CERA

Cera Sanitaryware share price & financials

Price
₹6,448
Market cap
₹7.6k Cr
Sector
Consumer Durables
Calls analysed
7
Latest concall · Q1 FY27 · call held 08 Aug 2026

Cera Sanitaryware Limited Q1 FY27

Revenue from Operations ₹486 cr +20%EBITDA ₹49.2 cr −7%EBITDA Margin 10.1% Profit After Tax ₹45 cr −4%

What went well

  • Revenue grew by 19.5% YoY to ₹486 crores in Q1 FY27, indicating a strong start to the fiscal year.
  • Sanitaryware and Faucetware businesses showed robust performance, growing 14% and 25% YoY respectively, primarily volume-driven.
  • Net working capital cycle improved significantly from 75 days to 50 days YoY, reflecting better inventory and receivables management.

What to watch

  • EBITDA margin moderated to 10.1% in Q1 FY27 from 13.1% in Q1 FY26, primarily due to one-time provisions and transitional factors.
  • Elevated gas costs (₹48.43/cubic meter in Q1 FY27 vs ₹33.17 in Q1 FY26) and brass prices continued to rise, impacting gross margins.
Read the full call →

What Cera Sanitaryware Limited does

Cera Sanitaryware Limited manufactures and markets bathroom and home solutions - sanitaryware, faucets, tiles, kitchen sinks, mirrors, shower panels and wellness products - under the CERA, CERA Luxe, Senator and Polipluz brands. It earns through a mix of in-house manufacturing at its Kadi, Gujarat facility and outsourced production, sold via a multi-tier network of distributors, dealers and retailers spanning premium urban markets to rural and semi-urban India. Founded in 1980, the company runs a DSIR-certified in-house R&D team for continuous new-product development, backed by dedicated after-sales service infrastructure.

Segments

  • Sanitaryware
  • Faucetware
  • Tiles
  • Wellness
Distributors, dealers & retailers
7,000+ authorized distributors/dealers and 29,000+ retailers pan-India
CERA Style Centres (retailer-owned last-mile units)
1,613
CERA Style Hubs (Tier B/C town showrooms)
292
CERA Style Galleries (dealer-owned showrooms)
272
CERA Experience Centres / Style Studios (flagship showrooms)
13
Employees (excluding workers), as of 31 Mar 2026
1,313
Founded 1980Headquarters Ahmedabad, Gujarat, IndiaEmployees 1,313 (2026-03-31) Company website

Guidance record · Q1 FY27

what the last two calls moved 15 tracked 2 delivered 2 missed 11 open
  • FY27 Revenue Target at risk said Q3 FY25 Promised: Rs. 2,900 crore by March 2027 Q1 FY27: The ₹2,900 cr target was not mentioned. Management reiterated the 18-20% growth guidance for FY27, which points to a much lower revenue figure.
  • EBITDA Margin revised down said Q4 FY25 Promised: 15% to 16% ongoing Q1 FY27: Achieved 10.1%. Management cited one-off costs and guided 13.5-14% for FY27, a further downward revision from the 14-15% guided in Q4 FY26 and the original 15-16% target.
  • FY26 Revenue Growth delivered, diluted said Q1 FY26 Promised: higher single-digit or start of double-digit Q4 FY26: FY26 revenue grew 7.8% YoY, meeting the revised guidance of 7-8%.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 19.4%, net profit down 4.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue490 449 578 407 488 −0%499 +11%624 +8%486 +19%
EBITDA70 59 106 53 67 −4%51 −14%98 −8%49 −8%
Net profit68 46 86 47 57 −16%24 −48%77 −10%45 −4%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −12.3% 1Y

₹4.5k₹5.0k₹5.5k₹6.0k₹6.5kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 12 Nov 2025Q3 FY26 — 5 Feb 2026Q4 FY26 — 8 May 2026Q1 FY27 — 7 Aug 2026

1Y: ₹6,374 on 10 Sept 2025 → ₹5,587.5. High ₹6,661.5 (22 Jun 2026), low ₹4,524.3 (13 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−0.5%
8 Aug
Q4 FY26
+3.8%
9 May
Q3 FY26
−2.5%
5 Feb
Q2 FY26
−0.8%
12 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 3.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to 13.3%.

Year endingFY23FY24FY25FY26
Revenue₹1.8k Cr₹1.9k Cr₹1.9k Cr₹2.0k Cr
Operating profit₹288 Cr₹293 Cr₹291 Cr₹269 Cr
Operating margin16.0%15.7%15.2%13.3%
Interest₹5 Cr₹4 Cr₹8 Cr₹6 Cr
Depreciation₹31 Cr₹34 Cr₹38 Cr₹39 Cr
Net profit₹210 Cr₹239 Cr₹247 Cr₹205 Cr
Net margin11.7%12.8%12.9%10.2%
Cash from operations₹156 Cr₹228 Cr₹116 Cr₹212 Cr
Free cash flow₹123 Cr₹167 Cr₹89 Cr₹192 Cr
ROCE26.0%25.0%22.0%19.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹6 Cr₹6 Cr₹6 Cr₹6 Cr₹6 Cr₹6 Cr
Reserves₹868 Cr₹999 Cr₹1.2k Cr₹1.3k Cr₹1.4k Cr₹1.5k Cr
Borrowings₹28 Cr₹37 Cr₹46 Cr₹40 Cr₹60 Cr₹47 Cr
Other liabilities₹381 Cr₹385 Cr₹441 Cr₹443 Cr₹383 Cr₹439 Cr
Total liabilities₹1.3k Cr₹1.4k Cr₹1.7k Cr₹1.8k Cr₹1.8k Cr₹2.0k Cr
Fixed assets₹330 Cr₹321 Cr₹320 Cr₹356 Cr₹375 Cr₹372 Cr
Capital work in progress₹1 Cr₹1 Cr₹17 Cr₹13 Cr₹9 Cr₹7 Cr
Investments₹513 Cr₹567 Cr₹669 Cr₹807 Cr₹712 Cr₹815 Cr
Other assets₹440 Cr₹539 Cr₹649 Cr₹649 Cr₹718 Cr₹764 Cr
Total assets₹1.3k Cr₹1.4k Cr₹1.7k Cr₹1.8k Cr₹1.8k Cr₹2.0k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +2.01 pp while FIIs trimmed −1.76 pp. The shareholder count shrank 13% to 1,31,617.

Promoters
54.4%
FIIs
15.4%
DIIs
14.1%
Public
16.1%
Others
0.0%

Since Jun 2025

  • DIIs +2.01 pp
  • FIIs −1.76 pp
  • Public −0.25 pp

How it drifted, 12 quarters

Over this window DIIs went from 8.4% to 14.1% — +5.7 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 54.5%, FIIs 20.9%, DIIs 8.4%, Public 16.3%.Dec '23: Promoters 54.5%, FIIs 20.6%, DIIs 8.4%, Public 16.5%.Mar '24: Promoters 54.5%, FIIs 21.9%, DIIs 6.6%, Public 17.0%.Jun '24: Promoters 54.5%, FIIs 21.4%, DIIs 7.3%, Public 16.8%.Sep '24: Promoters 54.4%, FIIs 22.9%, DIIs 6.1%, Public 16.6%, Others 0.0%.Dec '24: Promoters 54.4%, FIIs 22.2%, DIIs 6.3%, Public 17.2%, Others 0.0%.Mar '25: Promoters 54.4%, FIIs 20.6%, DIIs 6.9%, Public 18.1%, Others 0.0%.Jun '25: Promoters 54.4%, FIIs 17.2%, DIIs 12.1%, Public 16.3%, Others 0.0%.Sep '25: Promoters 54.4%, FIIs 15.8%, DIIs 13.6%, Public 16.2%, Others 0.0%.Dec '25: Promoters 54.4%, FIIs 14.6%, DIIs 14.0%, Public 16.9%, Others 0.0%.Mar '26: Promoters 54.4%, FIIs 14.2%, DIIs 14.2%, Public 17.2%, Others 0.0%.Jun '26: Promoters 54.4%, FIIs 15.4%, DIIs 14.1%, Public 16.1%, Others 0.0%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 3 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Cera Sanitaryware Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Vikram Investment Company Private Limited 22.27%unchanged
Smiti Somany 10.30%unchanged
Nalanda India Equity Fund Limited FPI fund9.57%unchanged
Vikram Somany 7.26%unchanged
Rekha Commercial Private Limited 4.09%unchanged
Trisure Promotions & Tradings Private Limited 3.72%unchanged
Canara Robeco Mutual Fund A/C Canara Robeco Small Cap Fund, Canara Robeco Mutual Fund A/C Canara Robeco Multi Cap Fund, Canara Robeco Mutual Fund A/C Canara Robeco Conservative Hybrid Fund Mutual fund3.19%newly disclosed
HSBC Mutual Fund - HSBC Small Cap Fund Mutual fund2.82%+0.19 pp
UTI Value Fund, UTI Small Cap Fund, UTI-Dividend Yield Fund, UTI ELSS Tax Saver Fund, UTI Conservative Hybrid Fund Mutual fund2.68%newly disclosed
Deepshikha Khaitan 2.60%unchanged
Suvinay Trading & Investment Co. Ltd. 2.48%unchanged
Sajan Kumar Pasari 1.73%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in CERA

Filings to Jul 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹39 Cr
1 schemes
Biggest holder
HDFC Multi Cap Fund
₹39 Cr · 0.2% of that fund
SchemeHoldingLast month
HDFC Multi Cap Fund HDFC Mutual Fund₹39 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Jul 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
+31%
vs est. average cost
Held by funds
₹39 Cr
1 schemes · ≈ 0.55% of the company

Shares held by these funds +628%

Aug '23 64,297 shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹5588, this stock must grow earnings at 24% every year for 7 years. Our analysis caps realistic growth at ~-1%. At that growth it is worth ₹1507 — downside of 73%.

Growth the price implies
24.1% a year
for 7 years, fading to 4%
It has actually compounded at
-0.8% a year
net profit, FY23–FY26 · EPS -0.6%
The gap
0.2 pp
-73% downside if it only repeats history
Price today ₹5,587.5 Value at the reference growth ₹1,507.48

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Cera Sanitaryware Limited

Guides on how to read this kind of business and the numbers that matter.