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Investing.com - Jefferies downgraded Kajaria Ceramics (NSE:KAJR) Ltd (NS:KJC) stock rating to Hold from Buy while raising its price target to INR1,225.00 from INR1,120.00.
The downgrade follows a sharp 52% rally in Kajaria Ceramics’ share price over the past three months, which has pushed the stock’s valuation to 40 times FY26 estimated PE, approximately 25% above its historical 10-year average.
Jefferies noted that while Kajaria’s Q1FY26 profit after tax grew by 21% year-over-year, supported by margin recovery of 130 basis points, tile volumes remained lackluster at just 1% growth year-over-year.
The investment firm has reduced its FY27-28 earnings per share estimates by 3-4% and now forecasts FY26 volume growth of 5-6% year-over-year, down from its previous estimate of 9%.
Jefferies cited increased competition from Morbi in the domestic market as a reason for caution on Kajaria Ceramics’ outlook.
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