CERA / Q3-FY26 / claim-ledger

Audit the questions that mattered.

Cera Sanitaryware · Analyst questions, management answers, and the quality of the response where the ledger is available.

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WatchQ3-FY26 · 2026-01-28Back to quarter ↗

Questions audited

Answered directly

86%

Numeric claims

Consistency

mixed

Question ledger

What was answered, and how?

Jasp Singh · Equinis PMS

direct

Confirm if 300 bps EBITDA margin drop is from faucets and brass price increase.

EBITDA margins by 3% this was primarily driven by the increase in the trade discounts... Additionally the COGS increased mainly due to the increase in the input cost. So brass prices have increased by roughly 12%.

Jasp Singh · Equinis PMS

partial

Why has EBITDA margin fallen to 10% multi-decade low and what changed?

We are looking at one quarter and we are trying to extrapolate it... we don't anticipate that this is going to be the trend going forward... it has been due to some of the phasing impacts... publicity costs had been higher in Q3... CSR activities also... pre-operative cost related to senators.

Sunny · Individual Investor

partial

Why has revenue been stagnant despite strong real estate cycle?

For the last two years there had been stagnancy in the growth... Q3 we see that it has been grown by 11.1% and Q2 also we had grown by 5 to 6%. So the growth trajectory has already started happening... we should be ending the year by roughly 7 to 8% on an overall full year basis.

Valun Jalastria · 361 Capital

direct

Was Q3 growth due to pre-buying before price hike or actual demand improvement?

There's an actual improvement in demand... the price increase has happened only yesterday. The announcement has been made only yesterday. So Q3 there was no talk about any price increase.

Valun Jalastria · 361 Capital

partial

How much was the price hike and raw material cost increase?

The brass prices have fluctuated widely... in Q3 it has risen by something like 12%. In January again it has gone up significantly... the average price was something like 640 for brass per kg which has gone up to something like 800 in January.

Arun B · ICIA Securities

direct

What was the publicity cost in Q3 and spend on Senator and Polyplus?

In current quarter the publicity spend was 17.27 crores as opposed to 13.87 crores... In Q3 we spent something like 6 crores in polyplus and senator... the publicity spend for the entire year for 9 months has been something like 35.58 crores.

Arun B · ICIA Securities

direct

Is the 11% faucet and 4% sanitary price increase sufficient to cover cost increases?

The price increase would be sufficient to cover the kind of increases which have happened till date. Obviously if it keeps on increasing at the current trend then again we'll have to revisit.

Arun B · ICIA Securities

direct

Why was Cera late in announcing price hike compared to market leader?

The market leader had not taken a price rise since quite some time whereas we had in September 24 taken a substantial price increase in faucetware... that price increase was kind of helping us to maintain our margins.

Arun B · ICIA Securities

direct

Will margins return to 15-16% in FY27 assuming no further cost increases?

Correct. Correct. Correct.

Sujit (from Bajaj Life Insurance) · Bajaj Life Insurance

direct

Do large players gain market share in rising raw material price cycles?

A cost increase led price increase is not something which is going to affect the market share of individual players... it is not that on a rising cost scenario larger players are able to take in higher price increases and are able to garner higher market shares.

Sujit (from Bajaj Life Insurance) · Bajaj Life Insurance

direct

Is demand currently muted given higher project discounts?

The demand has started going up. If you see that we have grown by 6% and 11.2% over the last few quarters. The total share of projects within the business has remained constant at the same 38-39%.

Bavin Rupani · Invest

direct

What is the outsourcing proportion for sanitaryware and faucetware?

In Sanware the outsourcing was 61%. And in faucetware the outsourcing was 47%.