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Indian tire manufacturer (RPG Group) making tires for two-wheelers, cars, trucks and farm equipment.
Indian tire manufacturer (RPG Group) making tires for two-wheelers, cars, trucks and farm equipment.
Sells tyres to vehicle makers for new vehicles and, through dealers, as replacements, where most tyre volume sits. Natural rubber, synthetic rubber and carbon black are its main inputs, so their prices swing profit. The RPG Group, controlled by the Goenka family, owns CEAT.
Moat: narrow (brand, distribution). Established Indian tire brand and dealer network, but MRF and Apollo have larger scale.
Headquarters: Mumbai, India · Founded: 1958 · Employees: 16,766
Size CEAT (CEATLTD.NS) is an India Consumer Discretionary company (Automotive Aftermarket) with a market value of $1.52B, the 465th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹3,546 on 6 Nov 2026.
Performance Over six months the shares gained 5.6%, against -12.1% for the median peer and 0.0% for the India market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 24.5% over the last twelve months (peer median +5.2%); the operating margin is 7.0% (peer median 8.1%).
Valuation It trades at 31.0× forward earnings against a peer median of 16.6× (2nd most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +9 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.6 points below its cost of capital (16.8% WACC).
Next results Next results expected around 20 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹175B | ₹155B | ₹131B | ₹118B | ₹112B |
| Revenue growth | — | +19% | +11% | +6% | — |
| Gross profit | ₹44.9B | ₹36.6B | ₹29.2B | ₹30.9B | ₹21.5B |
| EBITDA | ₹19.8B | ₹19.9B | ₹13.8B | ₹16.3B | ₹8.61B |
| Net income | ₹5.16B | ₹6.98B | ₹4.73B | ₹6.43B | ₹1.86B |
| Free cash flow | n/a | ₹3.54B | -₹758M | ₹6.03B | ₹1.47B |
| Capital expenditure | n/a | ₹11.5B | ₹9.43B | ₹8.67B | ₹8.79B |
| Total debt | ₹40.6B | ₹32.7B | ₹21.4B | ₹17.9B | ₹23.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| CEAT CEATLTD.NS | $1.52B | +6% | +24% | 7% | 31.0× | 24.9% |
| MRF MRF.NS | $5.62B | -4% | +11% | 10% | 25.7× | 20.7% |
| Apollo Tyres APOLLOTYRE.NS | $2.80B | +1% | +14% | 8% | 16.6× | 15.6% |
| JK Tyre & Industries JKTYRE.NS | $1.10B | -12% | +13% | 7% | 20.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CEATLTD.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.4% | -1.0% | 4th highest of 21 |
| 6-month return | +5.6% | -12.1% | 5th highest of 21 |
| Distance from 52-week high | -15.6% | -31.9% | 4th highest of 21 |
| Revenue growth (TTM) | +24.5% | +5.2% | 2nd highest of 21 |
| Operating margin | 7.0% | 8.1% | 8th lowest of 21 |
| Forward P/E | 31.0× | 16.6× | 2nd most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 24.9% | -1.6% | most demanding of 15 |
| Growth delivered (Del g) | +15.5% | +8.5% | 2nd highest of 15 |
| Hurdle (Req g minus delivered) | +9.4 pp | -8.8 pp | 3rd most demanding of 15 |
| ROIC minus cost of capital | -6.6 pp | +0.7 pp | 3rd lowest of 21 |
| EV / EBITDA | 9.3× | 6.1× | 5th most expensive of 12 |
| Net debt / EBITDA | 2.0× | 1.3× | 4th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CEAT CEATLTD.NS | India | $1.52B | +6% | +24% | 7% | 31.0× | 24.9% | +15.5% |
| Qingdao Doublestar 000599.SZ | China | $1.45B | -34% | +390% | 8% | n/a | -2.9% | +1.0% |
| Triangle Tyre 601163.SS | China | $1.38B | -21% | +2% | 5% | 18.2× | -7.2% | +2.9% |
| Haian Rubber 001233.SZ | China | $1.82B | +9% | -4% | 23% | 25.6× | 1.8% | +13.7% |
| Goodyear Tire & Rubber GT | United States | $1.26B | -33% | -4% | 3% | n/a | 5.9% | +8.2% |
| TS Tech 7313.T | Japan | $1.25B | -3% | 0% | 2% | 23.3× | n/a | n/a |
| Kumhotire 073240.KS | South Korea | $1.12B | -9% | +2% | 12% | 4.2× | n/a | n/a |
| JK Tyre & Industries JKTYRE.NS | India | $1.10B | -12% | +13% | 7% | 20.6× | n/a | n/a |
| XPEL XPEL | United States | $1.06B | -12% | +13% | 14% | 16.5× | n/a | n/a |
| Nokian Renkaat TYRES.HE | Finland | $2.21B | +37% | +5% | 6% | 27.4× | 19.4% | +0.9% |
| Standard Motor Products SMP | United States | $993M | +10% | +6% | 11% | 9.3× | -8.5% | +9.7% |
| Shandong Linglong Tyre 601966.SS | China | $2.32B | -19% | +8% | 3% | 50.3× | -0.4% | +6.0% |
| Guizhou Tyre 000589.SZ | China | $974M | -18% | +8% | 8% | 8.7× | n/a | n/a |
| Qingdao Sentury Tire 002984.SZ | China | $2.62B | -25% | +2% | 8% | 16.7× | 3.4% | +12.8% |
| Zhongce Rubber Group Co., Ltd. A 603049.SS | China | $2.70B | -19% | +14% | 8% | 9.7× | n/a | n/a |
| Jiangsu General Science Technology 601500.SS | China | $831M | -25% | +11% | 5% | 14.6× | -3.5% | +19.8% |
| Apollo Tyres APOLLOTYRE.NS | India | $2.80B | +1% | +14% | 8% | 16.6× | 15.6% | +10.7% |
| Cheng Shin Rubber Ind 2105.TW | Taiwan | $2.95B | -3% | -1% | 9% | 20.3× | -9.3% | -1.2% |
| Toyo Tire 5105.T | Japan | $3.17B | +6% | +4% | 15% | 8.2× | -7.3% | +11.6% |
| Bengal & Assam BENGALASM.NS | India | $688M | -13% | +12% | 13% | n/a | 19.9% | -25.6% |
| Sumitomo Rubber Industries 5110.T | Japan | $3.40B | +1% | +5% | 8% | 9.8× | -3.3% | +8.8% |