Slides
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Cera Sanitaryware Limited Q2 & H1 FY27 Investor Presentation November 4, 2026
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Q2 & H1 FY27 Results Overview
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⚫ Revenue from Operations grew 27.4% YoY to Rs. 603 crore, reflecting healthy topline momentum ⚫ Sanitaryware & Faucetware delivered 24% and 38% YoY growth, respectively ⚫ EBITDA margin stood at 12.2% compared to 14.2% in Q2 FY26, impacted by elevated input costs and certain transitional factors. However, margins improved by 210 bps on a QoQ basis ⚫ PAT stood at Rs. 56 crore in Q2 FY27 vs. Rs. 57 crore in Q2 FY26 Key Financial Highlights – Standalone Q2 & H1 FY27 3 In Rs. crore Note 1: All figures mentioned in the slide are standalone financials Note 2: EBITDA & EBITDA Margins calculated without Other Income Shift (%) QoQ: 48.9% YoY: 9.1% YoY: 1.9% Shift (%) QoQ: 24.1% YoY: 27.4% YoY: 23.7% 57 45 56 103 101 12.0% 9.3% 9.3% 11.7% 9.3% Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 PAT (Rs. Crore) Margins (%) 473 486 603 880 1,089 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 Revenue from Operations (Rs. Crore) 67 49 73 120 122 14.2% 10.1% 12.2% 13.7% 11.3% Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 EBITDA (Rs. Crore) Margins (%) Shift (%) QoQ: 23.9% YoY: (0.9%) YoY: (1.7%)
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4 Revenue & Business Mix – Q2 FY27 Broad-based growth across core segments; well-diversified revenue base Revenue mix by Segment (Q2 FY27) Segment Growth (YoY) Revenue mix by product positioning (Q2 FY27) 71% 9% 38% 24% Wellness Tiles Faucetware Sanitaryware Sanitaryware 45% Faucetware 43% Tiles 10% Wellness 2% 43% Premium 37% Mid 20% Entry Revenue mix by Geography (Q2 FY27) 36% Tier 1 24% Tier 2 40% Tier 3 88% From core Sanitaryware & Faucetware categories Volume-led growth supported by a favourable price impact 61% Retail 39% Project Channel mix (Q2 FY27)
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589 837 932 Q2 FY26 Q1 FY27 Q2 FY27 5 Operating Metrics & Input Cost Trends – Q2 FY27 CAPACITY UTILISATION – Q2 FY27 Q2 FY26: 85% 82% 107% Q2 FY26: 97% Sanitaryware Faucetware GAS SOURCING & COST – Q2 FY27 Gas Sourcing Mix GAIL 76% Sabarmati 24% Weighted-average gas cost Gas Cost / Revenue ₹47.3/scm 4.0% Brass (Rs. Kg) Changes in Raw Material Costs • Key input costs, including brass and gas, have increased by ~58% and ~42% YoY, respectively • We closely monitor input cost movements and have a monthly brass price pass-through mechanism in place to manage price fluctuations 7.1 6.7 10.1 Q2 FY26 Q1 FY27 Q2 FY27 49.2% 45.8% 44.0% Q2 FY26 Q1 FY27 Q2 FY27 Gas Cost (Rs.) Gross margin (%)
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6 Balance Sheet & Cash Position Capital Position (Rs. crore) Working Capital Cash Flow Metrics 1,075 1,184 Sept. 25 Sept. 26 Net Working Capital (Rs. crore) 77.0 58.0 Sept. 25 Sept. 26 Net Working Capital Days Rs. 143 crore Cash Flow from Operations (OCF): 117% OCF / EBITDA: 1,371 1,470 Sept. 25 Sept. 26 Net Worth 736 897 Sept. 25 Sept. 26 Cash & Cash Equivalents 384 389 Sept. 25 Sept. 26 Fixed Assets
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Commenting on the performance, Mr. Vikram Somany, Chairman & Managing Director, said: “We are pleased to report a healthy performance in Q2 FY27, with revenues growing by 27.4% year-on-year, supported by broad based volume-led growth across our key business segments. The sanitaryware and faucetware segments registered growth of 24% and 38%, respectively. Retail demand continued to recover and was complemented by a steady performance in the projects business. Business momentum was sustained throughout the quarter, reflecting improving underlying demand conditions and consistent execution. The industry continues to navigate a challenging cost environment, particularly with elevated brass and gas prices. We have undertaken calibrated price revisions, including a price revision in faucetware in September, alongside measures to strengthen pricing discipline and protect profitability in the projects business. While the benefits of these initiatives will materialise progressively, we have already witnessed an improvement in operating margins compared with the preceding quarter and expect further benefits over the coming quarters as these measures take effect. Our established sourcing arrangements, strong in-house manufacturing capabilities and focus on cost optimisation continue to provide us with a relative advantage in navigating the challenging cost environment. Importantly, the strategic and operational initiatives undertaken over the past two years to strengthen our distribution network, deepen our presence in focus markets and enhance our execution capabilities are now beginning to yield tangible results. These efforts have strengthened our competitive position and enabled us to gain incremental market share amidst the challenging operating environment. Our investments in manufacturing capabilities and the selective in-house production of key products have further strengthened our ability to ensure consistent product availability and respond effectively to market demand. Looking ahead, we remain confident of sustaining our growth momentum, supported by improving demand and deeper penetration across existing and emerging markets. We also expect profitability to improve progressively during the second half of FY27, supported by the cumulative benefits of pricing actions and cost-efficiency initiatives. While remaining mindful of the prevailing input-cost environment, we continue to maintain our full-year EBITDA margin outlook of 13%–14% and remain confident of surpassing our revenue growth target. Our focus remains on strengthening CERA's market position, delivering sustainable and profitable growth and creating long- term value for our stakeholders.” 7 Management Comment Mr. Vikram Somany (Founder and CMD)
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8 FY27 Outlook & Key Priorities Focused on profitable growth, operational execution and strengthening CERA’s long-term growth platform. 13–14% EBITDA Margin Progressive improvement expected through the year Core CERA Brand Principal driver of volume-led growth Capacity Expansion Faucetware expansion on track during FY27 Operational Efficiency Focus on profitability and cost efficiencies Working Capital Discipline Continued focus on inventory and cash-flow efficiency 18–20% Revenue Growth FY27 outlook maintained
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Abridged P&L – Standalone – Period ending 30 Sept. 2026 9 Particulars (Rs. crore) Q2 FY27 Q2 FY26 Y-o-Y Shift H1 FY27 H1 FY26 Y-o-Y Shift Revenue from Operations 603 473 27.4% 1,089 880 23.7% Other Income 11 17 -34.2% 32 35 -8.5% Total Income From Operations (Net) 614 490 25.3% 1,121 915 22.5% Total Expenditure: 530 406 30.4% 966 760 27.2% Raw Material expenses (costs of material consumed) 338 240 40.6% 601 438 37.1% Employee benefits expense 72 65 10.7% 151 130 16.0% Other expenses 120 101 18.7% 215 192 11.9% EBITDA (excluding Other Income) 73 67 9.1% 122 120 1.9% EBITDA margin (%) 12.2% 14.2% (200 bps) 11.3% 13.7% (240 bps) Finance Costs 1 2 -15.8% 3 3 -14.0% Depreciation and Amortization 10 10 -0.6% 19 19 1.4% Profit Before Exceptional Items 73 72 1.1% 133 133 -0.4% Exceptional Items - - - - - - PBT 73 72 1.1% 133 133 -0.4% PBT margin (%) 11.9% 14.7% (280 bps) 11.8% 14.6% (280 bps) Tax expense 17 16 8.3% 31 30 4.0% PAT 56 57 -0.9% 101 103 -1.7% PAT margin (%) 9.1% 11.6% (250 bps) 9.1% 11.3% (220 bps) Note : Turnover discounts are now presented as a deduction from revenue from operations in accordance with Ind AS; prior-period revenues have been restated for comparability. The change has no impact on absolute profitability or cash flows.
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Company overview
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11 A Trusted Platform for Sustainable Growth CERA combines trusted Brand Equity, Broad Market Coverage and Disciplined Execution to create long-term stakeholder value Multi-segment portfolio From value to premium and luxury Distribution moat Deep pan-India retail reach Manufacturing excellence Automation, precision and quality- led execution Financial discipline Debt-free balance sheet and strong cash generation Growth runway Well positioned for premiumisation and category expansion Brand leadership 45+ years of consumer trust
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LUXURY Building a differentiated luxury bathroom proposition PREMIUM Bridging mass- premium and luxury ⚫ Contemporary design & refined finishes ⚫ Aspirational premium bathroom solutions ⚫ Expanding premium portfolio and retail presence ⚫ Positioned to capture the premiumisation opportunity 12 Building The Next Engines Of Premiumisation The CERA brand remains the flagship franchise and the principal engine of the Company’s growth, while new brands progressively expand its addressable opportunity CERA TODAY Core franchise and the principal engine of growth INVESTING IN PREMIUMISATION Focused investments in premium and luxury categories SENATOR + LUXE Scale over time to create additional growth vectors ⚫ Design-led luxury collections ⚫ Dedicated products, retail formats & teams ⚫ Focus on premium residences and discerning consumers ⚫ Building brand equity for long-term growth
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13 One Bathroom. Integrated Solutions. Greater Wallet Share. Consumers increasingly prefer coordinated bathroom solutions from a trusted brand, creating significant cross-selling opportunities. A comprehensive bathroom portfolio increases wallet share, strengthens dealer productivity and enables CERA to participate across multiple consumer touchpoints without diluting its core brand Sanitaryware ⚫ Core bathroom solutions Faucetware ⚫ Premium finishes & smart functionality Tiles ⚫ Coordinated surfaces to complete the bathroom Wellness Solutions ⚫ Bathtubs ⚫ Showers ⚫ Wellness CORE CATEGORY ONE INTEGRATED BATHROOM SOLUTION CROSS-SELLING ACROSS CATEGORIES DRIVES HIGHER WALLET SHARE CORE BUSINESS Sanitaryware Everyday essentials Faucetware Elevate experience ADJACENT CATEGORIES Tiles Complete the look Wellness Wellness & luxury Accessories Enhance convenience Construction Chemicals Build with confidence
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14 A Multi - Layered Distribution & Retail Ecosystem Unmatched reach. Immersive experiences. Lasting relationships. OUR MULTI-LAYERED DISTRIBUTION NETWORK 12 Company-owned, experience-led display centres Experience Studios 318 Personalized consultation & product guidance Style Hubs 285 Premium product displays & expert guidance Style Galleries 1,755 Retailer-owned units enhancing last-mile visibility Style Centres (CSCs) 7,300 Distributors & Dealers 32,000 Pan-India presence ensuring availability and service Retailers EXPERIENCE-LED RETAIL JOURNEY Inspiration Experience Studios Immersive, no-sales environment designed for product discovery & experience Consultation Galleries & Style Hubs Expert guidance & tailored product solutions Conversion Style Centres & Retailers Extensive availability with trusted service & after-sales support
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OUR MANUFACTURING ADVANTAGE 15 Manufacturing Excellence Through Technology & Automation Integrated manufacturing, automation and sustainability provide CERA with a durable manufacturing advantage Renewable Energy ~60% of energy requirements met through green energy sources Robotic Glazing Superior finish consistency Integrated Manufacturing End-to-end in-house manufacturing CNC Precision Manufacturing High-accuracy multi- axis machining 3D Design & Prototyping Accelerated concept- to-launch cycles Sustainable Operations ⚫ ISO 9001 & ISO 14001 Certified ⚫ Energy-efficient operations ⚫ Zero Liquid Discharge ⚫ Automation-led efficiency Operational Excellence ⚫ Consistent quality ⚫ Faster execution ⚫ High manufacturing yields Innovation ⚫ Faster product development ⚫ Design-led manufacturing ⚫ New product introductions Capacity for Growth ⚫ Future-ready manufacturing infrastructure ⚫ Designed to support long-term growth Integrated Manufacturing Campus ⚫ End-to-end manufacturing ⚫ Superior quality & execution ⚫ Future-ready manufacturing platform
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16 Design - Led Innovation. Faster Time - to - Market. CERA's design-led innovation capabilities enable the Company to respond to evolving consumer preferences, support premiumisation and strengthen its competitive positioning Trend Insights Design Studio Prototype Development Testing & Validation Commercial Launch Design Leadership Global trend monitoring and contemporary product aesthetics Engineering Validation Rapid prototyping, testing and quality validation Smart & Sustainable Innovation Water-efficient, wellness and intelligent bathroom technologies
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17 Evolving CERA from Product Brand → Lifestyle Proposition “Your Moment of CERA” reflects our vision of building India's most trusted and preferred complete bathroom solutions brand FROM FUNCTIONAL TO ASPIRATIONAL Reimagining bathrooms as expressions of comfort, design and personal identity FROM PRODUCT TO COMPLETE SOLUTIONS Strengthening CERA's positioning as India's trusted complete bathroom solutions brand FROM VISIBILITY TO PREFERENCE Integrated presence across television, digital, OTT, cinema, print, outdoor and social media Kriti Sanon Appointed as CERA's Brand Ambassador – July 2026
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18 Building Brand Salience Across Consumer Touchpoints TRUST → PREFERENCE → PREMIUMISATION → DEMAND PULL → LONG-TERM VALUE AWARENESS Mass Media & High-Impact Visibility ENGAGEMENT Digital & Consumer Conversations EXPERIENCE Immersive Brand Encounters INFLUENCE & ADVOCACY Design & Channel Ecosystem 10,000+ advertising spots across Hindi & regional markets 3 premium airport OOH locations Architects & Designers Developers Channel Partners Trade Professionals Experience Studios Exhibitions & Trade Shows Branded Retail Environment Strategic Partnerships 5,000+ architects & designers engaged 315 factory visits for trade/design professionals PinterestXYouTubeInstagramFacebookAirport OOHOutdoorCinemaOTTTV Rs. 50 crore Continued investment in brand building and consumer engagementFY26 Brand Investment Rs. 80 crore+ FY27 Brand Investment Budget
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19 After - sales Service: Strengthening Trust Beyond the Sale Dedicated service team enabling expert installation and responsive customer support DIGITALLY ENABLED SERVICE ECOSYSTEM 13 Customer Care Offices across India 42 Service Officers across India 169 Dedicated Technicians across every state Industry- leading Complaint resolution timelines* PRODUCT QUALITY RESPONSIVE SERVICE CUSTOMER TRUST BRAND LOYALTY REPEAT / REFERRAL DEMAND WhatsApp service implemented from Nov 2024 DIGITALLY ENABLED SERVICE ECOSYSTEM OUR SERVICE JOURNEY Customer raises request WhatsApp / Toll Free / Digital Channel SAP-linked CRM Service Officer Nationwide Technician Network Issue Resolution Complaints are attended within 24 hours (lowest TAT in the industry) CRM Creating Long-term Value
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20 Promoter - Led Stewardship Founder-led Values. Next-generation Involvement. Professional Execution. A strong foundation for sustainable growth and long-term value creation Four Decades of Entrepreneurial Stewardship ⚫ Founded CERA in 1980; continues to provide strategic direction ⚫ Hands-on across strategy and business execution ⚫ Long-term focus on operational resilience and profitable growth ⚫ Anchors CERA’s governance and capital discipline Shaping CERA’s Next Phase of Growth ⚫ Deeply involved across brand, product, innovation and channel strategy ⚫ Driving CERA’s multi-brand architecture and consumer proposition ⚫ Focused on premiumisation, product innovation and consumer engagement ⚫ Strengthening channel execution and organisational capabilities ACTIVE OWNERSHIP Hands-on involvement in strategy and business execution LONG-TERM STEWARDSHIP Governance excellence, capital discipline and financial strength PROFESSIONAL EXECUTION Experienced leadership team driving focused execution GUIDED BY VALUES. FOCUSED ON THE FUTURE Mr. Vikram Somany Founder & CMD Mrs. Deepshika Khaitan Vice Chairman & JMD
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21 Experienced Leadership. Institutionalised Execution. 34+ Years of Industry Experience Mr. Anupam Gupta Executive Director (Technical) Manufacturing & Operations Mr. Sandeep Abraham President – Sales 29+ Years of Industry Experience Sales & Distribution Mr. Vikas Kothari Chief Financial Officer 20+ Years of Industry Experience Finance & Capital Discipline 21+ Years of Industry Experience Mr. Rahul Jain President – Marketing Marketing & Consumer Engagement Mr. Ajay Jain Sr. Vice President – Faucetware Division 24+ Years of Industry Experience Faucetware Manufacturing Mr. Vivek Andankar Vice President – Sanitaryware 29+ Years of Industry Experience Sanitaryware Manufacturing A promoter-led organisation supported by experienced professional management and deep functional expertise Promoter Stewardship Strategy & Governance Professional Leadership Business Execution Functional Expertise On-ground Delivery ⚫ B.E. (Electrical Engineering); MBA ⚫ Previously with Aditya Birla Group ⚫ Oversees manufacturing operations across CERA's facilities ⚫ Chartered Accountant ⚫ Previously with BIC World, Aditya Birla Group and Reliance Industries ⚫ Oversees finance, treasury, financial reporting and investor relations ⚫ M.Com; PGDMM; Senior Management Programme – IIM Nagpur ⚫ Previously with Roca (RBPPL), Parryware, Roca, EID Parry (India), Nuchem Ltd., Hutchison Max Telecom and Maruti Zen ⚫ Heads the Sales function at CERA ⚫ MBA in Marketing ⚫ Previously held key marketing roles at Roca (RBPPL), Nippon India and AkzoNobel ⚫ Leads marketing, consumer engagement and innovation-driven brand development at CERA ⚫ BE in Mechanical Engineering ⚫ Previously with HSIL, Kohler India and Hindalco ⚫ Oversees faucetware manufacturing operations at CERA ⚫ BE in Mechanical Engineering ⚫ Previously with Kohler, LG Electronics and Electrolux ⚫ Oversees sanitaryware manufacturing operations at CERA
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22 Consistent Growth. Strong Balance Sheet. Healthy Returns. A track record of growth and financial discipline provides a strong foundation for the future Consistent Revenue Growth Growing Net Worth Working Capital Discipline Healthy Return Ratios Sustained Profitability GROWTH PROFITABILITY 1,803 1,871 1,915 2,050 FY23 FY24 FY25 FY26 Revenue (Rs. crore) 323 355 353 322 FY23 FY24 FY25 FY26 EBITDA (Rs. crore) 210 239 246 204 FY23 FY24 FY25 FY26 PAT (Rs. crore) BALANCE SHEET & RETURNS FY23: 1,169 → FY26: 1,472 1,472NET WORTH (Rs. crore) NET WORKING CAPITAL DAYS FY25: 80 Days 64 DAYS
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23 Ownership and Stakeholder Value Creation Stable promoter ownership, participation from marquee institutional investors and a consistent track record of dividend distribution. STABLE OWNERSHIP BASE MARQUEE INSTITUTIONAL SHAREHOLDERS LONG-TERM VALUE CREATION & DIVIDENDS 54.4% PROMOTER HOLDING Key Institutional Shareholders As on 30th Sept. 2026 Nalanda India Equity Fund Ltd. 9.5% Canara Robeco MF 3.2% HSBC MF 2.8% UTI MF 2.8% Vanguard MF 1.5% Mirae Asset MF 1.4% Goldman Sachs MF 1.2% Bandhan MF 0.9% Emerging Markets MF 0.8% Tata MF 0.6% HDFC MF 0.5% Bajaj Finserv MF 0.5% Other Institutional Shareholders 3.2% 28.9% INSTITUTIONAL OWNERSHIP Rs. 96.7 crore DIVIDEND DISTRIBUTION – FY26 113 Dec. ‘09 ~Market Cap. (Rs. Crore) Sept. ‘26 6,567 20.4 16.9 45.5 65.0 78.0 83.8 96.7 17.6% 16.7% 30.5% 31.0% 32.6% 34.0% 47.4% FY20 FY21 FY22 FY23 FY24 FY25 FY26 Consistent Dividend Distributed (Rs. crore) Dividend Declared (Rs. crore) As a % of PAT 54.4% PROMOTER HOLDING 15.6% FIIs 13.3% Mutual Funds 16.7% Public
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24 CERA – Well Positioned for Sustainable, Profitable Growth Structural industry tailwinds, established competitive strengths and multiple company-led growth levers create a robust platform for long-term value creation. STRUCTURAL INDUSTRY TAILWINDS STRONGER BRAND Built on trust, quality and customer experience WIDER CONSUMER REACH Pan-India presence across markets and consumer segments HIGHER PREMIUM MIX Driven by premiumization and portfolio diversification CERA’S STRUCTURAL ADVANTAGES MULTIPLE GROWTH LEVERS Formalisation & Branded Penetration Housing & Home Improvement Premiumisation of Consumption Trusted Brand Built Over Decades Deep Distribution & Market Access Manufacturing & Supply Resilience Portfolio Across Price Points Core CERA Brand Premiumisation – Senator & CERA Luxe Value Segment Expansion – Polipluz Distribution & Retail Reach Capacity-led Growth CATEGORY GROWTH DEEPER DISTRIBUTION PREMIUMISATION SUSTAINABLE VALUE CREATION BRAND PREFERENCE OPERATING SCALE THE CORE GROWTH FLYWHEEL SCALE BENEFITS Leverage distribution, capacity and brand for sustained scale
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Thank You Mr. Vikas Kothari (Chief Financial Officer) Mr. Deepak Chaudhary (VP, Finance & Investor Relations) CERA Sanitaryware Ltd. Tel: +91 2764 242 329 Email: vikas.kothari@cera-india.com Email: deepak.chaudhary@cera-india.com Mayank Vaswani / Devrishi Singh CDR India (Investor Relations Advisors) Tel: +91 98209 40953 / +91 98205 30918 Email: mayank@cdrindia.com Email: devrishi@cdr-india.com