Kajaria Ceramics Moat Analysis: Score & Risks
Kajaria Ceramics Ltd.
A first-pass moat teardown of Kajaria Ceramics Ltd., built from single-pass filing evidence. Free note — provisional, and the full two-pass deep dive may revise it.
First-pass narrow-to-wide read — primary edge in Cost Advantage. Provisional, single-pass evidence.
Kajaria Ceramics Ltd. scores 5.83 on MoatSCORE 6.0 — a narrow-to-wide moat in Consumer Durables. This is a first-pass note: the dimensional read and the filing receipts below come from a single GFIP evidence pass, not the full two-pass deep corpus behind our flagship deep dives. Provisional — published free while the deep version is queued.
Seven dimensions of moat
Ordered by contribution. Each dimension carries a verified filing quote, graded [M] mechanism or [O] outcome.
“Achieved optimum utilisation of capacity at all our operating units”
“Gas prices increased significantly during the year under review. Unfortunately, the dampened sentiments prevailing in the tile sector thwarted our ability to pass this cost inflation to consumers, thus impacting margins.”
“Ten manufacturing facilities, seven for tiles, two for sanitaryware, one for bathware. 7000 plus employees.”
“Net addition of dealers in the last two years across India”
“Recent launch of luxury brand UniTerra tiles UniTerra brand to add further premiumization.”
“In tiles there is no after sales service like that we have set your dealers, there are no complaints and there are no issues as such”
D8 rating: ADEQUATE. Not part of the moat score — it governs the cost of equity and the fade window. First-pass; not yet deep-reviewed.
The barrier gate — first-pass
Effective barrier 6 — at or above 6, consistent with a narrow-to-wide read. First-pass estimate.
Deep two-pass review. This draft rests on a single GFIP evidence pass; the full 10-year AR + concall corpus may move the read.
The barrier gate. A firmer replication or bypass estimate is the most likely thing to shift the band.
Adverse events. Any governance, regulatory or funding shock captured in D8 could re-rate the fade window.
Where this note fits. This company is one of 509 Indian companies we have scored for moat durability — 370 narrow, 126 narrow-trending-wide, none wide. Every score, dimension by dimension, is free in the Moat Screener.
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