CEAT Limited (CEATLTD)
₹3,294.90 +2.26% last close, 16 Oct
Q2 FY27 results
CEAT Limited reported Q2 FY27 results on 14 Oct 2026: revenue ₹4,762 Cr (+26.2% year on year, +10.3% on the previous quarter), and net profit ₹112 Cr (-39.8% year on year); the operating margin was 9.6%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹4,762 | +26.2% | +10.3% |
| Operating profit | ₹457 | -9.1% | +25.2% |
| Net profit | ₹112 | -39.8% | — |
| EPS (₹) | 27.79 | -39.5% | — |
| Operating margin | 9.6% | — | — |
- Profit -62% below its own trend
- Operating margin contracted 373 bps YoY
- Exceptional items of ₹13.0 Cr in the quarter
Quality of profit: the core business earned ₹177 Cr before tax; other income and one-off items took ₹8.0 Cr off that, leaving pre-tax profit of ₹169 Cr. Core profit (operating profit less interest and depreciation) moved -26.9% year on year.
Against its own trend: net profit of ₹112 Cr was -61.6% against the ₹292 Cr its recent growth pointed to (below trend). This is a statistical baseline, not an analyst estimate.
Share price since the results: -1.9% (close before the filing to the latest close).
CEATLTD delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 23.27% of the CEATLTD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 42.36%. The price rose 2.26% on unusually low delivery, so more of the move than usual was intraday trading. It traded 4.2 times its average daily volume.
Delivery in the last 5 sessions: 45.1% · 46.2% · 29.3% · 37.5% · 23.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
CEAT Limited reported consolidated Q2 FY27 revenue of ₹4,762 Cr, marking a 26.2% YoY and 10.3% QoQ growth driven by healthy volumes and price realizations. EBITDA stood at ₹452 Cr with an EBITDA margin of 9.5%, which contracted 403 bps YoY due to high raw material basket costs, although expanding 94 bps QoQ. Consolidated PAT came in at ₹112 Cr, recovering sharply from ₹4 Cr in Q1 FY27 but down 39.6% YoY from ₹186 Cr in Q2 FY26. Total debt increased sequentially to ₹3,846 Cr, elevating the D/E ratio to 0.77x from 0.65x in Q1.
- Consolidated revenue grew 26.2% YoY and 10.3% QoQ to ₹4,762 Cr
- EBITDA margin reached 9.5%, up 94 bps QoQ but down 403 bps YoY
- Consolidated PAT rebounded sequentially to ₹112 Cr from ₹4 Cr, down 39.6% YoY
- Capex outflow for the quarter was ~₹493 Cr, with total debt rising to ₹3,846 Cr (0.77x D/E)
CEAT reported Q2 FY26-27 consolidated revenue of Rs 4,762 crore, marking a 26% YoY increase driven by growth in premium segments. Consolidated net profit came in at Rs 112 crore, while EBITDA margin stood at 9.5% amid high raw material costs fueled by the West Asia conflict. Standalone net profit reached Rs 164 crore on revenue of Rs 4,548 crore (up 23% YoY). The company invested close to Rs 490 crore in capex during the quarter (~3% of TTM revenue) to expand high-utilization capacities and appointed Mr. Sumeet Narang as an Independent Director.
- Consolidated revenue up 26% YoY to Rs 4,762 crore in Q2
- Consolidated net profit stood at Rs 112 crore with an EBITDA margin of 9.5%
- Standalone revenue increased 23% YoY to Rs 4,548 crore with net profit of Rs 164 crore
- Quarterly capex deployed at close to Rs 490 crore to expand capacities, driving up debt
- Converted $24.5 million loan to Ceat OHT Lanka into Rs 234 crore equity
CEAT reported Q2 FY26-27 consolidated revenue of Rs 4,762 crore, marking a 26% YoY increase driven by growth in premium segments. Consolidated net profit came in at Rs 112 crore, while EBITDA margin stood at 9.5% amid high raw material costs fueled by the West Asia conflict. Standalone net profit reached Rs 164 crore on revenue of Rs 4,548 crore (up 23% YoY). The company invested close to Rs 490 crore in capex during the quarter (~3% of TTM revenue) to expand high-utilization capacities and appointed Mr. Sumeet Narang as an Independent Director.
- Consolidated revenue up 26% YoY to Rs 4,762 crore in Q2
- Consolidated net profit stood at Rs 112 crore with an EBITDA margin of 9.5%
- Standalone revenue increased 23% YoY to Rs 4,548 crore with net profit of Rs 164 crore
- Quarterly capex deployed at close to Rs 490 crore to expand capacities, driving up debt
- Converted $24.5 million loan to Ceat OHT Lanka into Rs 234 crore equity
CEAT reported Q2 FY26-27 consolidated revenue of Rs 4,762 crore, marking a 26% YoY increase driven by growth in premium segments. Consolidated net profit came in at Rs 112 crore, while EBITDA margin stood at 9.5% amid high raw material costs fueled by the West Asia conflict. Standalone net profit reached Rs 164 crore on revenue of Rs 4,548 crore (up 23% YoY). The company invested close to Rs 490 crore in capex during the quarter (~3% of TTM revenue) to expand high-utilization capacities and appointed Mr. Sumeet Narang as an Independent Director.
- Consolidated revenue up 26% YoY to Rs 4,762 crore in Q2
- Consolidated net profit stood at Rs 112 crore with an EBITDA margin of 9.5%
- Standalone revenue increased 23% YoY to Rs 4,548 crore with net profit of Rs 164 crore
- Quarterly capex deployed at close to Rs 490 crore to expand capacities, driving up debt
- Converted $24.5 million loan to Ceat OHT Lanka into Rs 234 crore equity
CEAT reported Q2 FY26-27 consolidated revenue of Rs 4,762 crore, marking a 26% YoY increase driven by growth in premium segments. Consolidated net profit came in at Rs 112 crore, while EBITDA margin stood at 9.5% amid high raw material costs fueled by the West Asia conflict. Standalone net profit reached Rs 164 crore on revenue of Rs 4,548 crore (up 23% YoY). The company invested close to Rs 490 crore in capex during the quarter (~3% of TTM revenue) to expand high-utilization capacities and appointed Mr. Sumeet Narang as an Independent Director.
- Consolidated revenue up 26% YoY to Rs 4,762 crore in Q2
- Consolidated net profit stood at Rs 112 crore with an EBITDA margin of 9.5%
- Standalone revenue increased 23% YoY to Rs 4,548 crore with net profit of Rs 164 crore
- Quarterly capex deployed at close to Rs 490 crore to expand capacities, driving up debt
- Converted $24.5 million loan to Ceat OHT Lanka into Rs 234 crore equity
CEAT reported Q2 FY26-27 consolidated revenue of Rs 4,762 crore, marking a 26% YoY increase driven by growth in premium segments. Consolidated net profit came in at Rs 112 crore, while EBITDA margin stood at 9.5% amid high raw material costs fueled by the West Asia conflict. Standalone net profit reached Rs 164 crore on revenue of Rs 4,548 crore (up 23% YoY). The company invested close to Rs 490 crore in capex during the quarter (~3% of TTM revenue) to expand high-utilization capacities and appointed Mr. Sumeet Narang as an Independent Director.
- Consolidated revenue up 26% YoY to Rs 4,762 crore in Q2
- Consolidated net profit stood at Rs 112 crore with an EBITDA margin of 9.5%
- Standalone revenue increased 23% YoY to Rs 4,548 crore with net profit of Rs 164 crore
- Quarterly capex deployed at close to Rs 490 crore to expand capacities, driving up debt
- Converted $24.5 million loan to Ceat OHT Lanka into Rs 234 crore equity
CEAT Limited submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. As per the certificate issued by RTA NSDL Database Management Limited, a total of 4,890 shares were dematerialized during the quarter (2,345 via NSDL and 2,545 via CDSL). No shares were rematerialized during this period. This is a standard quarterly regulatory filing confirming share transfer and demat processing.
- Total of 4,890 equity shares dematerialized during the quarter ended September 30, 2026
- 2,345 shares dematerialized via NSDL and 2,545 shares via CDSL
- 0 shares were rematerialized during the period July 1, 2026 to September 30, 2026
- Certificate issued by Registrar and Share Transfer Agent NSDL Database Management Limited
CEAT Limited has announced a Board of Directors meeting scheduled for Wednesday, October 14, 2026. The board will consider and approve the unaudited financial results for the period ending September 30, 2026, alongside the Limited Review Report. In compliance with SEBI insider trading regulations, the trading window for designated persons closes on October 1, 2026, and will reopen 48 hours after the declaration of results.
- Board meeting scheduled for Wednesday, October 14, 2026
- Meeting convened to approve unaudited financial results for period ending September 30, 2026
- Trading window closes with effect from October 1, 2026
- Trading window reopening set for 48 hours post results announcement
CEAT Limited has approved a further investment of up to ₹460 Lakhs (₹4.60 crore) in its wholly owned subsidiary, Tyresnmore Online Private Limited, via a rights issue of 37,686 equity shares. Tyresnmore, which operates an online tyre and battery sales and doorstep fitment service, recorded a turnover of ₹43.29 crore in FY26. Following the allotment scheduled by October 7, 2026, CEAT's shareholding in Tyresnmore will remain at 100%. Given CEAT's TTM revenue of ₹16,195 crore, this investment is small (<0.03% of revenue) and routine capital support for its digital channel.
- Approved investment of up to INR 460 Lakhs via rights issue of 37,686 equity shares
- Post-investment shareholding remains unchanged at 100%
- Target entity Tyresnmore reported FY26 turnover of INR 4,329.13 Lakhs, up from INR 3,225.73 Lakhs in FY25
- Allotment of equity shares scheduled to be completed latest by October 7, 2026
CEAT Limited has executed an agreement to convert USD 24.5 million (LKR 8,218.5 million) of an existing inter-company loan into equity shares of its wholly owned subsidiary, CEAT OHT Lanka (Private) Limited. This conversion covers part of an outstanding USD 80 million loan and involves issuing 12,788,094 shares at LKR 642.67 per share following Board of Investment (BOI) approval in Sri Lanka. The subsidiary, incorporated in March 2025, recorded a turnover of INR 4,206 million in FY2025-26. The transaction does not alter CEAT's 100% ownership control and is an internal capital restructuring.
- Executed conversion of USD 24.5 million out of a total USD 80 million inter-company loan into equity
- Issued 12,788,094 ordinary shares at LKR 642.67 per share, totaling LKR 8,218,525,000
- Subsidiary CEAT OHT Lanka reported FY26 turnover of INR 4,206 million
- Shareholding remains unchanged with the target remaining a 100% wholly owned subsidiary
CEAT Limited has been voluntarily assigned an ESG score of 68.22 by Niche99 ESG Ratings, earning the categorization of 'Leader'. The evaluation covers public domain data and disclosures for the assessment periods FY2024-2025 and FY2025-2026. This voluntary sustainability benchmark provides non-financial validation of the company's governance and environmental standards. It entails no direct capital expenditure, revenue impact, or structural change to operational earnings.
- Voluntarily assigned ESG score of 68.22 by Niche99 ESG Ratings
- Categorized under the 'Leader' band
- Assessment covers data from FY2024-2025 and FY2025-2026
- Disclosed pursuant to Regulation 30 and 51 of SEBI LODR
CEAT Limited has issued a public newspaper notice regarding lost share certificates for shareholders Prashant Jawaharlal Patel and Parul Prashant Patel across multiple folios. The notice covers 1,312 shares under one folio and 1,600 shares across several certificates under an older inactive folio, totaling 2,912 shares. Any claims must be submitted to the company or its RTA, NSDL Database Management Limited, within 15 days of the September 10, 2026 notice. The notice is purely procedural in compliance with SEBI circulars and has no financial impact on the company.
- Newspaper notice published in Financial Express Mumbai edition on September 10, 2026
- Pertains to lost certificates representing 2,912 shares across two folio records
- Folio ZVP0002376 accounts for 1,312 shares and Folio CTP26248 accounts for 1,600 shares
- Claim window set at 15 days from publication before duplicate certificates are issued
CEAT Limited has issued a reminder to shareholders whose FY26 dividend of ₹35.00 per share could not be credited due to invalid bank or Demat details or missing KYC. The dividend was declared at the 67th AGM on August 17, 2026, and electronically disbursed on August 21, 2026. Affected shareholders must update their records with their Depository Participant or RTA (NSDL Database Management Limited) to receive withheld funds and avoid transfer to the IEPF.
- Dividend rate of ₹35.00 per equity share (face value ₹10) declared for FY26.
- Approved at the 67th Annual General Meeting held on August 17, 2026.
- Electronic payment was originally dispatched on August 21, 2026.
- Withheld amounts will be released upon submission of valid KYC/bank mandates to the RTA.
CEAT Limited announced that the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Mumbai, has ruled in its favor, allowing the company's appeal. The Tribunal set aside an earlier order from the Commissioner of Customs (Export) that had imposed a fine of ₹77.68 lakh and a penalty of ₹18.00 lakh related to EPCG licences. With total relief amounting to ₹95.68 lakh, the order removes any financial liability from the matter.
- CESTAT Mumbai set aside an earlier customs order in favor of CEAT Limited
- Fine of ₹77.68 lakh previously imposed has been dismissed
- Penalty of ₹18.00 lakh previously levied has also been dismissed
- Order communication was received by the company on September 2, 2026
CEAT Limited received an order from the Commissioner (Appeals) CGST & CX Appeal, Bhubaneswar, rejecting the company's appeal for FY 2020-21 and accepting the Department's cross-appeal. This decision withdrew an earlier tax relief of Rs 0.78 crore, revising the total tax demand to Rs 3.84 crore plus applicable interest and penalties. The demand is financially immaterial, representing less than 0.03% of CEAT's TTM revenue of Rs 16,195 crore and ~0.6% of TTM PAT of Rs 642 crore. CEAT plans to evaluate filing an appeal before the GST Appellate Tribunal.
- Tax demand for FY 2020-21 in Odisha revised upwards to INR 3.84 crore plus applicable interest and penalty.
- Earlier relief amounting to INR 0.78 crore was withdrawn following the acceptance of the Department's cross-appeal.
- Prior demand disclosed on March 7, 2025, stood at INR 3.06 crore tax and INR 30.60 lakhs penalty.
- Total tax demand represents less than 0.03% of TTM revenue of Rs 16,195 crore.
Financial Performance
Revenue Growth by Segment
Standalone revenue grew 12.2% YoY in Q2 FY26. Volume growth was led by OEM and International business with strong double-digit growth, while the Replacement segment grew in strong single digits.
Geographic Revenue Split
Exports contributed 19% of revenue in FY25. Post-CAMSO acquisition, export contribution is expected to increase to 26%. Domestic operations account for the remaining 81%.
Profitability Margins
Consolidated Gross Margin stood at 40.9% in Q2 FY26, an improvement of over 400 bps QoQ. Net Profit Margin was 4.92% in Q2 FY26 compared to 3.68% YoY.
EBITDA Margin
Consolidated EBITDA margin for Q2 FY26 was 13.5%, representing a 250 bps improvement YoY and 259 bps improvement QoQ, driven by lower raw material prices and better sales realization.
Capital Expenditure
The company completed the CAMSO acquisition on September 1, 2025. Scheduled debt repayment obligations are INR 333.91 Cr for FY25 and INR 382.76 Cr for FY26.
Credit Rating & Borrowing
CARE Ratings assigned a 'Positive' outlook with an overall gearing of 0.76x as of March 31, 2025. Interest Service Coverage Ratio stood at 5.33x in Q2 FY26.
Operational Drivers
Raw Materials
Natural rubber and crude-linked derivatives (carbon black, synthetic rubber) are primary inputs. Rubber price volatility caused a 269 bps moderation in operating margins during FY25.
Key Suppliers
Michelin (divested the CAMSO brand to CEAT).
Capacity Expansion
Acquisition of CAMSO assets in September 2025 significantly expands capacity in the premium Off-Highway Tyre (OHT) segment.
Raw Material Costs
Operating margins moderated to 11.30% in FY25 due to a spike in rubber prices. Q2 FY26 saw a 400+ bps expansion in gross margins as raw material costs softened.
Manufacturing Efficiency
Overall volumes increased by 10% YoY in FY25, with growth across all segments despite raw material headwinds.
Strategic Growth
Expected Growth Rate
10%+
Growth Strategy
Integration of the CAMSO acquisition to become a leading player in the premium OHT segment, targeting an increase in OHT revenue share from 17% to 25%. The company is also focusing on premiumization in the PC/UV and 2W segments.
Products & Services
Tyres for 2-wheelers, passenger cars, utility vehicles, trucks, buses, and off-highway equipment (OHT).
Brand Portfolio
CEAT, CAMSO.
New Products/Services
Expansion into premium OHT segments via CAMSO is expected to be margin-accretive in the medium term.
Market Expansion
Targeting international market growth to reach a 26% revenue share post-CAMSO integration.
Strategic Alliances
Acquisition of CAMSO brand and assets from Michelin.
External Factors
Industry Trends
The industry is shifting focus from lower-margin Truck & Bus segments to higher-margin Passenger Car, UV, and OHT segments. CEAT is positioning itself through the CAMSO acquisition to capture this premiumization trend.
Competitive Landscape
Operates in a highly competitive industry with susceptibility to pricing pressures from both domestic and international players.
Competitive Moat
Moat is built on a robust distribution network, RPG Group financial flexibility, and a growing niche in the premium OHT segment which is less commoditized than standard tyres.
Macro Economic Sensitivity
Highly sensitive to automotive demand cycles and GDP growth, impacting the OEM and Replacement segments.
Consumer Behavior
Shift in consumer preference toward premium and high-performance tyres in the PC and UV segments.
Geopolitical Risks
Vulnerability to changes in government policy and trade barriers affecting the 19% export revenue share.
Regulatory & Governance
Industry Regulations
Compliance required with The Rubber Act, 1947 and The Rubber Rules, 1955, alongside pollution control norms for manufacturing facilities.
Taxation Policy Impact
Standalone tax expense for the half-year ended September 30, 2025, was INR 112.80 Cr.
Legal Contingencies
During FY25, 7 complaints were received under the Whistle Blower Policy, with 2 pending at year-end. No specific court case values were disclosed.
Risk Analysis
Key Uncertainties
Raw material price volatility (rubber and crude) and the successful integration of the CAMSO business are primary uncertainties.
Geographic Concentration Risk
81% of revenue is concentrated in the Indian domestic market.
Third Party Dependencies
Dependency on Michelin for the transition of CAMSO assets and brand.
Technology Obsolescence Risk
Risk managed through R&D focus on premium OHT and PC/UV tyre technology.
Credit & Counterparty Risk
Standalone trade receivables stood at INR 1,659.99 Cr as of September 30, 2025.
