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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Ceat
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.Q3 25/26 earnings summary20 Jan, 2026
Executive summary
Consolidated revenue for Q3 FY25-26 reached Rs. 4,157 crore, up 26% year-over-year, with strong volume growth across all segments and EBITDA margin at 13.7%.
Standalone revenue grew 20.1% year-over-year to Rs. 3,957 crore, with EBITDA margin at 14.08%.
Net profit for Q3 stood at Rs. 155 crore, up 60% year-over-year, but down sequentially due to a provision for new labour codes.
Replacement, OEM, and international businesses all posted robust growth, with replacement segment benefiting from GST rate reduction and channel restocking.
Board approved Rs. 1,314 crore CapEx for Chennai plant to add 3.5 million passenger car tire capacity by H2 FY2028.
Financial highlights
Consolidated EBITDA for Q3 at Rs. 568 crore (13.7% margin), up 317 basis points year-over-year.
Standalone net profit at Rs. 191.6 crore, up from Rs. 95.97 crore last year, but slightly lower sequentially due to Rs. 57.81 crore provision for new labour codes.
Gross margin for Q3 was 39.9%, down 109 basis points sequentially but up 310 basis points year-over-year.
Finance cost increased by Rs. 18 crore due to higher average debt; total finance cost at Rs. 105 crore.
CapEx outflow for Q3 was Rs. 254 crore; cumulative spend at Rs. 673 crore YTD, excluding Camso intangibles.
Outlook and guidance
Management expects positive momentum to continue, with margin headwinds of 1%-1.5% in Q4 due to currency depreciation and higher natural rubber prices.
Replacement segment expected to sustain high single-digit growth into FY2027.
Camso margins to normalize to double digits from Q4, with further improvement as transition completes over next 3-5 quarters.
CapEx guidance for FY2026 remains at Rs. 1,000 crore, with future annual CapEx likely to rise to Rs. 1,100-1,200 crore.
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?
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Next Ceat earnings date
Q4 25/2629 Apr, 2026
Ceat
Next Ceat earnings date
Q4 25/2629 Apr, 2026
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