Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
CEAT Ltd.
NSE: CEATLTDConsumer CyclicalAuto Parts
- Last close
- ₹3,060.20
- Day change
- −₹143.00 (−4.46%)vs
- Market cap
- ₹13,583 crIndian rupees
- Research updated
- 3 reports
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About CEAT
CEAT Ltd. is a leading tire manufacturer within the automotive industry, providing a wide range of tire products that cater to various vehicle categories such as two-wheelers, commercial vehicles, and specialty tire segments. Established in 1958, the company is a significant player in both domestic and international markets, offering a diverse portfolio that includes radial and bias tires. CEAT Ltd. emphasizes innovation and durability in its product lines, aiming to enhance vehicle performance and safety. Its substantial production capacity and extensive distribution network make it a crucial contributor to the automotive supply chain. CEAT's operations support key sectors, such as logistics and transportation, by ensuring dependable tire solutions. Through ongoing research and development efforts, the company seeks to maintain its competitive edge and adapt to evolving automotive trends, including the advent of electric vehicles. As such, CEAT Ltd. plays a vital role in both expanding tire technology and sustaining mobility across a variety of terrains and environments.
- Sector
- Consumer Cyclical
- Industry
- Auto Parts
- Listing
- NSE: CEATLTD
- Chief executive
- Mr. Arnab Banerjee
- Employees
- 9,428
- Headquarters
- Mumbai, India
- ISIN
- INE482A01020
- Website
- ceat.com
Public research · Report of
Business model & financial foundation
CEAT (NSE: CEATLTD), Tyres: revenue of ₹15,678 crore in FY26 (+18.6% on FY25), an EBITDA margin of 13.1%, net profit of ₹698.0 crore and net debt of ₹2,971 crore.
- Revenue, FY26 (₹ crore)
- 15,678
- consolidated
- Revenue growth, FY26
- +18.6%
- on FY25
- EBITDA margin, FY26
- 13.1%
- EBITDA (revenue less cogs, employee and other expenses) / revenue
- Net profit, FY26 (₹ crore)
- 698.0
- to owners
- Return on equity, FY26
- 14.8%
- on average equity
- Net debt, FY26 (₹ crore)
- 2,971
- Net debt (borrowings less cash and cash equivalents)
- Market capitalisation (₹ crore)
- 13,583
- at the close of 14 Oct 2026
Company profile
CEAT is the RPG Group's tyre maker and one of India's four largest, producing over 41 million tyres a year across two/three-wheelers, passenger cars and utility vehicles, trucks and buses and off-highway vehicles. About half its standalone revenue comes from the domestic replacement market, 30% from vehicle makers and about 19% from exports. In September 2025 it bought Michelin's Camso off-highway tyre and track business (Sri Lanka plant, ~USD 225 mn), which it is migrating to its own customer relationships through FY27.
| Item | Value |
|---|---|
| Legal name | CEAT Limited |
| Exchange and ticker | NSE: CEATLTD; BSE: 500878 |
| ISIN | INE482A01020 |
| CIN | L25100MH1958PLC011041 |
| Sector | Consumer Discretionary / Auto Components |
| Industry | Tyres |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since 2022) |
| Market capitalisation | ₹13,583 crore (14 Oct 2026) |
| Shares outstanding | 4.05 crore shares (FY26) |
| Price | ₹3,291 (close, 14 Oct 2026) |
| 52-week range | ₹3,061 - ₹4,438 (to 14 Oct 2026) |
| Website | https://www.ceat.com |
Corporate structure and shareholding
Parent: RPG Group (promoter entities incl. Instant Holdings, Swallow Associates).
| Entity | Holding | Business |
|---|---|---|
| CEAT OHT Lanka (Private) Limited | 100% | Camso off-highway tyres and tracks manufacturing, Sri Lanka (acquired from Michelin, effective 1 Sep 2025) |
| Associated CEAT Holdings Company (Private) Limited | 100% | Sri Lanka holding company; holds the CEAT-Kelani joint venture |
| Tyresnmore Online Private Limited | 100% | Online tyre and battery sales with doorstep fitment; FY26 turnover Rs 43.29 cr |
| Rado Tyres Limited | n.d. | India group entity; business/holding not retrieved from accessible FY26 AOC-1. |
| Taabi Mobility Limited | n.d. | India group entity; business/holding not retrieved from accessible FY26 AOC-1. |
| CEAT Auto Components Limited | n.d. | India auto-components group entity; holding not retrieved from accessible FY26 AOC-1. |
| CEAT International UK Limited | 100% | UK overseas entity incorporated 12-Jan-2026; had not commenced operations in FY26. |
| CEAT OHT Ventures (Private) Limited | n.d. | Sri Lankan step-down group entity incorporated 2-May-2025; holding not retrieved from accessible FY26 AOC-1. |
| CEAT Brazil Holding Ltda. | n.d. | Brazil overseas holding entity renamed 17-Dec-2025; holding not retrieved from accessible FY26 AOC-1. |
| PT CEAT Tyres Indonesia | n.d. | Indonesia group entity; holding not retrieved from accessible FY26 AOC-1. |
| CEAT AKKHAN Limited | 70% | Bangladesh tyre-business collaboration; local partner holds remaining 30%. |
| CEAT Tires Inc. | n.d. | US overseas entity, renamed from CEAT Specialty Tires Inc. effective 11-Dec-2025; holding not retrieved from accessible FY26 AOC-1. |
| CEAT Tyres B.V. | n.d. | Netherlands overseas entity, renamed from CEAT Specialty Tyres B.V. effective 18-Dec-2025; holding not retrieved from accessible FY26 AOC-1. |
| CEAT-Kelani Holdings (Private) Limited | 50% | Sri Lankan 50:50 joint venture of Associated CEAT Holdings; operates two manufacturing plants through wholly owned subsidiary(ies). |
| CEAT GmbH | n.d. | Germany group entity incorporated 20-Apr-2026; holding/business detail not retrieved. |
FY26 directors’ report names 16 subsidiaries, associates and joint ventures in aggregate; 15 separately named group/JV entities are captured as of the 14 Oct 2026 cut-off. Direct/indirect holding percentages are entered only where disclosed in accessible evidence; the complete AOC-1 holding schedule was not available from the filings reader.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 47.21% | 47.29% | 47.29% | 47.29% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 16.91% | 16.54% | 13.81% | 13.41% |
| Domestic institutions | 20.49% | 20.90% | 22.20% | 23.26% |
| of which mutual funds | 17.36% | 17.65% | 17.48% | 18.38% |
| Retail | 15.39% | 15.27% | 16.69% | 16.04% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Peer | Why the dossier compares them |
|---|---|
| MRF (MRF) | Largest Indian tyre maker; same domestic replacement/OEM mix across segments |
| Apollo Tyres (APOLLOTYRE) | Domestic PCR/TBR peer with overseas (Europe) operations |
| JK Tyre & Industries (JKTYRE) | TBR-heavy domestic peer; same rubber/crude cost exposure |
| Balkrishna Industries (BALKRISIND) | Off-highway export specialist; benchmark for CEAT's OHT/Camso ambitions |
| TVS Srichakra (TVSSRICHAK) | Two-wheeler tyre specialist; CEAT's largest product category is 2/3W |
| Goodyear India (GOODYEAR) | Smaller listed domestic tyre peer (farm and PCR) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 9,143 | 11,149 | 11,943 | 13,218 | 15,678 |
| Cost of revenue (vendor classification) * | 6,123 | 7,480 | 7,024 | 8,232 | 9,628 |
| Other operating costs (vendor classification) * | 1,822 | 2,122 | 2,412 | 3,726 | 2,903 |
| EBITDA (vendor classification) * | 756.3 | 993.6 | 1,690 | 1,492 | 2,108 |
| EBIT * | 294.0 | 488.8 | 1,122 | 899.4 | 1,324 |
| Finance costs | 199.1 | 234.6 | 269.1 | 277.8 | 358.6 |
| Profit before share of JV and tax (after exceptional) | 94.9 | 254.1 | 835.9 | 621.6 | 960.3 |
| Total tax expense | 24.3 | 71.8 | 221.4 | 172.0 | 278.9 |
| Profit for the period | 70.6 | 182.4 | 635.3 | 471.4 | 697.2 |
| Diluted EPS (₹) | 17.60 | 46.03 | 158.9 | 116.9 | 172.8 |
| Raw material cost incl. traded goods and inventory change | 6,924 | 8,232 | 9,502 | ||
| Employee benefits expense | 845.7 | 856.2 | 1,071 | ||
| Other expenses | 2,521 | 2,655 | 3,057 | ||
| EBITDA (revenue less cogs, employee and other expenses) | 1,652 | 1,474 | 2,047 | ||
| Other income | 19.7 | 17.6 | 40.4 | ||
| Depreciation and amortisation | 508.8 | 562.7 | 697.4 | ||
| Exceptional items (signed; expense negative) | -58.2 | -29.6 | -71.2 | ||
| Share of profit of joint ventures (net of tax) | 20.8 | 21.8 | 15.8 | ||
| Non-controlling interests | -7.37 | -1.27 | -0.78 | ||
| Profit attributable to owners of the parent | 642.7 | 472.6 | 698.0 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 3,296 | 3,457 | 4,052 | 4,376 | 5,054 |
| Total borrowings (non-current + current, excl. lease liabilities) | 2,229 | 2,295 | 1,629 | 1,928 | 3,011 |
| Cash and cash equivalents | 23.8 | 60.6 | 55.2 | 47.9 | 39.5 |
| Trade receivables | 1,154 | 1,307 | 1,283 | 1,653 | 1,839 |
| Inventories | 1,310 | 1,138 | 1,150 | 1,412 | 1,783 |
| Trade payables (MSME + others) | 2,158 | 2,268 | 2,332 | 2,740 | 3,448 |
| Net property, plant and equipment * | 58.5 | 292.0 | 247.0 | 43.7 | 116.6 |
| Capital work in progress * | 829.3 | 568.6 | 659.1 | 523.9 | 774.3 |
| Total assets * | 9,160 | 9,628 | 9,995 | 11,212 | 13,902 |
| Net debt (borrowings less cash and cash equivalents) | 1,574 | 1,880 | 2,971 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -142.3 | 587.6 | 1,719 | 1,092 | 1,786 |
| Free cash flow (vendor definition) * | -339.8 | 326.4 | 852.0 | 148.6 | 639.0 |
| Dividends paid (the provider's sign: an outflow is negative) * | -74.6 | -12.6 | -48.5 | -121.4 | -121.4 |
| Purchase of PPE and intangibles incl. CWIP and capital advances | -955.8 | -877.9 | -867.3 | -943.4 | -1,147 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding (crore) | 4.05 | 4.05 | 4.05 | 4.05 | 4.05 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,305 | 3,300 | 3,421 | 3,529 | 3,773 | 4,157 | 4,219 | 4,318 |
| Cost of revenue (vendor classification) * | 2,068 | 2,085 | 2,139 | 2,231 | 2,497 | 2,545 | 2,854 | |
| Other operating costs (vendor classification) * | 655.0 | 658.4 | 667.7 | 684.0 | 814.1 | 780.2 | 803.0 | |
| EBITDA (vendor classification) * | 365.7 | 344.3 | 392.6 | 392.0 | 569.4 | 618.5 | 371.0 | |
| EBIT * | 228.6 | 202.8 | 203.2 | 238.0 | 323.3 | 424.4 | 178.0 | |
| Finance costs | 66.5 | 75.1 | 74.4 | 82.1 | 87.0 | 105.0 | 84.7 | 146.0 |
| Profit before share of JV and tax (after exceptional) | 162.1 | 127.8 | 128.8 | 155.8 | 246.4 | 218.3 | 339.8 | 32.0 |
| Total tax expense | 46.3 | 36.1 | 35.6 | 41.9 | 68.0 | 67.6 | 101.4 | 33.0 |
| Profit for the period | 121.5 | 97.0 | 98.7 | 112.3 | 185.7 | 155.4 | 243.8 | 4.00 |
| Diluted EPS (₹) | 30.13 | 24.01 | 24.60 | 27.80 | 45.98 | 38.59 | 60.45 | 1.07 |
| Raw material cost incl. traded goods and inventory change | 2,068 | 2,085 | 2,139 | 2,231 | 2,229 | 2,497 | 2,545 | 2,854 |
| Employee benefits expense | 219.0 | 215.9 | 225.7 | 226.8 | 261.7 | 282.2 | 300.6 | 296.0 |
| Other expenses | 655.0 | 658.4 | 667.7 | 683.8 | 778.9 | 814.1 | 780.2 | 803.0 |
| EBITDA (revenue less cogs, employee and other expenses) | 362.3 | 340.9 | 388.1 | 387.7 | 503.4 | 563.4 | 592.7 | 365.0 |
| Other income | 3.45 | 3.43 | 4.52 | 4.73 | 3.86 | 6.05 | 25.7 | 6.00 |
| Depreciation and amortisation | 137.1 | 141.5 | 152.3 | 151.4 | 173.9 | 188.1 | 184.1 | 186.0 |
| Exceptional items (signed; expense negative) | -0.03 | 0.00 | -37.0 | -3.29 | 0.00 | -58.0 | -9.98 | -7.00 |
| Share of profit of joint ventures (net of tax) | 5.62 | 5.42 | 5.47 | -1.53 | 7.23 | 4.67 | 5.43 | 5.00 |
| Non-controlling interests | -0.43 | -0.08 | -0.78 | -0.15 | -0.24 | -0.37 | -0.03 | 0.00 |
| Profit attributable to owners of the parent | 121.9 | 97.1 | 99.5 | 112.5 | 186.0 | 155.8 | 243.9 | 4.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 21.3% | 21.9% | 7.1% | 10.7% | 18.6% |
| EBITDA margin | 13.8% | 11.2% | 13.1% | ||
| Net margin | 5.4% | 3.6% | 4.5% | ||
| Return on equity | 17.1% | 11.2% | 14.8% | ||
| Return on capital employed | 5.7% | 8.7% | 19.6% | 15.0% | 18.4% |
| Return on assets | 6.6% | 4.5% | 5.6% | ||
| Net debt (₹ crore) | 1,574 | 1,880 | 2,971 | ||
| Net debt / EBITDA | 0.95x | 1.28x | 1.45x | ||
| Interest cover | 1.48x | 2.08x | 4.17x | 3.24x | 3.69x |
| Asset turnover | 1.06x | 1.19x | 1.22x | 1.25x | 1.25x |
| Receivable days | 46 | 43 | 39 | 46 | 43 |
| Inventory days (on revenue) | 52 | 37 | 35 | 39 | 42 |
| Payable days (on revenue) | 86 | 74 | 71 | 76 | 80 |
| Cash conversion | 2.68x | 2.31x | 2.56x | ||
| Capex intensity | 10.5% | 7.9% | 7.3% | 7.1% | 7.3% |
| Free cash flow (₹ crore) | -1,098 | -290.3 | 852.0 | 148.6 | 639.0 |
| Dividend payout | 7.6% | 25.7% | 17.4% | ||
| EPS, diluted (₹) | 17.60 | 46.03 | 158.9 | 116.9 | 172.8 |
| Book value per share (₹) | 814.9 | 854.6 | 1,002 | 1,082 | 1,249 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less cogs, employee and other expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings less cash and cash equivalents); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue less cogs, employee and other expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on CEAT includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on CEAT
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
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