AnnouncementSep 2026
Sep 2026 · Announcement Under Regulation 30 (LODR)- Change In Senior Management Personnel 2d - CBO Ramesh Baliga resigns; relieved on 30 September 2026.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result16 Aug, 12:30 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Materials P/E 28.8 (n=19)
Technical timing lens
Trend score and candlestick chart
32BearishSMA20 -9.7% / mo · RSI oversold · MACD + · near 52W low · sector -3.8pp vs Nifty 500 (3M)
Stock trend: 38
Sector RS: 24
Sector 3M: -9.5% vs Nifty 500 -5.6%
Materials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CERAD candles · FIT view-9.2%Latest close ₹4779.50 on 2026-10-21
Bar
-3.9%
RSI
25
MACD hist
0.93
52W pos
14%
2026-10-21O ₹4971.00H ₹4999.50L ₹4757.00C ₹4779.50Vol 8,748 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CERANifty CommoditiesNifty 500
- CERA
- -23.3%
- Nifty 500
- -6.5%
- Nifty Commodities
- -10.2%
- Vs Nifty 500
- -16.8 pp
Chart stats
21 Oct 2026- From 52W high
- -29.1%
- 52W range position
- 14%
- ATR (14)
- 2.8%
- Volume vs 20D
- 1.15x
- Avg traded value
- ₹4 Cr
- 20D price channel
- ₹4,757 - ₹5,579.5
₹6,740
₹4,461.1 - ₹6,740
₹132
Latest completed session
20-session average
24.5% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · FAIR VALUE50
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +19.4% · PAT -4.3% YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model+29.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence71
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -4% YoY · margin compression · Rev +19% YoY
Filed 30 Jun 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 31.90
- P/B
- 4.46
- EV/EBITDA
- 21.82
- Market Cap
- 6585.00Cr
Profitability
- ROE
- 14.80%
- ROCE
- 19.20%
- ROA
- 11.03%
- Dividend Y
- 1.47%
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
- 1.88%
- FCF Positive Y
- 11/5
- OCF
- 212.00 Cr
- EPS TTM
- 157.37
Shareholding
- Promoter Hold
- 54.41%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 28%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 486-22.1% vs prev
Net Profit
₹ CrLatest: 45.0-41.6% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 25. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~10.8% over last month) — short-term momentum negative.
- RSI(14) at 25 — oversold zone; bounce conditions.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 29% off 52W high · 7% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
35
RS percentile
Stage 1 Base / Transition
1M return
-13.5%
3M return
-23.3%
6M return
-12.6%
1Y return
-22.0%
RS 1D
-4
RS 20D
-12
Sector rank
#19
Industry rank
-
Stage evidence
- Price is 15.4% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +0.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 80.81-2.94%
RS vs Nifty 50081
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation7/30
Growth13/25
Quality9/20
Balance Sheet11/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
50
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
50/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 29.7%.
- Balance sheet contributes 11/15 to the score.
Main drags
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Quality is weaker at 9/20; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
31.9
PB
4.5
EV/EBITDA
21.8
ROE
14.8%
ROCE
19.2%
FCF Yield
1.9%
Debt/Equity
0.0
MoS
+29.7%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
50
Previous: 49 (+1)
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+29.7%
Previous: +26.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
57
57
57
47
47
57
57
49
49
49
49
49
Factor attribution
Valuation
7+1
was 6
Modelled fair value
Graham Number
₹2,010.88
-137.7% MoS
Growth-justified P/E
43.2
Growth-justified Value
₹6,798.38
+29.7% MoS
PEG
1.99
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
HINDWAREAP
Small
Hindware Home Innovation Limited
Building Products
match 60
25
—
0.1%
—
OVERVALUED
HARDWYN
Small
Hardwyn India Limited
Building Products
match 32
35
51.6
3.3%
-29%
WATCHLIST
VISDEM
SME
Visdem Technosys Limited
Building Products
match 31
57
12.2
17.6%
+62%
FAIR VALUE
SONAMLTD
Small
SONAM LIMITED
Building Products
match 31
37
25.0
10.9%
+36%
WATCHLIST
JKLAKSHMI
Micro
JK Lakshmi Cement Limited
Cement
match 31
50
15.4
10.7%
+63%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-08T07:55:41.450Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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).
Management forward view
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.
Thesis monitor
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.
Trust Score
71Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
108 docs text-extracted · 52 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
66th percentile
overall median 67 · Materials: 58th pctile, median 70 · Micro: 46th pctile, median 73
Evidence depth
Financial-only
108 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
46
watch · quarterly consistency
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.
Continue researching Cera Sanitaryware Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Sep - Newspaper Publication regarding Special Window for re-lodgment of Share Transfer Deed
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Aug - Newspaper Publication dated 8th August, 2026 Regarding Extract of Unaudited Financial Results for the quarter ended 30th June, 2026
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 28 Aug - CARE reaffirmed Cera Sanitaryware’s ratings: ₹56 crore CARE AA; Stable and ₹44 crore CARE AA; Stable/CARE A1+.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Jul - Newspaper Publication regarding Opening of Special window for re-lodgement of Transfer of Shares
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 3 Jul - Crisil reaffirmed Cera’s ratings: AA/Stable on Rs100 crore loans and A1+ on Rs30 crore commercial paper.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Jun - Newspaper Publication regarding Notice of 28th Annual General Meeting
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Jun - Intimation regarding Analyst / Investor Meet to be held on 9th June, 2026
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4 Jun - Cera Sanitaryware schedules analyst/investor meetings in Mumbai on 10 June 2026.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 29 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 23 Jun - Newspaper Publication - Notice of 28th Annual General Meeting
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.