Recent Research

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  FIRST LOOK NOTES

  17 Feb 2026

  RAK Ceramics

  BUY

  Last Closing Price

  2.61

  Target Price

  3.45

  Upside (%)

  +32.18%

  UAE Equity Research - RAK Ceramics (RAKCEC) 4Q25 - First Look Note

  Strong UAE performance supported topline, but weak performance in KSA, Europe and India led to mixed results in 4Q25. Tableware segment revenue rose 6.6% YOY to AED 109 Mn in 4Q25, fuelled by growth in the UAE, Europe, and African markets, supported by sales to the airline sector and high-end hospitality projects.

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• 

  FIRST LOOK NOTES

  17 Nov 2025

  RAK Ceramics

  BUY

  Last Closing Price

  2.50

  Target Price

  3.45

  Upside (%)

  +38.00%

  UAE Equity Research - RAK Ceramics (RAKCEC) 3Q25 - First Look Note

  Revenue in the UAE region surged 6.7% YOY to AED 236.9 Mn in 3Q25, supported by robust real estate sector growth and favorable market conditions. Gross margin decreased 73 bps YOY to 40.5% in 3Q25 due to pricing pressure in India and Bangladesh markets and rising competition.

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• 

  FIRST LOOK NOTES

  18 Aug 2025

  RAK Ceramics

  BUY

  Last Closing Price

  2.65

  Target Price

  3.45

  Upside (%)

  +30.19%

  UAE Equity Research - RAK Ceramics (RAKCEC) 2Q25 - First Look Note

  Revenue in the UAE region surged 25.2% YoY in 2Q25, supported by robust real estate sector growth and favorable market conditions. Gross margin rose 108 bps YOY to 40.6% in 2Q25 owing to operational efficiency.

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• 

  FIRST LOOK NOTES

  20 May 2025

  RAK Ceramics

  BUY

  Last Closing Price

  2.43

  Target Price

  3.45

  Upside (%)

  +41.98%

  UAE Equity Research - RAK Ceramics 1Q25 - First Look Note

  Gross margin improved 33 bps YOY to 39.7% in 1Q25 due to margin expansion in the Tiles and Sanitaryware segment, partially offset by a decline in the Faucets margin. Incurred AED 8.4 Mn on the transformation of Kludi Group in 1Q25. Tiles & Sanitaryware Segment revenue remains marginally lower due to decline in regions outside the GCC.

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• 

  EARNINGS CALL INSIGHT

  19 May 2025

  RAK Ceramics

  BUY

  Last Closing Price

  2.45

  Target Price

  3.45

  Upside (%)

  +40.82%

  UAE Equity Research - RAK Ceramics (RAKCEC) 1Q25 - Earnings Call Insight

  Rak Ceramics revenue declined 0.7% YOY to AED 777 Mn in 1Q25, primarily due to currency depreciation of Euro, Bangladesh Taka (BDT) and Indian Rupee (INR) against USD. The decline in revenue is mainly due to a slowdown in revenue across all segments except the Tiles Segment.

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• 

  FIRST LOOK NOTES

  25 Feb 2025

  RAK Ceramics

  BUY

  Last Closing Price

  2.54

  Target Price

  3.45

  Upside (%)

  +35.83%

  UAE Equity Research - RAK Ceramics (RAKCEC) 4Q24 - First Look Note

  Net debt declined from AED 1.56 Bn in 3Q24 to AED 1.39 Bn in 4Q24, while net debt to EBITDA ratio declined from 2.61x in 3Q24 to 2.35x in 4Q24. RAKCEC's working capital declined from AED 1.53 Bn in 3Q24 to AED 1.43 Bn in 4Q24.

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