Ceat Ltd.Record revenue ₹4,762 Cr (+26%), EBITDA margin 9.5%

CEAT reported record Q2 FY27 consolidated revenue of ₹4,762 crore, up 26.2%, with about 40% of the growth from volume and the rest from price and mix.

Consolidated EBITDA was ₹452 crore, a 9.5% margin, up 94 basis points on Q1 but down 403 basis points on a year ago, and profit after tax was about ₹112 crore against ₹186 crore a year earlier. Raw material cost rose 8% to 9% in the quarter and is expected to be about 27% above March exit prices by December, so management has taken price increases of 12% to 15% and plans more in Q3. Consolidated debt rose ₹604 crore to ₹3,846 crore, with debt to EBITDA at 1.93x.

About 85% of CAMSO customers have moved to CEAT, and CAMSO volume is expected to rise 20% or more in H2 as it nears EBITDA breakeven. Management guided capex of about ₹1,400 crore and expects demand to moderate in Q3 on a higher base, El Niño and a repo rate increase.