Cera Sanitaryware Q2 FY26 Concall Decoded: ₹488 crore revenue, zero growth—but management insists this is actually “pre-growth calm”
1. Opening Hook
So while the housing market is supposedly booming and Instagram is full of marble bathrooms, Cera’s topline decided to… meditate. Revenue stayed flat, margins slipped a bit, and management calmly called it “stable execution.” Sure.
Retail demand is sluggish, projects are doing the heavy lifting, and two shiny new brands are being groomed like star children who haven’t yet earned pocket money. Meanwhile, analysts asked the obvious: If H1 grew 2%, how exactly does H2 magically grow 12%?
Management replied with the holy trinity—macro tailwinds, GST optimism, and consumer “decision unfreezing.” Sounds reassuring. Or optimistic. Or both.
Read on, because behind the polite confidence lies a business leaning hard on projects, praying for retail revival, and betting ₹150 crore dreams on brands still learning to walk.
2. At a Glance
Revenue flat at ₹488 crore – Growth took the quarter off, sent regrets.
EBITDA down 4% – Costs crept up quietly while revenue snoozed.
EBITDA margin at 13.8% – Slipped a bit, blamed input inflation (classic).
PAT down 16% YoY – Last year’s tax gift didn’t RSVP this time.
Project sales at 39% – Retail weak, real estate doing unpaid overtime.
