Sustained input cost inflation
Brass prices up ~30% YoY and gas costs remain elevated; price hikes may not fully offset if costs continue rising.
CERASANITARYWARE / bear-case history
Track the concerns that keep returning.
Cera Sanitaryware · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Trade discount pressure
Elevated trade discounts persisted in Q4; management expects gradual improvement but no specific timeline.
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 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.