Uniclan - focus on getting the product right before accelerating distribution expansion in GT:
DOMS acquired Uniclan (Wowper diapers/wipes) with a strategy to create distribution reach in GT channel, outside of the stationary shop universe over next 3-5 years which can then be leveraged to scale up its stationary business. With capacity in place & given the large opportunity in diapers/wipes segment, the focus now is on a) creating differentiated product leveraging technology & existing promoterโs expertise in the space and b) right sizing of distribution structure (reducing CFA from its 3 layered distribution structure). Once the right portfolio is in place, aggressive scale up/distribution expansion will be done across markets. Currently, Uniclanโs reach is at 35k outlets (Wowper is largely tier 3 brand with presence in states like UP, Bihar, Rajasthan, etc.) & DOMS is onboarding some of its existing channel partners for distribution of Wowper portfolio. Uniclanโs sales grew by c.15% yoy to INR 1.7bn (on full year FY25 basis) & management expects c.20% sales growth with EBITDA margins c.8-10% for this portfolio over the medium term.
DOMS acquired Uniclan (Wowper diapers/wipes) with a strategy to create distribution reach in GT channel, outside of the stationary shop universe over next 3-5 years which can then be leveraged to scale up its stationary business. With capacity in place & given the large opportunity in diapers/wipes segment, the focus now is on a) creating differentiated product leveraging technology & existing promoterโs expertise in the space and b) right sizing of distribution structure (reducing CFA from its 3 layered distribution structure). Once the right portfolio is in place, aggressive scale up/distribution expansion will be done across markets. Currently, Uniclanโs reach is at 35k outlets (Wowper is largely tier 3 brand with presence in states like UP, Bihar, Rajasthan, etc.) & DOMS is onboarding some of its existing channel partners for distribution of Wowper portfolio. Uniclanโs sales grew by c.15% yoy to INR 1.7bn (on full year FY25 basis) & management expects c.20% sales growth with EBITDA margins c.8-10% for this portfolio over the medium term.
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Exports to see traction with dedicated facility coming up under greenfield expansion project:
While servicing & gaining share in domestic market remains a key focus area over the medium term, export of stationary products (account for 15% of its sales of which 60% is to FILA & balance is its own branded products) is also a large opportunity which can be tapped at later stages leveraging its manufacturing capabilities and its strategic relationship with FILA. DOMS has entered into distribution agreements with FILA wherein later will distribute DOMS-branded stationery products across select international markets, leveraging its entrenched local infrastructure & regulatory familiarity. Also, with dedicated building for FILA coming up in 44 acre capacity expansion project, export sales could see uptick in FY27.
While servicing & gaining share in domestic market remains a key focus area over the medium term, export of stationary products (account for 15% of its sales of which 60% is to FILA & balance is its own branded products) is also a large opportunity which can be tapped at later stages leveraging its manufacturing capabilities and its strategic relationship with FILA. DOMS has entered into distribution agreements with FILA wherein later will distribute DOMS-branded stationery products across select international markets, leveraging its entrenched local infrastructure & regulatory familiarity. Also, with dedicated building for FILA coming up in 44 acre capacity expansion project, export sales could see uptick in FY27.
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DOMS 2170-2380
Expected level 2750
Support 2000
Expected level 2750
Support 2000
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๐๐ผ๐ป๐ด ๐ง๐ฒ๐ฟ๐บ ยฎโข
Vardhman Textiles VTL 350-400 Expected level 500 Support 310
538๐long term level hit
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Cera Sanitaryware Limited Details report
Cera Sanitaryware Limited manufactures, markets and distributes building products. Product offerings of the company are divided into 4 categories namely, sanitaryware, faucetware, tiles and wellness. It operates through the following brands; CERA, Senator, Lustre and Luxe. They have a main manufacturing hub at Kadi encompassing sanitaryware and faucetware. Their faucetware manufacturing capacity as on 31st March 2025 was ~4 lakh units per month. The company also operates in the packaging and polymer products space through joint ventures and subsidiaries. As of 31st March 2025, they have 1,682 display centers which includes 13 company-owned company-managed CERA Style Studios, 229 CERA Style Galleries, 212 CERA Style Hubs and 1,297 CERA Style Centers. The company also enjoys a distribution network of ~6,540 distributors/dealers (authorized stockiest) and ~24,400 retailers. Their product portfolio encompasses a wide range of bathroom and kitchen solutions. It includes sanitaryware such as toilets, basins, urinals and bidets, along with a selection of ceramic, porcelain and vitrified tiles for both floor and wall applications. Their faucet range is available in multiple designs and finishes. The company also offers kitchen sinks made from stainless steel, granite and ceramic. In addition, it provides mirrors, shower panels and shower enclosures in various styles. The wellness segment features whirlpools, steam showers and sauna systems. Furthermore, the company offers bathroom furniture such as vanity units and cabinets, as well as a variety of bath accessories including towel rails, soap dispensers and toilet paper holders.
Cera Sanitaryware Limited manufactures, markets and distributes building products. Product offerings of the company are divided into 4 categories namely, sanitaryware, faucetware, tiles and wellness. It operates through the following brands; CERA, Senator, Lustre and Luxe. They have a main manufacturing hub at Kadi encompassing sanitaryware and faucetware. Their faucetware manufacturing capacity as on 31st March 2025 was ~4 lakh units per month. The company also operates in the packaging and polymer products space through joint ventures and subsidiaries. As of 31st March 2025, they have 1,682 display centers which includes 13 company-owned company-managed CERA Style Studios, 229 CERA Style Galleries, 212 CERA Style Hubs and 1,297 CERA Style Centers. The company also enjoys a distribution network of ~6,540 distributors/dealers (authorized stockiest) and ~24,400 retailers. Their product portfolio encompasses a wide range of bathroom and kitchen solutions. It includes sanitaryware such as toilets, basins, urinals and bidets, along with a selection of ceramic, porcelain and vitrified tiles for both floor and wall applications. Their faucet range is available in multiple designs and finishes. The company also offers kitchen sinks made from stainless steel, granite and ceramic. In addition, it provides mirrors, shower panels and shower enclosures in various styles. The wellness segment features whirlpools, steam showers and sauna systems. Furthermore, the company offers bathroom furniture such as vanity units and cabinets, as well as a variety of bath accessories including towel rails, soap dispensers and toilet paper holders.
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#SALES #GROWTH
In FY25, the company registered revenue of โน1,926.2 cr, an increase of 2.5% YoY due to subdued demand on account of elections, monsoon and oversupply in the industry. In FY25, sanitaryware contributed 50%, faucetware 37%, tiles 11% and wellness 2% to the total revenue. During the period, sale of premium products was 43%. In the year under review, segment wise YoY growth was as follows โ wellness 132% and faucetware 10%. The tiles and sanitaryware segment de-grew by 17% and 2% YoY, respectively. In FY25, their project order book stood at โน1,215 cr as compared to โน1,065 cr in FY24 and subsequently their project B2B sales contribution was 35% v/s 30% in FY24. The average ticket size from realty project increased from โน0.2 cr in FY24 to โน2.5 cr in FY25. During the year, the company completed the Prayagraj airport project, marking its entry into this distinctive infrastructure segment. Furthermore, they also secured a Railway Board bathroom project worth โน20 cr.
In FY25, the company registered revenue of โน1,926.2 cr, an increase of 2.5% YoY due to subdued demand on account of elections, monsoon and oversupply in the industry. In FY25, sanitaryware contributed 50%, faucetware 37%, tiles 11% and wellness 2% to the total revenue. During the period, sale of premium products was 43%. In the year under review, segment wise YoY growth was as follows โ wellness 132% and faucetware 10%. The tiles and sanitaryware segment de-grew by 17% and 2% YoY, respectively. In FY25, their project order book stood at โน1,215 cr as compared to โน1,065 cr in FY24 and subsequently their project B2B sales contribution was 35% v/s 30% in FY24. The average ticket size from realty project increased from โน0.2 cr in FY24 to โน2.5 cr in FY25. During the year, the company completed the Prayagraj airport project, marking its entry into this distinctive infrastructure segment. Furthermore, they also secured a Railway Board bathroom project worth โน20 cr.
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#EBITDA #GROWTH
In FY25, EBITDA was โน299 cr and it decreased by 1% YoY, this was on account of employee benefit expense which increased by 6% YoY, raw material cost which increased by 3% YoY and other expenses which increased by 1% YoY. The capacity utilization during Q4 FY25 was 90% & 95%, for sanitaryware & faucetware, respectively. In Q4 FY25, weighted average cost of gas was โน36.06 per standard cubic meter (SCM) and total gas cost was 3.5% of total revenue. In FY25, advertisement spends was โน54 cr representing 2.8% of revenue.
In FY25, EBITDA was โน299 cr and it decreased by 1% YoY, this was on account of employee benefit expense which increased by 6% YoY, raw material cost which increased by 3% YoY and other expenses which increased by 1% YoY. The capacity utilization during Q4 FY25 was 90% & 95%, for sanitaryware & faucetware, respectively. In Q4 FY25, weighted average cost of gas was โน36.06 per standard cubic meter (SCM) and total gas cost was 3.5% of total revenue. In FY25, advertisement spends was โน54 cr representing 2.8% of revenue.
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#EBITDA #MARGIN
For the year ended 31st March 2025, EBITDA margin contracted by 57 bps YoY to 15.6%. During the period under review, as a percentage of revenue from operation, cost of goods consumed increased by 37 bps YoY to 47.3%, employee cost increased by 45 bps YoY to 12.7% and other expense decreased by 25 bps YoY to 24.4%. The management envisages to achieve an EBITDA margin of 16%-17% in a couple of quarters. This will be on the back of reduced discounts as consumer demand improves.
For the year ended 31st March 2025, EBITDA margin contracted by 57 bps YoY to 15.6%. During the period under review, as a percentage of revenue from operation, cost of goods consumed increased by 37 bps YoY to 47.3%, employee cost increased by 45 bps YoY to 12.7% and other expense decreased by 25 bps YoY to 24.4%. The management envisages to achieve an EBITDA margin of 16%-17% in a couple of quarters. This will be on the back of reduced discounts as consumer demand improves.
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#ROCE
The company has been able to maintain a healthy ROCE in the past few years, however in FY25, capital employed increased by 2% YoY to โน1,492 cr and PBIT decreased by 2% YoY to โน319 cr leading to a reduction in return on capital employed to 23.2%.
The company has been able to maintain a healthy ROCE in the past few years, however in FY25, capital employed increased by 2% YoY to โน1,492 cr and PBIT decreased by 2% YoY to โน319 cr leading to a reduction in return on capital employed to 23.2%.
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#ROE
In FY25, the companyโs return on equity is envisaged to be marginally lower to 18.4%, due to a combination of lower financial leverage and asset turnover ratio. The companyโs net worth as on 31st March 2025 increased by 1% YoY to โน1,354 cr.
In FY25, the companyโs return on equity is envisaged to be marginally lower to 18.4%, due to a combination of lower financial leverage and asset turnover ratio. The companyโs net worth as on 31st March 2025 increased by 1% YoY to โน1,354 cr.
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#MANAGEMENT
Management of the company continues to take several steps for its growth in the coming years such as right product mix, technology adoption in manufacturing, constant brand promotion through various marketing strategies, wide distribution and strong after sales service. Mr. Vikram Somany is known for hands-on involvement in all aspects of the business, from strategy initiation to execution. Mrs. Deepshikha Khaitan (Joint Managing Director) is actively associated with the company for over 8 years. Plays a key role in driving design innovation, product development, and R&D initiatives.
Management of the company continues to take several steps for its growth in the coming years such as right product mix, technology adoption in manufacturing, constant brand promotion through various marketing strategies, wide distribution and strong after sales service. Mr. Vikram Somany is known for hands-on involvement in all aspects of the business, from strategy initiation to execution. Mrs. Deepshikha Khaitan (Joint Managing Director) is actively associated with the company for over 8 years. Plays a key role in driving design innovation, product development, and R&D initiatives.
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