Cera Sanitaryware (CRS IN) – Q4FY26 Result Update – Margins Recovery Ahead; Growth Momentum Intact – BUY
Published on 09 May 2026
We are maintaining our ‘BUY’ rating. Cera Sanitaryware (CRS) has reported double-digit revenue growth in Q4FY26 and expects similar growth in coming qtrs. In Q4FY26, EBITDA margin got contracted due to higher trade discounts, rising brass costs, However in FY27 with the price hikes company expects margin to remain stable at 14-15%. The company has taken price hikes of ~12% in sanitaryware and ~16% in faucetware segment in Q4FY26. CRS has guided for FY27 revenue growth of ~18–20%, primarily driven by ~18% growth in Faucetware, ~12% growth in Sanitaryware, along with meaningful contribution from the Senator and Polypluz brands. We are upgrading our earnings estimates by 5.5%/6.8% for FY27/FY28. We estimate revenue/EBITDA/PAT CAGR of 16.3%/20.9%/24.1% over FY26-28E. Maintained ‘BUY’ rating with a TP to INR 7,429, based on 30x Mar’28 earnings.
