Cera Sanitaryware reported flat revenue of Rs 8.9 billion in H1, with EBITDA declining 11.4% year-on-year, while PAT rose slightly by 1.7% to Rs 1.2 billion. The subdued demand was attributed to heatwaves, election slowdowns, and prolonged rains, impacting margins. Despite these challenges, a lean balance sheet with a projected net cash surplus supports a Buy rating, with a target price of Rs 9,899.