Clay Craft IndiaShare price, financial results, shareholding and management
- Market cap
- ₹323 cr
- Stock P/E
- 12.0peers 10.6
- Book value
- ₹80.7
- Price to book
- 1.95
- EV / operating profit
- -
- Market cap to sales
- 1.81
- ROCE · FY26
- 19.9%
- ROE · FY26
- 17.7%
- ROE, 3-year average
- 15.6%
- Operating margin · FY26
- 24.0%peers 8.5%
- Sales growth, 3 years
- 7.3%
- Profit growth, 3 years
- 10.5%
- Debt to equity
- 0.30peers 0.32
- Borrowings
- ₹50 cr
- Interest cover
- 10.0×
- Cash from business / op. profit
- 64%
- Debtor days
- 35
- Pledged
- 0.00%
- Promoter holding
- 73.63%
- Change in promoter holding
- -
- Shareholders
- 2,039
- High / low since listing
- ₹224 / ₹145
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Clay Craft India share price chart
Close on 6 Nov 2026 · -1.07% on the day · Vol 58,200
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -8.2%
- 3 months
- -10.3%
- Since IPO
- -22.6%
- Traded a day, 20 days
- ₹0.57 cr
- Taken for delivery
- 88%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +19% | +29% |
| 3 years, a year | +7% | +11% |
About Clay Craft India: business, products and customers
Clay Craft India makes bone china mugs, dinner sets and tea sets in Jaipur and supplies them to shops, hotels and companies across India under its Clay Craft and JCPL brands. Its shares trade on NSE Emerge.
Clay Craft India has made ceramic tableware in Jaipur since 1988: mugs, dinner sets, plates, bowls, tea and coffee sets and serving pieces, in about 5,770 designs. It mixes the clay body, shapes, fires, glazes and decorates the pieces itself at two plants in Rajasthan, with its own design team and decal printing.
Most sales go through about 132 distributors who supply shops, and the rest go to chain stores, companies buying gifts, hotels and caterers, online stores and government bodies. The Clay Craft brand brought 84% of FY26 sales and JCPL, a brand whose rights it bought in 2014, another 13%; exports are tiny.
Read more about the business
What is new: the company listed on NSE Emerge in June 2026 and is using IPO money to build a third unit at Manda that will make porcelain, adding 4,000 tonnes a year to its 6,000 tonnes. It says commercial production there is targeted for February 2027, and it has opened an office in the United Kingdom to look for export buyers.
From the red herring prospectus (FY26 figures), the September 2026 investor presentation and the CRISIL rating note of September 2025.
Read the deeper study ↓In its favour
- It brings in more cash than it shows as profit: ₹27 cr against ₹27 cr in FY26.
- The promoters own a large part of the company: 73.63%.
To watch
- Start of commercial production at the Manda porcelain unit, targeted for February 2027 (Investor presentation, Sep 2026, p.16).
- How fast the new 4,000 tonnes are filled, against the company's statement of ₹150 cr to ₹160 cr of yearly sales at best use (Investor presentation, Sep 2026, p.16).
- Stock and money owed by customers as the business grows, which CRISIL flagged as its main weakness (CRISIL rating note, Sep 2025, p.1).
- Export sales after the new United Kingdom office, given exports of only ₹0.3 cr in FY26 (Investor presentation, Sep 2026, p.15; Red herring prospectus, p.141).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Clay Craft India revenue and profit growth
Half-yearly results · Profit and lossSales have grown slowly. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
Clay Craft India profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 74 | 115 | 145 | 145 | 151 | 179 |
| Expenses | 58 | 87 | 112 | 116 | 115 | 137 |
| Operating profit | 16 | 28 | 33 | 29 | 36 | 42 |
| OPM | 22.0% | 24.0% | 23.0% | 20.0% | 24.0% | 24.0% |
| Other income | 1 | 1 | 2 | 2 | 2 | 5 |
| Interest | 2 | 2 | 4 | 5 | 4 | 4 |
| Depreciation | 3 | 3 | 4 | 6 | 6 | 6 |
| Exceptional and other items | 1 | · | · | -1 | · | · |
| Profit before tax | 13 | 24 | 27 | 19 | 28 | 36 |
| Tax rate | 30.8% | 29.2% | 25.9% | 26.3% | 25.0% | 25.0% |
| Net profit | 9 | 17 | 20 | 14 | 21 | 27 |
| EPS ₹ | 173.96 | 337.90 | 403.92 | 275.96 | 424.37 | 17.83 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY26 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Clay Craft India profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 22.0% | 24.0% | 23.0% | 20.0% | 24.0% | 24.0% |
| Tax rate | 30.8% | 29.2% | 25.9% | 26.3% | 25.0% | 25.0% |
| ROCE | · | 26.3% | 21.9% | 14.4% | 18.2% | 19.9% |
| ROE | · | 22.1% | 21.2% | 12.7% | 16.4% | 17.7% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Clay Craft India debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. Its loans are smaller than its own money. Last year the business brought in more cash than it showed as profit. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Clay Craft India balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 5 | 5 | 5 | 5 | 5 | 15 |
| Reserves | 64 | 80 | 99 | 112 | 134 | 151 |
| Net worth | 69 | 85 | 104 | 117 | 139 | 166 |
| Borrowings | 16 | 28 | 66 | 47 | 48 | 50 |
| Other liabilities | 27 | 38 | 32 | 25 | 30 | 36 |
| Total liabilities | 112 | 151 | 202 | 189 | 217 | 252 |
| Fixed assets | 38 | 60 | 99 | 105 | 106 | 104 |
| Capital work in progress | 0 | 4 | 3 | 2 | 0 | 2 |
| Investments | 3 | 3 | 3 | 3 | 3 | 4 |
| Other assets | 71 | 84 | 97 | 79 | 108 | 142 |
Clay Craft India cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 20 | 25 | 12 | 25 | 27 | 27 |
| Cash from investing | -11 | -33 | -44 | -14 | -1 | -21 |
| Cash from financing | -1 | 10 | 34 | -24 | -3 | -2 |
| Net cash flow | 8 | 2 | 2 | -13 | 23 | 4 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 72 | 46 | 40 | 31 | 32 | 35 |
| Inventory days | 475 | 348 | 597 | 463 | 482 | 531 |
| Days payable | 74 | 38 | 46 | 7 | 29 | 40 |
| Cash conversion cycle | 472 | 357 | 591 | 487 | 485 | 526 |
| Working capital days | 89 | 40 | 35 | 78 | 73 | 68 |
Clay Craft India peers and competitors
Listed SME companies in the same industryBy sales, Clay Craft India is number 19 of the 79 listed SME companies in consumer durables.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Manoj Ceramic | 87 | 7.3 | 203 | 12 | 12.0% | 0.54 |
| Durlax Top Surface | 179 | 14.2 | 185 | 12.6 | 12.0% | 0.35 |
| Clay Craft India | 323 | 12.0 | 179 | 27 | 24.0% | 0.30 |
| Pro FX Tech | 119 | 7.9 | 177 | 15.2 | 11.5% | 0.00 |
| Aspire & Innovative Advertising | 21 | 8.4 | 176 | 2.6 | 1.0% | 0.34 |
| K. V. Toys India | 166 | 18.5 | 174 | 9 | 7.0% | 0.24 |
| Patdiam Jewellery | 147 | 8.6 | 173 | 17 | 10.0% | 0.32 |
| Esprit Stones | 125 | - | 173 | -2.6 | 3.3% | 0.39 |
| Dev Labtech Venture | 127 | 12.7 | 167 | 10 | 7.0% | 0.06 |
| Essen Speciality Films | 301 | - | 163 | -4 | 0.3% | 0.32 |
| Brandman Retail | 316 | 12.5 | 162 | 25.3 | 17.4% | 0.09 |
| Median of the 10 others | 137 | 10.6 | 174 | 11 | 8.5% | 0.32 |
Clay Craft India shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share.
Clay Craft India shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jun 26 | |
|---|---|
| Promoters | 73.63% |
| Foreign investors (FIIs) | 1.20% |
| Indian institutions (DIIs) | 7.94% |
| Number of shareholders | 2,039 |
The named holders are at 23 June 2026, each under the group the pattern files them in.
Clay Craft India study: the business from its own documents
Read from 3 of the company's own documentsClay Craft India so far
From the company's own record
- July 1994Company formed
- 24 June 2026Listed on NSE Emerge at ₹203
- 30 June 2026Promoters at 73.63%
- 24 June 2026Highest close since listing, ₹221.55
Clay Craft India key facts from the filings
Each figure with the document it comes from
- Capacity in use
- 82%
- Share of the 6,000 tonne yearly capacity used in FY26, up from 68% in each of the two years before.Red herring prospectus, p.150
- New porcelain unit
- 4,000 tonnes a year
- Capacity being added at Manda, with commercial production targeted for February 2027.Investor presentation, Sep 2026, p.16
- IPO money for the unit
- ₹97.0 cr
- Part of the IPO proceeds set aside for machinery and building at Manda.Red herring prospectus, p.147
- Sales through distributors
- 55.1%
- Share of FY26 sales through about 132 distributors; chain stores gave 15.7% and corporate buyers 11.4%.Red herring prospectus, p.145 and p.146
- Top ten customers
- 33.73%
- Share of FY26 sales from the ten largest buyers, mostly long-standing.Red herring prospectus, p.30
Show 5 more facts
- Mugs
- 39.6%
- Largest product group in FY26; dinnerware gave 36.3% and tea and coffee sets 17.2%.Red herring prospectus, p.141
- Gross margin
- 80.2%
- Sales left after the cost of materials in FY26, up from 76.4% in FY24.Investor presentation, Sep 2026, p.22
- Power and fuel
- ₹22.2 cr
- FY26 cost of power and gas for the kilns, about 15% of all expenses.Red herring prospectus, p.37
- Exports
- ₹0.3 cr
- FY26 export sales, down from ₹2.3 cr in FY24.Red herring prospectus, p.141
- Pay of promoter directors
- ₹7.0 cr
- Paid in FY26 to the four promoter directors, whose terms also allow commission of up to 1% of sales each.Red herring prospectus, p.179 and p.180; reported figures, our arithmetic
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company has no order book; distributors and customers order from time to time. Its stated plan is a porcelain unit at Manda adding 4,000 tonnes a year, built with IPO money, with civil work running to January 2027 and machinery installed from November 2026 to February 2027. In September 2026 the company said more than 80% of the money set aside had been used or committed, that the project was on track, and that the new unit could bring ₹150 cr to ₹160 cr of yearly sales at its best use, depending on the product mix. It also said it wants to grow exports to Europe, the Middle East and the Americas.
| What management said | When | What happened |
|---|---|---|
| Order plant and machinery for Manda between April and September 2026 | Red herring prospectus, 2026 | In September 2026 the company said over 80% of the money was used or committed through purchase orders and payments |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Clay Craft India earns a wide margin turning cheap clay and minerals into branded, decorated tableware, sold mostly through distributors across India.
Its weak spots are a large stock of finished goods that ties up money, heavy power and gas costs for the kilns, cheap imports from China, and a new porcelain line that has yet to prove itself.
AverageCan it set its own prices?Partly. Its brands and designs keep the margin after materials high, but price is one of the main ways rivals compete and its inputs are bought at the day's price.
AverageHow strong is it against rivals?A long-known brand with a wide range and its own design team, in a market that also has many small makers and imports, mostly from China.
StrongWho are its customers?Spread across distributors, chain stores, companies, hotels and online buyers, with no single buyer dominant.
WatchDoes it need a lot of money?Yes. It keeps a lot of stock across thousands of designs, so a large share of money sits in inventory, and the new unit needs fresh capital.
AverageCan it keep finding new work?Distributors and repeat buyers bring steady orders and corporate and hotel sales are growing, but exports have shrunk and the porcelain range is new.
AverageDo good and bad years swing a lot?Sales have been fairly steady, though demand slowed in some years, and the profit margin has moved with how full the kilns are.
Who runs Clay Craft India?
Promoters, directors and officers; tap a name for the background
VAVikas AgarwalPromoter and Managing Director · holds 12.39%
A ceramic engineer (Bachelor of Engineering in Cement and Ceramic Technology, Gulbarga University) and fellow of the Indian Institute of Ceramics, with over 27 years in ceramic tableware; with the company since 1999. Looks after accounts, finance, legal, production, foreign trade, sales and marketing.
Red herring prospectus, p.176 and p.178RNRajesh Narain AgarwalPromoter and Whole Time Director · holds 34.50%
A graduate in arts from the University of Rajasthan with over 36 years in making ceramic tableware; on the board since 2008. Oversees administration, new product development and daily affairs. The offer document states Rajesh Narain Agarwal is the paternal uncle of Vikas Agarwal, Bharat Agarwal and Deepak Agarwal, who are brothers.
Red herring prospectus, p.176, p.178 and p.179BABharat AgarwalPromoter and Whole Time Director · holds 12.38%
Holds an MBA from Gujarat University and has over 25 years in ceramic tableware; on the board since 2008, looking after overall business operations.
Red herring prospectus, p.176 and p.178DADeepak AgarwalPromoter, Whole Time Director and Chief Financial Officer · holds 12.39%
Holds a Bachelor of Business Management from Bangalore University and an MBA from Cardiff University, with over 16 years in ceramic tableware, sales, marketing, accounts, finance and tax; on the board since 2011.
Red herring prospectus, p.176, p.177 and p.178AKAshok Kumar BhargavaIndependent Director
Over 40 years of work across sectors including banking and financial institutions; holds degrees in science, economics and law and is a Certified Associate of the Indian Institute of Bankers. On the board since August 2025.
Red herring prospectus, p.177 and p.178PDPrakash DangayachIndependent Director
A chartered accountant since 2003, in practice since 2006, with over 20 years in accounting, tax, audit and financial advice. On the board since August 2025.
Red herring prospectus, p.177 and p.178NBNirmal Badri Prasad JoshiIndependent Director
Holds a B.Tech in agriculture and an MBA, with about 35 years in public sector banking. On the board since August 2025.
Red herring prospectus, p.177 and p.178Clay Craft India latest news and announcements
Announcements · Documents · Corporate actionsClay Craft India announcements
41 on record, latest first; each opens the filing on the exchange
- Analysts/Institutional Investor Meet/Con. Call UpdatesOutcome of Analyst MeetPDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesOutcome of Analyst MeetPDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesOutcome of Analyst MeetPDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesOutcome of Analyst MeetPDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesOutcome of Analyst MeetPDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesOutcome of Analyst MeetPDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesSchedule of meetPDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesRe-Schedule of MeetPDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesRe-Schedule of MeetPDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesRe-Schedule of MeetPDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesRe-Schedule of MeetPDF ↗
Clay Craft India annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 Sept 2026 ↗read
- 30 Sept 2025 ↗read
Clay Craft India share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Clay Craft India's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe shares traded on only 78 days in the past year, so the price, its range and the returns here rest on few trades.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,05,70,280 shares).
- !The FY26 results imply 1,50,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY25 (₹424.37) and FY26 (₹17.83) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Clay Craft India
What does Clay Craft India do?
Clay Craft India makes bone china mugs, dinner sets and tea sets in Jaipur and supplies them to shops, hotels and companies across India under its Clay Craft and JCPL brands. Its shares trade on NSE Emerge.
What is the share price of Clay Craft India?
₹157 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Clay Craft India?
₹323 cr at the close on 6 Nov 2026, on 2,05,70,280 shares.
What is the P/E of Clay Craft India?
12.0 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Clay Craft India's revenue and profit?
Revenue ₹179 cr and profit after tax ₹27 cr in FY26.
Who are the promoters of Clay Craft India?
Vikas Agarwal, Rajesh Narain Agarwal, Bharat Agarwal, Deepak Agarwal; promoters held 73.63% at 30 June 2026.
What was the IPO price of Clay Craft India?
₹203 a share; it listed on 24 June 2026.
What is Clay Craft India's website?
www.claycraftindia.com
More SME companies like Clay Craft India
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Every listed SME company in Consumer Durables → · SME companies listed in 2026 →
Built from 1 offer document, 1 investor presentation, 1 credit rating note, 41 exchange announcements, 1 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.