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Ceat (500878) investor relations material

Ceat Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary20 Jan, 2026

Executive summary

  • Consolidated revenue for Q3 FY26 reached INR 4,157 crore, up 26% YoY, with strong volume growth across all segments and EBITDA margin at 13.7%.

  • Standalone revenue grew 20.1% YoY to INR 3,957 crore, with EBITDA margin at 14.08% and net profit at INR 191.6 crore, despite a one-time labor code provision.

  • Net profit (PAT) for Q3 FY26 stood at INR 155.4 crore, up 60% YoY, with consolidated PAT at INR 155.4 crore and standalone PAT at INR 191.6 crore.

  • Camso integration is progressing, with Q3 revenue at $20 million (INR 182-183 crore); transition costs impacted Q3 but are expected to normalize from Q4.

  • Board approved INR 1,314 crore CapEx for Chennai plant to add 3.5 million passenger car tire capacity by H2 FY2028.

Financial highlights

  • Consolidated EBITDA at INR 568 crore (13.7% margin), up 317 bps YoY; standalone EBITDA at INR 556 crore (14.08% margin), up 364 bps YoY.

  • Gross margin for Q3 FY26 was 39.9%, down 109 bps QoQ but up 310 bps YoY.

  • Standalone working capital remained marginally negative; inventory dropped by INR 212 crore, while net working capital increased by INR 38 crore QoQ.

  • Standalone gross debt at INR 2,954 crore; debt-to-EBITDA improved to 1.25x, debt-to-equity to 0.63.

  • Finance cost increased 20.7% QoQ and 39.8% YoY to INR 105 crore.

Outlook and guidance

  • Consistent margin profile expected with benign commodity prices, though a 1-1.5% margin headwind is anticipated in Q4 due to currency and raw material costs.

  • Replacement segment expected to sustain high single-digit growth through FY2027.

  • Camso margins to normalize to double digits from Q4, trending toward mid-teens and potentially 20% as integration completes.

  • International business continues to recover with strong demand from key clusters.

  • Growth in the PCUV category is expected, with capacity expansion planned to meet future demand.

Basis for PCUV category growth anticipation?
Camso acquisition contribution to Q3 revenue?
Future impact of new labor codes on operations?
Camso: When will reported margins reflect double-digit operating profit?
PCR capacity: How to achieve market leadership?
Raw material headwinds: How to offset 1-1.5% margin impact?
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