NSE: CEATLTD · BSE: 500878
CEAT LIMITED
Manufactures tyres for passenger vehicles, two-wheelers, commercial vehicles, and off-highway equipment, selling through vehicle OEMs, the replacement market, and international channels in 110+ countries from six plants. The CAMSO acquisition from Michelin added an off-highway tyre (OHT) business already gaining approvals from BOMAG, JCB and Mine Australia, while a wholly-owned subsidiary, Tyresnmore Online, sells automotive tyres, batteries and related services (₹4,329.13 lakh turnover in FY26). Revenue comes from OEM supply (around 32% passenger EV share, ~12% two-wheeler EV share), replacement-market sales (gains flagged in two-wheelers and passenger cars), an international business spanning Europe, Latin America and the Middle East, and the newly consolidated CAMSO OHT line. Raw materials are the dominant cost at 60.6% of revenue — West Asia-driven inflation compressed Q1 FY27 consolidated EBITDA margin to 8.56% (from 10.94% YoY) and consolidated PAT to ₹4 cr (from ₹112 cr). The board has approved ₹1,205 cr of capex to add 53,000 tyres per day of two-wheeler capacity by end-FY31, on top of existing 80,000 tyres/day capacity running at ~95% utilisation. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. OEM supply, Replacement market, International business, Off-highway tyres (OHT) / CAMSO, Tyresnmore Online (subsidiary). Cyclical, asset-heavy multi-category tyre manufacturer exposed to raw-material prices and currency, with growing exposure to off-highway and EV segments.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 9,363 | 11,315 | 11,943 | 13,218 | 15,678 |
| EBITDA (ex other income) | 697 | 940 | 1,594 | 1,445 | 1,976 |
| margin % | 7.4 | 8.3 | 13.3 | 10.9 | 12.6 |
| Owners' profit | 71 | 186 | 643 | 0 | 698 |
| EPS, as reported (₹) | 17.60 | 46.02 | 158.87 | 116.85 | 172.78 |
| ROE % · ROCE % | 2.1 · 5.0 | 5.3 · 8.9 | 15.7 · 19.5 | 10.8 · 14.9 | 13.8 · 17.6 |
| Debt / equity (x) | 0.64 | 0.61 | 0.40 | 0.44 | 0.60 |
| Cash from operations | 619 | 1,205 | 1,719 | 1,092 | 1,786 |
| Capex | (959) | (879) | (867) | (943) | (2,267) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,305 | 3,300 | 3,421 | 3,529 | 3,773 | 4,157 | 4,219 | 4,318 |
| Profit before tax | 162 | 128 | 129 | 156 | 246 | 218 | 340 | 32 |
| Net profit | 121 | 97 | 99 | 112 | 186 | 155 | 244 | 4 |
| EPS (₹) | 30.13 | 24.01 | 24.60 | 27.80 | 45.98 | 38.59 | 60.45 | 1.07 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MRF LTD | 50,055 | 20.7 | 2.39 | 9.8 | 11.6 | 14.0 | 14.0 | 14.1 |
| BALKRISHNA IND. LTD | 40,512 | 28.8 | 3.70 | 17.5 | 11.3 | 13.0 | 13.4 | 24.4 |
| APOLLO TYRES LTD | 24,642 | 14.4 | 1.47 | 8.1 | 8.2 | 6.2 | 10.4 | 12.8 |
| CEAT LIMITED ◆ | 12,546 | 21.5 | 2.48 | 7.7 | 13.8 | 12.8 | 15.6 | 8.4 |
| JK TYRE & INDUSTRIES LTD | 8,792 | 13.2 | 1.45 | 6.8 | 12.8 | 9.9 | 12.4 | 7.1 |
| TVS SRICHAKRA LIMITED | 3,199 | 34.6 | 2.69 | 13.3 | 6.0 | 6.3 | 13.4 | 8.8 |
| GOODYEAR INDIA LIMITED | 1,573 | 25.6 | 2.60 | — | 10.1 | 12.2 | — | 4.3 |
| MEGAMONT LIMITED | 537 | 58.4 | 15.89 | 56.5 | 18.4 | 21.3 | — | 2.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.5 | 25.6 | 6 of 13 | 58% |
| P/B | 2.5 | 2.4 | 9 of 16 | 47% |
| ROCE | 12.8 | 9.9 | 6 of 17 | 69% |
| ROE | 13.8 | 9.0 | 3 of 16 | 87% |
| Debt / Equity | 0.6 | 0.4 | 10 of 16 | 40% |
| EBITDA margin | 8.4 | 7.6 | 7 of 16 | 60% |
| Revenue growth | 22.3 | 10.1 | 5 of 15 | 71% |
| Profit growth | (96.4) | (5.8) | 14 of 16 | 13% |
| Market cap | 12546 | 326 | 4 of 17 | 81% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · CEAT informs exchanges about loss of share certificates | compliance | minimal | — | — |
| 22 Oct 2026 · Duplicate certificate sought for 75 lost CEAT shares | compliance | minimal | — | — |
| 21 Oct 2026 · CEAT reports duplicate share certificates for six folios | compliance | minimal | — | — |
| 21 Oct 2026 · Loss of share certificates reported by shareholder | compliance | minimal | — | — |
| 19 Oct 2026 · CEAT shares Q2 FY27 earnings call transcript on website | investor communications | medium | — | — |
| 16 Oct 2026 · CEAT Q2 FY26 results: Revenue up 26 percent, Profit down 40 percent YoY | compliance | minimal | — | — |
| 15 Oct 2026 · Q2 FY27 earnings call recording uploaded on website | investor communications | low | — | — |
| 14 Oct 2026 · CEAT Q2 FY27: Revenue up 26% YoY, EBITDA margins under pressure | investor communications | medium | — | — |
| 14 Oct 2026 · Q2 results, new independent director, amended related party policy | results | high | — | — |
| 14 Oct 2026 · CEAT Q2 PAT dips 19% to Rs 164 cr; new Independent Director appointed | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.