Arthneeti

CEAT Q2 FY27 Share Price & Earnings Call Analysis

₹3,087.20-1.83% today
Market cap
₹12,488 Cr
P/E
21.85
ROE
16.14%
PEG
0.41
Price to sales
0.72
Debt to equity
0.82
52W high / low
₹4,115 / ₹3,060
Sales growth (5Y)
15.55%
EBITDA margin
11.33%
Net profit margin
4.84%
Promoter holding
47.29%
Sales (last year)
₹17,456 Cr

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]

Guidance scorecard · Q2 FY27 call

What CEAT's management guided
and where it ranks in Auto Components

#52of 66 in
Auto Components
Revenue10–20%MarginsFlatCapexPlannedFundraisingPlannedOrder bookWhat management said

RevenueQ2 FY27 call

10–20%
  • CEAT expects overall volume growth of about 20-25% in H2 FY27 compared to H1, driven by CAMSO integration and expansion.
  • CAMSO revenue run rate is around $10 million per month, with progressive growth as customer transition completes by Q3 FY27.
  • International business, particularly in Africa and LatAm, shows strong demand; OEM and exports growing in high double digits.
  • Replacement segment growth expected at mid-single digits; two-wheelers showing double-digit growth, especially in rural areas.
  • MHCV replacement demand anticipated to grow at mid-single digits; passenger vehicle replacement showing low single-digit growth.

2 more points from CEAT's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Flat

See what CEAT said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • Capex for FY27 is guided around INR 1,400 crores plus an additional INR 100-150 crores for CAMSO upstream equipment setup.
  • In H1 FY27, approximately INR 800 crores was spent largely on standalone business.
  • Front-loaded capex in H1 includes expansions for two-wheeler and truck & bus radial capacities at Chennai and Nagpur plants.
  • CAMSO-related capex (INR 100-150 crores) focuses on setting up upstream equipment, expected to be complete by Q1 FY28.
  • Additional acquisition payment for CAMSO (~USD 44 million) to be made by August 2028.

2 more points from CEAT's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

Planned

See what CEAT said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

Ask what CEAT said on the order book →

Full Q2 FY27 analysis
Full Auto Components ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Auto Components
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does CEAT rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Auto Components companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹3,020 Cr47.8
240%+Flat₹1,998 Cr63.5
340%+Flat₹428 Cr17.5
420–40%Up 2%+₹25,721 Cr73.8
520–40%Up 2%+₹13,417 Cr40.5
620–40%Up 0–2%₹23,344 Cr37.6

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Pro shows every company guiding 40%+ revenue growth →Full Auto Components ranking

Financials of CEAT

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of CEAT

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +2,8752,9353,0532,9632,9923,1933,3053,3003,4213,5293,7734,1574,219
Expenses +2,5072,5482,5972,5462,6002,8102,9422,9593,0333,1423,2693,5943,626
Operating Profit368387456418392383362341388388503563593
OPM %13%13%15%14%13%12%11%10%11%11%13%14%14%
Other Income +-63103-551433-3314-5216
Interest677072666262667574828710585
Depreciation125121124127136132137141152151174188184
Profit before tax170199270228139203162128129156246218340
Tax %27%27%25%24%33%27%29%28%28%27%28%31%30%
Net Profit +1321442081811021541219799112186155244
EPS in Rs33.0535.7551.4244.8726.8438.1130.1324.0124.6027.8045.9738.5160.28

Financials of CEAT

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +5,7055,4845,7666,2826,9856,7797,6109,36311,31511,94313,21815,678
Expenses +5,0134,6945,0965,6526,3326,0526,6178,64010,34110,29111,74213,631
Operating Profit6927896706306527279937249741,6531,4752,047
OPM %12%14%12%10%9%11%13%8%9%14%11%13%
Other Income +1672891081017-8-188-31
Interest1421019010493154179210242269278359
Depreciation93108143169193277340435469509563697
Profit before tax47258746636737630448495254857643960
Tax %33%32%23%36%33%24%11%26%28%26%27%29%
Net Profit +31443635923325123043271182635471697
EPS in Rs78.41108.1789.2858.8362.3557.17106.8117.6046.02158.87116.85172.56
Dividend Payout %13%11%13%20%19%21%17%17%26%19%3%20%

Financials of CEAT

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital404040404040404040404040
Reserves1,6422,0142,3742,5662,7262,8673,2763,2323,3994,0024,3285,006
Borrowings +7756639248721,4982,0351,5332,2292,2951,7922,1363,272
Other Liabilities +1,3651,3901,5781,6692,1402,4233,2843,6583,8914,1604,7075,584
Total Liabilities3,8224,1084,9175,1466,4047,3668,1339,1609,6279,99411,21213,902
Fixed Assets +1,5812,0322,4532,7093,1804,1604,7635,3296,0966,2716,9848,478
CWIP2292993263108331,069793876596684538598
Investments312195232214181184210179170182190222
Other Assets +1,7001,5811,9071,9142,2101,9542,3672,7752,7652,8583,5014,604
Total Assets3,8224,1084,9175,1466,4047,3668,1339,1609,6279,99411,21213,902

Financials of CEAT

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +7497023356725619561,3586191,2051,7191,0921,786
Cash from Investing Activity +-253-433-543-412-1,060-1,076-618-944-849-854-922-2,271
Cash from Financing Activity +-194-326219-20248479-731313-320-871-177477
Net Cash Flow301-571058-15-409-1237-5-7-8
Free Cash Flow449-12-248189-546-154723-337328852149639
CFO/OP124%110%65%122%98%134%142%88%120%114%80%96%

Financials of CEAT

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days454039433736444542394643
Inventory Days7076101758888977956616368
Days Payable6875818392111157131112123122132
Cash Conversion Cycle474059353312-16-6-14-23-13-21
Working Capital Days-71121-9-11-27-41-41-49-51-49-49
ROCE %26%27%19%15%13%10%14%6%9%20%15%19%

Guidance history

How CEAT's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →10–20%FlatPlannedPlanned—
Q1 FY27 call →10–20%FlatPlannedPlanned—
Q4 FY26 call →10–20%FlatPlannedNone plannedRising
Q3 FY26 call →10–20%FlatPlannedPlanned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

18out of 100

Momentum score · price trend

18 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−24.8%32%
Last 6 months−10.4%38%
Last 3 months−10.0%45%

The price is 28.2% below its all-time high of ₹4,302.7 (23 Oct 2025). Stocks more than 20% below their peak have their score halved, so 37 became 18.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For CEAT: 0.4 × 32 + 0.4 × 38 + 0.2 × 45 = 37, halved to 18 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

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What CEAT's management said in earlier quarters

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