Cera Sanitaryware's Demand Remains Tepid; Hopeful Of Pick-Up In FY26, Says ICICI Securities, Maintaining 'Buy'

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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 is expected to be buoyant.

We believe Cera is poised to benefit from the uptick in housing market due to its wide distribution, strong brand, comprehensive product portfolio and healthy balance sheet.

Maintain estimates and Buy rating on the stock with an unchanged Dec’25E target price of Rs 7,902, set at 35 times Dec’26E PER.

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