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Ceat Ltd. Investor Presentation 2026
61454_rns_2026-04-28_25965ebe-a133-4895-9617-97b50b297075.pdf
Investor Presentation
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CEAT
CEAT LIMITED
RPG House
463, Dr. Annie Besant Road,
Worli, Mumbai - 400030, India
☟ [email protected]
@ www.ceat.com
CIN: L25100MH1958PLC011041
April 28, 2026
BSE Limited
Phiroze Jeejeebhoy Towers,
Dalal Street,
Mumbai 400 001
Security Code: 500878
National Stock Exchange of India Limited
Exchange Plaza,
Bandra Kurla Complex, Bandra (East),
Mumbai 400 051
Symbol: CEATLTD
NCD symbol: CL26, CL30
Dear Sirs/Madam,
Sub: Investor Presentation
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Investor Presentation on Audited Financial Results of the Company for the period ended March 31, 2026.
It is requested to take note of the same.
Thanking you,
Yours faithfully,
For CEAT Limited
GAURAV Digitally signed by GAURAV TONGIA
TONGIA Date: 2026.04.28 18:44:35 +05'30'
(Gaurav Tongia)
Company Secretary
Encl. As above
An RPG Company
RPG
Q4 FY26 | Investor Presentation | 28th April 2026
CEAT
Disclaimer
This presentation may include statements which may constitute forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, business development, market position, expenditures, and financial results, are forward looking statements. Forward looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements.
The information contained in these materials has not been independently verified. None of the Company, its Directors, Promoter or affiliates, nor any of its or their respective employees, advisers or representatives or any other person accepts any responsibility or liability whatsoever, whether arising in tort, contract or otherwise, for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this document or its contents or otherwise in connection with this document, and makes no representation or warranty, express or implied, for the contents of this document including its accuracy, fairness, completeness or verification or for any other statement made or purported to be made by any of them, or on behalf of them, and nothing in this document or at this presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future. The information and opinions contained in this presentation are current, and if not stated otherwise, as of the date of this presentation. The Company undertake no obligation to update or revise any information, or the opinions expressed in this presentation as a result of new information, future events or otherwise. Any opinions or information expressed in this presentation are subject to change without notice.
This presentation does not constitute or form part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of CEAT Limited (the "Company"), nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment, therefore. Any person/ party intending to provide finance / invest in the shares/businesses of the Company shall do so after seeking their own professional advice and after carrying out their own due diligence procedure to ensure that they are making an informed decision. This presentation is strictly confidential and may not be copied or disseminated, in whole or in part, and in any manner or for any purpose. No person is authorized to give any information or to make any representation not contained in or inconsistent with this presentation and if given or made, such information or representation must not be relied upon as having been authorized by any person. Failure to comply with this restriction may constitute a violation of the applicable securities laws. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. By participating in this presentation or by accepting any copy of the slides presented, you agree to be bound by the foregoing limitations.
RPG
CEAT
RPG Group and CEAT Overview
RPG
CEAT
RPG Group: Powered by Passion, Driven by Ethics
UNLEASHTALENT TOUCHLIVES OUTPERFORM AND 😊
RPG Enterprises was founded in 1979. The Group currently operates various businesses in Infrastructure, Technology, Life Sciences, Plantations and Tyre industries. The Group has business history dating back to 1820 in banking, textiles, jute and tea. The Group grew in size and strength with several acquisitions in the 1980s and 1990s. RPG Group is one of India's fastest growing conglomerates with 31,000+ employees, presence in 135+ countries and annual gross revenues of US$ 5.2 bn.
| KEC | CEAT | zensar | RPG LIFE SCIENCES | Raychem RPG | HARRISONS MALAYALAM LIMITED |
|---|---|---|---|---|---|
| EPC major in infrastructure segments like T&D, Civil, Transportation, Oil & Gas, Renewables & Cables | One of India's leading tyre manufacturers | Global technology consulting and IT services company | Integrated pharma company in formulations and synthetic APIs | Technology solutions company catering to energy and infrastructure | One of India's largest plantation companies producing tea, rubber, etc. |
RPG
CEAT
Overview
CEAT
1st Deming Grand recipient in the Tyre industry
2 Light House certified factories by World Economic Forum
61k+
Touchpoints
12k+
Permanent employees
13.2%
EBITDA (FY26)
0.60x
D/E Ratio (Q4 FY26)
AA
Credit Rating (outlook +ve)
234
Patent Filings
RPG
*Consolidated financials
CEAT
Q4 FY26 Performance
RPG
CEAT
Consolidated Financial Performance (1/2)
Revenue Rs. 4,218.9 Cr, +1.5% QoQ, +23.3% YoY
- Healthy YoY volume growth across segments
- QoQ volume growth led by OEM and International Business segments, while Replacement was flattish
- International Business continues to do well, and was the fastest growing segment on YoY basis
- Realization was flattish on QoQ basis, and improved marginally on YoY basis
Diversified Product Mix¹
29% (30%)
2/3W
27% (27%)
PC/UV
22% (21%)
Off Highway
15% (15%)
LCV/Others
7% (7%)
Balanced Market Mix¹
Replacement
51% (53%)
OEM
30% (28%)
Exports
19% (19%)
RPG
- Standalone revenue breakup for FY26; Figures in parenthesis denote corresponding numbers for FY25
CEAT
Consolidated Financial Performance (2/2)
EBITDA margin 14.2%, +51 bps QoQ, +267 bps YoY
- RM basket was flattish on sequential basis
- Gross margin contracted marginally by 26 bps on QoQ basis, expanded by 220 bps on YoY basis
- EBITDA margins expanded on both sequential and YoY basis
- During Q4, an exceptional amount of ~Rs. 10 Cr was incurred towards VRS activity
Debt Rs. 3,011 Cr, D/E 0.60x, Debt/EBITDA 1.46x
- Capex outflow for the quarter was ~Rs. 407 Cr
- Net working capital increased QoQ by ~Rs.108 Cr
- Leverage ratios marginally improved on a sequential basis
RPG
CEAT
Operational Highlights
Procurement Team of the Year Award at 17th Procurement Excellence Summit & Awards 2026
Only tyre manufacturer globally to receive Supplier of the Year 2025 recognition from Hyundai
S&P Global ESG Score of 69 in 2025 Corporate Sustainability Assessment – top 4% in ATX Auto Components industry
RPG
CEAT
Consolidated: Summary P&L
All figures in Rs. Cr
| Parameter | Q4 FY26 | Q3 FY26 | Q4 FY25 | QoQ | YoY | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 4,218.9 | 4,157.1 | 3,420.6 | 1.5% | 23.3% | 15,678.0 | 13,217.9 | 18.6% |
| COGS | 2,545.3 | 2,497.3 | 2,139.1 | 1.9% | 19.0% | 9,502.4 | 8,232.1 | 15.4% |
| Gross margin | 1,673.6 | 1,659.7 | 1,281.5 | 0.8% | 30.6% | 6,175.7 | 4,985.8 | 23.9% |
| Gross margin % | 39.7% | 39.9% | 37.5% | (26) bps | 220 bps | 39.4% | 37.7% | 167 bps |
| Employee Cost | 300.6 | 282.2 | 225.7 | 6.5% | 33.2% | 1,071.4 | 856.2 | 25.1% |
| Other Expenses | 780.2 | 814.1 | 667.7 | -4.2% | 16.8% | 3,057.0 | 2,655.4 | 15.1% |
| EBITDA | 598.2 | 568.0 | 393.5 | 5.3% | 52.0% | 2,063.0 | 1,495.9 | 37.9% |
| EBITDA % | 14.2% | 13.7% | 11.5% | 51 bps | 267 bps | 13.2% | 11.3% | 184 bps |
| Finance Cost | 84.7 | 105.0 | 74.4 | -19.4% | 13.8% | 358.6 | 277.8 | 29.1% |
| Depreciation | 184.1 | 188.1 | 152.3 | -2.2% | 20.8% | 697.4 | 562.7 | 23.9% |
| Operating PBT | 329.4 | 274.9 | 166.8 | 19.8% | 97.5% | 1,006.9 | 655.5 | 53.6% |
| Exceptional expense | 10.0 | 58.0 | 37.0 | -82.8% | -73.1% | 71.2 | 29.6 | 140.6% |
| Non-Operating income | 25.7 | 6.1 | 4.5 | 325.5% | 469.5% | 40.4 | 17.6 | 130.1% |
| PBT | 345.2 | 223.0 | 134.3 | 54.8% | 157.0% | 976.1 | 643.4 | 51.7% |
| PAT | 243.8 | 155.4 | 98.7 | 56.9% | 147.0% | 697.2 | 471.4 | 47.9% |
Notes
Figures are as per IND AS and rounded off to single digit
Company's investment in Sri Lanka JV is accounted using Equity method under IND AS which was earlier consolidated using proportionate consolidation method
Gross margin includes impact of non-material cost movement of inventory (FG + SFG)
EBITDA includes Share of profit from Sri Lanka JV
EBITDA does not include Non-operating income
RPG
CEAT
Standalone: Summary P&L
All figures in Rs. Cr
| Parameter | Q4 FY26 | Q3 FY26 | Q4 FY25 | QoQ | YoY | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 4,035.9 | 3,957.2 | 3,413.6 | 2.0% | 18.2% | 15,214.9 | 13,171.7 | 15.5% |
| COGS | 2,433.4 | 2,378.4 | 2,132.7 | 2.3% | 14.1% | 9,219.8 | 8,194.0 | 12.5% |
| Gross margin | 1,602.5 | 1,578.8 | 1,280.8 | 1.5% | 25.1% | 5,995.1 | 4,977.6 | 20.4% |
| Gross margin % | 39.7% | 39.9% | 37.5% | (19) bps | 218 bps | 39.4% | 37.8% | 161 bps |
| Employee Cost | 247.8 | 252.0 | 222.0 | -1.7% | 11.6% | 969.1 | 846.5 | 14.5% |
| Other Expenses | 767.5 | 769.5 | 664.2 | -0.3% | 15.5% | 2,983.6 | 2,644.9 | 12.8% |
| EBITDA | 587.3 | 557.2 | 394.6 | 5.4% | 48.8% | 2,042.4 | 1,486.2 | 37.4% |
| EBITDA % | 14.6% | 14.1% | 11.6% | 47 bps | 299 bps | 13.4% | 11.3% | 214 bps |
| Finance Cost | 85.8 | 104.8 | 74.4 | -18.1% | 15.3% | 359.5 | 277.2 | 29.7% |
| Depreciation | 171.4 | 165.2 | 152.2 | 3.7% | 12.6% | 654.4 | 562.3 | 16.4% |
| Operating PBT | 330.1 | 287.3 | 168.0 | 14.9% | 96.5% | 1,028.5 | 646.7 | 59.0% |
| Exceptional expense | 9.6 | 57.8 | 37.0 | -83.3% | -74.0% | 70.7 | 29.6 | 138.9% |
| Non-Operating income | 62.5 | 26.5 | 4.4 | 136.3% | 1336.8% | 131.5 | 33.4 | 294.3% |
| PBT | 383.0 | 255.9 | 135.3 | 49.6% | 183.1% | 1,089.3 | 650.4 | 67.5% |
| PAT | 283.6 | 191.6 | 100.4 | 48.0% | 182.5% | 812.7 | 482.1 | 68.6% |
Notes
Financials are as per IND AS and rounded off to single digit
Gross margin includes impact of non-material cost movement of inventory (FG + SFG)
EBITDA does not include Non-operating income
RPG
CEAT
ESG Highlights
RPG
CEAT
ESG Highlights
CEAT has committed to and has received SBTi validation for emission reductions aligned with science-based Net-Zero targets
CEAT's Halol Plant is SA8000 certified, marking a key milestone in social accountability
~32% usage of Sustainable Material in manufacturing of tyres¹
~40% Local Natural Rubber sourced via alternate transport to lower footprint¹
S&P Global ESG Score of 69/100 (2025 CSA), placing CEAT in the top 4% in the ATX Auto Components industry
Key Social Initiatives
- Restoration of 15,000+ plantation, supporting over 350+ flora species & 80+ fauna species at the Nest, Malabar Hills
- 194 women being empowered via Women Entrepreneurship Development Training in Nagpur, Nashik, Bhandup & Chennai, with 122 women having started their own business
- Reaching 797 schools, impacting 24,000+ students and engaging 4962+ teachers
RPG
- As of Q4 FY26
CEAT
CEAT
HANK YOU
RPG
CEAT