CEAT Ltd
₹ 3,533
-0.93%
25 Aug
- 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 ₹ 14,291 Cr.
- Current Price ₹ 3,533
- High / Low ₹ 4,438 / 3,035
- Stock P/E 22.4
- Book Value ₹ 1,247
- Dividend Yield 0.99 %
- ROCE 19.2 %
- ROE 16.1 %
- Face Value ₹ 10.0
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.
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Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
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 | 16,467 | |
| 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% |
| 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 |
| Profit before tax | 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% | |
| 314 | 436 | 359 | 233 | 251 | 230 | 432 | 71 | 182 | 635 | 471 | 697 | 589 | |
| 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 | 145.79 |
| 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: | 21% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 5% |
| 5 Years: | 10% |
| 3 Years: | 54% |
| TTM: | 39% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 15% |
| 5 Years: | 22% |
| 3 Years: | 15% |
| 1 Year: | 16% |
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 775 | 663 | 924 | 872 | 1,498 | 2,035 | 1,533 | 2,229 | 2,295 | 1,792 | 2,136 | 3,272 | |
| 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 |
| 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 |
| 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 |
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 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Number of Dealers count ・Standalone data |
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| Number of Sub-Dealers count ・Standalone data |
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| Number of Retail Stores/Outlets count ・Standalone data |
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| Revenue Mix - 2/3 Wheelers % of revenue ・Standalone data |
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| Revenue Mix - PC/UV % of revenue ・Standalone data |
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| Revenue Mix - Truck & Bus % of revenue ・Standalone data |
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| Total Production million tyres |
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| Revenue Mix - Off Highway Tires (OHT) % of revenue ・Standalone data |
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| Sustainable Material Usage % ・Standalone data |
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| Volume Growth (YoY %) % |
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| Capacity Utilization % ・Standalone data |
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| R&D Expenditure (Percentage of Turnover) % ・Standalone data |
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Documents
Announcements
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General Updates
- CCI order dated August 21, 2026 found no contravention by CEAT in 2019 bid-rigging matter.
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Communication Sent To Shareholders For Pending KYC Compliances
- CEAT asks non-KYC shareholders to update details to receive Rs.35 FY26 dividend.
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CEAT Limited Has informed About Loss Of Share Certificates
- CEAT reported loss of three share certificates; holders applied for duplicates.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
- FDA Maharashtra temporarily suspended methanol procurement license for Sept. 1-15, 2026; CEAT arranged alternatives.
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Announcement under Regulation 30 (LODR)-Meeting Updates
- CEAT approved USD 24.5 million loan conversion into equity of CEAT OHT Lanka, subject to BOI approval.
Annual reports
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Annual Report 2026
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Annual Report 2025
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Annual Report 2024
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Annual Report 2023
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Annual Report 2022
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Annual Report 2021
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Annual Report 2020
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Annual Report 2019
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Annual Report 2018
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Annual Report 2017
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Annual Report 2016
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Annual Report 2015
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Annual Report 2014
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Annual Report 2013
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Annual Report 2012
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Concalls
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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