CEAT Ltd

₹ 3,358 2.03%

14 Oct - close price

About

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]

Key Points

History of CEAT^[1]
CEAT was founded in 1924 by Virginio Bruni Tedeschi as Cavi Elettrici e Affini Torino, initially producing electrical and telephone cables. During World War II, it diversified into rubber and began manufacturing tires in 1945. CEAT Tyres of India was established in 1958 in collaboration with the Tatas, setting up its first factory in Mumbai. In 1981, the RPG Group acquired CEAT, India's leading conglomerate with 30,000+ employees, a presence in 110+ countries, and annual gross revenues of USD 4.4 Bn

Website BSE NSE

Market Cap ₹ 13,583 Cr.
Current Price ₹ 3,358
High / Low ₹ 4,438 / 3,061
Stock P/E 23.8
Book Value ₹ 1,226
Dividend Yield 1.04 %
ROCE 19.2 %
ROE 16.1 %
Face Value ₹ 10.0

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Pros

Company has been maintaining a healthy dividend payout of 21.6%

Cons

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Automobile and Auto Components Auto Components Tyres & Rubber Products

Part of BSE 500 Nifty 500 BSE Consumer Discretionary BSE 250 SmallCap Index Nifty Total Market Nifty Smallcap250 Momentum Quality 100 Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted BSE 1000 Nifty500 Shariah Nifty Smallcap 500 Nifty Conglomerate 50 Nifty MidSmallcap400 50:50 BSE 400 MidSmallCap Index Nifty 500 Multicap 50:25:25 Nifty Smallcap 250 Nifty MidSmallcap 400

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	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
	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%
	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
Profit before tax	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%
	208	181	102	154	121	97	99	112	186	155	244	4	112
EPS in Rs	51.42	44.87	26.84	38.11	30.13	24.01	24.60	27.69	45.98	38.51	60.32	0.99	27.69
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	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
	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%
	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
Profit before tax	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%
	314	436	359	233	251	230	432	71	182	635	471	697	515
EPS in Rs	78.41	108.17	89.28	58.83	62.35	57.17	106.81	17.60	46.02	158.87	116.85	172.56	127.51
Dividend Payout %	13%	11%	13%	20%	19%	21%	17%	17%	26%	19%	26%	20%

Compounded Sales Growth
10 Years:	11%
5 Years:	16%
3 Years:	11%
TTM:	24%

Compounded Profit Growth
10 Years:	5%
5 Years:	10%
3 Years:	54%
TTM:	9%

Stock Price CAGR
10 Years:	10%
5 Years:	20%
3 Years:	17%
1 Year:	-6%

Return on Equity
10 Years:	12%
5 Years:	12%
3 Years:	15%
Last Year:	16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 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
	775	663	924	872	1,498	2,035	1,533	2,229	2,295	1,792	2,136	3,272	4,065
	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
	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
	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 Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	749	702	335	672	561	956	1,358	619	1,205	1,719	1,092	1,786
	-253	-433	-543	-412	-1,060	-1,076	-618	-944	-849	-854	-922	-2,271
	-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%

Ratios

Consolidated / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 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

In beta

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Channel Mix - Exports
% of revenue ・Standalone data

xx	xx	xx	xx	xx	xx	xx	xx	xx	xx	xx
xx	xx	xx	xx	xx	xx	xx	xx	xx	xx	xx
x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
xx	xx	xx	xx	xx	xx	xx		xx	xx	xx
	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx
xxx	xxx			xxx	xxx	xxx	xxx	xxx	x,xxx	x,xxx
		xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
xx		xx			xx	xx	xx	xx	xx	xx
xx		xx			xx	xx		xx	xx	xx
xx		xx			xx	xx		xx	xx	xx
		x			xx	xx		xx	xx	xx
						xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
						xx	xx	xx		xx
		xx.xx	xx.xx			x.xx	xx.xx
										xx
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		x.xx		x.xx		x.xx

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Channel Mix - OEM
% of revenue ・Standalone data

Number of Dealers
count ・Standalone data

Channel Mix - Replacement
% of revenue ・Standalone data

Number of Sub-Dealers
count ・Standalone data

Number of Retail Stores/Outlets
count ・Standalone data

Total Production
million tyres

Revenue Mix - Truck & Bus
% of revenue ・Standalone data

Revenue Mix - 2/3 Wheelers
% of revenue ・Standalone data

Revenue Mix - PC/UV
% of revenue ・Standalone data

Revenue Mix - Off Highway Tires (OHT)
% of revenue ・Standalone data

Sustainable Material Usage
% ・Standalone data

Capacity Utilization
% ・Standalone data

Volume Growth (YoY %)
%

2W Tyre Market Share
% ・Standalone data

PV Tyre Market Share
% ・Standalone data

R&D Expenditure (Percentage of Turnover)
% ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

5 Recently

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	47.21%	47.21%	47.21%	47.21%	47.21%	47.21%	47.21%	47.21%	47.21%	47.29%	47.29%	47.29%
	19.99%	20.16%	18.76%	16.65%	15.83%	15.28%	17.39%	16.21%	16.92%	16.55%	13.82%	13.41%
	14.29%	15.91%	17.09%	19.75%	20.54%	21.52%	20.07%	21.05%	20.48%	20.90%	22.19%	23.26%
	18.50%	16.73%	16.93%	16.39%	16.41%	15.99%	15.33%	15.38%	15.12%	14.99%	16.42%	15.69%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.15%	0.27%	0.27%	0.27%	0.34%
No. of Shareholders	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	1,42,260

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	50.76%	50.76%	51.08%	46.69%	46.82%	47.11%	47.21%	47.21%	47.21%	47.29%	47.29%
	23.91%	22.31%	24.75%	28.21%	26.97%	22.66%	23.30%	20.16%	15.28%	16.55%	13.41%
	7.51%	11.73%	7.52%	8.88%	13.65%	11.68%	13.60%	15.91%	21.52%	20.90%	23.26%
	0.02%	0.02%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	17.79%	15.18%	16.62%	16.22%	12.56%	18.55%	15.90%	16.73%	15.99%	14.99%	15.69%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.27%	0.34%
No. of Shareholders	60,175	62,874	78,932	76,455	80,075	1,41,725	94,232	1,14,397	1,57,285	1,36,374	1,42,260

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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