Cera Sanitaryware (532443) Q4 24/25 earnings summary

Executive summary

• FY 2025 closed with stable margins and steady performance despite subdued consumer demand, driven by operational efficiency and disciplined cost management.

• B2B/project business gained traction, now contributing 40% of Q4 revenues, up from 35% YoY.

• Expanded product portfolio with 431 new SKUs and 342 new retail stores; premium brands Senator and Luxe positioned for growth.

• Digital initiatives included e-commerce launch and dealer management system rollout.

• Audited standalone and consolidated financial results for the year ended 31 March 2025 were approved, with a recommended dividend of ₹65 per share, subject to AGM approval.

Financial highlights

• Q4 FY 2025 revenue: INR 578 crores, up 5.7% YoY; EBITDA: INR 106 crores (excl. other income), margin at 18.3% vs 16.8% YoY.

• Q4 profit after tax: INR 86 crores, up 14.1% YoY; EPS: INR 66.36 vs INR 67.69 YoY.

• FY 2025 revenue: INR 1,915 crores, up 2.4% YoY; EBITDA: INR 291 crores (excl. other income); PAT: INR 247 crores.

• Standalone revenue from operations for FY25 was ₹197,775 lakhs, up from ₹193,238 lakhs in FY24; consolidated revenue was ₹198,667 lakhs, up from ₹193,892 lakhs year-over-year.

• Standalone net profit after tax for FY25 was ₹24,648 lakhs, compared to ₹23,917 lakhs in FY24; consolidated net profit after tax was ₹24,871 lakhs, up from ₹24,132 lakhs year-over-year.

Outlook and guidance

• Margins expected to remain in the 15-16% range; recent improvement driven by gross margin, publicity savings, and cost-effective measures.

• Revenue guidance of INR 2,900 crores by FY 2027 depends on retail demand recovery; confident of outperforming market by 6-7% when conditions improve.

• CapEx of INR 24 crores planned for FY 2026, focused on routine and brand development investments.

• The Board recommended a final dividend of ₹65 per share for FY25, reflecting continued confidence in future performance.