Ceramic stocks rally, Kajaria up most in 6 months

In Q4 FY23, ceramic firms a 9-10 percent sequential growth in volumes on demand for home improvement and a pick-up in construction activity in February and March

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Kajaria Ceramics, Somany Ceramics and Cera Sanitaryware shares gained between 2-5 percent on June 14 amid heavy trading volumes.

At 10 am, Kajaria Ceramics was up over 5 percent, up most in six months, with trading volumes at triple the 20-day average. By 12 pm, the stock had erased some of the gains and was up 2.5 percent at Rs 1,290 on the NSE. Somany Ceramics was up 2.5 percent and Cera Sanitaryware was up 2 percent at the same time.

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In Q4 FY23, ceramic companies saw a 9-10 percent sequential improvement in volumes as demand for home improvement and construction activity rose in February and March after a weak Oct-Nov 2022.

“Blended gas prices fell 15-21 percent QoQ to Rs 45.9/48.6 per standard cubic meter for Kajaria/Somany respectively, hence gross margins expanded by 160 basis points/110 basis points during the quarter,” according to analysts at Centrum Broking.

Natural gas is used as fuel to power most ceramic tile manufacturing facilities. Natural gas prices dipped further in Q1 FY24, with Asia spot LNG price down 42 percent and Gujarat Gas down 13 percent since March 2023.

“Export momentum has also remained robust since December 2022 with a monthly run rate of Rs 1,500 crore-17,00 crore on the back of increasing cost competitiveness,” Centrum said.

The firm has a “buy” rating on Kajaria Ceramics and Somany Ceramics but a “hold” on Cera Sanitaryware given its rich valuations. The target of Rs 1,350 on Kajaria, represents an upside of 5.7 percent. Centrum’s target for Somany is Rs 860, a 24 percent upside from the current level.

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