CEAT Ltd logo

CEAT Ltd

CEATLTD NSE

CEAT, established in 1958, is one of the largest tyre manufacturers and one of the fastest-growing tyre companies in India. CEAT became a part of the RPG Group in 1982. It is amongst the Top 25 best workplaces in Manufacturing by GPTW for 2022.[1]

AI Verdict: HOLD Confidence: 5%

CEAT Ltd shows strong profit growth of 51% TTM and improving ROE of 16%, but the stock has delivered -2% returns over the past year and analyst consensus is divided with 33% sell ratings. At a PE of 20.3x, the valuation appears fair but not compelling given the mixed signals.

Key Fundamentals

MicrocapTyresAutomobiles
Market Cap
₹14,170 Cr
Volatility
Moderate
P/E Ratio
20.22
EBITDA
₹1,976 Cr
Return on Equity
15.68%
Debt to Equity
0.47
Book Value
₹1,247.47
EPS
₹169.51
52W High
₹4,438
52W Low
₹3,000.5

Technical Indicators

Growth Rate

Revenue Growth
18.46% ↗
Net Income Growth
63.62% ↗
Cash Flow Change
-36.49% ↘
ROE
-31.31% ↘
ROCE
-23.43% ↘
EBITDA Margin (Avg.)
11.54% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk medium

CEAT Ltd shows strong profit growth of 51% TTM and improving ROE of 16%, but the stock has delivered -2% returns over the past year and analyst consensus is divided with 33% sell ratings. At a PE of 20.3x, the valuation appears fair but not compelling given the mixed signals.

Bull Case 8
  • Exceptional TTM profit growth of 51% indicates strong margin expansion and operational leverage
  • ROE has improved from 12% (5-year average) to 16% last year, showing improving capital efficiency
  • Compounded sales growth of 19% TTM demonstrates robust top-line momentum
  • 3-year stock CAGR of 19% reflects sustained long-term wealth creation for investors
  • 5-year stock CAGR of 21% outperforms broader market indices over the same period
  • 3-year compounded profit growth of 53% signals a structural earnings upgrade cycle
  • PE of 20.3x is reasonable for a consumer discretionary company delivering 51% profit growth, implying a PEG ratio below 0.5
  • 44% of analysts rate the stock a Buy, representing the largest single consensus category
Bear Case 8
  • Stock has delivered -2% returns over the past 1 year despite strong earnings growth, suggesting market skepticism
  • 33% of analysts (6 out of 18) rate the stock a Sell, an unusually high proportion indicating structural concerns
  • 10-year compounded profit growth of only 5% reveals historically inconsistent earnings power
  • Dividend yield of just 0.86% offers minimal income support during periods of capital depreciation
  • Price-to-book ratio of 2.8x is elevated for a cyclical tyre manufacturer with volatile margins
  • 5-year compounded profit growth of only 10% versus 5-year sales growth of 16% suggests margin compression over the medium term
  • Market cap of Rs 14,041 crore with 22% hold ratings indicates a large undecided analyst base adding uncertainty
  • 10-year sales CAGR of 11% is modest for a mid-cap consumer discretionary name, reflecting limited pricing power in the tyre industry

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Positives 1
  • Phased price hikes planned Jun 17

    CEAT plans additional price increases of 3-5% within 2-3 weeks, with further hikes in August and September, supporting margin recovery amid input cost pressures.

Neutral 5
  • GST demand reduced to Rs 6.4 Cr Jun 4

    Revised GST order for FY 2019-20 cut demand to Rs 6.4 crore plus interest, down from original amount. Company plans to appeal.

  • IEPF share transfer by Sep 3 May 30

    Unclaimed dividends and shares will be transferred to IEPF by September 3, 2026. Shareholders must claim dues before deadline.

  • Dividend TDS norms for FY27 May 29

    CEAT detailed TDS process under Income Tax Act 2025 — 10% for resident shareholders with valid PAN, 20% for non-residents unless treaty benefits apply.

  • Share transfer request notice Jun 9

    Public notice issued regarding removal of a joint holder from 137 equity shares, with 30-day objection window for stakeholders.

  • Duplicate share certificate filing May 28

    CEAT submitted duplicate share certificate details covering 11 folios and 517 shares to exchanges on May 28, 2026.

TL;DR: CEAT's recent news flow is dominated by routine corporate and regulatory filings with no material negative developments. The planned 3-5% price hikes through August-September signal proactive margin management. The GST demand reduction to Rs 6.4 crore is a minor positive. Overall trend is stable with pricing power providing a near-term catalyst if volumes hold.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
2,875
2,935
3,053
2,963
2,992
3,193
3,305
3,300
3,421
3,529
3,773
4,157
4,219
Expenses
2,507
2,548
2,597
2,546
2,600
2,810
2,942
2,959
3,033
3,142
3,269
3,594
3,626
Operating Profit
368
387
456
418
392
383
362
341
388
388
503
563
593
OPM %
13%
13%
15%
14%
13%
12%
11%
10%
11%
11%
13%
14%
14%
Other Income
-6
3
10
3
-55
14
3
3
-33
1
4
-52
16
Interest
67
70
72
66
62
62
66
75
74
82
87
105
85
Depreciation
125
121
124
127
136
132
137
141
152
151
174
188
184
PBT
170
199
270
228
139
203
162
128
129
156
246
218
340
Tax %
27%
27%
25%
24%
33%
27%
29%
28%
28%
27%
28%
31%
30%
Net Profit
132
144
208
181
102
154
121
97
99
112
186
155
244
EPS in Rs
33.05
35.75
51.42
44.87
26.84
38.11
30.13
24.01
24.6
27.8
45.97
38.51
60.28
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
5,705
5,484
5,766
6,282
6,985
6,779
7,610
9,363
11,315
11,943
13,218
15,678
Expenses
5,013
4,694
5,096
5,652
6,332
6,052
6,617
8,643
10,341
10,291
11,742
13,631
Operating Profit
692
789
670
630
652
727
993
721
974
1,653
1,475
2,047
OPM %
12%
14%
12%
10%
9%
11%
13%
8%
9%
14%
11%
13%
Other Income
16
7
28
9
10
8
10
17
-8
-18
8
-31
Interest
142
101
90
104
93
154
179
207
242
269
278
359
Depreciation
93
108
143
169
193
277
340
435
469
509
563
697
PBT
472
587
466
367
376
304
484
95
254
857
643
960
Tax %
33%
32%
23%
36%
33%
24%
11%
26%
28%
26%
27%
29%
Net Profit
314
436
359
233
251
230
432
71
182
635
471
697
EPS in Rs
78.41
108
89.28
58.83
62.35
57.17
107
17.6
46.02
159
117
173
Div. Payout %
13%
11%
13%
20%
19%
21%
17%
17%
26%
19%
3%
20%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
40
40
40
40
40
40
40
40
40
40
40
40
Reserves
1,642
2,014
2,374
2,566
2,726
2,867
3,276
3,232
3,399
4,002
4,328
5,006
Borrowings
775
663
924
872
1,498
2,035
1,533
2,229
2,295
1,792
2,136
3,272
Other Liabilities
1,365
1,390
1,578
1,669
2,140
2,423
3,284
3,658
3,891
4,160
4,707
5,584
Total Liabilities
3,822
4,108
4,917
5,146
6,404
7,366
8,133
9,160
9,627
9,994
11,212
13,902
Fixed Assets
1,581
2,032
2,453
2,709
3,180
4,160
4,763
5,329
6,096
6,271
6,984
8,478
CWIP
229
299
326
310
833
1,069
793
876
596
684
538
598
Investments
312
195
232
214
181
184
210
179
170
182
190
222
Other Assets
1,700
1,581
1,907
1,914
2,210
1,954
2,367
2,775
2,765
2,858
3,501
4,604
Total Assets
3,822
4,108
4,917
5,146
6,404
7,366
8,133
9,160
9,627
9,994
11,212
13,902
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
749
702
335
672
561
956
1,358
619
1,205
1,719
1,092
1,786
Investing
-253
-433
-543
-412
-1,060
-1,076
-618
-944
-849
-854
-922
-2,271
Financing
-194
-326
219
-202
484
79
-731
313
-320
-871
-177
477
Net Cash Flow
301
-57
10
58
-15
-40
9
-12
37
-5
-7
-8
Free Cash Flow
449
-12
-248
189
-546
-154
723
-337
328
852
149
639
CFO/OP
124
110
65
122
98
134
142
89
120
114
80
96
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
45
40
39
43
37
36
44
45
42
39
46
43
Inventory Days
70
76
101
75
88
88
97
79
56
61
63
68
Days Payable
68
75
81
83
92
111
157
131
112
123
122
132
Cash Conversion Cycle
47
40
59
35
33
12
-16
-6
-14
-23
-13
-21
Working Capital Days
-7
11
21
-9
-11
-27
-41
-41
-49
-51
-49
-49
ROCE %
26%
27%
19%
15%
13%
10%
14%
6%
9%
20%
15%
19%

Shareholding Pattern

As of Mar 2026
Promoters 47.29%
DIIs 20.89%
FIIs 16.55%
Public 12.23%
Others 3.04%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
46.82%
46.82%
46.82%
47.11%
47.11%
47.21%
47.21%
47.21%
47.21%
47.21%
47.21%
47.21%
47.21%
47.21%
47.21%
47.21%
47.21%
47.21%
47.21%
47.21%
47.29%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
0.01%
0.01%
24.10%
0.00%
20.15%
18.76%
16.65%
15.83%
15.27%
17.38%
16.21%
16.92%
16.55%
DIIs
13.33%
13.30%
12.85%
12.34%
11.54%
11.03%
11.64%
12.92%
13.59%
12.20%
12.91%
13.84%
15.91%
17.10%
19.74%
20.54%
21.52%
20.08%
21.05%
20.48%
20.89%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
10.12%
12.77%
13.93%
14.63%
15.54%
16.04%
13.78%
12.65%
12.82%
11.68%
12.94%
14.68%
13.29%
14.05%
13.54%
13.68%
13.46%
12.55%
12.55%
12.35%
12.23%
Others
29.73%
27.11%
26.40%
25.92%
25.81%
25.72%
27.37%
27.22%
26.37%
28.90%
2.84%
24.28%
3.44%
2.88%
2.86%
2.74%
2.54%
2.78%
2.99%
3.04%
3.04%
No. of Shareholders
0
80,075
1,14,455
1,34,879
1,41,236
1,41,725
1,33,430
1,04,196
94,232
91,364
1,05,875
1,16,509
1,14,397
1,38,315
1,43,063
1,56,333
1,57,285
1,41,661
1,36,233
1,35,290
1,36,374

Documents

1
Concall - Apr 2017 Apr 2017
2
Concall - Feb 2018 Feb 2018
3
Concall - Apr 2018 Apr 2018
4
Concall - Apr 2018 Apr 2018
5
Concall - Oct 2018 Oct 2018

Frequently Asked Questions about CEAT Ltd

What does CEAT Ltd do?
CEAT, established in 1958, is one of the largest tyre manufacturers and one of the fastest-growing tyre companies in India. CEAT became a part of the RPG Group in 1982. It is amongst the Top 25 best workplaces in Manufacturing by GPTW for 2022.[1]
Where is CEAT Ltd (CEATLTD) listed?
CEAT Ltd is listed on the Indian stock exchanges. It is listed on NSE: CEATLTD and BSE: 500878. You can view its live share price, financials, and ratios on Tapetide.
Which sector does CEAT Ltd belong to?
CEAT Ltd operates in the Consumer Discretionary sector within the Auto Components industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of CEAT Ltd?
CEAT Ltd has a market capitalisation of approximately ₹14170.48 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of CEAT Ltd?
The Price-to-Earnings (PE) ratio of CEAT Ltd is 20.22. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of CEAT Ltd?
Over the past 52 weeks, CEAT Ltd has traded between a low of ₹3,000.5 and a high of ₹4,438. This range helps investors understand the stock's price volatility and recent trading levels.
Does CEAT Ltd pay dividends?
Yes, CEAT Ltd has a dividend yield of 0.87%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of CEAT Ltd?
CEAT Ltd has a Return on Equity (ROE) of 15.68%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research CEAT Ltd on Tapetide?
On Tapetide, you can view CEAT Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

CEAT, established in 1958, is one of the largest tyre manufacturers and one of the fastest-growing tyre companies in India. CEAT became a part of the RPG Group in 1982. It is amongst the Top 25 best workplaces in Manufacturing by GPTW for 2022.[1]

Website ceat.com
CEO Mr. Arnab Banerjee
Employees 9,428
Listed 2008-02-01
Face Value ₹ 10
Issued Size 4,04,50,092

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