Cera Sanitaryware Limited conducted a Q2 FY27 Earnings Conference Call on November 5, 2026, following the results announcement on November 4, 2026. The purpose was to discuss the company's financial and operational performance for the quarter ended September 30, 2026.

Management Participants:

  • Mr. Vikas Kothari - CFO
  • Mr. Deepak Chaudhary - VP Finance and Investor Relations

Key Financial Highlights:

  • Revenue from operations: ₹603 crore in Q2 FY27 (27.4% YoY growth from ₹473 crore in Q2 FY26)
  • H1 FY27 revenue: ₹1,089 crore (23.7% YoY growth)
  • EBITDA excluding other income: ₹73 crore in Q2 FY27 vs ₹67 crore in Q2 FY26
  • EBITDA margin: 12.2% in Q2 FY27 vs 14.2% in Q2 FY26 and 10.1% in Q1 FY27
  • Profit after tax: ₹56 crore in Q2 FY27 vs ₹57 crore in Q2 FY26
  • EPS: ₹43.52 in Q2 FY27 vs ₹43.92 in Q2 FY26

Business Performance Breakdown:

  • Revenue Mix: Sanitaryware 45%, Faucetware 43%, Tiles 10%, Wellness 2%
  • Growth Rates: Sanitaryware +24% YoY, Faucetware +38% YoY, Tiles +9% YoY, Wellness +71% YoY
  • Channel Mix: Projects 39%, Retail 61% (expected to stabilize at 40:60)
  • Volume-Price-Mix Contribution: Overall volume 16.6%, price 9.1%, mix 1.7%

Operational Updates:

  • Capacity utilization: Sanitaryware facilities at 82%
  • Faucetware production increased from 4 lakh to 5 lakh units per month
  • In-house manufacturing: Sanitaryware 41%, Faucetware 55%
  • Working capital improvement: Net working capital days reduced from 77 to 58 days YoY
  • Cash reserves: ₹897 crore as of September 30, 2026
  • Capex: H1 FY27 ₹27 crore against full-year planned outlay of ₹43 crore

Cost Environment:

  • Average gas cost: ₹47.29/cubic meter (up 40% YoY from ₹33.79)
  • Average brass cost: ₹932/kg (up 58% YoY from ₹589, up 11% QoQ from ₹837)
  • Implemented 8% price hike in faucetware effective September 1, 2026

Guidance and Outlook:

  • Confident of surpassing revenue growth target (previously guided 18%-20%)
  • Maintains full-year EBITDA margin outlook of 13%-14%
  • Expects progressive margin improvement in H2 FY27
  • No immediate plans for further price hikes
  • Reviewing sanitaryware greenfield expansion decision by Q4 FY27

Compliance Statement:

The company included standard forward-looking statement disclaimer noting that some statements may be forward-looking in nature.

Additional Notes Section

  • The document includes the full transcript of the earnings conference call
  • The call included Q&A session with analysts from 360 ONE Capital, 3A Capital Services, ICICI Direct, SKP Securities, GreenEdge Wealth, Anand Rathi, and Amsec
  • Detailed financial and operational metrics were discussed during the call