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Cera Sanitaryware Limited — Q4 FY26
Cera Sanitaryware reported Q4 FY26 revenue of ₹644 crore, up 11.4% YoY, driven by volume growth of ~12% and improved product mix.
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Cera Sanitaryware reported Q4 FY26 revenue of ₹644 crore, up 11.4% YoY, driven by volume growth of ~12% and improved product mix. EBITDA margin contracted 310 bps YoY to 15.2% due to elevated brass input costs (up ~30% YoY) and continued trade discounts. PAT fell 10.5% to ₹77 crore. Management guided for FY27 revenue growth of 18-20%, with sanitaryware volume growth of 7-8% and faucetware volume growth of 10-12%, supported by price hikes of 12% and 16% respectively. New brands Senator and Poly Plus are expected to contribute ₹70-80 crore revenue in FY27. Key risk: sustained input cost inflation and trade discount pressure could delay margin recovery.
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Sustained input cost inflation
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Sanitaryware volume growth guidance
7-8%
+7-8pp YoY
Volume growth expected for FY27, driven by retail recovery and project stability.
Faucetware volume growth guidance
10-12%
+10-12pp YoY
Volume growth expected for FY27, supported by strong demand and capacity expansion.
Senator stores operational
40
+40 YoY
Flagship stores opened in FY26; target of 60 stores by FY27 end.
Poly Plus distributors
102
+102 YoY
Distributors onboarded in FY26; target of 200 distributors by FY27 end.
What Changed vs Last Quarter
NEW
FY27 revenue growth of 18-20%
Overall revenue growth expected at 18-20% driven by sanitaryware (12% growth), faucetware (18% growth), tiles & chemicals (20%+ growth), and new brands (₹70-80 crore).
NEW
Sanitaryware volume growth 7-8% in FY27
Volume growth expected in sanitaryware segment, with price impact of 5-6% leading to 12% revenue growth.
NEW
Faucetware volume growth 10-12% in FY27
Volume growth expected in faucetware segment, with price impact of 8% leading to 18% revenue growth.
UPDATED
EBITDA margin to sustain at 14-15% in FY27
Management expects EBITDA margins to remain in 14-15% range, supported by price hikes and discount control.
DROPPED
Q4 FY26 EBITDA margin to return to 13-14%
Management expects EBITDA margin to recover to 13-14% in Q4 FY26, driven by higher revenue absorption and absence of one-off costs.
DROPPED
FY26 revenue growth guidance of 7-8%
Management expects full-year FY26 revenue growth of 7-8%, with Q4 maintaining double-digit growth momentum.
DROPPED
Senator and Poly Plus FY26 revenue revised to ~₹20 crore
Revenue from new brands Senator and Poly Plus for FY26 is now expected at ~₹20 crore, down from earlier guidance of ₹40-45 crore, due to slower store rollouts.
NEW RISK
Sustained input cost inflation
Brass prices up ~30% YoY and gas costs remain elevated; price hikes may not fully offset if costs continue rising.
NEW RISK
Trade discount pressure
Elevated trade discounts persisted in Q4; management expects gradual improvement but no specific timeline.
NEW RISK
Morbi supply disruption impact on tiles
Tiles segment (fully outsourced from Morbi) expected to be impacted in Q1 FY27 due to gas availability issues.
NEW RISK
New brand losses may persist
Senator and Poly Plus incurred losses of ~₹8.5 crore in FY26; profitability expected only after FY27 despite higher revenue guidance.
RISK GONE
Sustained brass price inflation
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.
RISK GONE
Slower-than-expected ramp-up of new brands
Senator and Poly Plus revenue guidance was halved to ~₹20 crore for FY26; slower scaling could delay breakeven and weigh on profitability.
RISK GONE
Uneven retail demand recovery
Management noted retail demand remains uneven; if recovery stalls, revenue growth may not sustain double-digit levels.
RISK GONE
Deferral of new sanitaryware plant
Management deferred construction of a new sanitaryware plant, citing sufficient capacity from efficiency gains; if demand surges, capacity could become a constraint.
Fast read
Guidance and risk preview
Overall revenue growth expected at 18-20% driven by sanitaryware (12% growth), faucetware (18% growth), tiles & chemicals (20%+ growth), and new br...
Brass prices up ~30% YoY and gas costs remain elevated; price hikes may not fully offset if costs continue rising.
View Risks →