StockWatch
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CERA SANITARYWARE LTD.

BSE: 532443

P/L Snapshot

Q1 FY27 · standalone

vs Q4 FY26·vs Q1 FY26
Revenue
507.27
-22.0%+15.8%
Expenditure
447.46
-19.7%+18.7%
Net Profit
45.31
-41.4%-2.6%
OPM %
10.13%
-6.73pp-2.52pp

Shareholding

Pattern breakdown

P/L Trends

(in crores)

RevenueExpenditureNet Profit
0.00182.03364.06546.09728.11Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Price Chart
Latest News
Quarterly Result7 Aug, 12:13 pm

Cera Q1 FY27 (standalone): PAT -3% YoY as margins compress to ~10% on 19% revenue growth

Cera Sanitaryware's standalone Q1 FY27 (quarter ended June 30, 2026) revenue came in at ₹485.98 Cr, up 19.5% YoY from ₹406.81 Cr a year ago — tracking management's FY27 guidance of 18-20% revenue growth. But profitability moved the other way: PAT was ₹45.31 Cr, down 2.6% YoY from ₹46.53 Cr, as operating margin (OPM) compressed to ~10.1% from ~13.0% a year earlier and net margin fell to ~9.3% from ~11.4%. There were no exceptional items in either the current or year-ago quarter, so the YoY PAT decline is like-for-like — a genuine margin miss, not a base-effect artifact. Against management's own FY27 EBITDA margin band of 14-15% reiterated on the May concall, Q1's ~10.1% OPM is a clear shortfall even as topline growth stayed on script. The compression sits mainly on the materials and trade-discount lines: cost of materials plus stock-in-trade purchases together outpaced revenue growth, consistent with management's earlier flag that elevated brass input costs and a gradual reduction in trade discounts would need to be offset by recent price hikes — an offset that hasn't shown up yet in this quarter's numbers. Sequentially, revenue fell 22.1% and PAT fell 41.4% QoQ from the seasonally strong Q4 FY26 (₹624.00 Cr revenue, ₹77.34 Cr PAT); that drop is largely the normal Q4-to-Q1 seasonal step-down for the building-products sector rather than fresh deterioration, so YoY remains the read that matters. Against our pre-result preview, which had penciled in Q1 revenue of ~₹633 Cr and an EBITDA margin of 13-14% (anchored close to Q4's run-rate without fully discounting seasonality), the actual print undershoots meaningfully on both counts; EPS of ₹35.13 also missed the ~₹53.1 forward estimate. The Street's pre-result debate — whether new brands scale sustainably or input-cost volatility keeps clipping margins — resolved toward the latter this quarter. Two quarter developments carry into the read: the CBO resigned on July 21, 2026, just ahead of this print and the August 8 earnings call, adding an execution-narrative question on top of the margin miss; and the board's ₹75/share FY26 dividend was ratified at the July 23 AGM, unrelated to the operating print. Management issued no fresh guidance in this filing — the standing 18-20% revenue growth and 14-15% margin targets from the May concall remain in force — leaving the August 8 call as the next checkpoint for whether pricing actions can close the margin gap.

7 Aug 2026, 12:13 pm

Corporate Events

Board MeetingCERA
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BSE Filing ↗
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₹5 / share

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To consider and approve Standalone and Consolidated Unaudite…

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