NSE:CEATLTD · Risk Score Report

NSE:CEATLTDNSEConsumer Cyclical

CEAT Limited

📊 Auto Parts

Day ₹3,705

₹3,950 Oversold

52W ₹3,000

₹4,438 Neutral

₹3,719.90

▲ ₹203.20 (+5.78%)

Vol: 1,776,145 · Avg: 121,617

As of April 29, 2026 · 06:33 IST

COMPOSITE RISK SCORE

VAL:14/25 · FIN:11/25 · GRO:20/25 · TECH:20/25

📈 P/E RATIO

27.2x

Trailing

📖 P/B RATIO

3.3x

Price to Book

💰 EPS

₹136.80

TTM

🏛 MARKET CAP

₹15,007Cr

Mid Cap

📊 ROE

10.8%

Return on Equity

📈 REV GROWTH

26.0%

YoY

🏢 Company Analysis · CEAT Limited

💼 BUSINESS MODEL

CEAT Limited manufactures and sells automotive tyres, tubes, and flaps in India and internationally..
It provides rubber tires and tubes for scooters, bikes, two and three wheelers, passenger cars, buses, light commercial vehicles, trucks, off highway vehicles, and tractors, as well as steel rad products..
The company also exports its products..
It offers a wide range of tyres for original equipment manufacturers (OEMs) and retail customers through dealers, distributors, and online channels/platforms..
Operates in Auto Parts within the Consumer Cyclical sector.
Workforce of 9,428 employees.

🏰 MOAT & COMPETITION

Mid-cap (₹15,007 Cr) — growing company in a competitive landscape.
Key competitors: MRF, Balkrishna Inds, Cochin Malabar, Apollo Tyres.

🚀 CATALYSTS

Ceat Ltd (BOM:500878) Q3 2026 Earnings Call Highlights: Record Revenue and Strategic Expansion ... (GuruFocus.com)
Revenue growing at 26% — strong top-line momentum.
Earnings growth of 61% signals execution on profitability.

⚖️ ASYMMETRY CHECK

Analyst target range: ₹3,330 — ₹4,823 (mean ₹4,166, 18 analysts).
Favorable asymmetry — upside potential of +30% vs downside floor of -10% (2.8x reward-to-risk).
P/E of 27.2x — fair value territory; catalysts needed for re-rating.

🔭 FUTURE OUTLOOK

Analyst consensus: Buy (18 analysts).
Latest quarter earnings grew 60% YoY — positive trajectory.

✅ PROS

None identified

❌ CONS

None identified

VALUATION

14/25

25% WEIGHT

P/E at 27x
P/B at 3.3x
Analyst target: ₹4166 (+12.0%)
1Y return: +22.7%

FINANCIAL HEALTH

11/25

25% WEIGHT

ROE: 10.8%
Profit margin: 3.7%
Revenue growth: 26.0%
Debt/Equity: 68%

GROWTH

20/25

25% WEIGHT

Revenue growth: 26.0%
Earnings growth: 60.7%
Beta: 0.53
Sector: Consumer Cyclical

TECHNICAL

20/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

27.2x

Trailing twelve months

P/B RATIO

3.3x

Price to Book value

ROE

10.8%

Return on Equity

PROFIT MARGIN

3.7%

Net profit margin

OPM

9.0%

Operating profit margin

ANALYST TARGET

₹4,166

Range: ₹3,330 - ₹4,823

Yahoo Finance ↗

PEG RATIO

0.38

Price/Earnings to Growth

EV/EBITDA

10.5x

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

0.85%

Annual yield

ROA

5.0%

Return on Assets

GROSS MARGIN

38.1%

Gross profit margin

INDUSTRY AVERAGES — TYRES & RUBBER PRODUCTS

P/E 18.5x (above avg)

P/B 5.0x (sector fair)

ROCE 13.6% (above avg)

ROE 20% (sector good)

OPM 18% (sector good)

Div Yield 0.74%

D/E <30 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	₹3,305 Cr	—	₹122 Cr	—	N/A	11.1%
Q3 FY25	₹3,300 Cr	-0.1%	₹97 Cr	-20.3%	N/A	10.4%
Q4 FY25	₹3,223 Cr	-2.3%	₹99 Cr	+2.5%	N/A	11.5%
Q1 FY26	₹3,529 Cr	+9.5%	₹112 Cr	+13.0%	N/A	11.0%
Q3 FY26	₹4,157 Cr	+17.8%	₹156 Cr	+38.5%	N/A	12.3%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹9,143 Cr	—	₹71 Cr	—	₹619 Cr	—
FY23	₹11,149 Cr	+21.9%	₹186 Cr	+161.5%	₹1,205 Cr	+94.8%
FY24	₹11,782 Cr	+5.7%	₹643 Cr	+245.2%	₹1,719 Cr	+42.6%
FY25	₹13,021 Cr	+10.5%	₹473 Cr	-26.5%	₹1,092 Cr	-36.5%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How CEAT Limited Makes Its Money

🏦 Snapshot of CEAT Limited's Balance Sheet

💸 Looking into CEAT Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales +	3,053	2,963	2,992	3,193	3,305	3,300	3,421	3,529	3,773	4,157	4,219
YOY Sales Growth %	5.49%	8.65%	4.07%	8.78%	8.23%	11.36%	14.33%	10.54%	14.17%	25.98%	23.34%
Expenses +	2,597	2,546	2,600	2,810	2,942	2,959	3,033	3,142	3,269	3,594	3,626
Material Cost %	57%	59%	58%	61%	63%	63%	63%	63%	59%	60%	60%
Employee Cost %	7%	7%	7%	6%	7%	7%	7%	6%	7%	7%	7%
Operating Profit	456	418	392	383	362	341	388	388	503	563	593
OPM %	15%	14%	13%	12%	11%	10%	11%	11%	13%	14%	14%
Other Income +	10	3	-55	14	3	3	-33	1	4	-52	16
Exceptional items	0.00	0.00	-58.17	7.46	-0.03	0.00	-37.04	-3.29	0.00	-57.96	-9.98
Other income normal	10.47	2.94	3.07	6.15	3.45	3.43	4.52	4.73	3.86	6.05	25.74
Interest	72	66	62	62	66	75	74	82	87	105	85
Depreciation	124	127	136	132	137	141	152	151	174	188	184
Profit before tax	270	228	139	203	162	128	129	156	246	218	340
Tax %	25%	24%	33%	27%	29%	28%	28%	27%	28%	31%	30%
Net Profit +	208	181	102	154	121	97	99	112	186	155	244
Profit from Associates	6	8	9	5	6	5	5	-2	7	5	5
Minority share	0	0	6	-0	0	0	1	0	0	0	0
Exceptional items AT	0	0	-39	5	-0	0	-27	-2	0	-40	-7
Profit excl Excep	208	181	141	149	121	97	126	115	186	195	251
Profit for PE	208	181	148	149	122	97	126	115	186	196	251
Profit for EPS	208	181	109	154	122	97	99	112	186	156	244
YOY Profit Growth %	892%	408%	5%	3%	-41%	-46%	-14%	-23%	53%	102%	99%
EPS in Rs	51.42	44.87	26.84	38.11	30.13	24.01	24.60	27.80	45.97	38.51	60.28
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales +	6,282	6,985	6,779	7,610	9,363	11,315	11,943	13,218	15,678
Sales Growth %	8.95%	11.17%	-2.94%	12.26%	23.05%	20.84%	5.56%	10.67%	18.61%
Expenses +	5,652	6,332	6,052	6,617	8,640	10,341	10,291	11,742	13,631
Manufacturing Cost %	10%	5%	5%	5%	6%	5%	8%	8%	0%
Employee Cost %	8%	8%	8%	9%	8%	7%	7%	7%	7%
Other Cost %	11%	18%	18%	16%	15%	14%	13%	12%	20%
Operating Profit	630	652	727	993	724	974	1,653	1,475	2,047
OPM %	10%	9%	11%	13%	8%	9%	14%	11%	13%
Other Income +	9	10	8	10	17	-8	-18	8	-31
Exceptional items	-33	-49	-26	-41	-24	-33	-58	-31	-71
Other income normal	42	58	33	50	40	25	40	39	40
Interest	104	93	154	179	210	242	269	278	359
Depreciation	169	193	277	340	435	469	509	563	697
Profit before tax	367	376	304	484	95	254	857	643	960
Tax %	36%	33%	24%	11%	26%	28%	26%	27%	29%
Net Profit +	233	251	230	432	71	182	635	471	697
Profit from Associates	0	0	0	0	0	0	0	0	16
Minority share	5	1	1	-0	1	4	7	1	1
Exceptional items AT	-21	-33	-19	-36	-15	-24	-43	-22	-51
Profit excl Excep	254	284	249	469	85	206	678	494	748
Profit for PE	259	285	250	468	86	210	686	495	749
Profit for EPS	238	252	231	432	71	186	643	473	698
Profit Growth %	-31%	10%	-12%	87%	-82%	145%	227%	-28%	51%
EPS in Rs	58.83	62.35	57.17	106.81	17.60	46.02	158.87	116.85	172.56
Dividend Payout %	20%	19%	21%	17%	17%	26%	19%	3%	20%

🏦 Balance Sheet Source: Screener ↗

	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
Reserves	2,566	2,726	2,867	3,276	3,232	3,399	4,002	4,328	5,006
Borrowings +	872	1,498	2,035	1,533	2,229	2,295	1,792	2,136	3,272
Long term Borrowings	451	1,223	1,641	1,341	1,719	1,441	957	924	1,504
Short term Borrowings	196	224	236	77	378	652	672	1,005	1,507
Lease Liabilities	0	0	106	115	132	203	163	208	261
Other Borrowings	225	51	52	0	0	0	0	0
Other Liabilities +	1,669	2,140	2,423	3,284	3,658	3,891	4,160	4,707	5,584
Non controlling int	23	24	24	23	24	17	10	8	8
Trade Payables	871	1,053	1,195	1,839	2,158	2,268	2,332	2,740	3,448
Advance from Customers	18	14	13	16	15	24	41	37
Other liability items	757	1,050	1,191	1,406	1,461	1,582	1,778	1,923	2,128
Total Liabilities	5,146	6,404	7,366	8,133	9,160	9,627	9,994	11,212	13,902
Fixed Assets +	2,709	3,180	4,160	4,763	5,329	6,096	6,271	6,984	8,478
Land	592	593	594	595	595	587	586	587
Building	374	478	641	729	883	1,023	1,036	1,216
Plant Machinery	2,008	2,537	3,437	4,197	4,954	5,865	6,426	7,378
Equipments	9	12	15	19	24	26	31	34
Furniture n fittings	14	16	21	25	28	32	36	38
Vehicles	7	8	8	8	8	9	11	12
Intangible Assets	51	51	51	51	51	51	76	76	501
Other fixed assets	59	73	251	250	232	375	350	372
Gross Block	3,112	3,766	5,019	5,873	6,775	7,969	8,553	9,713
Accumulated Depreciation	403	587	859	1,110	1,446	1,872	2,282	2,729
CWIP	310	833	1,069	793	876	596	684	538	598
Investments	214	181	184	210	179	170	182	190	222
Other Assets +	1,914	2,210	1,954	2,367	2,775	2,765	2,858	3,501	4,604
Inventories	785	1,006	939	1,132	1,310	1,138	1,150	1,412	1,783
Trade receivables	747	706	674	922	1,154	1,307	1,283	1,653	1,839
Cash Equivalents	86	74	34	43	36	72	59	53	43
Loans n Advances	8	26	12	15	31	47	61	65	30
Other asset items	287	399	294	255	244	201	304	317	908
Total Assets	5,146	6,404	7,366	8,133	9,160	9,627	9,994	11,212	13,902

💰 Cash Flow Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	672	561	956	1,358	619	1,205	1,719	1,092	1,786
Profit from operations	596	619	716	957	712	947	1,615	1,474	2,027
Receivables	-134	38	35	-251	-230	-155	24	-372	-166
Inventory	158	-222	66	-208	-179	172	-13	-261	-372
Payables	112	189	143	721	319	97	68	406	712
Loans Advances	0	0	0	0	0	0	0	0	-21
Other WC items	38	19	15	189	16	107	189	-63	-215
Working capital changes	174	23	258	452	-74	221	267	-291	-61
Interest paid	0	0	0	0	0	0	0	0	0
Direct taxes	-98	-81	-18	-51	-20	38	-163	-91	0
Advance tax	0	0	0	0	0	0	0	0	-180
Cash from Investing Activity +	-412	-1,060	-1,076	-618	-944	-849	-854	-922	-2,271
Fixed assets purchased	-484	-1,107	-1,118	-639	-959	-879	-867	-943	-1,147
Fixed assets sold	0	0	8	5	3	1	0	1	0
Investments purchased	-6	-0	-4	0	-4	-3	-470	-542	-2,386
Investments sold	35	41	0	0	0	0	471	542	2,355
Interest received	12	3	32	6	3	9	4	4	5
Dividends received	0	7	10	18	21	21	13	16	21
Investment in group cos	0	-3	-3	-7	-4	0	-12	0	0
Other investing items	32	-2	-0	-0	-5	2	7	-0	-1,119
Cash from Financing Activity +	-202	484	79	-731	313	-320	-871	-177	477
Proceeds from shares	0	0	0	0	0	0	0	0	0
Proceeds from borrowings	604	1,187	481	262	735	162	91	632	1,466
Repayment of borrowings	-656	-561	-50	-773	-56	-166	-555	-333	-384
Proceeds from deposits	0	0	0	0	0	0	0	0	0
Interest paid fin	-97	-89	-192	-163	-194	-209	-267	-245	-311
Dividends paid	-47	-44	-96	-0	-75	-13	-49	-121	-121
Financial liabilities	0	0	-46	-56	-97	-94	-92	-110	-134
Other financing items	-6	-8	-18	0	0	0	0	0	-39
Net Cash Flow	58	-15	-40	9	-12	37	-5	-7	-8
Free Cash Flow	189	-546	-154	723	-337	328	852	149	639
CFO/OP	122%	98%	134%	142%	88%	120%	114%	80%	96%

📈 Key Financial Ratios

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	43	37	36	44	45	42	39	46	43
Inventory Days	75	88	88	97	79	56	61	63	68
Days Payable	83	92	111	157	131	112	123	122	132
Cash Conversion Cycle	35	33	12	-16	-6	-14	-23	-13	-21
Working Capital Days	-9	-11	-27	-41	-41	-49	-51	-49	-49
ROCE %	15%	13%	10%	14%	6%	9%	20%	15%	19%

🏭 Industry Peers — Tyres & Rubber Products

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	MRF ★	₹131,100	24.3	₹55,601	13.6%	+137.5%	67
2	Balkrishna Inds	₹2,233	32.9	₹43,164	16.7%	-15.0%	62
3	Cochin Malabar	₹149	18.4	₹26	61.2%	+28.6%	61
4	Apollo Tyres	₹427	18.5	₹27,119	11.4%	+43.4%	58
5	CEAT	₹3,722	20.1	₹15,058	18.7%	+98.6%	55
6	JK Tyre & Indust	₹408	16.2	₹11,769	12.8%	+271.3%	53
7	Tolins Tyres	₹112	12.3	₹443	21.3%	-3.7%	52
8	Emerald Tyre	₹88	19.3	₹171	13.1%	-9.2%	48
9	Tirupati Innovar	₹11	8.7	₹28	2.3%	+75.0%	48

★ MRF ranks higher on combined P/E, ROCE, and growth metrics in Tyres & Rubber Products

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	47.21%	47.21%	47.21%	47.21%	47.21%	47.29%
FIIs	15.83%	15.28%	17.39%	16.21%	16.92%	16.55%
DIIs	20.54%	21.52%	20.07%	21.05%	20.48%	20.90%
Public	16.41%	15.99%	15.33%	15.38%	15.12%	14.99%
Others	0.00%	0.00%	0.00%	0.15%	0.27%	0.27%
No. of Shareholders	1,56,333	1,57,285	1,41,661	1,36,233	1,35,290	1,36,374

🟢 CATALYSTS

🏆Revenue Growth 26%: Above sector norm of 20% — strong top-line momentum.

💹Analyst Upside (12%): Mean target of ₹4166 above current price.

🔀Low Beta (0.53): Less volatile than market — defensive play.

🇮Earnings Growth (61%): Above sector norm — strong profit expansion.

🔴 RISKS

📜Market Risk: Broader market correction or sentiment shift could impact stock.

💰Sector Risk: Regulatory or competitive changes in Consumer Cyclical space.

🔓Execution Risk: Growth may not meet elevated expectations.

🕸 Factor Analysis · Radar

Momentum 8/10
1M +14.7%, 6M -7.3%, RSI 55, MACD bullish, Above 200DMA

Sentiment 7/10
Analyst upside +12.0%, Rec: buy

Value 7/10
P/E 27.2, P/B 3.3, PEG 0.38, EV/EBITDA 10.5

Quality 4/10
Margin 3.7%, D/E 68

Low Volatility 8/10
Beta 0.53, Ann. vol 39%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Capture 12.0% analyst upside	Fundamentals provide base support; P/E 27x vs sector median 18x is a risk
HOLD	Retain existing position; wait for better entry; FII stake falling (-0.37%)	Miss further upside if momentum continues; 1M return of +14.7% shows momentum
SELL	Lock in +22.7% 1Y return; redeploy into MRF at lower P/E	Avoid further drawdown; P/E compression risk at 27x

REASONS TO BUY

Analyst upside of 12.0% with mean target of ₹4,166
ROCE at 19% indicates strong capital efficiency
Revenue growing at 26.0% YoY (sector norm: 8%)

REASONS TO SELL / AVOID

P/E of 27.2x is 1.5x the sector median of 18x
FII stake falling (-0.37%) — institutional exit signal
MRF offers lower P/E (24.3) with ROCE of 13.6% in the same sector

📰 Latest News

Indian tyre maker CEAT's quarterly profit soars on strong demand, merger gains

Reuters · 2026-04-28T14:44

Ceat Ltd (BOM:500878) Q3 2026 Earnings Call Highlights: Record Revenue and Strategic Expansion ...

GuruFocus.com · 2026-01-22T01:01

India's CEAT third-quarter profit jumps as tax cuts boost domestic demand

Reuters · 2026-01-19T13:15

Biggest boost to tractor, entry-level motorcycle tyres from sweeping tax cuts, says India's CEAT CEO

Reuters · 2025-09-12T04:49

Ceat Ltd (BOM:500878) Q4 FY25 Earnings Call Highlights: Strong Revenue Growth Amid Global Challenges

GuruFocus.com · 2025-05-01T07:04

RECOMMENDATION

SPECULATIVE BUY

COMPOSITE SCORE

65/100

CEAT Limited trades at ₹3,719.90 with a composite risk score of 65/100. The stock scores 14/25 on valuation, 11/25 on financial health, 20/25 on growth, and 20/25 on technicals. The company is currently profitable with moderate return on equity.

Analyst consensus suggests upside of 12.0% with a mean target of ₹4166. Revenue growth is at 26.0% — a strong positive signal.

Within Tyres & Rubber Products, MRF (P/E 24.3, ROCE 13.6%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Positive for Consumer Cyclical but monitor closely. The current recommendation is SPECULATIVE BUY.

STRONG GROWTH UPSIDE POTENTIAL