India's second-largest sanitaryware major with a marketshare of 23%, competes with leader Hindustan Sanitaryware & Industries (41% share). High marketing spends have ensured good brand visibility with sales clocking a CAGR of 28% and profits doing over 34% in the past five years. Over 55% of its products are produced in-house. That demand has been robust is evident from the 53% revenue growth Cera clocked in FY13 with operating margins of 15.4%, despite higher raw material costs. It is now foraying into the tiles...