Company Valuation: Cera Sanitaryware Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 64,702 83,044 88,151 72,716 58,833 66,937 - -
Change - 28.35% 6.15% -17.51% -19.09% 13.77% - -
Enterprise Value (EV) 1 59,685 76,690 80,214 65,852 50,349 57,994 57,170 66,937
Change - 28.49% 4.59% -17.9% -23.54% 15.18% -1.42% 17.08%
P/E 42.8x 39.7x 36.9x 29.6x 28.8x 26.8x 22.2x 19.5x
PBR 6.37x 7.08x 6.55x 5.37x 4x 4.13x 3.68x 3.37x
PEG - 1x 2.6x 8.19x -1.7x 1.2x 1.1x 1.5x
Capitalization / Revenue 4.48x 4.6x 4.69x 3.78x 2.87x 2.85x 2.55x 2.31x
EV / Revenue 4.13x 4.25x 4.27x 3.42x 2.46x 2.47x 2.18x 2.31x
EV / EBITDA 26.1x 26.2x 26.4x 22x 18.7x 18.3x 14.8x 14.9x
EV / EBIT 30.4x 29.5x 30.1x 25.4x 21.8x 21.1x 17x 16.9x
EV / FCF 76.2x 62.2x 46.6x 70.6x 26.4x 62.8x 26.2x 29.8x
FCF Yield 1.31% 1.61% 2.14% 1.42% 3.79% 1.59% 3.82% 3.36%
Dividend per Share 2 20 50 60 65 75 78.8 90.19 100.8
Rate of return 0.4% 0.78% 0.89% 1.15% 1.64% 1.52% 1.74% 1.94%
EPS 2 116.2 161 183.8 190.4 158.3 193.8 234.1 265.5
Distribution rate 17.2% 31.1% 32.7% 34.1% 47.4% 40.7% 38.5% 38%
Net sales 1 14,458 18,035 18,794 19,262 20,501 23,482 26,276 28,970
EBITDA 1 2,287 2,930 3,033 2,998 2,692 3,161 3,859 4,488
EBIT 1 1,963 2,604 2,667 2,592 2,305 2,748 3,360 3,954
Net income 1 1,511 2,094 2,390 2,465 2,042 2,499 3,018 3,425
Net Debt 1 -5,017 -6,354 -7,937 -6,864 -8,484 -8,942 -9,767 -
Reference price 2 4,974.80 6,385.10 6,777.75 5,637.95 4,561.60 5,189.90 5,189.90 5,189.90
Nbr of stocks (in thousands) 13,006 13,006 13,006 12,898 12,898 12,898 - -
Announcement Date 5/10/22 A 5/10/23 A 5/13/24 A 5/9/25 A 5/8/26 A - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
27.79x2.58x19.15x1.46% 725M
25.9x - - 2.16% 1.32B
28.93x - - 9.52% 918M
324.5x - - - 404M
13.81x1.62x9.38x3.6% 298M
Average 84.19x 2.10x 14.27x 4.19% 732.25M
Weighted average by Cap. 59.00x 2.30x 16.30x 4.21%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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