Cera Sanitaryware Limited (CERA)
Micro CapMaterials stocks · Micro cap · NSE
Cera Sanitaryware Limited is a premier Indian sanitaryware company with a pan-India reach and deep retail penetration. It operates a multi-layered distribution ecosystem, supported by in-house manufacturing and process excellence. The company maintains a debt-free balance sheet with healthy cash reserves and offers a portfolio spanning value to premium segments across sanitaryware and bathware categories.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -4% YoY · margin compression · Rev +19% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹486 Cr | +19.4% | -22.1% |
| EBITDA | ₹49 Cr | -7.5% | -50.0% |
| Operating margin | 10.0% | -300 bps | -600 bps |
| PAT | ₹45 Cr | -4.3% | -41.6% |
| PAT margin | 9.3% | -229 bps | -308 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 revenue grew 7.1% YoY to Rs. 2,050 Cr, but EBITDA declined 8.8% YoY to Rs. 322 Cr and PAT fell 17.1% YoY to Rs. 204 Cr, indicating significant margin pressure. Q4 FY26 showed strong sequential recovery in income and profitability.
While revenue growth is positive, the substantial decline in full-year profitability and margins for FY26 raises concerns about cost management and pricing power. The strong Q4 sequential recovery is encouraging, but it needs to be sustained to reverse the annual trend and alleviate margin pressure.
Retail and Distribution Expansion
Expansion through Style Centres, Galleries & network expansion to deepen market penetration.
Premiumization Strategy
Focus on premiumization through Senator & CERA Luxe brands.
Core Brand Strength
Continued strength of the core CERA brand across retail and project segments.
Value Segment Scaling
Scaling presence in the value segment through Polipluz, targeting rural and semi-urban markets.
CERA Style Centres (CSCs)
Over 1,400 CERA Style Centres (retailer-owned units) planned over the next 3–4 years to enhance last-mile brand presence.
Rising Housing Demand
Structural industry tailwind from rising housing demand & real estate activity.
Preference for Organized Players
Increasing preference for branded and organized players in the market.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Annual (YoY) results provide an overview of the full fiscal year's performance and overall trends, while quarterly (QoQ) comparisons highlight recent sequential momentum, particularly important for assessing recovery and execution in the industrials sector.
Revenue
FY26 Revenue at Rs. 2,050 Cr (up 7.1% YoY). Q4 FY26 Total Income at Rs. 650 Cr (up 9.4% YoY, 27.5% QoQ).
EBITDA
FY26 EBITDA at Rs. 322 Cr (down 8.8% YoY). Q4 FY26 EBITDA at Rs. 104 Cr (down 14.0% YoY, up 67.7% QoQ).
PAT
FY26 PAT at Rs. 204 Cr (down 17.1% YoY). Q4 FY26 PAT at Rs. 77 Cr (down 10.5% YoY, up 220.8% QoQ).
EBITDA Margins
FY26 EBITDA Margins at 15.3% (vs 17.8% in FY25). Q4 FY26 EBITDA Margins at 16.0% (vs 20.4% in Q4 FY25, 12.2% in Q3 FY26).
Positioned for Sustainable Growth
Structural industry tailwinds, supported by focused execution across segments, position CERA for sustained and scalable growth.
Value Segment Opportunity
Polipluz is well-positioned to capture scalable growth opportunities across underpenetrated markets.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | FY26 Revenue up 7.1% YoY. | Sustained double-digit revenue growth in subsequent quarters. |
| EBITDA Margins | FY26 EBITDA margin 15.3%; Q4 FY26 EBITDA margin 16.0%. | Consistent improvement in EBITDA margins towards historical levels (e.g., FY25 17.8%). |
| PAT Growth | FY26 PAT down 17.1% YoY. | Return to positive PAT growth on a year-on-year basis. |
| CERA Style Centres (CSCs) Expansion | 1,613 CERA Style Centres. | Progress and execution of the plan to add over 1,400 CSCs in the next 3-4 years. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
53NeutralSMA20 -5.9% / mo · MACD +
Technical chart
CERAdaily · 1Y · AUTO+21.5%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 46. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~6.3% over last month) — short-term momentum negative.
- RSI(14) at 46 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 14% off 52W high · 30% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 46 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 46 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 18.3%.
- Balance sheet contributes 11/15 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Quality is weaker at 9/20; verify the latest quarterly trend.
- Growth is weaker at 12/25; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -11 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 66th percentile of the scored universe and 58th percentile within Materials. Main check: results consistency is weak at 46/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: ROCE trend is -2.8%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Materials: 58th pctile, median 70 · Micro: 46th pctile, median 73
108 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.7%.
- ▸11 years of positive FCF.
- ▸Debt/equity is 0.03.
Trust risks
- ▸ROCE trend is -2.8%.
- ▸0/4 latest quarters had positive YoY PAT growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 36.20
- P/B
- 5.07
- EV/EBITDA
- 24.71
- Market Cap
- 7464.00Cr
Profitability
- ROE
- 14.80%
- ROCE
- 19.20%
- ROA
- 11.03%
- Dividend Y
- 1.30%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 16.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- -1.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 44.17×
- Altman Z
- 8.89
- Book Value
- 1142.00
Cash Flow
- FCF Yield
- 1.66%
- FCF Positive Y
- 11/5
- OCF
- 212.00 Cr
- EPS TTM
- 157.37
Shareholding
- Promoter Hold
- 54.41%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 58%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Materials, ranked by similarity
Peers
Business-comparable names in Materials, ranked by similarity
Peers
Business-comparable peers in Materials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.