Whalesbook
CEAT ke FY26 results ka full picture!
Toh bhaiyo, CEAT ne fiscal year end tak (March 31, 2026) ekdum zabardast numbers dikhaye hain. Inka revenue 18.6% badh kar ₹15,678 crore ho gaya, jo ₹15,000 crore ke level ko bhi paar kar gaya. Aur annual profit? Woh toh ₹697 crore ke record level par pahunch gaya! Ye company ka sabse bada annual profit hai.
Q4 ki performance bhi kamal ki rahi. Revenue 23% jump kar ke ₹4,219 crore ho gaya aur profit after tax toh 145.1% tez ho kar ₹243.85 crore ho gaya, pichhle saal ke comparison mein. Board ne ₹35 per equity share ka final dividend bhi recommend kiya hai. Is sab ke baad, stock mein 6.81% ki tezi aayi aur woh ₹3,756.10 par pahunch gaya.
Industry mein bhi same pressure, par CEAT ke numbers solid!
CEAT ke numbers acche hain, lekin tyre industry mein baaki players bhi aise hi levels par hain. MRF aur Apollo Tyres ke P/E ratios bhi CEAT ke aas paas hain. Lekin sabse badi chinta hai raw material costs ki. Natural rubber aur crude oil se banne wale materials (jo almost 60-65% cost hote hain) ka rate bahut badh raha hai. Analysts expect kar rahe hain ki FY25 mein industry margins 200-400 basis points tak kam ho sakte hain, bhale hi revenue 8-10% badhne ka estimate hai. CEAT ka FY26 EBITDA margin tha 13.16%, aur Q4 mein yeh 14.18% tha.
Aage ka kya scene hai? Costs aur Expansion ka game!
Record results ke bawajood, CEAT ko bhi input costs ke volatile hone se problem ho sakti hai. MD & CEO Arnab Banerjee ne kaha hai ki raw material prices ke sharp increase aur supply chain issues se short-term mein mushkil ho sakti hai. Company ne kaha hai ki woh strategic pricing aur cost control par focus karenge. CFO Kumar Subbiah ne Q4 margin mein 51 basis points ke improvement ki baat ki, jo operating efficiencies se aaya. CEAT apna capacity expansion bhi kar raha hai, jisme Chennai plant ke liye ₹4,500 crore aur FY27 mein ₹1,070 crore se zyada invest karenge. Yeh growth ke liye accha hai, par zyada capital spending strain kar sakta hai agar margins down hue.
Analysts kya bol rahe hain?
Sab kuch dekhne ke baad bhi, analysts ka CEAT par outlook positive hai. Consensus rating 'Outperform' hai aur average price target ₹4,300 se ₹4,356 ke beech mein hai, jo current levels se 20-24% upside dikhata hai. Full-year FY26 earnings per share estimate ₹175.59 hai. Haalanki, yeh estimates raw material cost increase ke immediate impact ko shayad poora capture na karein.