Key Metrics of Cera Sanitaryware Limited
About Cera Sanitaryware Limited
Sectors
Company details
- Website
- cera-india.com
- Registered office
- 9 Gidc Industrial Estate Kadi, Mehsana, In-gj, 382715
- Listed
- NSE: CERA · ₹4,663.00
Operational Areas of Cera Sanitaryware Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 07 Sep 2026 | CARE | Other | — | — | — | — | View |
| 26 Aug 2025 | CARE | Reaffirmed | AA | A1+ | Stable | ₹100 Cr | View |
| 13 Aug 2024 | CARE | Reaffirmed | AA | A1+ | Stable | ₹100 Cr | View |
| 26 Sep 2023 | CARE | Reaffirmed | AA | A1+ | Stable | ₹100 Cr | View |
| 02 Sep 2022 | CARE | Reaffirmed | AA | A1+ | Stable | ₹200 Cr | View |
| 23 Aug 2021 | CARE | Reaffirmed | AA | A1+ | Stable | ₹100 Cr | View |
| 27 Aug 2020 | CARE | Reaffirmed | AA | A1+ | Stable | ₹134 Cr | View |
| 05 Aug 2019 | CARE | Reaffirmed | AA | A1+ | Stable | ₹82.0 Cr | View |
Credit strengths (CARE, Sep 2026)
+ Strong brand positioning of ‘CERA’ in the sanitaryware segment and extensive distribution network
CSL has established presence in the sanitaryware industry through its brand, ‘CERA’, and is positioned among the largest players in the organised domestic sanitaryware industry. CSL largely caters to mass and mid premium segment and has a pan-India marketing and distribution network consisting of over 7,000 dealers and over 29,000 retailers in addition to direct institutional sales to real estate and construction companies. Its revenue mix is well-diversified, with ~33% revenue contribution from
+ Diversified product portfolio with beneficial mix of own and outsourced manufacturing
CSL expanded its product offering to include sanitaryware and fittings, bath accessories, kitchen sinks, mirrors, and tiles, to establish the brand “CERA” as a one stop solution for all household lifestyle products. CSL has an established presence in the sanitaryware industry while its market share in the faucetware industry is also increasing gradually. Apart from sanitaryware segment contributing ~48% of sales in FY26, CSL also expanded its presence in faucetware (41% of revenue), tiles (10% o
+ Demand recovery supported revenue growth, while margins faced cost pressures amidst high competition
Following subdued demand conditions from FY24-FY25, CSL witnessed recovery in demand particularly towards H2FY26, resulting in revenue growth of 8% y-o-y to ₹2,036 crore in FY26 (FY25: ₹1,880 crore). The recovery was supported by demand from retail segment and sustained traction in the project segment. The growth momentum continued in Q1FY27, with revenue increasing by 19.50% y-o-y to ₹486 crore (Q1FY25: ₹407 crore), driven by healthy volume growth across key product categories. Revenue
+ Strong financial risk profile
CSL’s financial risk profile continued to remain strong with net worth base of ₹1,472 crore as on March 31, 2026, and very low outstanding debt leading to comfortable capital structure marked by an overall gearing and TOL/TNW of 0.03x (PY: 0.05x) and 0.30x (PY: 0.33x) respectively as on even date. Debt coverage indicators also stood comfortable with PBILDT interest coverage of 39.50x and total debt to gross cash accruals (TD/GCA) of 0.19x in FY26. CareEdge Ratings expects CSL’s overall gearing t
Credit challenges
− Working capital intensive operations, despite lower reliance on external borrowings
CSL’s gross operating cycle (debtors + inventory) increased to ~150 days in FY25 and ~146 days in FY26 from ~135 days in FY23, primarily driven by elongation in receivable days from 35 days in FY23 to 48 days in FY26. Inventory levels remained elevated at ~100-105 days due to its extensive product launches leading to multiple product SKUs, focus on design differentiation and maintaining adequate stock to support its B2C market presence amidst stable pricings. Management indicated a ~12-15-day y-
− Linkages to cyclical real estate sector and presence in a competitive building product industry
Demand for CSL’s products is linked to the cyclical real estate sector and replacement demand from end-users. The sector witnessed good momentum in the recent past driven by new project launches across regions, government initiatives and high replacement demand. However, the building material industry has been witnessing subdued demand in past eight quarters, with gradual recovery in demand from H2FY26 onwards. Increasing urbanisation with the government’s plan to develop at least 100
Could lead to an upgrade
• Significant increase in its scale of operations with total operating income (TOI) at a compounded annual growth rate (CAGR) of 20%, leading to significant increase in its market share, while sustaining its operating margin above 16%, and comfortable leverage and strong
Could lead to a downgrade
• Decline in TOI and profit before interest, lease rentals, depreciation and taxation (PBILDT) margin below ₹1,200 crore and 12% respectively on a sustained basis. • Elongation in operating cycle above 140 days impacting cash flow from operations on a sustained basis. • Large debt-funded capex/ acquisition or significant stretch in working capital requirement leading to increase in total outside liabilities to tangible net worth (TOL/TNW; net of cash and liquid investments) beyond 0.50x.
Agency-reported financials (CARE, 07 Sep 2026)
| Metric | March 31, 2025 | March 31, 2026 |
|---|---|---|
| Total operating income | ₹2,036 Cr | ₹486 Cr |
| PBILDT* | ₹255 Cr | ₹49.00 Cr |
| PAT | ₹204 Cr | ₹45.00 Cr |
| Overall gearing (times) | 0.03× | — |
| Interest coverage (times) | 39.50× | 38.80× |
| Revenue growth (YoY) | — | −76.1% |
| PAT margin | 10.0% | 9.3% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹56.0 Cr | — | AA (Stable) | Reaffirmed | CARE |
| Long-term Short-term bank facilities | Working capital & bank lines | — | ₹44.0 Cr | — | AA / A1+ (Stable) | Reaffirmed | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹44.0 Cr | CARE AA; Stable / CARE A1+ |
| Cash Credit | ₹56.0 Cr | CARE AA; Stable |
| Term Loan | — | Withdrawn |
Lenders
| Fund-based - LT | Cash Credit | HDFC Bank Ltd. |
| Fund-based - LT | Cash Credit | Kotak Mahindra Bank Ltd. |
| Fund-based - LT | Cash Credit | State Bank of India |
| Non-fund-based - LT/ ST | BG/LC | Kotak Mahindra Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | State Bank of India |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 73% |
| Information on file | 89% · missing: Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 57% chance the next rating action is stable or better
- Interest coverage 38.8×
- Working-capital limits 17% utilised on average
Rated limits by facility
Timeline
From the report
Liquidity: Strong CSL’s liquidity remained strong supported by healthy cash accruals, nil debt repayment obligations and presence of unencumber ed cash and bank balances/ liquid investments of around ₹943 crore as on June 30, 2026 , despite dividend pay -outs on a year-on- year basis.
From the report
Average working capital limit utilisation at ~17% for 12 months ended June 2026.
From the report
CareEdge Ratings notes that, subject to a review of market conditions towards the end of FY27, CSL may undertake a greenfield sanitaryware manufacturing expansion at an estimated cost of ~₹150 crore.
From the report
Following a review of market conditions in H2FY26, CSL may proceed with the capex, which carries a gestation period of 18 to 24 months and shall be executed at a revised estimated cost of ₹150 crore, to be funded out of internal accruals and surplus liquidity available.
From the report
Average working capital limit utilisation at ~21% for the trailing 12 months ended June 2025.
From the report
To further expand its business, CSL is undertaking a capacity expansion project comprising a greenfield sanitaryware project at a cost of around ₹130 crore to be completed over 18 months from ‘zero date’.
From the report
Liquidity: Strong CSL’s liquidity remained strong in FY24 marked by strong cash accruals against very minimal debt repayment obligations and presence of unencumbered cash and bank balances/ liquid investments to the tune of around ₹803 crore as on March 31, 2024 (₹656 crore as on March 31, 2024) apart from large unutilised fund based working capital limits .
From the report
Additionally, with its average working capital limit utilisation at around 18% for the trailing 12 months ended May 2024, its unutilised bank lines are more than adequate to meet its incremental working capit al needs over the next one year.
From the report
To further expand it s business, CSL has planned to undertake a capacity expansion project comprising a greenfield sanitaryware project at a cost of around ₹129 crore to be completed over a period of 24 months from ‘zero date’, and a brownfield expansion of its faucetware capa city entailing a cost of ₹69 crore, which is expected to be completed by Q4FY24.
From the report
Liquidity: Strong CSL’s liquidity remained strong during FY23 marked by strong cash accruals against low debt repayment obligations and presence of unencumbered cash and bank balance/ liquid investments to the tune of around ₹656 crore as on March 31, 2023, which further increased to ₹755 crore as on June 30, 2023.
From the report
Additionally, with its average working capital limit utilisation at around 22% for the trailing 12 months ended May 2023, its unutilised bank lines are more than adequate to meet its incremental working capital needs over the next one year.
From the report
To further expand its business, CSL has planned to undertake a capacity expansion project comprising of a greenfield sanitaryware project at a cost of around ₹129 crore to be completed over a period of 24 months from ‘zero date’, and a brownfield expansion of its faucetware capacity entailing a cost of ₹69 crore which is expected to be completed by Q1FY24.
From the report
Liquidity: Strong CSL’s liquidity remained strong and improved further during FY22 marked by strong internal accruals against low debt repayment obligations and presence of unencumbered cash and bank balance/liquid investments to the tune of around ₹541 crore as on March 31, 2022.
From the report
Furthermore, with its average working capital limit utilisation at around 15% for the trailing 12 months ended May 2022, its unutilised bank lines are more than adequate to meet its incremental working capital needs over the next one year.
From the report
Liquidity: Strong CSL’s liquidity remained strong and improved further during FY21 marked by strong internal accruals against low debt repayment obligations and presence of unencumbered cash and bank balance/liquid investments to the tune of around Rs.470 crore as on July 31, 2021.
From the report
Furthermore, with its average working capital limit utilization at around 16% for the trailing 12 months ended July 2021, its unutilized bank lines are more than adequate to meet its incremental working capital needs over the next one year.
From the report
Liquidity: Strong CSL’s liquidity remained comfortable as marked by strong accruals against low repayment obligations and presence of unencumbered cash & bank balance/liquid investments to the tune of Rs.236.36 crore as on June 30, 2020.
From the report
Further, with its average working capital utilization being low at around 19% for the trailing 12 months ended June 2020, its unutilised bank lines are more than adequate to meet its incremental working capital needs over the next one year.
From the report
Liquidity analysis: CSL’s liquidity remained comfortable as marked by strong accruals against low repayment obligations and presence of unencumbered cash & bank balance/liquid investments to the tune of Rs.167.06 crore as on March 31, 2019.
From the report
Further, with its average working capital utilization being low at around 23% for the trailing 12 months ended April 2019, its unutilised bank lines are more than adequate to meet its incremental working capital needs over the next one year.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Cera Sanitaryware Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Kajaria Ceramics Limited |
Sanitaryware & Bath Fittings · Cement, Building Materials & Polymers | kajariaceramics.com | — | Gurgaon, Delhi, India |
 Somany Ceramics Limited |
Sanitaryware & Bath Fittings · Cement, Building Materials & Polymers | somanyceramics.com | — | Kolkata, West Bengal, India |
| Sanitaryware & Bath Fittings · Business Services | hindware.com | 2015 | Kolkata, West Bengal, India | |
| Sanitaryware & Bath Fittings · Cement, Building Materials & Polymers | aglasiangranito.com | — | Ahmedabad, Gujarat, India | |
 Varmora Granito Limited |
Sanitaryware & Bath Fittings · Cement, Building Materials & Polymers | varmora.com | — | Rajkot, Gujarat, India |
| Part of Kohler Company. | kohler.co.in | — | Delhi, India | |
 Lixil India Private Limited |
Sanitaryware & Bath Fittings · Manufacturing (Others) | grohe.co.in | — | Haryana, India |
| Sanitaryware & Bath Fittings · Cement, Building Materials & Polymers | jaquar.com | — | Gurgaon, India | |
| Sanitaryware & Bath Fittings · Cement, Building Materials & Polymers | rakceramics.com | — | Hyderabad, Telangana, India | |
| Sanitaryware & Bath Fittings · Cement, Building Materials & Polymers | parryware.in | — | Chennai, Tamil Nadu, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Sanitaryware, faucets, tiles
Filings
No filings on record yet.