Ceat Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Automotive Tyres: 93.3% • Tubes and others: 5.2% • Other Operating Revenue: 1.5%
AI Sector View
AI GENERATEDAutomobile and Auto Components
Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.
PROS
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.38x)
- Operating margins have improved to 13.4% from 9.0%
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
- Attractively priced for its growth - PEG of 0.3
CONS
- Total debt has risen sharply - up 55.2% year on year
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MRF | 128442.20 | 22.56 | 54474.17 | 0.18 | 495.35 | -1.02 | 8415.50 | 9.64 | 16.04 | 11.77 |
| BALKRISIND | 2165.45 | 29.78 | 41861.87 | 0.74 | 450.77 | 56.35 | 3455.27 | 25.19 | 12.38 | 21.54 |
| APOLLOTYRE | 417.55 | 15.52 | 26518.64 | 1.44 | 348.87 | 2609.05 | 7397.79 | 12.76 | 9.22 | 11.73 |
| CEATLTD | 3280.45 | 22.51 | 13269.45 | 1.07 | 4.00 | -96.44 | 4318.00 | 22.34 | 18.60 | 8.57 |
| JKTYRE | 354.25 | 15.68 | 10212.66 | 1.13 | 44.09 | -73.01 | 3946.24 | 2.00 | 14.30 | 6.58 |
| TVSSRICHAK | 5144.15 | 42.64 | 3938.90 | 0.73 | 34.02 | 165.16 | 1067.61 | 30.29 | 4.80 | 7.57 |
| GOODYEAR | 725.45 | 31.05 | 1673.36 | 3.65 | 6.51 | -53.86 | 774.35 | 18.00 | 14.67 | 1.30 |
| TOLINS | 89.49 | 10.86 | 353.56 | 0.00 | 6.19 | -33.46 | 79.27 | -11.67 | 21.30 | 11.24 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,921 | 3,043 | 2,949 | 2,979 | 3,168 | 3,298 | 3,292 | 3,414 | 3,521 | 3,701 | 3,957 | 4,036 | 4,163 | |
| 2,535 | 2,586 | 2,532 | 2,584 | 2,787 | 2,932 | 2,948 | 3,019 | 3,130 | 3,194 | 3,400 | 3,449 | 4,046 | |
| Operating Profit | 386 | 457 | 417 | 395 | 382 | 366 | 344 | 395 | 391 | 507 | 557 | 587 | 117 |
| OPM % | 13.23% | 15.03% | 14.14% | 13.25% | 12.04% | 11.11% | 10.44% | 11.56% | 11.11% | 13.69% | 14.08% | 14.55% | 2.81% |
| 16 | 4 | 3 | -40 | 14 | 20 | 3 | -33 | 23 | 16 | -31 | 53 | 29 | |
| Interest | 69 | 71 | 65 | 61 | 61 | 66 | 75 | 74 | 82 | 87 | 105 | 86 | 95 |
| Depreciation | 121 | 124 | 127 | 136 | 132 | 137 | 141 | 152 | 151 | 167 | 165 | 171 | 168 |
| Profit before Tax | 212 | 266 | 228 | 159 | 202 | 183 | 130 | 135 | 181 | 270 | 256 | 383 | 132 |
| Tax % | 24.88% | 25.03% | 22.65% | 25.11% | 26.15% | 25.26% | 26.40% | 25.81% | 25.02% | 25.06% | 25.14% | 25.96% | 25.76% |
| Net Profit | 159 | 199 | 177 | 119 | 149 | 137 | 96 | 100 | 135 | 202 | 192 | 284 | 98 |
| 39.42 | 49.23 | 43.67 | 29.43 | 36.89 | 33.75 | 23.73 | 24.82 | 33.46 | 50.00 | 47.47 | 70.29 | 24.41 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5,702 | 6,213 | 6,831 | 6,748 | 7,573 | 9,313 | 11,263 | 11,893 | 13,172 | 15,215 | 15,857 | |
| 5,035 | 5,595 | 6,192 | 6,030 | 6,620 | 8,615 | 10,288 | 10,238 | 11,689 | 13,173 | 14,089 | |
| Operating Profit | 667 | 618 | 639 | 718 | 953 | 697 | 975 | 1,655 | 1,483 | 2,042 | 1,768 |
| OPM % | 11.70% | 9.94% | 9.36% | 10.64% | 12.58% | 7.49% | 8.66% | 13.92% | 11.26% | 13.42% | 11.15% |
| 28 | 45 | 12 | 4 | 22 | 19 | 7 | -16 | 7 | 61 | 67 | |
| Interest | 87 | 92 | 68 | 152 | 176 | 204 | 239 | 266 | 277 | 359 | 372 |
| Depreciation | 142 | 162 | 174 | 277 | 340 | 435 | 469 | 508 | 562 | 654 | 671 |
| Profit before Tax | 467 | 410 | 410 | 292 | 459 | 77 | 274 | 865 | 650 | 1,089 | 1,041 |
| Tax % | 22.27% | 31.96% | 29.49% | 23.18% | 9.86% | 29.66% | 24.78% | 24.38% | 25.88% | 25.39% | 25.50% |
| Net Profit | 363 | 279 | 289 | 225 | 414 | 54 | 206 | 654 | 482 | 813 | 775 |
| EPS | 89.67 | 68.90 | 71.42 | 55.53 | 102.26 | 13.43 | 50.99 | 161.76 | 119.18 | 200.92 | — |
| Dividend Payout % | 12.82% | 16.69% | 16.80% | 21.61% | 17.60% | 22.34% | 23.53% | 18.55% | 25.17% | 17.42% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 11%
- 5 Years:
- 15%
- 3 Years:
- 11%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 6%
- 5 Years:
- 14%
- 3 Years:
- 58%
STOCK PRICE CAGR
- 10 Years:
- 13%
- 5 Years:
- 20%
- 3 Years:
- 15%
- 1 Year:
- -1%
RETURN ON EQUITY
- 10 Years:
- 12%
- 5 Years:
- 11%
- 3 Years:
- 16%
- Last Year:
- 17%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 |
| 2,266 | 2,506 | 2,711 | 2,720 | 3,124 | 3,110 | 3,305 | 3,911 | 4,245 | 5,022 | |
| 799 | 641 | 1,263 | 2,067 | 1,472 | 2,188 | 2,210 | 1,382 | 1,799 | 2,848 | |
| Trade Payables | 750 | 846 | 1,034 | 1,191 | 1,836 | 2,155 | 2,271 | 2,333 | 2,739 | 3,346 |
| 689 | 735 | 1,014 | 1,114 | 1,449 | 1,474 | 1,644 | 2,163 | 2,273 | 2,447 | |
| Total Liabilities | 4,543 | 4,769 | 6,062 | 7,133 | 7,921 | 8,968 | 9,470 | 9,829 | 11,096 | 13,703 |
| 2,409 | 2,465 | 2,846 | 4,160 | 4,763 | 5,329 | 6,096 | 6,246 | 6,960 | 7,507 | |
| Capital Work in Progress | 49 | 152 | 719 | 984 | 703 | 762 | 509 | 659 | 507 | 589 |
| 259 | 320 | 313 | 111 | 118 | 126 | 130 | 156 | 165 | 493 | |
| 923 | 755 | 965 | 911 | 1,112 | 1,287 | 1,124 | 1,134 | 1,409 | 1,660 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,276 | 1,652 | 1,760 | |
| Cash & Bank | 17 | 73 | 60 | 29 | 26 | 17 | 53 | 35 | 43 | 34 |
| 886 | 1,004 | 1,159 | 938 | 1,199 | 1,448 | 1,557 | 323 | 360 | 1,661 | |
| Total Assets | 4,543 | 4,769 | 6,062 | 7,133 | 7,921 | 8,968 | 9,470 | 9,829 | 11,096 | 13,703 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 443 | 840 | 611 | 983 | 1,397 | 647 | 1,171 | 1,724 | 1,083 | 1,840 | |
| Cash from Investing | -419 | -420 | -1,052 | -1,128 | -626 | -950 | -860 | -874 | -935 | -2,318 |
| Cash from Financing | 78 | -269 | 504 | 126 | -728 | 311 | -318 | -868 | -140 | 470 |
| 3 | 55 | -15 | -34 | -3 | -7 | 37 | -18 | 7 | -9 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - CEAT Limited has informed the Exchange about Loss of Share Certificate(s).
2026-09-10 - CEAT Limited has informed the Exchange regarding 'General Updates'.
2026-09-04 - CEAT Limited has informed the Exchange regarding 'General Update'.
2026-09-04 - CEAT Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-02 - CEAT Limited has informed the Exchange about Issue of Duplicate Share Certificates
2026-09-02 - CEAT Limited has informed the Exchange about Action(s) taken or orders passed
2026-09-02 - CEAT Limited has informed the Exchange about Action(s) taken or orders passed
2026-09-01 - CEAT Limited has informed the Exchange about General Updates
2026-08-27 - CEAT Limited has informed the Exchange about Schedule of meet
News
Recent coverage and analyst commentary for CEATLTD
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