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.
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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_commentaryAnalyst 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_questionSales 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_commentaryFull 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_commentary