Ceramic Products · CRS
Ceramics/Tiles/Sanitaryware
from 6,062 today
We tweak estimates and upgrade to BUY (from Add) due to reasonable valuations, with a rolled-over Jun’27E TP of INR 7,350.
We reiterate our BUY rating on CRS with an unchanged TP of INR7,384, based on 30x FY28E EPS, expecting sustenance of healthy volume growth and recovery in margins.
Cera reported a healthy topline growth of 20% YoY driven by volume growth, though EBITDA margins were impacted by one-offs such as wage settlement provisions and kiln shutdowns. Management maintained its FY27 revenue growth guidance and expects margin recovery from 2HFY27, prompting a reiterated BUY rating with a revised target price of INR 7,290.
We maintain our 'BUY' rating on Cera Sanitaryware (CRS). The company reported double-digit revenue growth in Q1FY27 and expects the growth momentum to sustain in the coming quarters, with margins expected to recover from Q3FY27.
We maintain our BUY rating on Cera Sanitaryware with a target price of Rs 7,000/share, forecasting a Revenue/EBITDA/PAT CAGR of 12%/9%/7%.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
