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Dossier · CERA SANITARYWARE LTD · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
Manufactures and sells ceramic sanitaryware (toilets, washbasins) and faucetware (taps, mixers) under the core Cera brand, with FY26 revenue of ₹2,050.12 crore. Sanitaryware and faucetware are the lead segments, guided at 12% and 18% growth respectively for FY27, with March price hikes of 4% and 11% taken to offset brass cost inflation. Two newer brands sit in the investment phase: Senator runs 40 flagship retail stores (target 60 by FY27) and Polipluz runs 102 distributors with 1,120 dealers in plumbing (target 200 distributors and 2,000 dealers by FY27); together the two brands generated ₹19 crore in FY26 with an FY27 target of ₹70-80 crore. Tiles and construction chemicals are guided at ₹250 crore FY27 contribution, with sales expected to pick up as Morbi gas disruptions normalise. Operations run across 2 plants and 33 offices with 5,340 employees; faucetware capacity is being debottlenecked from 4.3 lakh to 5 lakh pieces per month by Q4 FY27, and a greenfield Phase 1 is budgeted at ₹150 crore. The FY26 cost structure is dominated by other operating expenses (23.6% of revenue), employee cost (12.7%) and materials (13.0%); brass is the input most exposed to spikes. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Sanitaryware, Faucetware, Senator, Polipluz, Tiles and construction chemicals. Multi-brand building materials (sanitaryware, faucetware, plumbing distribution, tiles) with own manufacturing and expanding branded retail.
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY21–FY25 (all audited; no estimate years)
₹ crore · consolidated
FY21
FY22
FY23
FY24
FY25
Revenue
1,224
1,446
1,804
1,879
1,926
EBITDA (ex other income)
158
223
288
302
298
margin %
12.9
15.4
16.0
16.1
15.5
Owners' profit
101
151
209
239
246
EPS, as reported (₹)
77.48
116.18
161.01
183.76
190.40
ROE % · ROCE %
11.3 · 14.3
14.9 · 17.7
17.8 · 22.7
17.8 · 22.2
18.2 · 21.3
Debt / equity (x)
0.08
0.03
0.02
0.02
0.01
Cash from operations
268
98
162
236
122
Capex
(14)
(20)
(39)
(64)
(29)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · CERA SANITARYWARE LTD · 29 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ crore
Q2 FY24
Q3 FY24
Q4 FY24
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Revenue
464
439
549
401
493
452
581
422
Profit before tax
77
66
99
64
77
61
109
62
Net profit
57
52
76
47
69
46
86
47
EPS (₹)
43.75
39.12
57.62
36.18
52.37
35.52
66.39
36.10
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Peers — basic industry group, by market cap
Company
M.cap ₹ cr
P/E
P/B
EV/EBITDA
ROE %
ROCE %
Rev CAGR 5y %
EBITDA m. %
CERA SANITARYWARE LTD ◆
5,736
23.4
4.19
16.0
18.2
20.8
9.5
17.3
HINDWARE HME INOVATON LTD
1,439
—
1.93
11.8
(5.3)
(0.7)
7.2
8.7
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
23.4
25.9
86 of 191
55%
P/B
4.2
2.2
136 of 189
28%
ROCE
20.8
7.0
37 of 219
84%
ROE
18.2
5.8
30 of 189
85%
Debt / Equity
0.0
0.2
43 of 190
78%
EBITDA margin
17.4
9.3
48 of 193
76%
Revenue growth
5.4
16.4
122 of 189
36%
Profit growth
(0.9)
16.8
105 of 183
43%
Market cap
5736
223
36 of 228
85%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · CERA SANITARYWARE LTD · 29 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
22 Oct 2026 · Cera Sanitaryware to host Q2 and H1 FY27 earnings call on 5 Nov
board shareholder meetings
low
—
—
22 Oct 2026 · Cera Sanitaryware board to meet Nov 4 for Q2 results and director re-appointments
management changes
medium
—
—
14 Oct 2026 · RTA compliance certificate filed for Q2 FY27 demat processing
compliance
minimal
—
—
28 Sept 2026 · Trading Window Closes from Oct 1 for Q2 Results
compliance
minimal
—
—
10 Sept 2026 · Newspaper ad on special window for re-lodging share transfer deeds
compliance
minimal
—
—
28 Aug 2026 · CARE reaffirms AA Stable rating on Rs 100 cr bank facilities
credit debt
medium
—
—
12 Aug 2026 · Cera Sanitaryware Q1 FY27: Revenue up 19.5%, margin dips on one-time costs
investor communications
medium
—
—
8 Aug 2026 · Audio recording of Q1 FY2027 earnings call now available
investor communications
low
—
—
8 Aug 2026 · Cera Sanitaryware Q1 FY27 results published in newspapers
compliance
minimal
—
—
7 Aug 2026 · CERA Q1 FY27: Revenue up 19.5%, margins under pressure, FY27 guidance maintained
investor communications
medium
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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A rating (BUY / ADD / REDUCE / SELL)
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The current price and the multiples against the group
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Estimate years marked E
More audited years; no estimates
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
