India · Delayed Price · Currency is INR Cera Sanitaryware Earnings Call Transcripts
Fiscal Year 2026
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Q4 FY 2026 saw 11.4% revenue growth, driven by strong retail and project demand, with core segments performing well. FY 2027 guidance is for 18%-20% revenue growth, margin recovery, and significant contributions from new brands, despite ongoing input cost pressures.
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Q3 FY26 saw 11.1% revenue growth and strong market recovery, but margins declined to 10.2% due to higher input costs and exceptional wage-related items. Management expects margin recovery in Q4 and double-digit growth to continue, supported by price hikes and operational initiatives.
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Q2 FY 2026 delivered stable results with flat revenue and margin pressure from input costs, but strategic initiatives in brand expansion and operational efficiency are expected to drive H2 growth. Full-year revenue is guided at 7%-8% with margins of 14.5%-15%.
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Q1 FY2026 delivered stable results with 5.4% revenue growth and flat profits, despite weak demand. B2B/project business expanded, new brands Polyplus and Sanitare were launched, and margin guidance of 15%-17% was reiterated. Cash reserves remain strong at INR 778 crore.
Fiscal Year 2025
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Q4 FY 2025 saw 5.7% revenue growth and margin improvement, driven by B2B expansion and cost control, despite weak retail demand. Premiumization and digital initiatives advanced, with strong cash reserves and a robust project pipeline supporting future growth.
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Q3FY25 saw modest revenue and EBITDA growth amid persistent demand headwinds, with B2B/project sales rising and luxury segment expansion underway. Margins were pressured by discounts and higher costs, but management expects recovery as market conditions improve. Lower single-digit growth is forecast for FY25.
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Q2 FY25 saw 6.3% revenue growth and 19.7% PAT growth year-over-year, with margins impacted by higher input costs but expected to recover in H2 due to price hikes. Project and retail demand are both set to improve, supporting high single-digit growth for FY25 and strong guidance for FY26-FY27.
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Q1 FY 2025 saw a 6.8% YoY revenue decline amid industry-wide demand challenges, but guidance for 16% CAGR and INR 2,900 crore revenue by March 2027 remains intact. Margins are expected to recover in H2 as project order book grows and retail demand is anticipated to rebound.