CEAT logo

CEAT

CEATLTD NSE

Key Fundamentals

MicrocapTyresAutomobiles
Market Cap
₹13,196 Cr
Volatility
Moderate
P/E Ratio
22.49
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
₹3,061.2

Tapetide Score

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

Key Insights

Strengths

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

Growth Rate

Revenue Growth
18.76% higher than 3Y
Net Income Growth
47.9% lower than 3Y
Cash Flow Change
63.52% higher than 3Y
ROE
28.13% higher than 3Y
ROCE
17.01% higher than 3Y
EBITDA Margin (Avg.)
17.83% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 21d ago
AI opinion · based on fundamentals
Risk medium

CEAT Ltd trades at a market cap of ₹14,487 Cr with a PE of 24.6x and PB of 2.85x. TTM sales growth stands at 21% with profit growth of 39% TTM, while the 10-year compounded profit CAGR remains modest at 5%, indicating recent acceleration from a historically moderate earnings trajectory.

Bull Case 7
  • Strong TTM profit growth of 39% suggests significant margin expansion and operating leverage in the current cycle
  • TTM sales growth of 21% is well above the 10-year compounded sales CAGR of 11%, indicating demand acceleration
  • 3-year compounded profit CAGR of 54% reflects a sharp earnings recovery and improved profitability
  • ROE has improved to 16% in the last year from a 5-year average of 12%, showing better capital efficiency
  • Stock CAGR of 22% over 5 years demonstrates consistent long-term wealth creation for shareholders
  • Consistent dividend payout of 21.6% with a yield of 0.98% provides some income to shareholders
  • 5-year compounded sales CAGR of 16% reflects steady topline growth through commodity cycles
Bear Case 7
  • 10-year compounded profit CAGR of just 5% versus 11% sales CAGR highlights historically weak pricing power and margin vulnerability
  • PE of 24.6x is elevated for a tyre company in a cyclical sector where earnings can reverse quickly
  • PB of 2.85x is relatively high for a capital-intensive manufacturing business with moderate long-term ROE of 12% over 10 years
  • Tyre industry is highly exposed to crude oil and natural rubber price volatility which can compress margins rapidly, threatening the current 39% profit growth
  • 5-year compounded profit CAGR of only 10% versus 16% sales CAGR shows earnings have historically lagged revenue growth
  • Dividend yield of 0.98% is modest relative to the capital-intensive nature of the business and reinvestment requirements
  • 1-year stock CAGR of 12% has underperformed the broader market despite strong earnings, suggesting valuation re-rating headwinds

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

AI News Digest

Anthropic anthropic claude-opus-4.6 15d ago
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.

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.

Quarterly Results

Particulars 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

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
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

Particulars 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

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/OP
124
110
65
122
98
134
142
89
120
114
80
95
Figures in ₹ Crores

Ratios

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

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64 extracted metrics + investor summaries across FY06–FY27.

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Shareholding Pattern

Others3.20%Promot.47.29%Public13.49%FIIs13.82%DIIs22.20%As ofJun 2026

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.[1]
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 market capitalisation of CEAT Ltd?
CEAT Ltd has a market capitalisation of ₹13,196 Cr, which places it in the Mid Cap band.
What is the PE ratio of CEAT Ltd?
CEAT Ltd trades at a PE ratio of 22.49, on earnings per share of ₹169.51, against a book value of ₹1,257.21 per share.
What is the 52-week high and low of CEAT Ltd?
Over the last 52 weeks CEAT Ltd has traded between ₹3,061.2 and ₹4,438.
Does CEAT Ltd pay dividends?
CEAT Ltd has a dividend yield of 1.06%.
What is the Return on Equity (ROE) of CEAT Ltd?
CEAT Ltd reported a return on equity of 13.80%. Its debt-to-equity ratio is 0.65.

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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