New Delhi, March 17 -- Cracks have deepened in the share prices of listed tile makers.

Slower offtake due to sluggish demand and margin pressure amid industry headwinds signal a tepid finish to FY25. Stocks of Kajaria Ceramics Ltd, Cera Sanitaryware Ltd, Prism Johnson Ltd, and Somany Ceramics Ltd hit new 52-week lows in March, falling 24-32% so far this fiscal year.

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True, these are small-cap stocks, which tend to decline more sharply than large-caps during market corrections like the current one. Still, earnings risks-such as subdued exports-cannot be ignored.

Tile exports for the first nine months of FY25 were muted, falling 14.2% year-on-year, due to a weak demand environment and ...