#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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#COMPANY #POTENTIAL
โข In the Union Budget FY26, the government launched a โน1 lakh cr Urban Challenge Fund to transform Indian cities into future-ready growth hubs through targeted redevelopment and improved water and sanitation infrastructure. Additionally, the โน15,000 cr Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund 2 aims to complete 100,000 housing units, building on the progress of SWAMIH Fund 1, which has already delivered 50,000 homes and is expected to deliver another 40,000 by 2025. โข The trend in bathroom solutions continues to move in a positive direction. It is projected that by 2047, India may require approximately 23 cr additional housing units, with a significant shift toward larger and more premium properties. This evolving preference is expected to drive demand for more spacious and high-quality bathroom solutions. โข The global sanitaryware market is estimated to be valued at USD 57.28 billion (~โน4,75,000 cr) in 2025 and is projected to reach USD 79.93 billion (~โน6,63,000 cr) by 2030, growing at a CAGR of 6.9% during the forecast period. Within this landscape, the Indian sanitaryware sector is expected to reach a market size of approximately USD 948.5 million (โน7,900 cr) by 2025, growing at a CAGR of 7.9% from 2024 to 2029. Organized players dominate around 60% of the Indian market, catering primarily to premium segments, while the unorganized sector, which serves the mass market, holds less than 40%. The implementation of the goods & services tax (GST) has further accelerated the shift in product offtake from the unorganized to the organized sector. โข The rising focus on wellness is a key growth driver for the companyโs wellness segment. In 2023, the Indian spa market generated USD 1,691.2 million (~โน14,000 cr) in revenue, making up 5.5% of the Asia-Pacific spa market. As more people look to create spalike experiences at home, there is increasing demand for stylish and high-end bathroom products. This includes designer bathtubs, wellness-oriented shower systems, and hydrotherapy solutions that offer comfort, luxury, and relaxation.
โข In the Union Budget FY26, the government launched a โน1 lakh cr Urban Challenge Fund to transform Indian cities into future-ready growth hubs through targeted redevelopment and improved water and sanitation infrastructure. Additionally, the โน15,000 cr Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund 2 aims to complete 100,000 housing units, building on the progress of SWAMIH Fund 1, which has already delivered 50,000 homes and is expected to deliver another 40,000 by 2025. โข The trend in bathroom solutions continues to move in a positive direction. It is projected that by 2047, India may require approximately 23 cr additional housing units, with a significant shift toward larger and more premium properties. This evolving preference is expected to drive demand for more spacious and high-quality bathroom solutions. โข The global sanitaryware market is estimated to be valued at USD 57.28 billion (~โน4,75,000 cr) in 2025 and is projected to reach USD 79.93 billion (~โน6,63,000 cr) by 2030, growing at a CAGR of 6.9% during the forecast period. Within this landscape, the Indian sanitaryware sector is expected to reach a market size of approximately USD 948.5 million (โน7,900 cr) by 2025, growing at a CAGR of 7.9% from 2024 to 2029. Organized players dominate around 60% of the Indian market, catering primarily to premium segments, while the unorganized sector, which serves the mass market, holds less than 40%. The implementation of the goods & services tax (GST) has further accelerated the shift in product offtake from the unorganized to the organized sector. โข The rising focus on wellness is a key growth driver for the companyโs wellness segment. In 2023, the Indian spa market generated USD 1,691.2 million (~โน14,000 cr) in revenue, making up 5.5% of the Asia-Pacific spa market. As more people look to create spalike experiences at home, there is increasing demand for stylish and high-end bathroom products. This includes designer bathtubs, wellness-oriented shower systems, and hydrotherapy solutions that offer comfort, luxury, and relaxation.
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#FUTURE #OUTLOOK
โข The management has acquired land parcel in Gujarat for their upcoming greenfield sanitaryware facility. The land cost was ~โน25- โน30 cr Construction is not envisaged to start in FY26, the expansion would be completed in ~18 months from the date of start. The phase 1 is budgeted to cost ~โน130 cr (including โน25-โน30 cr already paid for land acquisition); this would generate a revenue of ~โน300 cr per annum. The management will revisit the start date of construction at the end of current year and will be based on the prevailing demand outlook and market environment. In the meantime, if there is a sudden jump in demand, the company is confident to manage the same based on increased inventory, better capacity utilization and a flexible outsourcing model. โข The brownfield faucetware expansion program of one lakh SKUs per month to take the capacity to 4 lakh pieces per month. The total cost of the project will be โน58 cr and has commenced in September 2023, there is a provision for it to go up to 6 lakh pieces capacity from 3 lakh to 4 lakh pieces in FY24. per month. This is to be funded from annual operating cash flow. It has completed the expansion to take the monthly production โข Management was originally aiming of reaching revenue of โน2,900 cr by September 2025, the target date has been recalibrated to March 2027 which is 16% CAGR (FY24-27) to be driven by higher volumes (+10-13%), better mix (4-6%) and improved realization (+2-3%). It also indicated current margins are sustainable with an upward bias. โข These projections were based on anticipated market growth of 7%-8% in the sanitaryware segment and 12%-13% in faucetware, with an aim to outperform the market by 6%-7%. While actual market conditions have fallen short of these expectations, the companyโs project pipeline remains strong. Once market conditions stabilize, the company expects to outperform the market by leveraging strong execution and well-defined strategic initiatives.
The company has revamped its Senator brand and launched the Luxe brand in the luxury segment as it plans to increase the contribution from the luxury segment to ~10% of sales by FY27, i.e., ~โน290-โน300 cr They plan to open ~40-45 Senator stores during FY26. Separately, Cera Luxe products are also set to be prominently showcased in over 50 stores by the end of FY26. Additionally, they are also strengthening their tile offerings with a focus on high-end value-added products, including large 6x4 slabs. โข Management envisages EBITDA margins improving to ~16%-17% in the coming quarters, driven by a pickup in retail demand. This is expected to offset the impact of discounts, which are believed to have peaked and stabilized. Going forward, a gradual reduction in discounting is anticipated which would support margin expansion. outsourced products are now in-house, ensuring efficiency and adaptability. โข Despite the weak demand, the company is maintaining its utilization, anticipating a demand revival. Faucetware output is flexible due to automation, while sanitaryware relies on skilled labor, making capacity reductions difficult. To balance production, some โข The management foresees strong replacement demand in faucetware segment, increasing the growth opportunity for the company. The company anticipates renewed momentum in sanitaryware demand as the overall market environment improves in the coming quarters. Furthermore, the recently introduced Union Budget is expected to increase disposable income, leading to increased spends in building materials industry, further supported by governments focus on infrastructure spends.
โข The management has acquired land parcel in Gujarat for their upcoming greenfield sanitaryware facility. The land cost was ~โน25- โน30 cr Construction is not envisaged to start in FY26, the expansion would be completed in ~18 months from the date of start. The phase 1 is budgeted to cost ~โน130 cr (including โน25-โน30 cr already paid for land acquisition); this would generate a revenue of ~โน300 cr per annum. The management will revisit the start date of construction at the end of current year and will be based on the prevailing demand outlook and market environment. In the meantime, if there is a sudden jump in demand, the company is confident to manage the same based on increased inventory, better capacity utilization and a flexible outsourcing model. โข The brownfield faucetware expansion program of one lakh SKUs per month to take the capacity to 4 lakh pieces per month. The total cost of the project will be โน58 cr and has commenced in September 2023, there is a provision for it to go up to 6 lakh pieces capacity from 3 lakh to 4 lakh pieces in FY24. per month. This is to be funded from annual operating cash flow. It has completed the expansion to take the monthly production โข Management was originally aiming of reaching revenue of โน2,900 cr by September 2025, the target date has been recalibrated to March 2027 which is 16% CAGR (FY24-27) to be driven by higher volumes (+10-13%), better mix (4-6%) and improved realization (+2-3%). It also indicated current margins are sustainable with an upward bias. โข These projections were based on anticipated market growth of 7%-8% in the sanitaryware segment and 12%-13% in faucetware, with an aim to outperform the market by 6%-7%. While actual market conditions have fallen short of these expectations, the companyโs project pipeline remains strong. Once market conditions stabilize, the company expects to outperform the market by leveraging strong execution and well-defined strategic initiatives.
The company has revamped its Senator brand and launched the Luxe brand in the luxury segment as it plans to increase the contribution from the luxury segment to ~10% of sales by FY27, i.e., ~โน290-โน300 cr They plan to open ~40-45 Senator stores during FY26. Separately, Cera Luxe products are also set to be prominently showcased in over 50 stores by the end of FY26. Additionally, they are also strengthening their tile offerings with a focus on high-end value-added products, including large 6x4 slabs. โข Management envisages EBITDA margins improving to ~16%-17% in the coming quarters, driven by a pickup in retail demand. This is expected to offset the impact of discounts, which are believed to have peaked and stabilized. Going forward, a gradual reduction in discounting is anticipated which would support margin expansion. outsourced products are now in-house, ensuring efficiency and adaptability. โข Despite the weak demand, the company is maintaining its utilization, anticipating a demand revival. Faucetware output is flexible due to automation, while sanitaryware relies on skilled labor, making capacity reductions difficult. To balance production, some โข The management foresees strong replacement demand in faucetware segment, increasing the growth opportunity for the company. The company anticipates renewed momentum in sanitaryware demand as the overall market environment improves in the coming quarters. Furthermore, the recently introduced Union Budget is expected to increase disposable income, leading to increased spends in building materials industry, further supported by governments focus on infrastructure spends.
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Cera Sanitaryware 4500-4950
Expected level 6000
Support 3900
Expected level 6000
Support 3900
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TTK Prestige Limited company details report
TTK Prestige Limited predominantly operates in the Kitchen Appliances segment with a wide range of product categories that consist of pressure cookers, cookware, gas stoves and domestic kitchen electrical appliances. The company's brands include Prestige and Judge. Traditionally, it focused on the South Indian markets and to expand its addressable market, it leveraged its brand and expanded distribution network in the last few years to penetrate the Western, Northern and Eastern regions. The company has six manufacturing plants in two in Hosur (Tamil Nadu), one each in Coimbatore, Karjan, Kharadi and Roorkee. In 9M FY25, it introduced ~190 new SKUs (stock-keeping units) covering pressure cookers, induction cook tops, mixer grinders, rice cookers, gas stoves, and other small electric/non-electric appliances. It sells its products through multiple distribution channels supported by a large network of dealers. It markets its products through authorized direct dealers, large format stores, institutions (large corporate houses that place bulk orders for gifting), multi-level marketing chains, e-commerce channel and franchise retail outlets โ Prestige Xclusive. The number of outlets as on 31st December 2024 was 665. The spread of the network is also evenly distributed between metros, mini-metros, tier 1, tier 2, and tier 3 cities. Company has an overseas subsidiary by name TTK British Holdings Limited which was incorporated in the United Kingdom in 2016. TTK British Holdings Limited holds the entire share capital of Horwood Homewares Limited which is the operating subsidiary. It also holds 51% stake in Ultrafresh Modular Solutions Limited, India (engaged in the business of Modular Kitchens and kitchen appliances).
TTK Prestige Limited predominantly operates in the Kitchen Appliances segment with a wide range of product categories that consist of pressure cookers, cookware, gas stoves and domestic kitchen electrical appliances. The company's brands include Prestige and Judge. Traditionally, it focused on the South Indian markets and to expand its addressable market, it leveraged its brand and expanded distribution network in the last few years to penetrate the Western, Northern and Eastern regions. The company has six manufacturing plants in two in Hosur (Tamil Nadu), one each in Coimbatore, Karjan, Kharadi and Roorkee. In 9M FY25, it introduced ~190 new SKUs (stock-keeping units) covering pressure cookers, induction cook tops, mixer grinders, rice cookers, gas stoves, and other small electric/non-electric appliances. It sells its products through multiple distribution channels supported by a large network of dealers. It markets its products through authorized direct dealers, large format stores, institutions (large corporate houses that place bulk orders for gifting), multi-level marketing chains, e-commerce channel and franchise retail outlets โ Prestige Xclusive. The number of outlets as on 31st December 2024 was 665. The spread of the network is also evenly distributed between metros, mini-metros, tier 1, tier 2, and tier 3 cities. Company has an overseas subsidiary by name TTK British Holdings Limited which was incorporated in the United Kingdom in 2016. TTK British Holdings Limited holds the entire share capital of Horwood Homewares Limited which is the operating subsidiary. It also holds 51% stake in Ultrafresh Modular Solutions Limited, India (engaged in the business of Modular Kitchens and kitchen appliances).
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#SALES #GROWTH
In FY25, revenue was โน2,715 cr, up by ~1% YoY. Sales (standalone) in appliance, cooker, cookware & others was โน1,184 cr, โน785 cr, โน432 cr & โน129 cr, respectively. The YoY growth in appliance, cookware and others was ~0.4%, 7.3% and 5.9%, respectively. Cookers posted de-growth of 5.9% YoY. Ultrafresh recorded revenue of โน33 cr (v/s โน31 cr in FY24) and Horwood witnessed a decrease of 1.4% YoY. The company faced a sales loss impact of โน125 cr due to decline in alternate channels as the MFI (micro finance institution). The Canteen Stores Department (CSD) channel also remained subdued. However, the traditional channels saw ~8% YoY growth. The repositioning of the Judge brand began to yield results, with the brand showcasing strong growth. In FY25, revenue from the brand increased to โน68 cr. In FY24, the net sales was โน2,678 cr and de-grew by 3.6% YoY.
In FY25, revenue was โน2,715 cr, up by ~1% YoY. Sales (standalone) in appliance, cooker, cookware & others was โน1,184 cr, โน785 cr, โน432 cr & โน129 cr, respectively. The YoY growth in appliance, cookware and others was ~0.4%, 7.3% and 5.9%, respectively. Cookers posted de-growth of 5.9% YoY. Ultrafresh recorded revenue of โน33 cr (v/s โน31 cr in FY24) and Horwood witnessed a decrease of 1.4% YoY. The company faced a sales loss impact of โน125 cr due to decline in alternate channels as the MFI (micro finance institution). The Canteen Stores Department (CSD) channel also remained subdued. However, the traditional channels saw ~8% YoY growth. The repositioning of the Judge brand began to yield results, with the brand showcasing strong growth. In FY25, revenue from the brand increased to โน68 cr. In FY24, the net sales was โน2,678 cr and de-grew by 3.6% YoY.
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#EBITDA #GROWTH
In FY25, EBITDA de-grew by 15% to โน258 cr. Gross profit saw an uptick of 3% YoY. EBITDA was impacted by the additional charges incurred as soft operational expenses for long-term growth strategy and plan during the year. Aluminum and stainless steel are the key raw materials for the pressure cooker and cookware industry. In FY24, the EBITDA declined by 15.3% YoY to โน304 cr. While the expenses remained elevated, the sales was on a declining trend thereby impacting the operating profit.
In FY25, EBITDA de-grew by 15% to โน258 cr. Gross profit saw an uptick of 3% YoY. EBITDA was impacted by the additional charges incurred as soft operational expenses for long-term growth strategy and plan during the year. Aluminum and stainless steel are the key raw materials for the pressure cooker and cookware industry. In FY24, the EBITDA declined by 15.3% YoY to โน304 cr. While the expenses remained elevated, the sales was on a declining trend thereby impacting the operating profit.
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#PAT #GROWTH
In FY25, PAT declined by 52% YoY to โน108 cr. It was impacted by an exceptional loss arising from provision for impairment of goodwill in UK subsidiary of ~โน71 cr. Tax rate for FY25 was 38.1% v/s 25.2% in FY24. In FY24, the net profit declined by 11.7% YoY and stood at โน225 cr.
In FY25, PAT declined by 52% YoY to โน108 cr. It was impacted by an exceptional loss arising from provision for impairment of goodwill in UK subsidiary of ~โน71 cr. Tax rate for FY25 was 38.1% v/s 25.2% in FY24. In FY24, the net profit declined by 11.7% YoY and stood at โน225 cr.
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#EBITDA #MARGIN
In FY25, EBITDA margin contracted by 185 bps YoY to ~9.5% on account of higher employee benefit expense and other expenses. However, gross margin expanded by 82 bps YoY to 42% as the company took cost savings initiatives at the raw material and overall costing level. EBITDA margin stood at 11.3% in FY24. Although the raw material prices remained stable throughout the year, it witnessed an increase in Q4 FY24 and the decline in sale of all its product categories did not lead to margin expansion.
In FY25, EBITDA margin contracted by 185 bps YoY to ~9.5% on account of higher employee benefit expense and other expenses. However, gross margin expanded by 82 bps YoY to 42% as the company took cost savings initiatives at the raw material and overall costing level. EBITDA margin stood at 11.3% in FY24. Although the raw material prices remained stable throughout the year, it witnessed an increase in Q4 FY24 and the decline in sale of all its product categories did not lead to margin expansion.
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