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Revenue
₹4,157 Cr
verified against source
Revenue YoY
20.1%
reported change
EBITDA
₹556 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
CEAT delivered a strong Q3 FY26 with standalone revenue of ₹3,957 crore (+20.1% YoY) and EBITDA margin of 14.08% (+364 bps YoY), driven by robust volume growth of 20.9% across segments. Replacement demand benefited from GST rationalization, while OEM and international grew over 20%. Standalone PAT stood at ₹191.6 crore, impacted by a ₹57.8 crore provision for new labor codes. Management expects replacement growth to sustain at high single-digit through FY27, but flagged a 1-1.5% margin headwind from rupee depreciation and higher natural rubber prices in Q4. CAMSO transition is on track with double-digit operating margins, though full normalization may take 3-5 quarters. Key risk: sustained currency weakness and raw material inflation could pressure margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects replacement demand to sustain high single-digit growth through FY27, driven by GST rationalization.
- Annual capex is expected to move from ₹900-1,000 crore to ₹1,000-1,200 crore from next year, including PCR capacity expansion at Chennai.
- Reported CAMSO margins should reach double-digit from Q4 onwards as one-time transition costs are eliminated.
- Management expects a 1-1.5% sequential increase in raw material basket cost in Q4 due to currency and natural rubber.
Risks flagged
- Rupee depreciation from ₹87 to ₹91/USD and rising natural rubber prices could impact margins by 1-1.5% in Q4 and beyond.
- US tariffs of 25% on on-road tires and 50% on OHT persist, limiting growth in the US market; India-US trade deal uncertainty remains.
- CAMSO revenue run-rate is below initial expectations ($80M annualized vs $140-150M guided), and full normalization may take 3-5 quarters.
- Strong replacement growth may partly reflect channel restocking; sustainability beyond a couple of quarters is uncertain.
Key quotes
- We are at the third rank now behind two more players and there is a gap of about 3 and a half to 4% between us and the market leader. So in the next 3 to 4 years we expect to bridge this gap and our ambition is to definitely go for market leadership in this segment.
- Our standalone EBITDA stood at 556 crores translating to a margin of about 14.08%, a 39 basis point improvement quarter on quarter and 364 basis points improvement year on year.
- The company crossed a milestone number of rupees 4,000 crores of revenue for the first time in a quarter and the revenue reported in quarter 3 has been the highest achieved so far.
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