We met the management of Cera Sanitaryware (Cera). The company primarily has businesses in sanitaryware, faucets and tiles. It also caters to other product categories viz. wellness, water heaters, etc. With 54% contribution to the topline, sanitaryware is the largest revenue-generating business for the company, followed by faucets (23%) and tiles (20%). Cera follows an asset-light JV model across business segments, with inhouse manufacturing facilities for high-value sanitaryware & faucets products while low-value products are outsourced. The company has a network of ~14,000 dealers and retailers across India. Revenues grew at...