CEAT Ltd(CEATLTD)

NSE: CEATLTDBSE: 500878

₹ 3,120.35+1.91%refreshed 26 Oct, 03:56 pm ISTMarket cap: ₹ 12,622 crWebsite: www.ceat.comUpdated: 24 Oct 2026

About

CEAT Ltd is an Indian tyre manufacturer. It makes passenger car, two-wheeler, truck/bus and off-highway tyres and sells them to OEMs, to the replacement market and for export. Revenue was 15678.0 (Rs Cr) in FY26, and consolidated revenue was Rs 4,762 Cr in Q2 FY27. CEAT bought the CAMSO off-highway tyre business in September 2025.^[1][2][3]

Business segment

CEAT reports one segment, Automotive Tyres, Tubes and Flaps. Consolidated revenue from this segment was Rs 13,020.7 Cr in FY25.^[4]

Sales channel mix

Replacement made up 50% of standalone sales in H1 FY27, down from 52% in H1 FY26.^[3]
OEM made up 30% of the mix in H1 FY27, up from 29% in H1 FY26.^[3]
Exports were 20% of standalone revenue in H1 FY27, up from 19% in H1 FY26.^[3]
Including CAMSO, the international share of consolidated sales was ~23% in Q1 FY27.^[5]
Standalone replacement market share grew in FY26: PCUV +0.5%, motorcycle +1%, truck bus radial +0.5%. Scooter share was flat QoQ in Q4 FY26.^[1]

Products and brands

CEAT makes passenger car/UV, two-wheeler, truck/bus radial and off-highway tyres. It launched SecuraDrive CIRCL and the RockRad mining TBR tyre in Q2 FY26.^[6]
The CEAT Specialty business introduced 32+ new off-highway tyre SKUs in Q3 FY26.^[7]
Premium replacement volumes (passenger tyres with 17-inch+ rims) grew 100% YoY in Q1 FY27.^[5]
CEAT held ~25% of OEM fitments in passenger EVs and ~25% in two-wheeler EVs in Q1 FY27.^[5]

Manufacturing and operations

India capacity utilisation was 80 - 85% in Q2 and Q3 FY26 and rose to 85 - 90%+ in Q4 FY26.^[6]
The CAMSO off-highway tyre plant in Sri Lanka ran at ~50% utilisation in Q3 FY26.^[7]
CEAT targets a ~60% clean energy share in manufacturing by FY27, using a 59 MW hybrid wind-solar project with CleanMax.^[7]

Key operating numbers

Volumes grew YoY across segments in Q2 FY27. QoQ growth was marginal and came from the OEM and international segments.^[3]
Standalone volumes grew ~13 - 14% YoY in Q1 FY27, 20% YoY in Q4 FY26 and 20.9% YoY in Q3 FY26.^[5]
Price hikes across segments drove strong realisation growth in Q2 FY27, both YoY and QoQ.^[3]
The raw material basket rose 16 - 18% QoQ in Q1 FY27.^[5]

Customers and distribution

CEAT supplies tyres for virtually all domestic passenger and two-wheeler EV OEM launches. It describes Europe as its most profitable international cluster.^[6]
CEAT has set up overseas entities in Germany, the UK, France and Poland.^[1]
US off-highway tyre sales were effectively zero in Q2 FY26 because of 50% tariffs.^[6]

Expansion and capex

The Nagpur plant is being expanded from 80,000 to 100,000 tyres per day. A board-approved INR1,314 Cr expansion at Chennai adds 35 lakh passenger car tyres a year and will be progressively completed by H2 FY28.^[7]
The board approved INR1,205 Cr of capex to add 53,000 two-wheeler tyres a day. It will be implemented progressively by FY31.^[5]
CAMSO upstream equipment capex of ~$20 - 25 million is to be spent largely in FY27.^[1]
Capex outflow was ~Rs 493 Cr in Q2 FY27.^[3]

Recent developments

The CAMSO off-highway tyre acquisition closed on 1 September 2025 for ~$225 Mn. Full customer transition was targeted by the end of Q2 FY27.^[6]
Replacement prices were raised ~11% cumulatively by early July 2026. An OEM double-digit hike took effect on 1 July 2026.^[5]
The board approved converting ~$24.5M of CEAT India's loan to Lanka OHT into equity, after LKR depreciation in Q1 FY27.^[5]
The board recommended a dividend of INR 35 per share for FY26. The 67th AGM is on August 17, 2026.^[8]
CARE reaffirmed its AA (positive outlook) and A1+ ratings for CEAT in Q3 FY26.^[7]

Market Cap

₹12,622 Cr

High / Low

₹4,432 / 3,016

Stock P/E

24.1

Price / Book

2.5

Book Value

₹1,247

EPS

₹172.6

No. of Shares

4.05 Cr

ROCE

19.1%

ROE

14.8%

OPM

8.8%

Debt / Equity

0.60

Sales

₹15,678 Cr

Net Profit

₹697 Cr

Promoter holding

47.3%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials