External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

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

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Equity Bottom-Up

<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

<ul><li>Prabhudas Lilladher's research report onCera Sanitaryware We met with the management of Cera Sanitaryware Ltd.</li><li>(CRS) to assess the demand, competition, pricing, and capacity expansion.</li><li>Management continues to observe a slowdown in demand in the near term and is expected to review its revenue guidance of Rs25bn/Rs29bn by Mar-25/Sep-25 with ~16%+ EBITDA margin, following the conclusion of FY24. </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 onCera Sanitaryware We met with the management of Cera Sanitaryware Ltd.(CRS) to assess the demand, competition, pricing, and capacity expansion.Management continues to observe a slowdown in demand in the near term and is expected to review its revenue guidance of Rs25bn/Rs29bn by Mar-25/Sep-25 with ~16%+ EBITDA margin, following the conclusion of FY24. 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 - Focus on Premiumisation & Expansion

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<ul>
<li>Continuing our focus on building products, for this Insight, we speak to RM supplier, a manufacturer, a few retailers and dealers to understand the demand outlook going forward </li>
<li>Government spending remains one of the primary drivers in the Industry right now.</li>
<li>There is minor down trading seen in tiles, while the market structure in pipes seems to be in favour of organised players. </li>
</ul>


Continuing our focus on building products, for this Insight, we speak to RM supplier, a manufacturer, a few retailers and dealers to understand the demand outlook going forward 
Government spending remains one of the primary drivers in the Industry right now.
There is minor down trading seen in tiles, while the market structure in pipes seems to be in favour of organised players. 


Channel Insight #31 - Building Products (RM Supplier, Manufacturer, Retailer, Dealer)

External broker reports(aggregated public sources), BOB Capital Markets Ltd

BOB Capital Markets Ltd.

Q1 consolidated revenue grew 56% YoY due to a low base effect with the sanitaryware/faucet segments increasing 54%/66%<div class="content-highlight">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.</div>

Q1 consolidated revenue grew 56% YoY due to a low base effect with the sanitaryware/faucet segments increasing 54%/66%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 (HOLD): Growth picks up off a low base

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Most major indexes are currently trading at the lower end of their May trading ranges. Barring improving headlines regarding tariffs &amp; trade or comments from the Fed suggesting a potential rate cut on the horizon we believe global markets are vulnerable to further weakness. We review all major markets and highlight attractive opportunities within Japan, and global real estate developers, and consumer staples stocks.

Most major indexes are currently trading at the lower end of their May trading ranges. Barring improving headlines regarding tariffs &amp; trade or comments from the Fed suggesting a potential rate cut on the horizon we believe global markets are vulnerable to further weakness. We review all major markets and highlight attractive opportunities within Japan, and global real estate developers, and consumer staples stocks.

Major Indexes Testing Support & Vulnerable to Further Weakness

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 - 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

Cera Sanitaryware - Focus on Premiumisation & Expansion

Prabhudas Lilladher's research report onCera Sanitaryware We met with the management of Cera Sanitaryware Ltd. (CRS) to assess the demand,...

Prabhudas Lilladhar

Channel Insight #31 - Building Products (RM Supplier, Manufacturer, Retailer, Dealer)

Continuing our focus on building products, for this Insight, we speak to RM supplier, a manufacturer, retailers and dealers to understand the...

Pranav Bhavsar

Cera Sanitaryware (HOLD): Growth picks up off a low base

Q1 consolidated revenue grew 56% YoY due to a low base effect with the sanitaryware/faucet segments increasing 54%/66%

BOB Capital Markets Ltd.

Major Indexes Testing Support & Vulnerable to Further Weakness

Most major indexes are currently trading at the lower end of their May trading ranges. Barring improving headlines regarding tariffs & trade or...

Vermilion Research

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