Cera Sanitaryware Limited (CERA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+99.2%

₹9,063.28

vs ₹4,550.60 price

Levered DCF

₹8,936.42

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	28.82×	29.64×	37.82×	39.77×	42.8×	50.43×	26.54×	33.89×
P/B	4×	5.4×	6.72×	7.1×	6.37×	5.83×	3.9×	5.57×
P/S	2.87×	3.68×	4.81×	4.62×	4.48×	4.15×	2.48×	2.9×
EV / EBITDA	21.86×	20.65×	25.12×	25.9×	26.35×	28.22×	16.98×	18.36×
Gross margin	34.8%	54.1%	52.3%	54.3%	52.6%	48.3%	54.6%	54.9%
Operating margin	11.2%	11.6%	29.4%	14.7%	13.6%	9.9%	10.6%	12.9%
Net margin	10.0%	12.4%	12.7%	11.6%	10.5%	8.2%	9.3%	8.6%
Current ratio	4.26×	3.82×	3.74×	3.24×	2.68×	2.42×	2.27×	2.02×
Debt / equity	0.03×	0.05×	0.03×	0.05×	0.04×	0.09×	0.14×	0.1×
Interest coverage	35.64×	30.77×	95.03×	43.82×	41.41×	13.22×	12.77×	22.49×
Dividend yield	1.4%	1.1%	0.7%	0.5%	0.3%	0.0%	1.4%	0.4%
Payout ratio	41.0%	31.7%	27.2%	21.7%	11.2%	0.0%	36.3%	14.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.9%	18.2%	17.8%	17.9%	14.9%	11.6%	14.7%	16.4%
Return on invested capital	10.9%	12.2%	28.1%	15.0%	12.6%	8.6%	11.0%	12.7%
Return on assets	10.4%	13.2%	13.0%	12.5%	9.7%	7.3%	9.3%	9.7%
Free cash flow yield	3.3%	1.3%	1.9%	1.5%	1.2%	5.0%	2.8%	1.7%
Earnings yield	3.5%	3.4%	2.6%	2.5%	2.3%	2.0%	3.8%	3.0%
Enterprise value	₹58.8B	₹73.6B	₹90.7B	₹83.7B	₹65B	₹51.5B	₹31.2B	₹39.6B
Net debt / EBITDA	-0.01×	0.16×	0.08×	0.13×	0.13×	0.39×	0.6×	0.29×
Cash conversion cycle (days)	97	139	115	117	88	95	171	149