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Sustained brass price inflation
View Risks →Cera Sanitaryware Limited — Q3 FY26
Cera Sanitaryware reported Q3 FY26 revenue of ₹499 crore, up 11.1% YoY, driven by gradual demand recovery and improved market traction.
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Cera Sanitaryware reported Q3 FY26 revenue of ₹499 crore, up 11.1% YoY, driven by gradual demand recovery and improved market traction. EBITDA margin contracted 300 bps YoY to 10.2% due to higher trade discounts, elevated brass input costs, and phasing of publicity spends. PAT fell 47.8% YoY to ₹24 crore, partly due to one-time exceptional items from wage code changes. Management expects margins to revert to 13-14% in Q4 and 15-17% by H2 FY27, supported by a calibrated price hike (4% sanitaryware, 11% faucetware). New brands Senator and Poly Plus are scaling slower than anticipated, with FY26 revenue guidance revised to ~₹20 crore from ₹40-45 crore. Key risk: sustained brass price inflation could delay margin recovery.
सेरा सैनिटरीवेयर ने तीसरी तिमाही में 499 करोड़ रुपये का कारोबार किया, जो पिछले साल से 11.1% ज्यादा है। मुनाफा 24 करोड़ रुपये रहा, जो पिछले साल से 47.8% कम है। कमाई घटने की वजहें: ज्यादा छूट देना, पीतल (एक धातु) के दाम बढ़ना और विज्ञापन पर खर्च का समय बदलना। कंपनी को उम्मीद है कि अगली तिमाही में मुनाफा 13-14% और अगले साल की दूसरी छमाही में 15-17% तक पहुंच जाएगा। इसके लिए वे सैनिटरीवेयर के दाम 4% और नल के 11% बढ़ाएंगे। नए ब्रांड सेनेटर और पॉली प्लस की बिक्री उम्मीद से कम है, इसलिए इस साल का कारोबार लक्ष्य 40-45 करोड़ से घटाकर 20 करोड़ रुपये कर दिया गया है। मुख्य जोखिम: पीतल के दाम बढ़ते रहे तो मुनाफा सुधारने में देरी हो सकती है।
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Capacity utilization - Faucetware
102%
N/A
Faucetware capacity utilization at 102% indicates near-full utilization; brownfield expansion can add 50% capacity in 3-4 months.
Capacity utilization - Sanitaryware
82%
N/A
Sanitaryware capacity utilization at 82% leaves room for volume growth without new capex.
Senator stores operational
32
N/A
32 Senator flagship stores operational; company adopting calibrated expansion to sharpen per-store metrics.
Poly Plus distribution network
65 distributors, 750 dealers
N/A
Poly Plus distributed through 65 distributors and 750 dealers; focus on establishing operating framework.
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Guidance and risk preview
Management expects EBITDA margin to recover to 13-14% in Q4 FY26, driven by higher revenue absorption and absence of one-off costs.
Brass prices rose 12% in Q3 and further in January; if prices continue to rise, the recent price hike may be insufficient to protect margins.
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