Cera Sanitaryware - Demand Remains Tepid; Management Guides For Stronger H2 FY25: ICICI Securities

ICICI Securities Report

Cera Sanitaryware Ltd.’ near-term demand outlook remains tepid but with real estate market expected to remain healthy as many real estate projects from CY25 (which were launched in CY22 and earlier) are expected to get completed, demand for bathware segment thus is expected to be buoyant.

We believe Cera is well poised to benefit from the uptick in housing market due to its wide distribution, strong brand, comprehensive product portfolio and healthy balance sheet. Upgrade the stock to Hold from Reduce due to 16% correction in stock price over the past one month with an unchanged June-25E target price of Rs 8,637, set at an unchanged 35 times Jun’26E PER.

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