Sanitaryware/faucet revenue grew 28.3%/38.5% yoy, respectively, led by over 20% price hike taken in every segment in FY22. Tile revenue declined. Existing capacity fully utilized. Plans ~Rs2bn capex to double in-house bathware capacity by Mar 2025F. FY22 FCF at ~Rs780m. Net cash: Rs5.5bn. Market share stability, capacity constraints and employee attrition issues have been addressed. Retain Add rating on the stock with a lower TP of Rs5,350.