Volume Growth (YoY)
20%
+20% YoY
Overall standalone volume growth in Q4 FY26.
CEAT
Other
28 Apr 2026
CEAT Limited — Q4 FY26
CEAT delivered a strong Q4 FY26 with standalone revenue growing 18.2% YoY to ₹4,219 crore, driven by broad-based demand across replacement, OEM, and international segments.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
CEAT delivered a strong Q4 FY26 with standalone revenue growing 18.2% YoY to ₹4,219 crore, driven by broad-based demand across replacement, OEM, and international segments. EBITDA margin expanded 299 bps YoY to 14.6%, aided by operating leverage and cost control. PAT surged to ₹283.6 crore (vs ₹100.4 crore last year). However, the outlook is clouded by a sharp 15%+ raw material cost inflation in Q1 FY27, with crude above $100/bbl and natural rubber up 30% QoQ. Management plans 10% price hikes in replacement and index-based OEM increases, but pass-through will lag. The Camso acquisition remains in transition, with full value chain control expected by FY28. Demand moderation is anticipated in H1 due to price hikes, but structural drivers (GST cuts, aging fleet) provide a floor. Key risk: if competitive dynamics delay price hikes, margins could compress significantly.
Key Numbers
International Business Share
20.4%
+1.4pp YoY
Share of standalone revenue from international markets in Q4 FY26.
Capacity Utilization
85-90%
flat
Utilization across categories remains high, limiting near-term volume upside without capex.
EV Market Share (Passenger)
29%
flat
CEAT's share in passenger EV OEM fitments, a strategic focus area.
Management Guidance
Price hikes of ~10% in replacement by June 2026
Management plans to implement ~5% price increase already taken in March-April, with another ~5% staggered through May-June to offset raw material inflation.
Management guidance revenueOEM price index hike on July 1, 2026
A heavier index-based price increase is expected in OEM segment on July 1, following a smaller hike on April 1.
Management guidance revenueCapex of ₹1,350-1,400 crore for India in FY27
Planned capex for Indian operations, with Q1 spending kept frugal and scaling up if conditions normalize.
Management guidance capexCamso upstream equipment operational by March 2027
Mixers and calendars to be installed by end of FY27, completing the value chain and enabling margin improvement from FY28.
Management guidance expansionKey Risks
Raw material cost inflation may compress margins
Crude oil surged past $100/bbl and natural rubber prices rose ~30% in Q4, with full impact hitting Q1 FY27. Management expects 15%+ RM cost increase, and only partial pass-through via price hikes.
high · management_commentaryCompetitive pricing pressure could delay price hikes
Analyst raised concern that competitors like MRF may not fully pass on costs. Management acknowledged market is competitive and price increases are delayed by some players, which could force CEAT to absorb costs.
medium · analyst_questionMiddle East geopolitical disruption impacting exports
Sales to Middle East were severely impacted in Q4 (practically zero). While management expects to compensate via other regions, any escalation could hurt international revenue.
medium · management_commentaryCamso transition delays may delay margin recovery
Full value chain control for Camso is expected only by FY28. Until then, margins remain constrained by reliance on Michelin for sales and raw materials, with fixed costs being incurred upfront.
medium · management_commentaryNotable Quotes
We need to take overall 10% with March out of that in replacement out of that about 5% can be considered as taken already between March and April that leaves a balance of 5% which will be staggered through May and June.
Unlike previous quarters where volatility was driven by sentiment, we are now navigating a scenario of actual and physical disruption.
We expect some moderation of demand.
Frequently Asked Questions
What was CEAT's revenue in Q4 FY26?
CEAT reported revenue of ₹4,219 Cr in Q4 FY26, representing a +18.2% change compared to the same quarter last year.
What guidance did CEAT management give for FY27?
Price hikes of ~10% in replacement by June 2026: Management plans to implement ~5% price increase already taken in March-April, with another ~5% staggered through May-June to offset raw material inflation. OEM price index hike on July 1, 2026: A heavier index-based price increase is expected in OEM segment on July 1, following a smaller hike on April 1. Capex of ₹1,350-1,400 crore for India in FY27: Planned capex for Indian operations, with Q1 spending kept frugal and scaling up if conditions normalize. Camso upstream equipment operational by March 2027: Mixers and calendars to be installed by end of FY27, completing the value chain and enabling margin improvement from FY28.
What are the key risks for CEAT in FY27?
Key risks include Raw material cost inflation may compress margins — Crude oil surged past $100/bbl and natural rubber prices rose ~30% in Q4, with full impact hitting Q1 FY27. Management expects 15%+ RM cost increase, and only partial pass-through via price hikes.; Competitive pricing pressure could delay price hikes — Analyst raised concern that competitors like MRF may not fully pass on costs. Management acknowledged market is competitive and price increases are delayed by some players, which could force CEAT to absorb costs.; Middle East geopolitical disruption impacting exports — Sales to Middle East were severely impacted in Q4 (practically zero). While management expects to compensate via other regions, any escalation could hurt international revenue.; Camso transition delays may delay margin recovery — Full value chain control for Camso is expected only by FY28. Until then, margins remain constrained by reliance on Michelin for sales and raw materials, with fixed costs being incurred upfront..
Did CEAT meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full CEAT Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.