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CEAT

CEATLTD NSE
₹3,415.10 +84.00 (+2.52%)
P/E
26.78
View as Markdown
MCP
Close 4 Nov 2026 ₹3,415.10 −555.50 −14.0% 1Y
Start ₹3,970.60

Key Fundamentals

MicrocapAuto ComponentsConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
19.20%
Debt to Equity
0.82
EPS (TTM)
₹127.51
Book Value
₹1,226.56
Market Cap
—
P/E (TTM)
26.78
P/B
2.78
ROE
16.10%
Dividend Yield
1.05%
EBITDA
₹2,088 Cr
52W High
₹4,149.00
52W Low
₹3,012.60
Day Range
₹3,339.30 – ₹3,420.80
Volume
61,459

Peer Comparison

Consumer Discretionary › Automobiles › Tyres › Tyres & Rubber Products

CEAT peer comparison
MRF
₹1,17,985.0020.70₹49,969 Cr2.390.20%12.50%15.70%₹31,889 Cr₹2,418 Cr
Balkrishna Industries
₹2,243.7030.86₹42,899 Cr3.960.18%9.66%11.20%₹11,518 Cr₹1,405 Cr
Apollo Tyres
₹402.4014.96₹25,493 Cr1.521.51%13.10%13.90%₹29,308 Cr₹1,709 Cr
CEAT (this company)
₹3,415.1026.78₹13,601 Cr2.781.05%16.10%19.20%₹17,456 Cr₹515 Cr
JK Tyre & Industries
₹332.8514.35₹9,612 Cr1.581.23%16.00%15.50%₹16,404 Cr₹657 Cr
TVS Srichakra
₹4,235.3035.11₹3,250 Cr2.730.91%5.75%7.85%₹3,892 Cr₹92 Cr
Goodyear
₹667.2528.55₹1,538 Cr2.553.99%12.60%17.40%₹2,594 Cr₹54 Cr
Median 7 companies₹2,243.7026.78₹13,601 Cr2.551.05%12.60%15.50%₹16,404 Cr₹657 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

59 Good

Data confidence 100/100

Category scores

Quality
64
Good
Returns, margins, earnings quality 22% weight
Valuation
81
Strong
Cheap vs sector & own history 24% weight
Growth
78
Strong
Sales & profit trajectory 9% weight
Financial Health
29
Poor
Solvency, leverage, coverage 9% weight
Momentum
38
Weak
Trend strength, vol-adjusted 12% weight
Ownership
56
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

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

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish559
OscillatorsNeutral252
Moving AveragesStrong Bullish307

Key readings

RSI (14)
60.49
Neutral
MACD (12,26,9)
−18.97
Bullish
SMA (50)
3,315.07
Bullish
SMA (200)
3,492.72
Bearish

As of

Analyst Rating

Based on 19 analysts
BUY68%

13 of 19 analysts rate Buy, 3 Hold, 3 Sell.

As of

BUY
13
68%
HOLD
3
16%
SELL
3
16%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+11.08%
5Y+15.55%
3Y+11.48%
1Y+18.61%
TTM+24.48%

Net profit

Net profit growth by window
10Y+4.80%
5Y+10.04%
3Y+56.45%
1Y+47.98%
TTM+4.25%

Operating cash flow

Operating cash flow growth by window
10Y+9.79%
5Y+5.63%
3Y+14.02%
1Y+63.55%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−1.23 pp
5Y+0.11 pp
3Y+4.55 pp
1Y+2.00 pp
TTM−0.22 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹5,766 Cr
Mar 2018₹6,282 Cr
Mar 2019₹6,985 Cr
Mar 2020₹6,779 Cr
Mar 2021₹7,610 Cr
Mar 2022₹9,363 Cr
Mar 2023₹11,315 Cr
Mar 2024₹11,943 Cr
Mar 2025₹13,218 Cr
Mar 2026₹15,678 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹359 Cr
Mar 2018₹233 Cr
Mar 2019₹251 Cr
Mar 2020₹230 Cr
Mar 2021₹432 Cr
Mar 2022₹71.00 Cr
Mar 2023₹182 Cr
Mar 2024₹635 Cr
Mar 2025₹471 Cr
Mar 2026₹697 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹475 Cr +5.8% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk medium

CEAT Ltd trades at ₹3,415.1 as of 2026-11-04 with a market cap of ₹13,600.53 crore, a P/E (TTM) of 26.78x and ROE of 13.8%. The stock sits about 18% below its 52-week high of ₹4,149 while TTM sales growth of 24% outpaces TTM profit growth of 9%, presenting a mixed picture of top-line momentum against margin compression.

Bull Case 8
  • Strong TTM revenue growth of 24% indicates robust demand traction and market-share gains in the tyre industry
  • 3-year compounded profit growth of 54% demonstrates a sharp earnings recovery cycle over the medium term
  • ROCE of 17.82% reflects efficient capital deployment, comfortably above typical cost-of-capital benchmarks for Indian manufacturing firms
  • 5-year stock CAGR of 19% shows meaningful long-term wealth creation for shareholders
  • 10-year compounded sales growth of 11% points to a consistent top-line expansion track record across commodity and demand cycles
  • Healthy dividend payout ratio of 21.6% with a current yield of 1.05% provides a modest but steady income stream
  • The stock is trading roughly 18% below its 52-week high of ₹4,149, offering a more favourable entry valuation relative to recent peaks
  • 3-year average ROE of 15% and last-year ROE of 16% show an improving return profile versus the 10-year average of 12%
Bear Case 6
  • TTM profit growth of only 9% against TTM sales growth of 24% signals margin pressure, likely from rising raw-material costs or competitive pricing
  • P/E (TTM) of 26.78x is elevated for a tyre manufacturer, leaving limited room for earnings disappointments
  • 1-year stock return of -26% reflects significant near-term negative sentiment and possible derating
  • Debt-to-equity ratio of 0.65 indicates meaningful leverage on the balance sheet, which amplifies risk in a rising interest-rate or downturn scenario
  • 10-year compounded profit growth of just 5% versus 11% sales growth over the same period highlights a long-term structural challenge in converting revenue into bottom-line gains
  • 5-year compounded profit growth of 10% lags the 5-year sales CAGR of 16%, reinforcing a pattern of operating-margin dilution over extended periods

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

AI News Digest

67d ago

TL;DR: CEAT is on solid footing with a major ₹107 Cr tax liability overturned and strong ESG credentials. The ₹1,000 Cr NCD approval gives it financial flexibility for growth. The temporary methanol licence loss is a minor operational risk with limited visibility on resolution. Overall trend is positive with regulatory and governance outcomes going in the company's favor.

Headwinds 1
  • Methanol licence temporarily suspended Aug 19

    CEAT temporarily lost its licence to purchase methanol from FDA Maharashtra, affecting its ability to procure a key raw material. Duration and cause remain unclear.

Positives 3
  • ₹107 Cr GST demand overturned Aug 27

    CEAT secured a favorable Order-in-Appeal from CGST Thane Commissionerate on Aug 26, with the ₹107 crore tax demand under Section 74 ruled unsustainable.

  • Strong ESG score of 64 Aug 27

    CEAT assigned an overall ESG score of 64, placing it in the 'Strong' category by ESG Risk Assessments and Insights Limited based on public domain disclosures.

  • ₹1,000 Cr NCD issuance approved Aug 17

    Shareholders approved a special resolution at the 67th AGM to issue NCDs up to ₹1,000 crore via private placement. A dividend of ₹35 per share for FY26 was also declared.

Neutral 1
  • CCI clears bid-rigging allegations Aug 26

    CCI passed an order on Aug 21 clearing CEAT of wrongdoing in a 2019 state transport tender bid-rigging probe, finding no contravention by the company.

Quarterly Results

₹ Cr
CEATLTD quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
3,053
2,963
2,992
3,193
3,305
3,300
3,421
3,529
3,773
4,157
4,219
4,318
4,762
Expenses
2,597
2,546
2,600
2,810
2,942
2,959
3,033
3,142
3,270
3,594
3,626
3,953
4,305
Operating Profit
456
418
392
383
362
341
388
387
503
563
593
365
457
OPM %
15%
14%
13%
12%
11%
10%
11%
11%
13%
14%
14%
8%
10%
Other Income
10
3
−55
14
3
3
−33
2
4
−52
16
−1
−8
Interest
72
66
62
62
66
75
74
82
87
105
85
146
87
Depreciation
124
127
136
132
137
141
152
151
174
188
184
186
193
PBT
270
228
139
203
162
128
129
156
246
218
340
32
169
Tax %
25%
24%
33%
27%
29%
28%
28%
27%
28%
31%
30%
103%
31%
Net Profit
208
181
102
154
121
97
99
112
186
155
244
4
112
EPS (₹)
51.42
44.87
26.84
38.11
30.13
24.01
24.6
27.69
45.98
38.51
60.32
0.99
27.69

Profit & Loss

₹ Cr
CEATLTD profit and loss, annual, ₹ crore
Particulars 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
17,456
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
15,478
Operating Profit
692
789
670
630
652
727
993
721
974
1,653
1,475
2,064
1,978
OPM %
12%
14%
12%
10%
9%
11%
13%
8%
9%
14%
11%
13%
11%
Other Income
16
7
28
9
10
8
10
17
−8
−18
8
−31
−45
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
751
PBT
472
587
466
367
376
304
484
95
254
857
643
976
759
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
515
EPS (₹)
78.41
108
89.28
58.83
62.35
57.17
107
17.6
46.02
159
117
173
128
Div. Payout %
13%
11%
13%
20%
19%
21%
17%
17%
26%
19%
26%
20%
—

Balance Sheet

₹ Cr
CEATLTD balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
40
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
4,921
Borrowings
775
663
924
872
1,498
2,035
1,533
2,229
2,295
1,792
2,136
3,272
4,065
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
6,035
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
15,061
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
8,552
CWIP
229
299
326
310
833
1,069
793
876
596
684
538
638
931
Investments
312
195
232
214
181
184
210
179
170
182
190
222
195
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
5,383
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
15,061

Cash Flow

₹ Cr
CEATLTD cash flow, annual, ₹ crore
Particulars 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/EBITDA
124
110
65
122
98
134
142
89
120
114
80
95

Ratios

CEATLTD financial ratios, annual
Particulars 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%

Insights

Beta

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

Log in to view CEAT insights

65 extracted metrics across FY07–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 47.29%
  • DIIs 23.26%
  • FIIs 13.41%
  • Public 12.82%
  • Others 3.22%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about CEAT

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.
Where is CEAT Ltd (CEATLTD) listed?
CEAT Ltd trades as CEATLTD on the NSE and under code 500878 on the BSE.
Which sector does CEAT Ltd belong to?
CEAT Ltd is classified under the Automobiles sector, in the Tyres industry.
What is the PE ratio of CEAT Ltd?
CEAT Ltd trades at a PE ratio of 26.78 as of 4 Nov 2026, on earnings per share of ₹127.51, against a book value of ₹1,226.56 per share.
What is the 52-week high and low of CEAT Ltd?
Over the last 52 weeks CEAT Ltd has traded between ₹3,012.6 and ₹4,149 as of 4 Nov 2026.
Does CEAT Ltd pay dividends?
CEAT Ltd has a dividend yield of 1.05%.
What is the Return on Equity (ROE) of CEAT Ltd?
CEAT Ltd reported a return on equity of 16.10%. Its debt-to-equity ratio is 0.82.

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.

Website ceat.com
CEO Mr. Arnab Banerjee
Employees 9,428
Listed 1 Feb 2008
Face Value ₹10

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