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.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
75%Questions answered0Evaded / deflected12Questions auditedMixedNumbers vs filing
Partial answer
High priority
Does the 15% RM cost increase fully reflect current commodity prices and how much more is expected?
Asked by Sedartha Barra, Nura
Management confirmed 15% but declined to quantify further increases, citing dynamic situation.
no specific number beyond 15%deferred to future quarters
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Question
You mentioned 15% RM cost increase in the first quarter. Does that fully reflect the current RM which you said about rubber being at 250 and crude being at 110 or what level does it represent and if we look at the current commodity prices how much more do you think can happen on the cost side for our basket maybe in the next one or two quarters.
Management (unidentified)
We feel that raw material cost increase in quarter one could be to the unit of 15%. But if you were to take a replacement cost of raw materials today the number could be little higher than 15%. But it I think we should wait and watch beyond quarter 1.
Answered
High priority
What cumulative price increase is expected by June and will it be 10% in Q1?
Asked by Sedartha Barra, Nura
Management clearly stated 10% total price increase, with 5% already taken and 5% staggered.
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Question
On the price increase if you can also talk about till now what has been the cumulative price increase maybe in till June you look to take I mean you talked about 5% or mid single digit till April and another 5% by June. So does that mean in quarter one we can potentially take till the end about a 10% price increase?
Management (unidentified)
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.
Partial answer
High priority
When will Camso revenue ramp up and what are the margin targets?
Asked by Sedartha Barra, Nura
Management gave timeline for revenue ramp-up but avoided specific production numbers and margin targets.
no specific production targetmargin target deferred to FY28
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Question
On CAMSO, if you can give us some color in terms of the revenue ramp up. When should we expect some of that revenue ramp up to happen and maybe in FY28 what are the production levels you are targeting for Camso and similarly on margins do you expect a double digit sort of margin target achievable by the second half or FY27?
Management (unidentified)
The volume increase and the value increase can only happen in the second half and not prior to that when Michelin is handling the customer. After market should start happening in the second half of this financial year. Margin will start getting impacted by FY28.
Answered
High priority
What was the volume growth in Q4 FY26 standalone and segment-wise?
Asked by Ragu Nandan, Nuama Institutional Equities
Management provided overall volume growth and segment ranges.
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Question
For Q4 FY26 standalone, can you please share the volume growth via bike and also the growth for OEM replacement and exports?
Management (unidentified)
Volume growth YoY is close to 20%. The growth across the segments have been pretty much uniform, little higher in international business mid-20s and it is about mid-teens to 20s for replacement and OEM.
Answered
High priority
What is the US tariff rate for Camso and its revenue exposure?
Asked by Ragu Nandan, Nuama Institutional Equities
Management gave specific tariff rates and revenue exposure percentage.
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Question
Would the US tariffs now be at that same rate of 10% or should there be a different tariff? And what percentage of revenue for Camso within US?
Management (unidentified)
The tariff will be at 10% and the metals part of tracks will be tariffed at 25%. Tax tracks is roughly 50%.
Partial answer
Medium priority
What is the Middle East exposure and will it impact FY27 growth?
Asked by Ragu Nandan, Nuama Institutional Equities
Management quantified exposure but did not commit to double-digit growth for FY27.
no explicit FY27 growth guidance
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Question
In terms of export markets, how much would be our Middle East exposure? Would you expect that to be an overhang for growth in FY27 or would you expect double digit growth to continue for 27?
Management (unidentified)
Middle East is about 15 odd% for us. It was practically zero in quarter 4. Quarter one outlook quarter base wise looks good after completely discounting Middle East. So whatever comes from Middle East will be a bonus.
Answered
High priority
What is the total consolidated capex expected for FY27?
Asked by Ragu Nandan, Nuama Institutional Equities
Management provided specific capex ranges for India and Camso.
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Question
For FY27 what would be the total consolidated capex expected sir?
Management (unidentified)
Our capex would be about 25% more than what we had incurred last year which is about 1,076 was our last year so it should be in the range of 1,350 to 1,400 crores for India. For Camso upstream we had estimated that capex to be around $30 million approximately.
Partial answer
Medium priority
How is the competitive scenario for price increases across the industry?
Asked by Ragu Nandan, Nuama Institutional Equities
Management acknowledged delays but gave no specifics on which competitors or categories.
no specific competitor names or timing
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Question
How are you seeing the competition scenario in terms of price increases given that industry is going through tough times? Are you seeing players across categories taking price increases or is there any worries that there could be delays in the price hike?
Management (unidentified)
The market is competitive. Price increases are coming through much delayed by some competitors but at different categories at different dates some price increases have definitely come through in the month of March and April.
Answered
High priority
Was the strong Q4 demand due to pre-buying ahead of price hikes?
Asked by Mumakesha, Alanati Institutional Equities
Management categorically denied pre-buying and attributed demand to GST momentum.
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Question
In Q4 also was sustained very strong demand. Is it partly due to some reason like because there was price expected in Q1 so there was some pre-buyment of demand or generally you saw better demand due to GST?
Management (unidentified)
There was no impact of expected price hike in quarter 1 on quarter 4 sales. The GST decrease momentum that has carried forward from quarter 3 to quarter 4 also. It's a secular demand increase.
Partial answer
Medium priority
How does raw material inflation impact Camso margins and pass-through?
Asked by Mumakesha, Alanati Institutional Equities
Management explained pass-through mechanism but did not quantify margin impact.
no margin impact quantification
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Question
Just on the Camso side, how this raw material inflation impacts the Camso margin sir, how that pass through would happen and anything on the freight cost increase?
Management (unidentified)
On both side adjustments happen. There is a periodic assessment index wise material index wise and that is how the pricing is adjusted between us and Michelin on both side because we buy compound from them we also sell them the finished good.
Answered
Medium priority
Has MRF taken price increases and what quantum?
Asked by Rishi, Kotak Securities
Management corrected the analyst and provided a specific quantum.
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Question
Just talking about the leader MRF, they have taken select segments but nothing much in two wheeler PCR and CV segment. Is that understanding correct and what quantum of price increases they have taken so far?
Management (unidentified)
MRF has taken price increase in all the segments to the best of our knowledge including two wheeler and passenger. About 3 and a half% they have taken roughly.
Partial answer
High priority
Will demand decline in second half due to price hikes and high base?
Asked by Rishi, Kotak Securities
Management gave qualitative outlook but no precise demand growth figures.
no specific growth numbers
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Question
If we take a 10% price increase, especially in CV segment, is there a risk that the industry itself may decline in second half given the high base?
Management (unidentified)
We expect moderation in demand but it's not like we don't expect a degrowth in bus radial tire even after a 10% price hike but definitely it will slow down. Replacement demand will be in single digit in truck bus radial.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Q4 FY26 standalone volume growth YoY close to 20% | 20% | 18.2% | Overstated vs filing |
| International business volume growth mid-20s | 25% | 18.2% | Overstated vs filing |
| Replacement and OEM volume growth mid-teens to 20s | 17.5% | 18.2% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.