NSE: CERA · BSE: 532443 · ISIN INE739E01017
Cera Sanitaryware Limited stock analysis
Cera Sanitaryware Limited ranks #1570 in the TickerSutra evidence-ranked universe with a score of 52/100 and 95% data confidence. The latest captured fundamentals show ROCE of 19.3%, quarterly sales growth of 19.5% and quarterly profit growth of -2.6%.Monitor only
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.03×
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- No calculated threshold risk in the current snapshot.
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹1,442cr | ₹221cr | ₹149cr | 15.0% |
| 2023 | ₹1,803cr | ₹293cr | ₹210cr | 16.0% |
| 2024 | ₹1,871cr | ₹295cr | ₹239cr | 16.0% |
| 2025 | ₹1,915cr | ₹293cr | ₹246cr | 15.0% |
| 2026 | ₹2,050cr | ₹269cr | ₹204cr | 13.0% |
| TTM | ₹2,097cr | ₹265cr | ₹203cr | 13.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
Cera Sanitaryware Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
RoutineCopy of Newspaper PublicationNSE · 11 Sept 2026Cera Sanitaryware Limited has informed the Exchange about Copy of Newspaper Publication regarding Special Window for re-lodgment of Share Transfer Deed
RoutineCera Sanitaryware Ltd - 532443 - Announcement under Regulation 30 (LODR)-Newspaper PublicationBSE · 11 Sept 2026Newspaper Publication regarding Special Window for re-lodgment of Share Transfer Deed
MANAGEMENT COMMENTARY
Signals from filed documents
Overall, we have made a strong start to FY27 and believe that the Company is well- positioned to build on this momentum. Supported by improving demand conditions, a strong balance sheet, continued investments in strengthening digital and channel capabilities, we remain confident of sustaining our growth momentum and maintaining our FY27 revenue growth guidance of 18% to 20%. Our focus will continue to remain on disci
24 | CERA Sanitaryware Limited Annual Report 2025-26 | 25 Business overview Statutory reports Financial statements Manufacturing excellence: The Company continued to follow a balanced operational model that combined in-house production with outsourcing partnerships. During FY25-26, CERA continued to strengthen its manufacturing capabilities through investments in automation, process optimization, backward integration
Prior to this quarter, the growth was roughly 10%. This is a positive sign in terms of reviewing the greenfield project which was kept on hold for a certain period. However, Q1 was somewhat of a one-off, where the capacity utilization in Sanitaryware was 61%, because of all these geopolitical concerns, and we stopped one kiln, which started operating from June onwards.
Net profit margin stood at 10.0% compared to 12.9% in FY 2024-25. The decline in margins was primarily due to elevated raw material costs and higher discounts offered during the year in response to subdued market conditions. Capital Structure and Financial Position The Company’s capital employed increased by 8.3% to Rs.
Supported by improving demand conditions, a strong balance sheet, continued investments in strengthening digital and channel capabilities, we remain confident of sustaining our growth momentum and maintaining our FY27 revenue growth guidance of 18% to 20%. Our focus will continue to remain on disciplined execution, strengthening our market leadership, and creating sustainable long-term value for all our stakeholders.
Additionally, plans are underway to redesign the glaze spray system to maximize glaze recovery and recycling. The Company is focused on strengthening its manufacturing capabilities to support the production of more complex product designs. In this direction, it has planned additional conversions from bench casting to battery casting, which provide improved efficiency and higher productivity.
Moderator: The next question is from the line of Rahul Majethia from Stratton Oakmont Capital. Rahul Majethia: So, we have delivered great revenue growth, but it has not translated into operating leverage. So, is this margin dilution a result of the deliberate and aggressive pricing strategy to capture market share from the unorganized players, or is it just because of the raw material and fuel cost inflation?
Gross margins were further impacted by higher trade discounts extended to support channel recovery and sustain market share amid improving retail demand. Stable gas costs helped partially mitigate broader input cost inflation. Selling and marketing expenditure also reflected continued investment in brand building, with approximately Rs.4 crore spent on the launch and retail expansion of our premium brand - Senator, l
68 | CERA Sanitaryware Limited Annual Report 2025-26 | 69 Business overview Statutory reports Financial statements 6 inst ances of how CERA’s innovation enhanced productivity How targeted innovation converted process constraints into scale, speed and efficiency advantages. PVD integration1 Driving waste reduction 3 Accelerating quality assurance 5 Scaling through multi-cavity casting2 Advanced automation4 Enabling hi
While the industry continued to witness elevated input cost pressures during the quarter, Cera remained relatively better placed than several industry participants, supported by its established sourcing arrangements and strong in -house manufacturing capabilities. Following the pricing revisions undertaken during March and May 2026, cumulative price increases now stand at approximately 12% in Sanitaryware and 16% in
A major focus area was the effective utilization of kiln waste heat for drying greenware and moulds, resulting in substantial energy savings. Additionally, the standardization of gas pipelines and pressure regulators enabled efficient operations at lower gas pressure levels. Overall plant efficiency witnessed notable improvement, leading to a reduction in energy consumption.
Basically, whatever discount was in the expenses, now you are booking it in the sales, and ultimately, that is actually improving your margin profile. So the guidance of 13.5% to 14%, adjusting for these changes, what would be the margin guidance? Deepak Chaudhary: The impact in absolute terms would not be there, because once you are taking an expense and reducing it from the revenues, your EBITDA remains the same in
MANAGEMENT PROMISE LEDGER
Quantified statements on the clock
“Supported by improving demand conditions, a strong balance sheet, continued investments in strengthening digital and channel capabilities, we remain confident of sustaining our growth momentum and maintaining our FY27 revenue growth guidance of 18% to 20%. Our focus will continue to remain on disciplined execution, strengthening our market leadership, and creating sustainable long-term value for all our stakeholders.”
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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