Cera Sanitaryware Limited (CERA)

Consumer Durables · Consumer Durables · NSE · Updated 15 July 2026

₹6,107 ↓ 6.15% (1Y)

🎯 Key Takeaways

Cera Sanitaryware Limited is in a mature, cash-generating phase with signs of stabilization after a period of volatility. The company has demonstrated consistent profitability and strong cash flows, supported by a high-dividend policy and reaffirmed credit ratings.
Revenue declined 8.2% QoQ to ₹452 in Q3FY25.
⚠️ Sequential decline in revenue and margins over the past four quarters signals weakening core demand, despite stable operational metrics.

Market Cap

₹7,268

P/E Ratio

31.0

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Cera Sanitaryware Limited is in a mature, cash-generating phase with signs of stabilization after a period of volatility. The company has demonstrated consistent profitability and strong cash flows, supported by a high-dividend policy and reaffirmed credit ratings. However, recent quarterly performance shows a sequential decline in revenue and margins, indicating pressure on top-line growth despite stable operational efficiency.

📰 What's Happening

Management has maintained a focus on governance and capital structure transparency, with Crisil reaffirming its AA/Stable long-term and A1+ short-term ratings on 2 July 2026, underscoring low refinancing risk. The company also made its Q4 FY2026 earnings call audio available on 9 May 2026 and scheduled its 28th AGM for 23 July 2026, where it plans to declare a dividend of Rs. 75 per share (1500% on face value). Additionally, insiders are currently under a trading restriction window ahead of the unaudited Q1 FY2026 results, set to be disclosed post-48 hours after 30 June 2026.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	533	429	464	439	549	401	493	452
Operating Profit	95	86	87	77	111	74	90	73
OPM %	16.4%	16.4%	16.5%	14.0%	17.3%	14.5%	14.6%	13.6%
Net Profit	63	57	57	52	76	47	69	46
EPS	₹48.25	₹43.27	₹43.75	₹39.12	₹57.62	₹36.18	₹52.37	₹35.52

The company's quarterly revenue has declined from a peak of ₹549 crore in Q4 FY24 to ₹452 crore in Q3 FY25, with operating margins also easing to 13.6% from over 16% in prior quarters. While profitability remains intact, the downward trend in revenue and net profit — from ₹76 crore net in Q4 FY24 to ₹46 crore in Q3 FY25 — reflects weakening demand or pricing pressure, despite stable operating expenses. This suggests that growth has plateaued, and margin expansion is no longer a driver, even as operational efficiency has held.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on revenue or margin expectations in the available filings. However, the reaffirmation of credit ratings and continued emphasis on ESG compliance indicate confidence in financial stability. The upcoming AGM will likely be the primary forum for management to address investor sentiment and potentially reiterate strategic priorities, especially given the absence of new capex or growth announcements in recent disclosures.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Consumer Durables

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Titan Company Limited	3.70 L Cr	77.6	34.3%	41.0%	0.88
Asian Paints Limited	2.50 L Cr	65.0	26.0%	19.8%	0.04
LG Electronics India Limited	1.07 L Cr	—	—	—	—
Havells India Limited	75,873	54.2	—	—	—
Dixon Technologies (India) Limited	66,754	75.9	—	—	—
Berger Paints (I) Limited	62,200	54.5	—	—	—
Voltas Limited	40,722	56.8	—	—	—
Kalyan Jewellers India Limited	36,461	54.6	—	—	—
Blue Star Limited	34,091	61.2	—	—	—
Amber Enterprises India Limited	29,854	164.3	8.4%	4.1%	0.62

🔗 Peer Stock Analyses

TITAN ASIANPAINT LGEINDIA HAVELLS DIXON

⚠️ Risk Factors

1. Sequential decline in revenue and margins over the past four quarters signals weakening core demand, despite stable operational metrics. 2. High dividend payouts may strain liquidity if operating performance continues to deteriorate. 3. Lack of new growth catalysts or capex plans raises concerns about long-term growth sustainability. 4. Reliance on domestic market with only 1% export contribution limits diversification benefits.

📋 Recent Filings

🧠 Analyst's Read

Cera Sanitaryware is transitioning into a cash cow phase with stable but declining fundamentals. Investors should monitor the upcoming earnings release for signs of bottoming in revenue trends and management's commentary on demand recovery or pricing strategy. The sustainability of high dividends remains contingent on improvement in top-line performance.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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