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Exxaro Tiles Limited (EXXARO) Fair Value & Analysis

Industrials · IN · Market cap ₹2.7B

ET Exxaro Tiles Limited EXXARO · BSE
Price₹6.06
Fair Value₹1.97
Upside-67.5%
Quality47/100

Strengths

Healthy Growth
Low debt · generates free cash flow

Risks

!Trades 67% ABOVE our fair value of ₹1.97
!Thin margins · 1.3% net margin
!Narrow moat 21/100
Healthy Growth
Thin margins · 1.3% net margin
Low debt · generates free cash flow
Narrow moat 21/100
Evidence: High Range ₹1.30 – ₹2.42 Share as image

Fair value as of: Aug 20, 2026

From 22 valuation models · updated yesterday

Share price −4.0% over the past month.

Below-average quality, and screening another 67% overvalued on our models.

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What matters now

  • The price sits above even our optimistic bull case (₹2.42). The favourable scenario is already priced in.
  • Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (₹1.30 to ₹2.42) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

₹16.32 ₹5.66 Fair Value ₹1.97 Aug 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range ₹5.66 – ₹16.32 · fair‑value band ₹1.30 – ₹2.42 · the ₹6.06 price screens above the ₹1.97 fair value. Dashed = 300-day average. As of Aug 20, 2026.

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Analysis

Exxaro Tiles Limited (EXXARO) currently trades at ₹6.06, while our model-based Fair Value estimate is ₹1.97, implying the stock looks roughly 67.5% overvalued today. The Quality Score stands at 47/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Exxaro Tiles Limited generated revenue of ₹3.3B at a net margin of 1.3%. Revenue grew 31.3% year over year. It earns a return on equity of 1.0%. Net debt stands at ₹884M. Fundamentals as of Aug 20, 2026

Our scenario range runs from ₹1.30 (bear case) to ₹2.42 (bull case); at ₹6.06, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 41% below its 52-week high and 2% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -57% fair-value upside, at -67%, EXXARO screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ₹4.84 ₹6.44 ₹9.30 80
Rev-Margin DCF ₹3.32 ₹4.77 ₹6.65 74
ROIC Compounder ₹2.12 ₹2.52 ₹2.86 72
All 22 models by family
DCF Models
FCF DCF ₹4.65 ₹6.30 ₹9.52 38
Owner Earnings ₹0.3000 ₹0.5200 ₹0.9700 31
5Y Revenue Exit ₹3.32 ₹4.65 ₹6.66 39
5Y EBITDA Exit ₹4.43 ₹6.53 ₹9.41 41
5Y P/E Exit ₹2.10 ₹2.58 ₹3.20 38
10Y Revenue Exit ₹3.73 ₹4.93 ₹6.24 36
10Y EBITDA Exit ₹4.48 ₹6.13 ₹7.96 37
10Y P/E Exit ₹3.08 ₹3.60 ₹4.08 35
Earnings-Based
Graham-Dodd ₹0.4300 ₹0.6800 ₹0.8200 54
EPV ₹2.12 ₹2.52 ₹2.86 59
Multiples
P/E Multiple ₹1.00 ₹1.33 ₹1.66 63
P/S Multiple ₹0.8100 ₹1.08 ₹1.34 58
P/B Multiple ₹0.8100 ₹1.08 ₹1.34 55
EV/EBIT ₹3.95 ₹5.40 ₹6.85 53
EV/EBITDA ₹5.04 ₹6.85 ₹8.66 54
EV/Revenue ₹2.71 ₹4.04 ₹5.37 43
Asset-Based
NCAV (Graham) ₹3.13 ₹4.19 ₹6.25 50
Growth DCF
Growth DCF ₹4.84 ₹6.44 ₹9.30 80
Rev-Margin DCF ₹3.32 ₹4.77 ₹6.65 74
Economic Profit
Residual Income ₹4.20 ₹3.87 ₹2.77 61
ROIC Compounder ₹2.12 ₹2.52 ₹2.86 72
Growth Earnings
Growth-Adj P/E ₹0.7000 ₹1.01 ₹1.31 68

Widest divergence: Growth DCF (₹4.77) versus Earnings-Based (₹0.6800). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹3.3B
Revenue growth (YoY) +31.3%
Net margin 1.3%
Return on equity 1.0%
Free cash flow ₹237M FY2026
P/E ratio 67.3
More key figures
Operating margin 5.4%
EPS (TTM) ₹0.0900
EPS growth (YoY) +150%
Net debt ₹884M FY2026

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100

Of which business quality 48 · Market factors (momentum, volatility) 30

Profitability 25
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 62
Earnings quality: real cash, not paper profit
Fin. Strength 46
Balance sheet, leverage, solvency risk
Investment 95
Disciplined investing over empire-building
Low Volatility 62
Calm price path (market factor)
Momentum 24
Price trend over the last 3–12 months (market factor)
52W Momentum 5
Distance to the 52-week high (market factor)
Net Issuance 40
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Exxaro Tiles Limited engages in the manufacture and trading of vitrified tiles used for flooring solutions in India and internationally. The company offers double charged, flat glazed, and full body vitrified tiles under the Exxaro brand.

Full company description

Exxaro Tiles Limited engages in the manufacture and trading of vitrified tiles used for flooring solutions in India and internationally. The company offers double charged, flat glazed, and full body vitrified tiles under the Exxaro brand. It supplies its products through dealer network for infrastructure related projects, including residential, commercial, educational institutions, hotels, hospitals, government, religious institutions, builders/developers, etc. The company was formerly known as Ricasil Ceramic Industries Private Limited and changed its name to Exxaro Tiles Limited in December 2020. Exxaro Tiles Limited was founded in 2007 and is based in Ahmedabad, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Exxaro Tiles Limited reported revenue of ₹3.0B in FY2026 versus ₹3.3B in FY2022, a compound −1.6%/yr. Reported net income was ₹28.3M in FY2026, compounding −37.1%/yr from FY2022.

Growth Quality 62/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
₹3.0B
Latest YoY
+0.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−1.3%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.7%
Avg. growth/yr (6Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.1%
Revenue −1.6%/yr
FY22 ₹3.3B
FY23 ₹3.2B
FY24 ₹3.0B
FY25 ₹3.0B
FY26 ₹3.0B
Net income −37.1%/yr
FY22 ₹181M
FY23 ₹73.0M
FY24 ₹22.5M
FY25 −₹1.2M
FY26 ₹28.3M

EXXARO screens 67% overvalued. Compare with Trane Technologies plc →

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Cite: Fair Value Calculator (2026). "Exxaro Tiles Limited Fair Value". https://www.fairvalue-calculator.com/stock/EXXARO.BSE

Peer Group

Building Products & Equipment · 250 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 47 · Below median
Fair Value upside −68% · Bottom 25%
Return on equity (TTM) 1% · Below median
Return on assets 2% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 5% · Below median
Revenue growth 31% · Top 25%
Debt / equity 0.07× · Lower than median

Valuation Multiples vs Building Products & Equipment median · lower = cheaper

P/E (TTM) 67.3× · Pricier than 75% of peers
P/B 0.98× · Cheaper than median
P/S (TTM) 0.84× · Cheaper than median
P/FCF 0.1× · Cheaper than 75% of peers
EV/EBITDA 11.3× · Pricier than median

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Building Products & Equipment stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).

Stock Price Fair Value vs Fair Value
Trane Technologies plc TT $480.20 $208.50 -57%
Johnson Controls International plc JCI $152.79 $44.75 -71%
Carrier Global Corporation CARR $63.08 $16.85 -73%
Compagnie de Saint-Gobain S.A SGO €84.24 €97.97 +16%
PT Impack Pratama Industri Tbk, IMPC 1,405 IDR 179.76 IDR -87%
NIBE Industrier AB NIBEB kr 38.59 kr 25.37 -34%
Rockwool A/S ROCKA kr 232.00 kr 232.55 +0%
Beijing New Building Materials Public Limited 000786 ¥18.73 ¥31.73 +69%
Moon Environment Technology Co 000811 ¥42.22 ¥11.94 -72%
The Supreme Industries Limited SUPREMEIND ₹3,460 ₹1,376 -60%

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Frequently asked questions

Is Exxaro Tiles Limited (EXXARO) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of ₹1.97 versus a price of ₹6.06, about −67% (overvalued).
What is the fair value of EXXARO?
Our model-based fair value for Exxaro Tiles Limited is ₹1.97 (as of Aug 20, 2026), built from audited fundamentals. The current price: ₹6.06.
What is the quality score of EXXARO?
Exxaro Tiles Limited has a Quality Score of 47/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Exxaro Tiles Limited (EXXARO)?
Exxaro Tiles Limited reported trailing-twelve-month revenue of about ₹3.3B (latest available figure, as of Aug 20, 2026).
What is the net profit margin of EXXARO?
The net profit margin of Exxaro Tiles Limited is about 1.3%, meaning it keeps roughly 1.3% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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