Recent Research

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  FIRST LOOK NOTES

  13 Aug 2026

  RAK Ceramics

  BUY

  Last Closing Price

  2.45

  Target Price

  3.45

  Upside (%)

  +40.82%

  UAE Equity Research - RAK Ceramics (RAKCEC) 2Q26 - First Look Note

  Incurred CAPEX of AED 100.1 Mn during 1H26, of which c. AED 19.0 Mn was allocated to upgrading its large-format tiles. Net debt-to-EBITDA ratio improving to 2.48x in 2Q26 from 2.53x in 1Q26.

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  EARNINGS CALL INSIGHT

  12 Aug 2026

  RAK Ceramics

  BUY

  Last Closing Price

  2.44

  Target Price

  3.45

  Upside (%)

  +41.39%

  UAE Equity Research - RAK Ceramics (RAKCEC) 2Q26 - Earnings Call Insight

  Revenue declined marginally by 0.5% YOY to AED 823 Mn, as weaker performance in the Tableware and Sanitaryware segments was largely offset by growth in Tiles, Faucets and Others.

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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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