CEAT Ltd
₹ 3,800
-1.29%
10 Dec
- 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
- Market Cap ₹ 15,362 Cr.
- Current Price ₹ 3,800
- High / Low ₹ 4,438 / 2,322
- Stock P/E 29.3
- Book Value ₹ 1,130
- Dividend Yield 0.79 %
- ROCE 15.4 %
- ROE 11.8 %
- Face Value ₹ 10.0
Pros
Cons
- Company has a low return on equity of 12.3% over last 3 years.
* 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.
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Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 5,464 | 5,705 | 5,484 | 5,766 | 6,282 | 6,985 | 6,779 | 7,610 | 9,363 | 11,315 | 11,943 | 13,218 | 14,023 | |
| 4,790 | 5,013 | 4,694 | 5,096 | 5,652 | 6,332 | 6,052 | 6,617 | 8,640 | 10,341 | 10,291 | 11,742 | 12,402 | |
| Operating Profit | 673 | 692 | 789 | 670 | 630 | 652 | 727 | 993 | 724 | 974 | 1,653 | 1,475 | 1,620 |
| OPM % | 12% | 12% | 14% | 12% | 10% | 9% | 11% | 13% | 8% | 9% | 14% | 11% | 12% |
| 3 | 16 | 7 | 28 | 9 | 10 | 8 | 10 | 17 | -8 | -18 | 8 | -24 | |
| Interest | 187 | 142 | 101 | 90 | 104 | 93 | 154 | 179 | 210 | 242 | 269 | 278 | 318 |
| Depreciation | 87 | 93 | 108 | 143 | 169 | 193 | 277 | 340 | 435 | 469 | 509 | 563 | 619 |
| Profit before tax | 403 | 472 | 587 | 466 | 367 | 376 | 304 | 484 | 95 | 254 | 857 | 643 | 659 |
| Tax % | 33% | 33% | 32% | 23% | 36% | 33% | 24% | 11% | 26% | 28% | 26% | 27% | |
| 271 | 314 | 436 | 359 | 233 | 251 | 230 | 432 | 71 | 182 | 635 | 471 | 494 | |
| EPS in Rs | 75.44 | 78.41 | 108.17 | 89.28 | 58.83 | 62.35 | 57.17 | 106.81 | 17.60 | 46.02 | 158.87 | 116.85 | 122.38 |
| Dividend Payout % | 13% | 13% | 11% | 13% | 20% | 19% | 21% | 17% | 17% | 26% | 19% | 3% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 9% |
| 5 Years: | 14% |
| 3 Years: | 12% |
| TTM: | 13% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 4% |
| 5 Years: | 15% |
| 3 Years: | 79% |
| TTM: | -13% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 27% |
| 3 Years: | 28% |
| 1 Year: | 18% |
| Return on Equity | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 11% |
| 3 Years: | 12% |
| Last Year: | 12% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 36 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 |
| Reserves | 993 | 1,642 | 2,014 | 2,374 | 2,566 | 2,726 | 2,867 | 3,276 | 3,232 | 3,399 | 4,002 | 4,328 | 4,532 |
| 1,174 | 775 | 663 | 924 | 872 | 1,498 | 2,035 | 1,533 | 2,229 | 2,295 | 1,792 | 2,136 | 3,114 | |
| 1,338 | 1,365 | 1,390 | 1,578 | 1,669 | 2,140 | 2,423 | 3,284 | 3,658 | 3,891 | 4,160 | 4,707 | 5,416 | |
| Total Liabilities | 3,540 | 3,822 | 4,108 | 4,917 | 5,146 | 6,404 | 7,366 | 8,133 | 9,160 | 9,627 | 9,994 | 11,212 | 13,102 |
| 1,565 | 1,581 | 2,032 | 2,453 | 2,709 | 3,180 | 4,160 | 4,763 | 5,329 | 6,096 | 6,271 | 6,984 | 8,194 | |
| CWIP | 82 | 229 | 299 | 326 | 310 | 833 | 1,069 | 793 | 876 | 596 | 684 | 538 | 536 |
| Investments | 0 | 312 | 195 | 232 | 214 | 181 | 184 | 210 | 179 | 170 | 182 | 190 | 176 |
| 1,893 | 1,700 | 1,581 | 1,907 | 1,914 | 2,210 | 1,954 | 2,367 | 2,775 | 2,765 | 2,858 | 3,501 | 4,196 | |
| Total Assets | 3,540 | 3,822 | 4,108 | 4,917 | 5,146 | 6,404 | 7,366 | 8,133 | 9,160 | 9,627 | 9,994 | 11,212 | 13,102 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 197 | 749 | 702 | 335 | 672 | 561 | 956 | 1,358 | 619 | 1,205 | 1,719 | 1,092 | |
| -142 | -253 | -433 | -543 | -412 | -1,060 | -1,076 | -618 | -944 | -849 | -854 | -922 | |
| -40 | -194 | -326 | 219 | -202 | 484 | 79 | -731 | 313 | -320 | -871 | -177 | |
| Net Cash Flow | 15 | 301 | -57 | 10 | 58 | -15 | -40 | 9 | -12 | 37 | -5 | -7 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 50 | 45 | 40 | 39 | 43 | 37 | 36 | 44 | 45 | 42 | 39 | 46 |
| Inventory Days | 77 | 70 | 76 | 101 | 75 | 88 | 88 | 97 | 79 | 56 | 61 | 63 |
| Days Payable | 71 | 68 | 75 | 81 | 83 | 92 | 111 | 157 | 131 | 112 | 123 | 122 |
| Cash Conversion Cycle | 57 | 47 | 40 | 59 | 35 | 33 | 12 | -16 | -6 | -14 | -23 | -13 |
| Working Capital Days | -19 | -7 | 11 | 21 | -9 | -11 | -27 | -41 | -41 | -49 | -51 | -49 |
| ROCE % | 30% | 26% | 27% | 19% | 15% | 13% | 10% | 14% | 6% | 9% | 20% | 15% |
Documents
Announcements
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CEAT Limited Has informed About Loss Of Share Certificate(S)
3h - Loss of three share certificates (2, 11, 6 shares) reported; NSDL notice dated 10-Dec-2025.
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Monthly Report On Special Window For Re-Lodgment Of Shares
2d - November 2025 special window re-lodgement report: zero requests received/processed/approved/rejected.
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Board Meeting Outcome for Outcome Of Finance And Banking Committee Meeting Of Board Held On December 5, 2025
5 Dec - Dec 5, 2025: Approved private placement of unsecured NCDs up to Rs.250 crore; invest IDR3,800m (~INR2.07 crore) in subsidiary.
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CEAT Limited Has informed About Issue Of Duplicate Share Certificate(S)
3 Dec - Letters of confirmation issued for duplicate share certificates (folios listed), dated 02-12-2025; total 276 shares.
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Announcement under Regulation 30 (LODR)-Credit Rating
2 Dec - CARE reaffirmed CARE AA; Positive for proposed Rs.500.00 crore NCDs on Dec 2, 2025.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2012
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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