External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Operational Performance: Cera’s retail segment showed sluggish demand, with a flat YoY growth for Q2FY26.</li><li>The overall topline contribution for sanitaryware and faucetware was 47% and 40%, respectively.</li><li>The Project business contributed to 39% of the topline and maintained a healthy momentum. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Operational Performance: Cera’s retail segment showed sluggish demand, with a flat YoY growth for Q2FY26.The overall topline contribution for sanitaryware and faucetware was 47% and 40%, respectively.The Project business contributed to 39% of the topline and maintained a healthy momentum. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cera Sanitaryware Ltd - Strong H2FY26 Expected Ahead

Thematic (Sector/Industry)

<ul><li>The Building Products sector in India is poised for a strong demand revival from FY26, aligning with the typical 1.5–2-year lag following a real estate upcycle.</li><li>Real estate absorptions rose nearly 30% in FY22 and 12% in FY23, with unsold inventory reaching a 10-year low in FY24, indicating building material consumption is gaining momentum.</li><li>FY25 experienced temporary softness due to election-related liquidity constraints and a short-term shift in discretionary spending.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Building Products sector in India is poised for a strong demand revival from FY26, aligning with the typical 1.5–2-year lag following a real estate upcycle.Real estate absorptions rose nearly 30% in FY22 and 12% in FY23, with unsold inventory reaching a 10-year low in FY24, indicating building material consumption is gaining momentum.FY25 experienced temporary softness due to election-related liquidity constraints and a short-term shift in discretionary spending.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Building Materials Sector - 16th July 2025

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Nimish Maheshwari

Market & Forensics Analyst

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Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hindware-home-innovation-limited" target="_blank" data-smartkarma-citation="entities:44385:1" rel="noopener">Hindware Home Innovation (HINDWARE IN)</a> plans to demerge its consumer appliances division into a separate listed entity.</li>
<li>Demerger removes loss-making drag, improving profitability and segment-specific valuation clarity.</li>
<li>Unlocks hidden value; better execution with new CEO with clear growth trajectory may lead further value creation for shareholders.</li>
</ul>



Hindware Home Innovation (HINDWARE IN) plans to demerge its consumer appliances division into a separate listed entity.
Demerger removes loss-making drag, improving profitability and segment-specific valuation clarity.
Unlocks hidden value; better execution with new CEO with clear growth trajectory may lead further value creation for shareholders.


Hindware Home Innovation Ltd: Will Restructuring Change the Company’s Fortunes?

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We recently interacted with management of Cera Sanitaryware (CRS).</li><li>Takeaways: 1) Demand scenario in Q2-TD has seen some improvement QoQ but still remains sluggish.</li><li>CRS expects stronger demand in H2FY25 as demand from projects has been healthy.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We recently interacted with management of Cera Sanitaryware (CRS).Takeaways: 1) Demand scenario in Q2-TD has seen some improvement QoQ but still remains sluggish.CRS expects stronger demand in H2FY25 as demand from projects has been healthy.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cera Sanitaryware - Demand Remains Tepid; Management Guides for Stronger H2FY25

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Prabhudas Lilladher's research report on Cera Sanitaryware Cera Sanitaryware (CRS) reported above estimates profitability with improvement in operating margins on account of cost saving initiatives, reduction in advisement expense (2.8% cons. rev.) and increase in other income.</li><li>However, CRS reported soft revenue growth of 3.1% YoY in Q4FY24 and guided for sluggish demand to continue in Q1FY25 due to general election and shortage of labours because of heatwave in the country.</li><li>Company has changed its revenue guidance to reach Rs29bn by Mar-27 inplace of Sep-25 with ~16% revenue CAGR over FY24-27, while EBITDA margin expected to maintain at 16%+.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prabhudas Lilladher's research report on Cera Sanitaryware Cera Sanitaryware (CRS) reported above estimates profitability with improvement in operating margins on account of cost saving initiatives, reduction in advisement expense (2.8% cons. rev.) and increase in other income.However, CRS reported soft revenue growth of 3.1% YoY in Q4FY24 and guided for sluggish demand to continue in Q1FY25 due to general election and shortage of labours because of heatwave in the country.Company has changed its revenue guidance to reach Rs29bn by Mar-27 inplace of Sep-25 with ~16% revenue CAGR over FY24-27, while EBITDA margin expected to maintain at 16%+.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cera Sanitaryware - Soft Revenue, Margins Surprised Positively

India

Cera Sanitaryware Ltd. manufactures sanitary wares, and trades bathroom accessories and captive nonconventional energy. The Company's products include sanitary wares, glass basins, whirpools, bathtubs, shower range and bath fittings.

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Cera Sanitaryware (CRS IN)

Cera Sanitaryware Ltd - Strong H2FY26 Expected Ahead

Cera’s retail segment showed sluggish demand, with a flat YoY growth for Q2FY26. The overall topline contribution for sanitaryware and faucetware...

Axis Direct

Building Materials Sector - 16th July 2025

The Building Products sector in India is poised for a strong demand revival from FY26, aligning with the typical 1.5–2-year lag following a real...

Axis Direct

Hindware Home Innovation Ltd: Will Restructuring Change the Company’s Fortunes?

Hindware Home Innovation to demerge consumer appliances division, improving profitability and unlocking hidden value for shareholders.

Nimish Maheshwari

Cera Sanitaryware - Demand Remains Tepid; Management Guides for Stronger H2FY25

We recently interacted with management of Cera Sanitaryware (CRS).Takeaways: 1) Demand scenario in Q2-TD has seen some improvement QoQ but still...

ICICI Securities Limited

Cera Sanitaryware - Soft Revenue, Margins Surprised Positively

Company has changed its revenue guidance to reach Rs29bn by Mar-27 in place of Sep-25 with ~16% revenue CAGR over FY24-27, while EBITDA margin...

Prabhudas Lilladhar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Cera Sanitaryware Ltd - Strong H2FY26 Expected Ahead

Cera’s retail segment showed sluggish demand, with a flat YoY growth for Q2FY26. The overall topline contribution for sanitaryware and faucetware...

Axis Direct

Building Materials Sector - 16th July 2025

The Building Products sector in India is poised for a strong demand revival from FY26, aligning with the typical 1.5–2-year lag following a real...

Axis Direct

Hindware Home Innovation Ltd: Will Restructuring Change the Company’s Fortunes?

​Hindware Home Innovation to demerge consumer appliances division, improving profitability and unlocking hidden value for shareholders.

Nimish Maheshwari

Cera Sanitaryware - Demand Remains Tepid; Management Guides for Stronger H2FY25

We recently interacted with management of Cera Sanitaryware (CRS).Takeaways: 1) Demand scenario in Q2-TD has seen some improvement QoQ but still...

ICICI Securities Limited

Cera Sanitaryware - Soft Revenue, Margins Surprised Positively

Company has changed its revenue guidance to reach Rs29bn by Mar-27 in place of Sep-25 with ~16% revenue CAGR over FY24-27, while EBITDA margin...

Prabhudas Lilladhar

Hindware Home Innovation to demerge consumer appliances division, improving profitability and unlocking hidden value for shareholders.