CEATLTD · Automobile and Auto Components
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹146 cr, +78.0% on the year; 40% of EBITDA.
Source: Quarterly statements
Operating margin slipped on the year.
EBITDA margin 8.5%, −251 bps on the year (−560 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Tax rate lifting profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,963 cr | ₹2,992 cr | ₹3,193 cr | ₹3,305 cr | ₹3,300 cr | ₹3,421 cr | ₹3,529 cr | ₹3,773 cr | ₹4,157 cr | ₹4,219 cr | ₹4,318 cr | ₹4,762 cr |
| YoY | — | — | — | +8% | +11% | +14% | +11% | +14% | +26% | +23% | +22% | +26% |
| EBITDA margin | 14.1% | 13.1% | 12.0% | 11.0% | 10.3% | 11.3% | 11.0% | 13.3% | 13.5% | 14.1% | 8.5% | 9.6% |
| Other income, % of PBT | 1% | −40% | 7% | 2% | 2% | −26% | 1% | 2% | −24% | 5% | −3% | −5% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 33% | 27% | 29% | 28% | 28% | 27% | 28% | 31% | 30% | — | 31% |
| Net profit | ₹181 cr | ₹102 cr | ₹154 cr | ₹121 cr | ₹97.0 cr | ₹99.0 cr | ₹112 cr | ₹186 cr | ₹155 cr | ₹244 cr | ₹4.0 cr | ₹112 cr |
| YoY | — | — | — | −42% | −46% | −3% | −27% | +54% | +60% | +146% | −96% | −40% |
| Core profit YoY | — | — | — | −39% | −44% | −16% | −19% | +52% | +116% | +100% | −79% | −27% |
| EPS | ₹44.87 | ₹26.84 | ₹38.11 | ₹30.13 | ₹24.01 | ₹24.60 | ₹27.69 | ₹45.98 | ₹38.51 | ₹60.32 | ₹0.99 | ₹27.69 |
| Flags | · | · | · | 1 | 1 | ✓ | ✓ | ✓ | ✓ | 1 | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Ceat Ltd. reported revenue of ₹4,318 cr (+22.4% on the year) and net profit of ₹4.0 cr (−96.4% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved −78.6% on the year, against −96.4% for reported profit.
1 check raised a question: Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
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