CEATLTD
CEAT share price & financials
- Price
- ₹3,450
- Market cap
- ₹13.5k Cr
- Calls analysed
- 7
CEAT Q1 FY27
What went well
- Standalone revenue grew 18.3% Y-o-Y to INR4,163 crores.
- Consolidated revenue grew 22.3% Y-o-Y to INR4,318 crores.
- International business grew strongly, almost in the 30s.
What to watch
- Sharp escalation in input costs (natural rubber, crude-linked derivatives) led to a 15-16% raw material cost increase Q-o-Q.
- Standalone gross margin contracted by 575 basis points Q-o-Q to 33.9%.
What CEAT does
CEAT is an RPG Group flagship tyre manufacturer that designs and makes tyres for passenger and utility vehicles, two- and three-wheelers, commercial vehicles (trucks/buses) and off-highway vehicles, sold in the domestic market and exported to over 110 countries. It earns primarily by selling tyres through a large dealer/sub-dealer/outlet network in the domestic replacement and OEM markets, alongside a growing international business. In December 2024 it acquired Michelin's CAMSO off-highway construction tyres and tracks business to expand into global specialty and off-highway (OHT) markets. The company runs its own R&D centre (Halol, Gujarat) that files patents and develops new tyre technologies for its product range.
Segments
- Passenger and Utility Vehicles (PCUV)
- Two and Three-Wheelers
- Commercial Vehicles (CV)
- Off-Highway Vehicles (OHV)
- Manufacturing plants
- 6 plants in India (Bhandup, Nashik, Halol, Nagpur, Chennai, Ambernath)
- Sub-dealers
- 61,000+
- Outlets
- 1,115+ across India
- Dealers
- 5,700+
- Countries served
- 110+
- Patents filed (cumulative, till FY25)
- 191
Guidance record · Q1 FY27
what the last two calls moved 25 tracked 2 delivered 13 missed 10 open- Raw Material Cost Increase delivered said Q4 FY26 Promised: Raw material cost increase in quarter 1 could be to the tune of 15% Q1 FY27: Management confirmed that raw material cost increased by 15-16% in Q1, validating the guidance.
- FY25 Capex went quiet said Q3 FY25 Promised: Full year CAPEX to be around INR 1,050 crores Q1 FY27: Not addressed, promise pertains to prior fiscal year.
- Gross Margin at risk said Q4 FY25 Promised: Comfortable with a gross margin of 40% plus Q1 FY27: Gross margin contracted sharply to 33.9% due to RMC inflation, significantly below the 40%+ target.
All 25 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 22.4%, net profit down 96.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,305 | 3,300 | 3,421 | 3,529 | 3,773 +14% | 4,157 +26% | 4,219 +23% | 4,318 +22% |
| EBITDA | 362 | 341 | 388 | 387 | 503 +39% | 563 +65% | 593 +53% | 365 −6% |
| Net profit | 121 | 97 | 99 | 112 | 186 +53% | 155 +60% | 244 +147% | 4 −96% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −3.0% 1Y
1Y: ₹3,378.4 on 10 Sept 2025 → ₹3,278.5. High ₹4,302.7 (23 Oct 2025), low ₹3,106.1 (8 Jun 2026).
How the price took the results
close before → close after
- Q1 FY27
- −7.3%
- 17 Jul
- Q4 FY26
- +3.1%
- 29 Apr
- Q3 FY26
- −4.4%
- 20 Jan
- Q2 FY26
- +0.9%
- 17 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 11.5% a year over 3 years, FY23 to FY26. Operating margin widened to 13.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹11.3k Cr | ₹11.9k Cr | ₹13.2k Cr | ₹15.7k Cr |
| Operating profit | ₹974 Cr | ₹1.7k Cr | ₹1.5k Cr | ₹2.0k Cr |
| Operating margin | 8.6% | 13.8% | 11.2% | 13.1% |
| Interest | ₹243 Cr | ₹269 Cr | ₹278 Cr | ₹359 Cr |
| Depreciation | ₹468 Cr | ₹509 Cr | ₹563 Cr | ₹697 Cr |
| Net profit | ₹182 Cr | ₹635 Cr | ₹471 Cr | ₹697 Cr |
| Net margin | 1.6% | 5.3% | 3.6% | 4.4% |
| ROCE | 9.0% | 20.0% | 15.0% | 19.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹40 Cr | ₹40 Cr | ₹40 Cr | ₹40 Cr | ₹40 Cr | ₹40 Cr |
| Reserves | ₹3.3k Cr | ₹3.2k Cr | ₹3.4k Cr | ₹4.0k Cr | ₹4.5k Cr | ₹5.0k Cr |
| Borrowings | ₹1.5k Cr | ₹2.2k Cr | ₹2.3k Cr | ₹1.8k Cr | ₹3.1k Cr | ₹3.3k Cr |
| Other liabilities | ₹3.3k Cr | ₹3.7k Cr | ₹3.9k Cr | ₹4.2k Cr | ₹5.4k Cr | ₹5.6k Cr |
| Total liabilities | ₹8.1k Cr | ₹9.2k Cr | ₹9.6k Cr | ₹10.0k Cr | ₹13.1k Cr | ₹13.9k Cr |
| Fixed assets | ₹4.8k Cr | ₹5.3k Cr | ₹6.1k Cr | ₹6.3k Cr | ₹8.2k Cr | ₹8.4k Cr |
| Capital work in progress | ₹793 Cr | ₹876 Cr | ₹596 Cr | ₹684 Cr | ₹536 Cr | ₹638 Cr |
| Investments | ₹210 Cr | ₹179 Cr | ₹170 Cr | ₹182 Cr | ₹176 Cr | ₹222 Cr |
| Other assets | ₹2.4k Cr | ₹2.8k Cr | ₹2.8k Cr | ₹2.9k Cr | ₹4.2k Cr | ₹4.6k Cr |
| Total assets | ₹8.1k Cr | ₹9.2k Cr | ₹9.6k Cr | ₹10.0k Cr | ₹13.1k Cr | ₹13.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −3.57 pp while DIIs added +2.12 pp. The shareholder count grew 5% to 1,48,990.
- Promoters
- 47.3%
- FIIs
- 13.8%
- DIIs
- 22.2%
- Public
- 16.4%
- Others
- 0.3%
Since Jun 2025
- FIIs −3.57 pp
- DIIs +2.12 pp
- Public +1.09 pp
How it drifted, 12 quarters
Over this window FIIs fell from 24.1% to 13.8% — −10.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 47.2%, FIIs 24.1%, DIIs 12.9%, Public 15.8%.Dec '23: Promoters 47.2%, FIIs 20.0%, DIIs 14.3%, Public 18.5%.Mar '24: Promoters 47.2%, FIIs 20.2%, DIIs 15.9%, Public 16.7%.Jun '24: Promoters 47.2%, FIIs 18.8%, DIIs 17.1%, Public 16.9%.Sep '24: Promoters 47.2%, FIIs 16.6%, DIIs 19.8%, Public 16.4%.Dec '24: Promoters 47.2%, FIIs 15.8%, DIIs 20.5%, Public 16.4%.Mar '25: Promoters 47.2%, FIIs 15.3%, DIIs 21.5%, Public 16.0%.Jun '25: Promoters 47.2%, FIIs 17.4%, DIIs 20.1%, Public 15.3%.Sep '25: Promoters 47.2%, FIIs 16.2%, DIIs 21.1%, Public 15.4%, Others 0.1%.Dec '25: Promoters 47.2%, FIIs 16.9%, DIIs 20.5%, Public 15.1%, Others 0.3%.Mar '26: Promoters 47.3%, FIIs 16.6%, DIIs 20.9%, Public 15.0%, Others 0.3%.Jun '26: Promoters 47.3%, FIIs 13.8%, DIIs 22.2%, Public 16.4%, Others 0.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Invesco India Small Cap Fund Mutual fund newly disclosed 1.86% held
- Tata Aia Life Insurance Co Ltd A/C Small Cap Discovery Fund Insurer newly disclosed 1.40% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of CEAT above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Instant Holdings Limited | 29.51% | unchanged |
| Swallow Associates LLP | 11.09% | unchanged |
| Mirae Asset Nifty Total Market Index Fund Mutual fund | 9.91% | unchanged |
| India Opportunities Growth Fund Ltd - Pinewood Strategy FPI fund | 4.41% | unchanged |
| Stel Holdings Limited | 3.74% | unchanged |
| Summit Securities Limited | 2.59% | unchanged |
| Invesco India Small Cap Fund Mutual fund | 1.86% | newly disclosed |
| Tata Aia Life Insurance Co Ltd A/C Small Cap Discovery Fund Insurer | 1.40% | newly disclosed |
| The New India Assurance Company Limited Insurer | 1.39% | unchanged |
| Aditya Birla Sun Life Trustee Pvt Ltd A/C-Aditya Birla Sun Life Transportation And Logistics Fund Mutual fund | 1.27% | −0.07 pp |
| Tata Mutual Fund- Tata Value Fund Mutual fund | 1.13% | unchanged |
| Harshvardhan Goenka | 0.33% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in CEATLTD
Filings to Aug 2026
0 new, 4 added, 1 trimmed, 0 sold out — net +0.01 L shares (+1.1%).
- Held by funds
- ₹18 Cr
- 5 schemes
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹11 Cr · 0.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹11 Cr | +0.00 L | Oct '20 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹6 Cr | +0.00 L | Oct '22 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Sep '24 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 1 trimmed — net +598 shares (+1.1%)
- Funds are sitting on
- +34%
- vs est. average cost
- Held by funds
- ₹18 Cr
- 5 schemes · ≈ 0.14% of the company
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹11 Cr · 0.3% of that fund
Shares held by these funds +218%
Aug '23 53,407 shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse CEAT
Guides on how to read this kind of business and the numbers that matter.