# Cera Sanitaryware share price today (Cera Sanitaryware Ltd, NSE: CERA)

> Cera Sanitaryware share price today: ₹4,663.00 at the NSE close on 3 November 2026, down 25.1% in a year. Cera Sanitaryware (NSE: CERA) is worth ₹6,014 crore, trades at a P/E of 29.1 and has closed between ₹4,406.00 and ₹6,460.00 over the past 52 weeks. > Cera Sanitaryware Ltd's P/E is near the low end of its own history, higher than only 13% of past readings, and its quarterly results are still getting worse. CERA · Ceramics/Tiles/Sanitaryware · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/cera-sanitaryware-ltd

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## Key numbers

- Business trend: Getting worse, from the last 12 quarters
- Price: ₹4,663.00 (−25.1% in a year)
- P/E: 29.1× (lower than 87% of the last 10 years)
- Revenue (Jun 2026): ₹486 Cr (+19.4% on a year ago)
- Profit (Jun 2026): ₹45.0 Cr (−4.3% on a year ago)
- Operating margin: 10.0% (−3.0 points on a year ago)
- ROCE: 19%, FY26
- ROIC: 25.7%, against a 12.0% cost of capital: +13.7 points

The main question: the P/E is near the low end of its own history, higher than only 13% of past readings, but results are getting worse. A low multiple can stay low until the quarters turn. ## What is the Cera Sanitaryware share price today? Cera Sanitaryware Ltd's share price was ₹4,663.00 at the close on 3 November 2026. It has been falling for 4 weeks. That is 16.4% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹4,406 and ₹6,460, and at that close it sat 13% of the way up from that low. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 13 weeks running. Over the last 11 years the share price moved +165% while the NIFTY 500 moved +251%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 7 August 2026. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Cera Sanitaryware this quarter? Two changes stood out: profit down on a year earlier for 4 quarters in a row and operating margin down 3 points on a year earlier. 1. Profit down on a year earlier for 4 quarters in a row In the June 2026 quarter profit was ₹45 crore, -4.3% on a year earlier. Why: The latest profit fall came because a worker pay settlement cost money, running only one kiln cut output, old project orders were closed at old prices, and price rises had not yet reached customers. Next results: check if profit recovers as project price rises start to show and brass and gas costs stay steady. From the earnings call on 8 Aug 2026. 2. Operating margin down 3 points on a year earlier 10% in the June 2026 quarter, from 13%. Why: Margin fell because worker settlement costs, running one kiln, closing old price project orders, and delayed price rises all hit in the quarter. Next results: check if margins recover as retail and project price rises flow through and brass and gas costs stay steady. From the earnings call on 8 Aug 2026. ## What are Cera Sanitaryware's latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Cera Sanitaryware reported revenue of ₹486 crore, up 19.4% from ₹407 crore a year earlier, and a profit of ₹45.0 crore, down 4.3% from ₹47.0 crore. ### Cera Sanitaryware results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹486 crore | ₹407 crore | +19.4% |
| Profit | ₹45.0 crore | ₹47.0 crore | −4.3% |
| Earnings per share | ₹35.13 | ₹36.08 | −2.6% |
| Operating margin | 10.0% | 13.0% | −3.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Cera Sanitaryware's management discussed these results on a call held on 8 August 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Cera Sanitaryware share price history? Cera Sanitaryware closed at ₹4,663.00 on 3 November 2026, down 25.1% from ₹6,226.50 a year earlier (31 October 2025) and down 15.5% over five years. Its highest weekly close since March 2016 was ₹10,420.45 on 9 August 2024. ### Cera Sanitaryware share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹4,530.00 | +2.9% |
| 1 month ago · 1 Oct 2026 | ₹5,096.50 | −8.5% |
| 6 months ago · 30 Apr 2026 | ₹5,252.60 | −11.2% |
| 1 year ago · 31 Oct 2025 | ₹6,226.50 | −25.1% |
| 3 years ago · 3 Nov 2023 | ₹8,336.25 | −44.1% |
| 5 years ago · 4 Nov 2021 | ₹5,517.20 | −15.5% |
| 10 years ago · 4 Nov 2016 | ₹2,718.90 | +71.5% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹1,762.05 | +164.6% |
| Highest weekly close since March 2016 · 9 Aug 2024 | ₹10,420.45 | −55.3% |
| Lowest weekly close since March 2016 · 8 Apr 2016 | ₹1,760.30 | +164.9% |
| 52-week high (weekly close) · 3 Jul 2026 | ₹6,460.00 | −27.8% |
| 52-week low (weekly close) · 30 Oct 2026 | ₹4,406.00 | +5.8% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (560 weekly closes from 11 March 2016 to 3 November 2026.)

## What is the latest news on Cera Sanitaryware? 3 Nov 2026: Cera Sanitaryware closed at ₹4,663.00, up 2.9% on the week and down 8.5% on the month. 8 Aug 2026: Cera Sanitaryware held its results call for April to June 2026. Management guided: FY27 revenue growth 18% to 20%. ### Earlier

- 7 Jul 2026: ex-date for a dividend of ₹75 a share. - Results for April to June 2026: Revenue up 19.4% and profit down 4.3% on a year earlier. - Our read, 27 Jun 2026: The business itself is intact: EPS compounded at a 17% annual rate from FY21 to FY25, faucetware is constrained at 106% utilization, and January to March 2026 showed the first clear margin recovery to 15.2%. ### Our read of the business

The business itself is intact: EPS compounded at a 17% annual rate from FY21 to FY25, faucetware is constrained at 106% utilization, and January to March 2026 showed the first clear margin recovery to 15.2%. January to March 2026: Margin recovery landed, 15.2% operating profit from Q3 trough of 10.2%; faucetware +24.3% at 106% utilization. (Our read after the January to March 2026 results, written 27 June 2026. The April to June 2026 results are out since, so this part may be out of date until we update it.)

## What dividend does Cera Sanitaryware pay? Cera Sanitaryware paid ₹75 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 1.61% at the ₹4,663.00 close on 3 November 2026. The last was a dividend of ₹75 a share, ex-date 7 July 2026. ### Cera Sanitaryware dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 7 Jul 2026 | ₹75 | Dividend |
| 1 Jul 2025 | ₹65 | Dividend |
| 25 Jun 2024 | ₹60 | Dividend |
| 20 Jun 2023 | ₹50 | Dividend |
| 13 Jun 2022 | ₹35 | Dividend + Special |
| 16 Jul 2021 | ₹13 | Dividend |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Cera Sanitaryware Ltd paid out 47% of its profit as dividends in FY26, and it paid a dividend in each of its last 12 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Cera Sanitaryware management say on the latest results call? On the call for April to June 2026, held on 8 August 2026, Cera Sanitaryware's management guided: FY27 revenue growth 18% to 20%. > “For the whole year, we are confident that we will deliver the margins we discussed earlier, of 13.5% to 14%.”
> Vikas Kothari, on the call for April to June 2026

### What management guided

- FY27 operating margin 13.5% to 14%, with absolute operating profit adjusted for lower turnover presentation. - Retail price increases to flow through from July and project pricing after Q2. - FY27 staff costs around ₹300 crore, including total wage-settlement P&L impact of ₹18.3 crore. - FY27 capital spending ₹43 crore and brand-building budget ₹85 crore; A&P can rise if required. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/4434/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 8 August 2026.)

## What is the future of Cera Sanitaryware? What is changing in the business? What is changing at Cera Sanitaryware, from the latest results and calls: faucetware demand ramp and capacity relief, margin recovery via price hikes and discount normalisation and morbi disruption creates organised-player share-capture window. - Faucetware demand ramp and capacity relief. Faucetware at 106% utilization with ₹4-5 crore debottlenecking expanding capacity by 16% to 5 lakh pieces per month by January to March 2027. ✓ fact
- Margin recovery via price hikes and discount normalisation. Cumulative 12% sanitaryware and 16% faucetware price hikes implemented March-April, recovering most of a 30% brass cost increase; January to March 2026 margins recovered to 15.2% from Q3's 10.2%. ✓ fact
- Morbi disruption creates organised-player share-capture window. Gas supply shocks disabled Morbi-based unorganised manufacturers for 2-3 quarters; Cera's GAIL-backed supply and finished-goods inventory buffer enabled market share capture. ✓ fact
- Senator and PolyPlus brand scale-up. Senator and PolyPlus aiming for ₹70-80 crore combined FY27 revenue (vs ₹19 crore FY26), with Senator break-even in FY28. ✓ fact

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the January to March 2026 results, written 27 June 2026. The April to June 2026 results are out since, so this part may be out of date until we update it.)

## What could change the Cera Sanitaryware story? What are the risks? If operating margin in Q1 or July to September 2026 falls back below 13% despite the full-quarter benefit of the March-April price hikes, that invalidates the recovery thesis and suggests pricing power is insufficient against structural competitive discount pressure. ### Each change stops working if

- Faucetware demand ramp and capacity relief: Brass prices surge further beyond the 29-30% already absorbed, requiring another pricing round that triggers dealer pushback and volume deceleration before the January to March 2027 capacity expansion lands. - Margin recovery via price hikes and discount normalisation: Retail demand cools in Q1-July to September 2026 (post-monsoon seasonality), forcing dealers back to high-discount tactics to clear channel inventory before the project pricing cascade fully takes effect. - Morbi disruption creates organised-player share-capture window: Morbi capacity fully restores and gas prices normalise by July to September 2026, ending the supply advantage and reversing any volume gained from disrupted competitors. - Senator and PolyPlus brand scale-up: Senator revenue tracks below ₹40 crore in FY27 (below the current FY27 guidance of ₹40-45 crore), which would be the third consecutive major downgrade and would signal the premium brand model has structural distribution or positioning problems. ### The main risks

- Management execution gap on new brands: Four guidance misses in three concalls on Senator/PolyPlus revenue, margin goals, store rollout and dealer network, a pattern that caps management credibility for FY27 delivery. ⚠ estimate
- Morbi outsourcing dependency and tile segment vulnerability: 60% of sanitaryware and 46% of faucetware sourced from Morbi; tiles fully outsourced, near-term advantage from disruptions could reverse if Morbi recovers faster than expected. ⚠ estimate

(Our read after the January to March 2026 results, written 27 June 2026. The April to June 2026 results are out since, so this part may be out of date until we update it.)

## What to watch in Cera Sanitaryware's next results? When Cera Sanitaryware reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Q2 profitability: check whether residual old-project pricing drag eases as revised contracts begin contributing. - What to check (from the call)
- Q2 profitability: check whether residual old-project pricing drag eases as revised contracts begin contributing. - Gross-margin recovery: test brass and gas stability alongside retail and project price pass-through. - Faucetware availability: confirm brownfield expansion timing and supply resilience before added capacity arrives. - Senator and Polyplus execution: monitor rollout momentum through the leadership transition and long-term brand spending. ## Which stock lists is Cera Sanitaryware on? Cera Sanitaryware is on 2 of our India lists: 52 week high & low and Dividend stocks. - [52 week high & low 52-week position: At 52-week low](https://www.sectoralpha.in/52-week-high-stocks-india)
- [Dividend stocks Regular dividend yield (%): 1.67](https://www.sectoralpha.in/dividend-stocks-india)

## Is Cera Sanitaryware profitable? Cera Sanitaryware Ltd earned ₹45.0 Cr of net profit in the Jun 2026 quarter, −4.3% on the same quarter a year earlier. Full-year FY26 profit was ₹204 Cr. Over 10 years profit has grown 9.4% a year on average. That is 9.3% of the quarter's revenue. The same quarter a year earlier earned ₹47.0 Cr. For the full year, FY26 profit was ₹204 Cr (−17.1% on the year before). Why profit moved: revenue changed +19.4% on a year earlier and the margin moved −3.0 percentage points. Sales did the work while the margin got thinner. On average over the last four quarters, profit changed −19.7% and revenue +9.5%. Profit is growing slower than sales: rising costs are taking part of the growth. FY26-Q4. revenue ₹624 Cr and profit ₹77 Cr as reported. FY27-Q1. revenue ₹486 Cr and profit ₹45 Cr as reported. Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters. ## How much revenue does Cera Sanitaryware make, and is it growing? Cera Sanitaryware Ltd reported ₹486 Cr of revenue in the Jun 2026 quarter, +19.4% on the same quarter a year earlier. That is the 3rd quarter in a row with growth on the year before. Over 10 years it has grown 8.4% a year on average. The last full year, FY26, came in at ₹2,050 Cr. Why this happened. Geopolitical disruptions from February 2026 cut gas supply to Morbi cluster, severely constraining unorganised sanitaryware manufacturers who lack long-term gas supply arrangements. Cera, sourcing 64% of gas from GAIL at a subsidised Rs 35.55 per cubic metre (C027), maintained production continuity. The Rs 303 crore finished-goods inventory accumulated by March (C019) provided 2-3 months of customer supply runway while Morbi operations gradually reopened. Management characterised this as an opportunity for integrated manufacturers, the 60% of sanitaryware currently outsourced to Morbi (C028) is a medium-term vulnerability, but in the disruption window it created a demand-pull advantage for…

The last four reported quarters add to ₹2,097 Cr. FY26 revenue was ₹2,050 Cr, +7.0% on the year before. Recent pace: the last four quarters grew +9.5% on average, against 8.4% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +9.0%, against +6.7% a year over the last 8 quarters (stabilising); profit over the last 12 months grew −17.8%, against −6.1% a year (rolling over). FY26-Q4. revenue ₹624 Cr and profit ₹77 Cr as reported. FY27-Q1. revenue ₹486 Cr and profit ₹45 Cr as reported. Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does Cera Sanitaryware keep? Cera Sanitaryware Ltd's operating margin was 10.0% in the Jun 2026 quarter, 3.0 percentage points lower than the same quarter a year ago. Across 12 years it has been between 12.0% and 17.0%. The latest quarter is below every full year in that period. Why this happened. Q4 FY26 EBITDA at 15.2% (C005) versus Q3's 10.2% (C006) represents a 500-basis-point sequential recovery in one quarter, driven by the March-April price hike flow-through to retail and initial inventory drawdown. The remaining recovery lever is trade discount normalisation, management described this as a gradual journey dependent on sustained demand, and the project pricing cascade, where March price hikes reach project customers only after a 5-6 month lag beginning Q2 FY27. If both levers execute, FY27 EBITDA guidance of 14-15% (C008) is achievable with operating leverage on 18-20% revenue growth (C007). Why the margin moved: operating margin changed −2.9 percentage points on the year while gross margin changed −5.5 points. So the drop came mostly from the gross margin, which means input costs and prices charged. FY26-Q4. revenue ₹624 Cr and profit ₹77 Cr as reported. FY27-Q1. revenue ₹486 Cr and profit ₹45 Cr as reported. Why-sources: our stock research file (27 June 2026) and the company’s own results for those quarters. ## Is Cera Sanitaryware's profit turning into cash? Over the last 3 years, 81% of Cera Sanitaryware Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹212 Cr of operating cash against ₹204 Cr of profit. After ₹27.0 Cr of spending on assets, ₹185 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 81% of profit came in as cash: the cash cycle got 33 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets. ## Where does Cera Sanitaryware's cash go? Cera Sanitaryware Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 111 days in FY26, up from 78 days in FY21. It spent ₹154 Cr on assets over the last 3 years. Customers take 49 days to pay, and stock sits for 139 days on average. Why this happened. Faucetware contributed 43% of Q4 FY26 revenue and grew 24.3% year-on-year, making it the highest-growth segment. At 106% utilization (C010), the constraint is supply, not demand. Volume guidance for FY27 is 10-12% growth with 8% price realisation (C007), and the capacity addition removes the binding constraint. This driver has 3 quarters of clear visibility. At FY26 sales of ₹2,050 Cr, each day of that cycle ties up about ₹5.6 Cr, so roughly ₹623 Cr is tied up in the business at any time. FY26: customers took 49 days to pay and stock sat for 139 days, about 4.6 months of sales sitting as stock, for a full cycle of 111 days, longer than FY21's 78. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 139 days. Customers pay about 49 days after that. Suppliers are paid at 77 days. Together that makes the 111-day cycle. Spending on assets: ₹154 Cr over the last 3 years, against ₹112 Cr of depreciation (the yearly wear and tear on existing assets). So it is building a little beyond replacing what wears out. Work still in progress is ₹7.0 Cr (FY26): assets paid for that are not earning yet. In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean. ## What is Cera Sanitaryware's P/E ratio, and how does it compare with its own history? Cera Sanitaryware Ltd's P/E is 29.1×, near the low end of its own history: it has been lower only 13% of the time. Its usual P/E (the middle reading) is 36.7×, over 10 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹157.37. Why the multiple is where it is: over the past year earnings per share moved −17.2% while the price moved −25.1%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved −3.3% a year; about +10.4% a year came from earnings growth and about −13.7 percentage points from the multiple (the market paying less); over 10 years the price moved +5.5% a year; about +7.8% a year came from earnings growth and about −2.3 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Cera Sanitaryware business getting better or worse? Cera Sanitaryware Ltd's business is getting worse. Profit and EPS growth are shrinking: profit growth is −17.8% in the latest quarter, against +24.6% at its best in 12 quarters, with ROCE falling at 17.9%. This is based on 12 quarters of 4 measures. Why it matters: falling lines mean any ratio below that looks low should be read with that direction in mind. ## What is the Cera Sanitaryware story, and has it been checked? Cera Sanitaryware Ltd's story is not scored yet against the checks our research set on 27 June 2026. Where it sits in its own cycle: Not stated in the research file. Our read, 27 June 2026. From the numbers. Critically, the earnings have NOT compressed, EPS grew from Rs 77 in FY21 to Rs 191 in…

From the price. Price stage 4, week 4, below its 200-day line, relative strength falling. From the research. Where they disagree. Critically, the earnings have NOT compressed, EPS grew from Rs 77 in FY21 to Rs 191 in FY25, compounding at 17% per year. This is a mid-journey setup in…

What is proven. What is not proven yet. If EBITDA margin in Q1 or Q2 FY27 falls back below 13% despite the full-quarter benefit of the March-April price hikes, that invalidates the recovery thesis and suggests pricing power is insufficient against structural competitive discount pressure. Separately, if FII ownership continues declining below 12% over the next two quarters while promoter stake remains flat, the signal is that the earnings recovery timeline is materially longer than the 4-6 quarter window priced here. What would change our mind. If EBITDA margin in Q1 or Q2 FY27 falls back below 13% despite the full-quarter benefit of the March-April price hikes, that invalidates the recovery thesis and suggests pricing power is insufficient against structural competitive discount pressure. Separately, if FII ownership continues declining below 12% over the next two quarters while promoter stake remains flat, the signal is that the earnings recovery timeline is materially longer than the 4-6 quarter window priced here. The test written in advance. Management execution gap on new brands. Measured by: Management execution gap on new brands by the next result. The test written in advance. Brass and input cost re-escalation. Measured by: Brass and input cost re-escalation by the next result. What the surface reading misses. Lever 15 · Market-share gains: building. Gas supply shocks disabled Morbi-based unorganised manufacturers for 2-3 quarters; Cera's GAIL-backed supply and finished-goods inventory buffer enabled market share capture. What proves it keeps working: Morbi disruption creates organised-player share-capture window. It stops working if Morbi capacity fully restores and gas prices normalise by Q2 FY27, ending the supply advantage and reversing any volume gained from disrupted competitors. Sources: our stock research file (27 June 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Cera Sanitaryware management deliver what it promised? What Cera Sanitaryware Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Senator Store Rollout Goal Reset · 8 August 2026. The May 2026 call said 40 Senator flagship stores were operational and planned 60 stores by the next financial year, while the latest call describes a 35-store base and a goal of only around 50 by the end of the current year. This also conflicts with the November 2025 goal of 45 to 50 stores by March 2026, representing a material reduction in both the reported store base and the forward goal without explanation. EBITDA Margin Outlook Lowered · 8 August 2026. In May 2026, management indicated that EBITDA margins could be sustained at around 14% to 15%, whereas the latest call provides a 13.5% to 14% FY27 margin range. The latest call explains the Q1 margin weakness through one-time factors and references the accounting presentation change, but does not reconcile the lower full-year outlook with the prior 14% to 15% range. Senator and PolyPlus Revenue Goals Severely Missed and FY27 Guidance Silently Halved · 9 May 2026. In the Nov 2025 call, management guided Rs. 40-45 crores from Senator and PolyPlus combined for H2 FY26 alone and separately confirmed an FY27 combined revenue goal of Rs. 150 crores. The May 2026 call reveals actual FY26 full-year combined revenue of only approximately Rs. 19 crores, less than half the H2-alone guidance, while the FY27 goal has been quietly reduced to Rs. 70-80 crores with no explanation offered for either the severe miss or the materially lower forward outlook. EBITDA Margin Guidance Reduced from 15-17% Holy Grail to 14-15% · 9 May 2026. In the Aug 2025 call, management explicitly described a 15-17% EBITDA margin as a holy grail to be maintained for the next two to three years, framing it as a durable structural goal. By May 2026, the guidance range has been quietly lowered to 14-15%, dropping both the lower and upper ends of that original commitment, with Q3 FY26 actual margins having deteriorated to 10.2% in the interim. No explanation was provided for why the originally stated multi-year goal range is no longer considered achievable. Every quote above is taken word for word from the company’s own earnings calls. ## How much does Cera Sanitaryware earn on its capital? Cera Sanitaryware Ltd earned a ROCE of 19% in FY26. That is up from a low of 16% in FY21. Its return on capital used (ROIC) is 13.7 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 10.0% net margin and 1.05× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 10.0% net margin × 1.05× asset turnover × 1.33× leverage (assets divided by equity) ≈ 14.0% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 25.7% − 12.0% = +13.7 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. ## Does Cera Sanitaryware have too much debt? Cera Sanitaryware Ltd has total debt of ₹47.0 Cr against shareholder equity of ₹1,472 Cr as of Jun 2026, so its debt is 0.03× its equity, which is very little. Year by year, that ratio went from 0.04 in FY22 to 0.03 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Cera Sanitaryware shareholding pattern? Domestic institutions raised their stake in Cera Sanitaryware Ltd by 8.1 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 14.2% of the company. Foreign institutions moved −7.3 points over the same period, to 15.6%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: +8.1 points over 8 quarters, to 14.2%; Foreign institutions: −7.3 points over 8 quarters, to 15.6%; Promoters: +0.0 points over 8 quarters, to 54.4%. Why the owners changed: foreign institutions moved −7.3 points and domestic institutions +8.1 points over 8 quarters, while promoters stayed about the same. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is Cera Sanitaryware from balance-sheet trouble? For Cera Sanitaryware Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Cera Sanitaryware rank in its industry? 41.6 out of 100, rank 3 of 6 in Ceramics/Tiles/Sanitaryware, with 78% of the evidence available. Cera Sanitaryware Ltd scores 41.6 out of 100 against the 6 companies it is compared with in Ceramics/Tiles/Sanitaryware, ranking 3. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 7 + 18.1 + 7 + 9.5 = 41.6. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Cera Sanitaryware compared with? Cera Sanitaryware ranks 3 of 6 Ceramics/Tiles/Sanitaryware companies on the 4-Factor Sector Score, with 41.6 out of 100. 1. [Kajaria Ceramics Ltd](https://www.sectoralpha.in/stocks/kajaria-ceramics-ltd) KAJARIACER · losing its lead · Most evidence points up · 97% evidence 79.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.1/35 · Revenue 14.4% · Profit 65.3% · Operating margin change 2 points · 100% evidence Capital efficiency 23.5/25 · ROCE 23.4% · Operating margin 20% · 100% evidence Valuation 11.0/20 · P/E 27.5× · PEG 2 · 85% evidence Relative strength 19.4/20 · Lead over its industry 13% · Lead over NIFTY 500 5.9% · 1 year -8.1% · 100% evidence · 7 of 12 weeks ahead Exact sum: 25.1 + 23.5 + 11 + 19.4 = 79 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Somany Ceramics Ltd](https://www.sectoralpha.in/stocks/somany-ceramics-ltd) SOMANYCERA · breaking out · Evidence leans up · 60% evidence 61.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.4/35 · Revenue 9.3% · Profit 88.7% · Operating margin change 4 points · 83% evidence Capital efficiency 14.7/25 · ROCE 12.8% · Operating margin 12% · 76% evidence Valuation 12.9/20 · P/E 20.3× · PEG n/a · 35% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 20.4% · 1 year 18.5% · 25% evidence · 11 of 12 weeks ahead Exact sum: 21.4 + 14.7 + 12.9 + 12.5 = 61.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. Cera Sanitaryware Ltd this page CERA · quiet · Evidence leans down · 78% evidence 41.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 7.0/35 · Revenue 9% · Profit -17.8% · Operating margin change -3 points · 88% evidence Capital efficiency 18.1/25 · ROCE 19.2% · Operating margin 10% · 100% evidence Valuation 7.0/20 · P/E 27.5× · PEG 4.05 · 85% evidence Relative strength 9.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -14.8% · 1 year -29.2% · 25% evidence · 0 of 12 weeks ahead Exact sum: 7 + 18.1 + 7 + 9.5 = 41.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Asian Granito India Ltd](https://www.sectoralpha.in/stocks/asian-granito-india-ltd) ASIANTILES · quiet · Evidence leans down · 75% evidence 37.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.5/35 · Revenue 17.3% · Profit 100% · Operating margin change -0.2 points · 83% evidence Capital efficiency 4.1/25 · ROCE 2.9% · Operating margin 6.2% · 76% evidence Valuation 7.3/20 · P/E 104× · PEG n/a · 35% evidence Relative strength 4.8/20 · Lead over its industry -15.8% · Lead over NIFTY 500 -20.5% · 1 year -27.7% · 100% evidence · 1 of 12 weeks ahead Exact sum: 21.5 + 4.1 + 7.3 + 4.8 = 37.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Nitco Ltd](https://www.sectoralpha.in/stocks/nitco-ltd) NITCO · quiet · Evidence leans down · 76% evidence 37.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.8/35 · Revenue 28.6% · Profit 95.5% · Operating margin change -40 points · 88% evidence Capital efficiency 3.1/25 · ROCE 7.2% · Operating margin -7% · 100% evidence Valuation 10.0/20 · P/E n/a · PEG n/a · 0% evidence Relative strength 1.3/20 · Lead over its industry -10.6% · Lead over NIFTY 500 -16.4% · 1 year -34.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 22.8 + 3.1 + 10 + 1.3 = 37.2 · What this means: Earnings are strong; relative strength in its sector is -10.6% and the one-year return is -34.1%. 6. [Hindware Home Innovation Ltd](https://www.sectoralpha.in/stocks/hindware-home-innovation-ltd) HINDWAREAP · basing · Most evidence points down · 68% evidence 34.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.6/35 · Revenue 6.1% · Profit 93.8% · Operating margin change -1.2 points · 65% evidence Capital efficiency 5.4/25 · ROCE 7.1% · Operating margin 8% · 100% evidence Valuation 10.0/20 · P/E n/a · PEG n/a · 0% evidence Relative strength 3.9/20 · Lead over its industry -18.5% · Lead over NIFTY 500 -23.4% · 1 year -55% · 100% evidence · 0 of 12 weeks ahead Exact sum: 15.6 + 5.4 + 10 + 3.9 = 34.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Ceramics/Tiles/Sanitaryware](https://www.sectoralpha.in/sectors/ceramics-tiles-sanitaryware), all 6 compared on one page. ## Which companies are close to Cera Sanitaryware in size? Cera Sanitaryware is the 2nd largest of 6 Ceramics/Tiles/Sanitaryware companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Kajaria Ceramics. Just below it: Somany Ceramics, Nitco, Hindware Home Innovation and Asian Granito India. ### Ceramics/Tiles/Sanitaryware companies close in size

1. [Kajaria Ceramics Ltd](https://www.sectoralpha.in/stocks/kajaria-ceramics-ltd) ₹17,430 crore
2. Cera Sanitaryware Ltd ₹5,683 crore
3. [Somany Ceramics Ltd](https://www.sectoralpha.in/stocks/somany-ceramics-ltd) ₹2,227 crore
4. [Nitco Ltd](https://www.sectoralpha.in/stocks/nitco-ltd) ₹1,741 crore
5. [Hindware Home Innovation Ltd](https://www.sectoralpha.in/stocks/hindware-home-innovation-ltd) ₹1,392 crore
6. [Asian Granito India Ltd](https://www.sectoralpha.in/stocks/asian-granito-india-ltd) ₹1,360 crore

[All 6 Ceramics/Tiles/Sanitaryware companies, largest first](https://www.sectoralpha.in/sectors/ceramics-tiles-sanitaryware#all-companies)

### Companies close in size in other industries

1. [Borosil Renewables Ltd](https://www.sectoralpha.in/stocks/borosil-renewables-ltd) ₹5,691 crore · Glass & Glass Products
2. [Nirlon Ltd](https://www.sectoralpha.in/stocks/nirlon-ltd) ₹5,689 crore · Realty - Commercial
3. Cera Sanitaryware Ltd ₹5,683 crore
4. [Rentomojo Ltd](https://www.sectoralpha.in/stocks/rentomojo-ltd) ₹5,645 crore
5. [Fineotex Chemical Ltd](https://www.sectoralpha.in/stocks/fineotex-chemical-ltd) ₹5,635 crore · Speciality Chemicals

## What else do people ask about Cera Sanitaryware? ### What is Cera Sanitaryware's share price today? Cera Sanitaryware Ltd's share price is ₹4,663.00, −25.1% over the past year. The whole company is worth ₹6,014 Cr on the market. In the last 52 weeks it traded between ₹4,406 to ₹6,460; today it is 13% of the way up from the low, 16.4% below its 200-day average (as of 3 November 2026). ### What were Cera Sanitaryware's latest quarterly results? Cera Sanitaryware Ltd reported revenue of ₹486 Cr and net profit of ₹45.0 Cr for the Jun 2026 quarter. Revenue rose 19.4% and profit fell 4.3% compared with a year earlier. Earnings per share were ₹35.13. The operating margin was 10.0%, 3.0 percentage points lower than a year earlier (as of 3 November 2026). ### What is Cera Sanitaryware's market cap? Cera Sanitaryware Ltd's market capitalisation is ₹6,014 Cr at a share price of ₹4,663.00. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Cera Sanitaryware performing? Cera Sanitaryware Ltd's share price has been falling for 4 weeks. In its latest quarter, revenue rose 19.4% and profit fell 4.3% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 13 weeks running (as of 3 November 2026). ### Will Cera Sanitaryware's share price go up? This page does not forecast Cera Sanitaryware Ltd's share price. What it shows instead: the share price is ₹4,663.00, and it has been falling for 4 weeks. Its P/E of 29.1× is higher than 13% of its own last 10 years (as of 3 November 2026). ### Where is Cera Sanitaryware in its business cycle? Cera Sanitaryware Ltd's FY26 operating margin was 13.0%, against a 12-year range of 12.0% to 17.0%: the low end of its own range, which is often where recoveries start. The latest quarter was 10.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Cera Sanitaryware story? The main question: the P/E is near the low end of its own history, higher than only 13% of past readings, but results are getting worse. A low multiple can stay low until the quarters turn. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Cera Sanitaryware a stock worth studying right now? What the numbers show: Cera Sanitaryware Ltd's P/E is near the low end of its own history, higher than only 13% of past readings, and its quarterly results are still getting worse. The main open question: whether results start to improve. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Cera Sanitaryware share price forecast for 2026? What management itself guided: FY27 revenue growth 18% to 20%. What is changing at Cera Sanitaryware, from the latest results and calls: faucetware demand ramp and capacity relief, margin recovery via price hikes and discount normalisation and morbi disruption creates organised-player share-capture window. What would change the story: If operating margin in Q1 or July to September 2026 falls back below 13% despite the full-quarter benefit of the March-April price hikes, that invalidates the recovery thesis and suggests pricing power is insufficient against structural competitive discount pressure. ## Lists

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