CEAT

₹2238.8 -56.3 | 2.5%

WEBSITE BSE:500878 NSE : CEAT LIMITED 10 May, 16:01

Market Cap ₹9056 Cr.

Stock P/E 14.1

P/B 2.2

Current Price ₹2238.8

Book Value ₹ 999.4

Face Value 10

52W High ₹2997.3

Dividend Yield 1.34%

52W Low ₹ 1735.1

Edit Ratio

CEAT Research see more...

Equity Research: Ceat Ltd

Overview Inc. Year: 1958Industry: Tyres & Allied

CEAT Ltd is in manufacturing and sale of automotive tubes, flaps and tires,. The Company manufactures radials for a range of automobiles. It gives merchandise for light industrial vehicles (LCVs), motorcycles, scooters, cars, farm motors and trailers, off the road (OTR)/speciality cars and vans, among others. It has capability to produce about 95,000 tires/day. The CEAT Bike tires consist of CEAT Zoom, CEAT Zoom Tubeless, F67, F85, Milaze, Secura Sport and Secura Zoom, amongst others. Its scooter tire variety consists of Gripp and Zoom D. Its car tire variety includes BT, Czar AT, Czar HT, Rhino and Rhino TQ. It gives Buland and Buland Mile XL RIB for LCVs. It gives Anmol SL and Buland Mile XL for automobiles. Its tire variety for farm and agriculture vehicle consists of Aayushmaan Front, Aayushmaan Rear, Samraat Front and Samraat Super Front. It has developed OTR or speciality tires for mining, quarrying, rock excavation, construction and port programs.

CEAT Share Price

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Price: NSE50 DMA200 DMAVolume

Quarterly Price

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Peer Comparison

CEAT Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	2413	2592	2818	2894	2727	2875	2935	3053	2963	2992
Other Income	3	3	3	10	2	2	3	10	3	3
Total Income	2416	2595	2821	2904	2729	2877	2938	3064	2966	2995
Total Expenditure	2279	2404	2653	2691	2490	2507	2548	2597	2546	2600
Operating Profit	137	191	168	213	240	370	390	467	420	395
Interest	55	57	52	58	66	67	70	72	66	62
Depreciation	109	110	111	115	117	125	121	124	127	136
Exceptional Income / Expenses	-7	-6	-1	-24	-0	-9	0	0	0	-58
Profit Before Tax	-33	19	4	16	56	170	199	270	228	139
Provision for Tax	-3	1	1	11	15	45	53	68	54	46
Profit After Tax	-29	18	3	6	41	125	146	202	173	93
Adjustments	9	7	7	2	-6	9	-2	6	8	16
Profit After Adjustments	-20	25	9	8	35	134	145	208	181	109
Adjusted Earnings Per Share	-4.9	6.2	2.3	1.9	8.7	33.1	35.8	51.4	44.9	26.8

CEAT Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	5052	5554	5752	5484	5767	6283	6985	6779	7610	9363	11315	11943
Other Income	18	14	23	28	19	44	40	23	38	15	19	19
Total Income	5070	5568	5775	5511	5786	6328	7025	6802	7648	9379	11334	11963
Total Expenditure	4599	4881	5061	4704	5102	5677	6338	6054	6648	8657	10343	10291
Operating Profit	471	687	713	807	683	651	686	747	1000	721	991	1672
Interest	196	187	142	101	90	104	93	154	179	207	242	270
Depreciation	81	87	93	108	143	169	193	277	340	435	469	508
Exceptional Income / Expenses	-28	-10	-6	-11	-13	-34	-45	-30	-34	-13	-33	-58
Profit Before Tax	166	403	472	587	466	367	376	304	484	95	254	836
Provision for Tax	46	132	158	187	106	134	125	74	52	24	72	221
Profit After Tax	120	271	314	400	359	233	251	230	432	71	182	614
Adjustments	0	0	3	38	2	5	1	1	-0	1	4	28
Profit After Adjustments	120	271	317	438	361	238	252	231	432	71	186	643
Adjusted Earnings Per Share	35.1	75.4	78.4	108.2	89.3	58.8	62.4	57.2	106.8	17.6	46	158.9

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	21%	19%	12%	8%
Operating Profit CAGR	37%	10%	9%	8%
PAT CAGR	156%	-8%	-5%	4%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	29%	20%	18%	19%
ROE Average	5%	7%	8%	14%
ROCE Average	9%	10%	10%	17%

CEAT Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	786	1029	1682	2055	2415	2606	2766	2908	3316	3273	3440
Minority's Interest	0	36	33	32	29	23	24	24	23	24	17
Borrowings	424	423	354	588	852	451	1223	1641	1341	1719	1441
Other Non-Current Liabilities	94	141	159	202	213	227	262	479	404	481	585
Total Current Liabilities	1843	1911	1594	1231	1408	1839	2130	2301	3046	3670	4146
Total Liabilities	3147	3540	3822	4108	4917	5146	6404	7352	8131	9166	9628
Fixed Assets	1573	1565	1581	2032	2453	2709	3180	4160	4763	5329	6096
Other Non-Current Assets	119	179	322	583	622	623	1224	1363	1127	1189	842
Total Current Assets	1455	1796	1920	1493	1842	1815	1995	1825	2239	2647	2689
Total Assets	3147	3540	3822	4108	4917	5146	6404	7352	8131	9166	9628

CEAT Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	31	98	114	71	14	24	82	68	27	36	24
Cash Flow from Operating Activities	584	197	749	702	335	672	561	956	1358	619	1205
Cash Flow from Investing Activities	-53	-142	-253	-433	-543	-412	-1060	-1076	-618	-944	-849
Cash Flow from Financing Activities	-464	-40	-194	-326	219	-202	484	79	-731	313	-320
Net Cash Inflow / Outflow	67	16	301	-57	10	58	-15	-40	9	-12	37
Closing Cash & Cash Equivalent	98	114	415	14	24	82	68	27	36	24	61

CEAT Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	35.09	75.44	78.41	108.17	89.28	58.83	62.35	57.17	106.81	17.6	46.02
CEPS(Rs)	58.64	99.38	100.7	125.4	124.18	99.36	109.71	125.23	190.84	125.04	161.11
DPS(Rs)	4	10	10	11.5	11.5	11.5	12	12	18	3	12
Book NAV/Share(Rs)	225.68	283.57	413.66	507.97	597.02	644.27	683.83	718.89	819.85	809.1	850.34
Core EBITDA Margin(%)	8.21	11.04	10.89	12.69	10.31	9.39	9.25	10.69	12.64	7.54	8.59
EBIT Margin(%)	6.57	9.68	9.68	11.2	8.62	7.3	6.72	6.76	8.71	3.22	4.39
Pre Tax Margin(%)	3.02	6.61	7.43	9.55	7.23	5.69	5.39	4.49	6.36	1.01	2.25
PAT Margin (%)	2.18	4.44	4.95	6.5	5.58	3.62	3.59	3.39	5.68	0.75	1.61
Cash Profit Margin (%)	3.64	5.86	6.42	8.25	7.8	6.23	6.35	7.47	10.14	5.4	5.76
ROA(%)	3.85	8.1	8.53	10.08	7.96	4.64	4.35	3.34	5.58	0.82	1.94
ROE(%)	16.72	30.22	23.32	21.43	16.07	9.29	9.35	8.11	13.89	2.14	5.43
ROCE(%)	19.11	29.46	26.45	26.65	18.33	13.82	12.12	10.07	13.85	5.97	9.1
Receivable days	43.01	42.43	41.99	38.56	34.21	38.5	37.98	37.17	38.27	40.46	39.7
Inventory Days	38.4	39.29	41.25	39.19	44.86	48.88	46.78	51.99	49.3	47.55	39.47
Payable days	46.41	59.38	69.58	76.38	74.8	78.02	83.94	104.77	129.8	121.02	109.37
PER(x)	2.67	5.84	10.26	10.02	14.83	25.53	18.03	13.77	14.62	52.94	31.51
Price/Book(x)	0.42	1.55	1.95	2.13	2.22	2.33	1.64	1.09	1.9	1.15	1.71
Dividend Yield(%)	4.27	2.27	1.24	1.06	0.87	0.77	1.07	1.52	1.15	0.32	0.83
EV/Net Sales(x)	0.25	0.47	0.68	0.91	1.08	1.09	0.86	0.75	1.01	0.62	0.7
EV/Core EBITDA(x)	2.65	3.77	5.48	6.17	9.14	10.55	8.7	6.8	7.69	8.08	7.96
Net Sales Growth(%)	8.59	9.93	3.57	-4.67	5.16	8.96	11.16	-2.94	12.26	23.05	20.84
EBIT Growth(%)	64.76	62.84	4	12.12	-19.33	-15.18	-0.4	-2.32	50.26	-51.81	64.41
PAT Growth(%)	560.94	125.3	15.93	27.27	-10.09	-35.06	7.63	-8.37	103.11	-82.18	158.42
EPS Growth(%)	562.74	115	3.95	37.95	-17.46	-34.1	5.98	-8.31	86.83	-83.52	161.47
Debt/Equity(x)	1.34	1.15	0.46	0.32	0.38	0.33	0.54	0.66	0.43	0.64	0.61
Current Ratio(x)	0.79	0.94	1.2	1.21	1.31	0.99	0.94	0.79	0.74	0.72	0.65
Quick Ratio(x)	0.49	0.55	0.78	0.69	0.64	0.56	0.46	0.39	0.36	0.36	0.37
Interest Cover(x)	1.85	3.16	4.31	6.79	6.2	4.54	5.05	2.98	3.71	1.46	2.05
Total Debt/Mcap(x)	3.23	0.74	0.24	0.15	0.17	0.14	0.33	0.61	0.22	0.56	0.36

CEAT Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	47.11	47.11	47.21	47.21	47.21	47.21	47.21	47.21	47.21	47.21
FII	22.71	22.66	22.45	23.77	24.08	23.29	26.2	24.09	19.98	20.15
DII	12.72	11.68	11.15	11.73	12.92	13.6	12.21	12.92	14.31	15.92
Public	17.46	18.55	19.2	17.29	15.78	15.9	14.39	15.78	18.5	16.73
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	1.91	1.91	1.91	1.91	1.91	1.91	1.91	1.91	1.91	1.91
FII	0.92	0.92	0.91	0.96	0.97	0.94	1.06	0.97	0.81	0.81
DII	0.51	0.47	0.45	0.47	0.52	0.55	0.49	0.52	0.58	0.64
Public	0.71	0.75	0.78	0.7	0.64	0.64	0.58	0.64	0.75	0.68
Others	0	0	0	0	0	0	0	0	0	0
Total	4.05	4.05	4.05	4.05	4.05	4.05	4.05	4.05	4.05	4.05

Pros

Debtor days have improved from 121.02 to 109.37days.
Company has reduced debt.

Cons

Promoter holding is low: 47.21%.
Company has a low return on equity of 7% over the last 3 years.
The company has delivered a poor profit growth of -4% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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CEAT

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CEAT Research see more...

Overview Inc. Year: 1958Industry: Tyres & Allied

CEAT Share Price

Alert Data

Quarterly Price

Peer Comparison

CEAT Quarterly Results

CEAT Profit & Loss

Growth Rates

CEAT Balance Sheet

CEAT Cash Flow

CEAT Ratios

CEAT Shareholding Pattern

CEAT News

IPO

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