Exxaro Tiles Vs Kajaria Tiles

As real estate and infrastructure projects are growing in India, the demand for tiles is also increasing continuously. The size of the Indian tiles market has reached around ₹45,000 crore in 2024, and it may see further growth in the coming times. Many companies are active in this growing market, but names like Exxaro Tiles and Kajaria Ceramics are especially in the news.

In this blog, we will compare these two companies and know their business model, financial performance and future plans so that you can understand the difference between the two and in which direction they are moving.

Exxaro Tiles Ltd : An Overview 

Exxaro Tiles Ltd is an emerging tiles manufacturing company in India, started in 2008. It is headquartered in Morbi, Gujarat, which is considered to be the largest tiles manufacturing hub in the country. The company launched its IPO in 2021 and since then it has been trading as a small-cap company in the stock market.

What does the company do?

Exxaro mainly produces vitrified tiles and glazed vitrified tiles (GVT). Its products are mainly used in both residential and commercial segments. The company has a product portfolio of 1000+ designs and also exports its products to more than 24 states in India and more than 13 countries.

• Recent Key Developments : In recent years, the company has increased its manufacturing capacity and also invested in technology. Along with this, the company has made its presence felt in new global markets, which has seen an increase in export revenue.
• Role and Importance : Despite being a mid-sized brand, Exxaro is continuously growing and making a strong presence in the organized tiles sector of India. Its strong dealer network and range of modern designs make it competitive in the market.

Business Model – Exxaro Tiles

• Manufacturing based operation : Exxaro operates on a completely in-house manufacturing model. It has two units in Pipli and Talodara in Gujarat, where tiles are made using automated technology.
• Dealer and Distributor Network : The company has a network of 2000+ dealers and 10+ active distributors, who deliver its products to different parts of India.
• Export Markets : Exxaro exports its tiles to countries like the US, Europe, Middle East and Africa.
• Design and Innovation : The company’s business model focuses on constantly innovating new designs and sustainable technology to keep pace with changing consumer tastes.

Kajaria Ceramics : An Overview  

Kajaria Ceramics Ltd is one of the largest and oldest tiles companies in India. It was started in 1985 and is headquartered in New Delhi. Over the past four decades, the company has achieved a leadership position in the Indian tiles industry. The company is a market leader in the organized segment and is counted among the top tiles manufacturing companies in the world.

What does the company do?

Kajaria manufactures a wide range of tiles such as ceramic wall tiles, floor tiles, polished vitrified tiles (PVT) and glazed vitrified tiles (GVT). Its products are used in residential, commercial and infrastructure segments. The company has 10+ manufacturing units spread across India and has a total production capacity of 85+ million square meters per annum.

• Recent Major Developments : In 2023–24, the company added new lines to its Panvel and Bulandshahr units and increased focus on sustainable tiles. Apart from this, the company has targeted a new young customer base by emphasizing on design innovation and digital branding.
• Role and Importance : Kajaria is present in every part of India today and its 5000+ dealer network gives it exclusive reach. The company’s emphasis on brand value, quality control and innovation makes it different from other companies in the market.

Business Model – Kajaria Ceramics

• Manufacturing + Outsourcing Model : Kajaria’s business model is a hybrid model in which the company manufactures tiles itself as well as gets production done from outsourcing units. This increases both its capacity and scalability.
• Strong Dealer Network and Retail Presence : The company has over 5000 dealers, 1500+ showrooms, and a strong presence in every state of India. Its network helps it reach every type of customer.
• Export Strategy : Kajaria exports its tiles to 30+ countries, including the US, UK, Australia, and the Middle East.
• Branding and Design : The company introduces hundreds of new designs every year and provides high quality and attractive products to customers as per the trend.

Comparative Analysis: Exxaro Tiles Vs Kajaria Tiles

Particulars	Exxaro Tiles	Kajaria Ceramics Ltd
Current Price (₹)	7.85	1,183
Market Cap (₹ Crores)	351	18,846
52-W High (₹)	11.6	1,579
52-W Low (₹)	5.22	745
FII Holdings as of June 2025	4.52%	12.55%
DII Holdings (as of June 2025)	0.00%	27.39%
Book Value (₹)	6.19	172
PE Ratio	78.5	53.6

Financial Statements Analysis 

Income statement Comparison

Particulars	Exxaro Tiles	Kajaria Ceramics Ltd
Total Income	305	4,677
Total Expenses	291	4,174
EBIT	13	455
Net Profit	0	299

Balance Sheet Comparison 

Particulars	Exxaro Tiles	Kajaria Ceramics Ltd
Current Liabilities	187	707
Current Assets	297	1,818
Fixed Assets	191	1,794
Reserves & Surplus	232	2,728

Cash Flow Statement Comparison 

Particulars	Exxaro Tiles	Kajaria Ceramics Ltd
Cash Flow from Operating Activities	23	500
Cash Flow from Investing Activities	-4	-372
Cash Flow from Financing Activities	-17	-208

Key Performance Ratios (KPIs) 

Particulars	Exxaro Tiles	Kajaria Ceramics Ltd
Operating Profit Margin (%)	4.66	10.86
Net Profit Margin (%)	-0.04	6.45
ROE (%)	-0.04	10.72
ROCE (%)	4.68	16.51
Debt to Equity (x)	0.33	0.06

Future Plans of Exxaro Tiles

The future plans of Exxaro tiles are as follows:

• Focus on increasing production capacity : Exxaro Tiles is focusing on increasing its manufacturing capacity in the coming years. The company is upgrading its existing units located in Gujarat to improve automation and product quality.
• Design and technology innovation : The company aims to work on more innovative and high-margin designs. For this, Exxaro is constantly investing in new ceramic design solutions and digital printing technology to attract the global customer base as well.

• Expansion in the export market : Exxaro also wants to expand its international business. Currently, the company exports to 13+ countries, but now its target is to establish the brand in big markets like the USA, Europe and Middle East.
• ESG and Sustainability Initiatives : The company is also working towards green energy and sustainable materials. In the coming time, the company plans to increase the use of solar energy and water recycling systems in its production.

Future Plans of Kajaria Ceramics

The future plans of Kajaria Ceramics are as follows:

• Establishment of new manufacturing units : Kajaria Ceramics is planning to take its production capacity to 100+ million square meters in the coming years. For this, the company is setting up new units in Maharashtra, Uttar Pradesh and Gujarat.
• Sustainable tiles and technology : The company’s focus is now on eco-friendly and energy-efficient tiles. For this, Kajaria is setting up advanced kiln technology and digital printing lines which will reduce energy consumption and reduce carbon footprint.
• Expansion of brand reach and dealer network : Kajaria is now creating new showrooms and distributor channels to increase its reach in small cities and towns. Its aim is to have a strong hold in the mid and lower tier markets as well.
• Expansion in international markets : Kajaria has registered good growth in exports in the past years. Now the company wants to further strengthen its brand in the US, Australia and Africa. For this, it is working on country-specific marketing and B2B partnerships.

Who is Better: Exxaro Tiles vs Kajaria Ceramics?

The comparison between the two companies based on different criteria is given below:

• Company size and market position : Kajaria Ceramics is a large cap company that has been leading the industry for over four decades, while Exxaro Tiles is a small cap and relatively new company. Kajaria has a stronger market share in terms of size and experience.
• Product range and segments : Kajaria has a presence in almost every tile segment ceramic, PVT, GVT while Exxaro focuses primarily on vitrified and glazed tiles. Kajaria appears to be slightly ahead in terms of product diversity.
• Manufacturing structure : Exxaro relies entirely on in-house manufacturing while Kajaria operates on a hybrid model (in-house + outsourcing). This gives Kajaria the flexibility to scale, while Exxaro has an advantage in quality control.
• Distribution Network and Brand Reach : Kajaria has a large distribution network with 5000+ dealers and 1500+ showrooms across almost every corner of India. Exxaro’s network is growing continuously but is comparatively limited at the moment.
• Financial Strength and Growth : Kajaria has consistently strong revenue growth, good margins and stable cash flow, which makes it financially stable. Exxaro is in a growth phase and has the potential to accelerate in the coming years, but its track record so far is limited.
• Future Direction : Both companies are focusing on innovation, design and sustainability. While Kajaria is pursuing a large-scale global expansion strategy, Exxaro is also making inroads into new markets.

Conclusion

Kajaria Ceramics and Exxaro Tiles are both playing a significant role in the Indian tile industry. Kajaria has remained a market leader due to its strong brand value, diverse product range and strong distribution network. Exxaro is an emerging company that is making its mark on the basis of innovation and rapid growth. From an investment or business perspective, it is important to understand the difference between the two. One is a symbol of experience, the other is a story of possibilities. Both have different strengths and that is what makes them special.

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