CEAT Ltd logo

CEAT Ltd

CEATLTD NSE

Key Fundamentals

SmallcapTyresAutomobiles
Market Cap
₹14,650 Cr
Volatility
Moderate
P/E Ratio
24.73
EBITDA
₹2,088 Cr
Return on Equity
13.8%
Debt to Equity
0.65
Book Value
₹1,257.21
EPS
₹169.51
52W High
₹4,438
52W Low
₹3,000.5

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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43 extracted metrics + investor summaries across FY10–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 21.6%

Growth Rate

Revenue Growth
18.76% ↗
Net Income Growth
47.90% ↗
Cash Flow Change
63.52% ↗
ROE
28.13% ↗
ROCE
17.01% ↗
EBITDA Margin (Avg.)
17.83% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

CEAT Ltd is a mid-cap tyre manufacturer with a market cap of Rs 14,865 crore that delivered FY26 consolidated revenue of Rs 15,678 crore (up 18.6% YoY) and net profit of Rs 697 crore with an EBITDA margin of 13.16%. The stock trades at a PE of 25.4x with a 3-year compounded profit growth of 54%, though it operates in a competitive industry with raw material volatility and a debt-to-equity ratio of 0.44x.

Bull Case 8
  • FY26 consolidated revenue grew 18.6% YoY to Rs 15,678 crore, demonstrating strong top-line momentum above the 10-year sales CAGR of 11%
  • Q4 FY26 net profit surged 145% YoY to Rs 244 crore with EBITDA margin expanding to 14.55%, showing significant operating leverage
  • 3-year compounded profit growth of 54% indicates a sharp earnings recovery cycle and improving profitability
  • ROE has improved from a 5-year average of 12% to 16% in the last year, reflecting better capital efficiency
  • TTM sales growth of 21% outpaces the 10-year CAGR of 11%, suggesting an acceleration phase in the business
  • Stock has delivered a 5-year CAGR of 23%, outperforming the 10-year CAGR of 16%, indicating improving market recognition
  • Debt-to-equity ratio at 0.44x and debt-to-EBITDA at 1.29x indicate manageable leverage for a capital-intensive business
  • Consistent dividend payout of 21.6% with the company declaring its highest-ever dividend in FY26, signaling management confidence in cash flows
Bear Case 8
  • EBITDA margin of 13.16% for full-year FY26 remains below the Q4 peak of 14.55%, indicating quarterly volatility in profitability
  • PE of 25.4x is elevated for a cyclical tyre company where 10-year compounded profit growth is only 5%, implying the stock prices in significant future growth
  • Natural rubber price volatility remains a structural risk — raw material costs drove margin contraction of 97 bps in Q3 FY24 and have historically compressed earnings
  • Debt stood at Rs 1,928 crore at end of Q4 FY25, increasing Rs 95 crore QoQ, reflecting ongoing capex-driven borrowing needs
  • CEAT holds approximately 15% market share in two-wheelers and competes against MRF (35% overall market share) and Apollo, limiting pricing power
  • 5-year compounded profit growth of only 10% versus 3-year growth of 54% shows that current profitability is a recovery from a depressed base rather than secular growth
  • Indian tyre industry is capital-intensive with ongoing capex requirements, which could pressure free cash flows and sustain elevated debt levels
  • Dividend yield of 0.95% is modest relative to the debt carried, suggesting limited shareholder returns beyond capital appreciation

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

AI News Digest

Anthropic anthropic claude-opus-4.6 18h ago
Headwinds 2
  • Profit slumps on raw material inflation Jul 20

    Q1FY27 net profit collapsed to ₹4 crore from ₹112 crore YoY due to raw material cost inflation, with EBITDA margins contracting to 8.56%. Kotak retained a Reduce rating on the stock.

  • Analyst opinion split on outlook Jul 20

    Despite 22% revenue growth, the sharp margin compression has divided analysts — Nomura maintains Buy while Kotak retains Reduce, signaling uncertainty on near-term recovery.

Positives 4
  • Revenue up 22% YoY in Q1FY27 Jul 20

    CEAT reported Q1FY27 revenue of ₹4,318 crore, a 22% YoY increase, indicating strong volume/pricing momentum despite margin headwinds.

  • ₹1,205 crore capex approved Jul 20

    The board approved ₹1,205 crore capital expenditure for capacity expansion, signaling confidence in medium-term demand growth.

  • ₹35 per share dividend declared Jul 21

    CEAT fixed July 31, 2026 as record date for a ₹35 per share dividend, approved at the AGM on August 17.

  • ₹1,000 crore NCD issuance approved Aug 17

    Shareholders approved a ₹1,000 crore NCD issuance at the 67th AGM, strengthening the company's funding capacity for expansion plans.

Neutral 3
  • 74,247 ESOPs granted at ₹2,842.83 Jul 25

    The Nomination and Remuneration Committee granted 74,247 stock options at ₹2,842.83 per share, a 15% discount to market price under the 2025 ESOP scheme.

  • ₹69.20 crore block trade on BSE Jul 20

    A block trade of ~2 lakh shares was executed at ₹3,460 per share on BSE, indicating significant institutional activity without clear directional signal.

  • AGM resolutions passed smoothly Aug 17

    All six resolutions passed at the 67th AGM including re-appointment of director Anant Vardhan Goenka and continuation of Paras Kumar Chowdhary's tenure.

TL;DR: CEAT is delivering strong top-line growth with Q1FY27 revenue up 22% to ₹4,318 crore, and is investing aggressively with ₹1,205 crore in capex. However, raw material inflation has crushed profitability — net profit fell from ₹112 crore to just ₹4 crore — making margin recovery the key monitorable. The trend is mixed: volume momentum is intact but earnings quality has deteriorated sharply, and the stock's trajectory hinges on whether input costs stabilize in coming quarters.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
2,935
3,053
2,963
2,992
3,193
3,305
3,300
3,421
3,529
3,773
4,157
4,219
4,318
Expenses
2,548
2,597
2,546
2,600
2,810
2,942
2,959
3,033
3,142
3,269
3,594
3,626
3,953
Operating Profit
387
456
418
392
383
362
341
388
387
503
563
593
365
OPM %
13.19%
14.94%
14.09%
13.09%
11.99%
10.96%
10.33%
11.35%
10.97%
13.34%
13.55%
14.06%
8.45%
Other Income
3.25
10.47
2.94
-55.1
13.61
3.42
3.43
-32.52
2
3.86
-51.91
16
-1
Interest
70.13
71.72
65.55
61.66
61.85
66.45
75.09
74.4
82
86.96
105
85
146
Depreciation
121
124
127
136
132
137
141
152
151
174
188
184
186
PBT
199
270
228
139
203
162
128
129
156
246
218
340
32
Tax %
26.53%
25.26%
23.92%
33.04%
26.61%
28.56%
28.29%
27.63%
26.92%
27.57%
30.97%
29.71%
103.12%
Net Profit
144
208
181
102
154
121
97.03
98.71
112
186
155
244
4
EPS in Rs
35.75
51.42
44.87
26.84
38.11
30.13
24.01
24.6
27.69
45.97
38.51
60.32
0.99
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
16,467
Expenses
5,013
4,694
5,096
5,652
6,332
6,052
6,617
8,643
10,341
10,291
11,742
13,614
14,442
Operating Profit
692
789
670
630
652
727
993
721
974
1,653
1,475
2,064
2,025
OPM %
12%
14%
12%
10%
9%
11%
13%
8%
9%
14%
11%
13%
12%
Other Income
16
7
28
9
10
8
10
17
-8
-18
8
-31
-33
Interest
142
101
90
104
93
154
179
207
242
269
278
359
423
Depreciation
93
108
143
169
193
277
340
435
469
509
563
697
732
PBT
472
587
466
367
376
304
484
95
254
857
643
976
837
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
589
EPS in Rs
78.41
108
89.28
58.83
62.35
57.17
107
17.6
46.02
159
117
173
146
Div. Payout %
13%
11%
13%
20%
19%
21%
17%
17%
26%
19%
26%
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
8,439
CWIP
229
299
326
310
833
1,069
793
876
596
684
538
638
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
95
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 Jun 2026
Promoters 47.29%
DIIs 22.20%
FIIs 13.82%
Public 13.49%
Others 3.20%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
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%
13.82%
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%
22.20%
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%
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%
13.49%
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%
3.20%
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
1,48,990

Documents

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 Automobiles sector within the Tyres 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 ₹14649.81 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 24.73. 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 0.97%. 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 13.80%. 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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