Buy Cera Sanitaryware; target of Rs 7678: ICICI Securities

About this update from Cera Sanitaryware Limited

ICICI Securities's research report on Cera SanitarywareCera Sanitaryware (CRS) reported flat revenue YoY in Q2FY26 with faucetware segment decelerating 3.5% YoY (6 year CAGR of ~16%) on a high base, whereas sanitaryware segment growing 1.4% YoY. OPM fell 44bps YoY primarily due to gross margin falling 172bps YoY (-203bps QoQ) on adverse product mix and employee expenses increasing 58bps YoY, partly negated by lower other expenses (-185bps YoY), resulting in EBITDA decline of 3.5% YoY. Management stated retail segment demand remained muted but project segment was healthy in Q2 (39% of total revenue).OutlookManagement expects H2FY26 to improve and now guides for 7-8% revenue growth and OPM of 14.5-15% for FY26. We cut PAT by 7.2-7.6% for FY26–27E. Maintain BUY with a rolled over Sept’26E revised TP of INR 7,678.For all recommendations report, click hereDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.Cera Sanitaryware_17112025_ICICI Securities

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