed of its expansion efforts, as industry growth remains moderate.
Currently, Kajaria Ceramics’ stock is trading at ₹1,259.25.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult with a qualified financial advisor before making any investment decisions.
