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, but margins declined due to higher input costs, discounts, and exceptional wage code expenses. 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 saw stable revenue and margin performance despite weak retail demand, with project sales and new brand initiatives supporting growth. Full-year revenue is guided to grow 7%-8%, with margins expected at 14.5%-15%. Input cost pressures and competition remain key risks.
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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 cost efficiency and B2B expansion. Retail demand stayed soft, but premiumization and digital initiatives advanced. FY 2025 closed with stable profits and strong cash reserves.
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Q3FY25 saw modest 2.9% YoY revenue growth amid weak retail demand, with B2B and luxury segments gaining traction. Margins declined due to higher discounts and costs, but management expects recovery as demand improves, maintaining a long-term growth target of ₹2,900 crores by FY27.
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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% revenue decline and 16.1% drop in profit amid broad market slowdown, but management maintains its INR 2,900 crore FY 2027 revenue target and expects demand to recover in H2. Margins are guided at 16%-17%, with strong cash reserves and a buyback announced.