CEATLTD

By Nandan Mandayam

Sept 12 (Reuters) - India's CEAT CEAT.NS expects to see demand for its tyres for tractors and entry-level motorcycles to jump the most among its segments, following a consumption tax cut set to take effect later this month, a senior executive told Reuters on Friday.

Last week, India announced tax cuts on hundreds of consumer items ranging from soaps to small cars to spur domestic demand amid economic headwinds from U.S. tariffs.

The new, simplified tax structure will move most tyres to an 18% rate from 28%, while tractor tyres will attract a 5% rate, down from 18%, effective Sept. 22.

We expect sales of commuter motorcycles to go up in semi-urban and rural households, and farm sales also could go up, Arnab Banerjee, Managing Director and CEO of CEAT, said in an interview.

The company will pass on the lower costs from the tax cuts to customers, it said in a statement.

The smaller farm segment accounts for about a tenth of CEAT’s revenue. Commuter motorcycles, meanwhile, are among the company’s largest segments and also make up the bulk of India’s two-wheeler market. CEAT does not disclose the share of revenue from this segment.

The company expects fiscal 2026 revenue to grow in the double-digit percentage range, led largely by demand from customers replacing their two-wheeler or commercial vehicle tyres, Banerjee said during its most recent earnings call in July.

In the April-June quarter, CEAT reported a 10.5% rise in revenue to 35.3 billion rupees ($399.80 million), helped mostly by sales to two-wheeler, truck and bus customers.

In fiscal 2025, revenue grew 14%.

Tyre makers in India have contended with sluggish demand from automakers as well as from customers replacing older tyres.

CEAT gets about 53% of its revenue from replacement demand, 28% from automakers, and the rest from exports.

($1 = 88.2950 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Janane Venkatraman)

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Adds new quotes

Sept 4 (Reuters) - India late on Wednesday announced tax cuts on hundreds of consumer items ranging from soaps to small cars to spur domestic demand, and simplified its complicated goods and services tax structure to two rate slabs from four, with some exceptions for luxury and "sin" goods.

The benchmark BSE Sensex .BSESN and Nifty 50 .NSEI rose as much 1.1% on Thursday. By 11:55 IST, they pared some gains and were up about 0.5% each.

Here is how the industry has reacted:

ANISH SHAH, GROUP CEO & MD, MAHINDRA GROUP

"The next-generation GST reforms... mark a defining moment in India's journey towards building a simpler, fairer and more inclusive tax system.

"At Mahindra, we view these reforms as transformative. They simplify compliance, expand affordability, and energise consumption, while enabling industry to invest with greater confidence."

SAURABH AGARWAL, PARTNER & AUTOMOTIVE TAX LEADER, EY INDIA

"The rationalization of GST rates on automotive vehicles and parts is a truly welcome and significant development. By making vehicles more affordable across all segments, this move will not only boost consumer spending but also simplify complex classification disputes that have long burdened the industry."

SAMIR SHAH, EXECUTIVE DIRECTOR & CFO, HDFC ERGO GENERAL INSURANCE COMPANY

"The GST Council decision to exempt individual health insurance from GST is a welcome development. This move aligns perfectly with the broader ambition of the regulator of 'Insurance for All by 2047,' providing a tangible step forward in that direction.

NILESH SHAH, MANAGING DIRECTOR, KOTAK MAHINDRA ASSET MANAGEMENT CO

"The GST announcement lowers inflation, increases growth, boosts consumer sentiment, doesn't disturb the path of fiscal consolidation, improves ease of doing business and partially offers adverse effects of tariffs."

SHAILESH CHANDRA, PRESIDENT, SOCIETY OF INDIAN AUTOMOBILE MANUFACTURES

"This timely move is set to bring renewed cheer to consumers and inject fresh momentum into the Indian automotive sector... these announcements will significantly benefit first-time buyers and middle-income families, enabling broader access to personal mobility."

C S VIGNESHWAR, PRESIDENT, FEDERATION OF AUTOMOBILE DEALERS ASSOCIATIONS

"This is a decisive step that will boost affordability, spur demand, and make India's mobility ecosystem stronger and more inclusive.

"One area that may need earliest clarification is about levy and treatment of cess balances currently lying in dealers' books, so that there is no ambiguity during transition."

SANJEEV ASTHANA, CEO, PATANJALI FOODS LIMITED

"At Patanjali Foods, we are fully committed to passing on these benefits to our consumers. This initiative will not only enhance FMCG penetration across urban and rural India but also act as a catalyst for broader economic revival... categories such as ghee, soaps, biscuits, noodles, honey, and chyawanprash will benefit from this reduction."

RADHIKA RAO, SENIOR ECONOMIST AT DBS BANK

"Lower GST rates will be positive for growth in the second half of the year and FY27, besides improving operational efficiency and expanding the size of the formal economy."

SHRIPAL SHAH, MD & CEO, KOTAK SECURITIES

"The GST rate cuts ... should directly boost demand, help traders and businesses see higher volumes, and may even favourably impact next quarter's earnings... The key will be how quickly companies pass on the benefits to customers."

DEVARSH VAKIL, HEAD OF PRIME RESEARCH, HDFC SECURITIES

"The GST reforms represent a paradigm shift toward economic rationality... Combined with RBI rate cuts, FY26 income tax rebates and moderating inflation, these reforms create multiple stimuli for consumption and economic growth."

SUDARSHAN VENU, CHAIRMAN, TVS MOTOR COMPANY

"It's a welcome move as it will help two wheelers become more accessible and also help those looking to upgrade."

NEERAJ AKHOURY, PRESIDENT, CEMENT MANUFACTURERS' ASSOCIATION AND MANAGING DIRECTOR, SHREE CEMENT

"Bringing GST down to 18% corrects a long-standing anomaly, aligns cement with other core building materials and enhances global competitiveness."

NITIN RAO, CEO, INCRED WEALTH

" (I am ) positive this will play out, though a small concern remains where recent measures like the rate cuts and budgetary measures taken on reduced taxes have not created the necessary consumption boosters."

RAHUL SINGH, CIO-EQUITIES, TATA ASSET MANAGEMENT

"The GST rate rationalisation, following the income tax cuts and lower interest rates, is a serious effort to boost consumption and hence the overall economic growth outlook.

"While the direct beneficiaries include consumer, autos, cement, healthcare and insurance sectors, the second order beneficiaries in terms of growth will be retail banks & NBFCs."

RAJNEESH KUMAR, CHIEF CORPORATE AFFAIRS OFFICER, FLIPKART GROUP

"By lowering input costs for farmers, simplifying compliance for MSMEs and enabling small sellers, artisans/weavers and smallholder farmers to seamlessly join e-commerce across states, these reforms will further strengthen India's growth engine."

SHEETAL ARORA, CEO, MANKIND PHARMA

"By removing GST on lifesaving rare-disease and oncology therapies and reducing it on essential medicines and diagnostics, the government has signalled that affordability and innovation can go hand in hand."

AMIT PAITHANKAR, CEO OF WAAREE ENERGIES

"The reduction will lower project costs and accelerate the capacity addition needed to meet India’s clean energy targets."

ARNAB BANERJEE, MD & CEO, CEAT

"By addressing a long-standing demand of the industry, the Council has not only provided a boost to the automotive ecosystem but also created room for greater formalisation, compliance, and sustainable growth in the sector."

SHENU AGARWAL, MD & CEO, ASHOK LEYLAND

"The specific relief for the commercial vehicle industry is especially welcome. On one hand, it will spur freight traffic, and on the other, it will bring down the cost of buses and trucks."

AASIF MALBARI, CHIEF FINANCIAL OFFICER, GODREJ CONSUMER PRODUCTS LTD

"This is a positive trigger for demand and a strong driver of volume growth. This move will ultimately contribute to overall economic momentum. We are fully committed to ensuring that the GST rates reduction benefits are passed on to consumers."

VENKATRAM MAMILLAPALLE, MANAGING DIRECTOR, RENAULT INDIA

"We believe the reform will accelerate rural and urban demand alike, boost manufacturing and contribute strongly to India's economic momentum."

UNSOO KIM, MANAGING DIRECTOR, HYUNDAI MOTOR INDIA

"The GST overhaul will directly benefit the automotive sector. The announced reforms align seamlessly with the government's commitment to Viksit Bharat and the Make in India initiative, encouraging domestic manufacturing and boosting demand across both urban and rural markets."

(Reporting by Chandini Monnappa, Bharath Rajeswaran, Manvi Pant, Kashish Tandon, Meenakshi Maidas, Nandan Mandayam, Yagnoseni Das, Vivek Kumar M and Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee)

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** Shares of CEAT CEAT.NS rise 2.5% to 3,280 rupees, extending gains for the fourth day

** Tyremaker completes acquisition of France-based Michelin's MICP.PA Camso unit, which includes Sri Lanka based Midigama and Kotugoda plants

** Michelin will exit from the activities related to compact line bias tyres and construction tracks

** CEAT did not mention a deal value but last year said it would buy the brand for $225 million

** Last week, CEAT's local unit signed a pact with the Board of Investment of Sri Lanka to invest $171 million to focus on export-led production of tyres and construction equipment tracks

** 19 analysts covering CEAT have a "buy" rating on avg; median PT is 3,933 rupees - data compiled by LSEG

** Stock up 2.6% YTD

(Reporting by Urvi Dugar)

(([email protected]))

Sept 1 (Reuters) - CEAT Ltd CEAT.NS:

• CEAT- COMPLETES ACQUISITION OF CAMSO BRAND’S OFF-HIGHWAY CONSTRUCTION EQUIPMENT TYRE BUSINESS

Source text: ID:nBSE9yDw80

Further company coverage: CEAT.NS

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Aug 22 (Reuters) - India's CEAT CEAT.NS said on Friday it will increase tyremaking capacity at its export-focused Sri Lankan factories, at a time when New Delhi faces a sharply higher U.S. tariff rate compared with Colombo.

CEAT's local unit in the island nation signed a pact with the Board of Investment of Sri Lanka to invest $171 million in focusing on export-led production of tyres and construction equipment tracks, the company said.

The tyremaker owns two factories in Sri Lanka - at Midigama and Kotugoda locations - following its $225 million Camso deal with French peer Michelin MICP.PA last year.

About 90% of Camso's revenue comes from North America and Europe, brokerage Emkay Research had said in a December note. CEAT's move comes as exports from India face higher U.S. tariffs than those from Sri Lanka.

Earlier this month, U.S. President Donald Trump doubled tariffs on Indian goods to 50%, among the highest levied on any U.S. trading partner. In comparison, Sri Lankan products have been hit with a 20% levy.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Krishna Chandra Eluri)

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** Shares of CEAT CEAT.NS extend losses for a fifth session, down as much as 7% to 3,524 rupees, the lowest since April 7

** Stock fell 8.5% on Thursday after Q1 results were below estimates

** Nomura downgrades stock to "neutral" from "buy" in a note dated Sunday

** Says export volumes flat Q/Q amid tariff-related headwinds

** Nomura adds rising crude prices to weigh on co's margins going forward

** CEAT rated "buy" by 19 analysts on avg; median PT at 3,890.5 rupees - data compiled by LSEG

** As of Friday's close, stock was up ~11% this year

(Reporting by Rudra Pratap Singh in Bengaluru)

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** Shares of CEAT Limited CEAT.NS drop 2% to 3777.4 rupees, their biggest one-day loss in over a month

** Tyre maker's Q1 net profit falls 27% Y/Y, hurt by a spike in expenses; revenue up 10.5%

** Analysts' avg. rating on stock is "buy;" median PT is 3832.5 rupees - data compiled by LSEG

** Stock up 18% YTD

(Reporting by Aleef Jahan in Bengaluru)

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July 17 (Reuters) - CEAT Ltd CEAT.NS:

• Q1 CONSOL NET PROFIT 1.12 BILLION RUPEES; IBES EST. 1.34 BILLION RUPEES

• Q1 CONSOL REVENUE FROM OPERATIONS 35.29 BILLION RUPEES; IBES EST. 35.04 BILLION RUPEES

• RE-APPOINTMENT OF ARNAB BANERJEE AS MD & CEO FOR TWO YEARS

• PROPOSED CAPITAL EXPENDITURE AT CHENNAI PLANT TO INCREASE CAPACITY

• PROPOSED CAPACITY ADDITION BY 35% AT CHENNAI PLANT, INVESTMENT REQUIRED 4.50 BLN RUPEES

Source text: [ID:]

Further company coverage: CEAT.NS

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June 20 (Reuters) - CEAT Ltd CEAT.NS:

• TO CONSIDER RAISING FUNDS ON JUNE 25

Source text: ID:nBSEZtNW2

Further company coverage: CEAT.NS

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June 10 (Reuters) - CEAT Ltd CEAT.NS:

• CEAT LTD - DEFERS NCD ISSUANCE MEETING TO JUNE 14, 2025

Source text: ID:nBSE4l30gj

Further company coverage: CEAT.NS

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** Shares of India's JK Tyre & Industries JKIN.NS fall 2.6% to 339 rupees

** Tyremaker posted lower Q4 profit y/y on tepid sales of bus and trucks

** Co, on an avg, rated "buy" vs "buy"-rated peer CEAT CEAT.NS and "sell"-rated MRF MRF.NS

** YTD JKIN down ~10% vs ~19% rise in CEAT and MRF's 7% climb

(Reporting by Hritam Mukherjee in Bengaluru)

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** Analysts at CLSA initiate coverage on Indian tyre maker, Apollo Tyres APLO.NS, with "high conviction outperform" rating; MRF MRF.NS and CEAT CEAT.NS with "outperform"

** Sets TP on APLO, MRF, CEAT at 566 rupees, 128,599 rupees, and 3,493 rupees, respectively

** Shares of APLO, MRF, CEAT up 4.1%, 3%, 3.2%, respectively, amid broader market rally after U.S. President Donald Trump announced 90-day pause on reciprocal tariffs on Wednesday

** Indian tyre market, valued at $12 billion, moving up profitability curve with capacity addition focused on higher-margin passenger car radial tyres vs lower-margin truck and bus tyres - CLSA

** Says sector is at the bottom of margin cycle; gross margins to improve on softening commodity prices

** Sees the sector relatively insulated from impact of U.S. tariff implementation due to limited dependency on exports

(Reporting by Ashish Chandra in Bengaluru)

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March 7 (Reuters) - CEAT Ltd CEAT.NS:

• ODISHA TAX DEPARTMENT ISSUES ORDER WITH 30.6 MILLION RUPEES DEMAND, 3.1 MILLION RUPEES PENALTY

Source text: ID:nBSE1W1mkV

Further company coverage: CEAT.NS

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Feb 4 (Reuters) - CEAT Ltd CEAT.NS:

• GOT DECREE OF INCORPORATION FOR INDONESIA UNIT - PT CEAT TYRES INDONESIA

Source text: [ID:]

Further company coverage: CEAT.NS

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** Tyre maker CEAT CEAT.NS falls ~6% to 2,876.65 rupees ($33.26)

** Co posts bigger-than-expected fall in Q3 profit on higher rubber costs

** Net profit fell 46.5% to 971.1 million rupees ($11.25 million)

** Raw material costs jumped 25% y-o-y

** CEAT rated "buy", on avg, by analysts - LSEG data

** Stock trims 12-month gain to 17.8%

($1 = 86.4800 Indian rupees)

(Reporting by Ananta Agarwal in Bengaluru)

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Jan 15 (Reuters) - CEAT Ltd CEAT.NS:

• Q3 CONSOL NET PROFIT 971.1 MILLION RUPEES; IBES EST. 1.33 BILLION RUPEES

• Q3 CONSOL REVENUE FROM OPERATIONS 33 BILLION RUPEES; IBES EST. 33.1 BILLION RUPEES

• APPROVES INCORPORATION OF SUBSIDIARY IN INDONESIA

• TO INVEST 4 BILLION RUPEES IN NAGPUR PLANT EXPANSION

Source text: [ID:]

Further company coverage: CEAT.NS

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Jan 6 (Reuters) - CEAT Ltd CEAT.NS:

• CEAT - APPROVES 25.7 MILLION RUPEES INVESTMENT IN TYRESNMORE

Source text: ID:nNSEbYT6TM

Further company coverage: CEAT.NS

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** Shares of tyremaker CEAT CEAT.NS rise 4.6% to 3,293 rupees

** Co said on Friday it would buy French tyremaker Michelin's MICP.PA Camso brand for $225 mln, as it looks to expand into higher-margin off-highway tyres (OHTs)

** OHTs are tyres fitted into heavy-duty vehicles such as tractors, harvesters and bulldozers

** Stock hit record high on Monday post the announcement; at least 10 analysts hiked co's PT, as per LSEG data

EXPANSION OF GLOBAL PRESENCE IN OHT SEGMENT TO BOOST REV

** Emkay Research ("buy", hikes PT to street high of 4,000 rupees) says Camso’s double-digit market share and strong presence in North America and Europe to complement CEAT’s rev growth

** Nirmal Bang Equities ("buy", hikes PT to 3,661 rupees) expects deal to be earnings per share accretive and synergistic as it is in line with CEAT’s strategy of expanding off-highway tyres (OHT) export business

** Prabhudas Lilladher Capital ("hold", hikes PT to 3,171 rupees) says acquisition will increase co's OHT rev contribution from 15% to ~25% in the long-term; expects new business to add incremental rev of ~12% by FY27

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Shares of CEAT CEAT.NS climb ~11% to a record high of 3,426 rupees

** Co acquires French tyremaker Michelin's MICP.PA off-highway tyres and tracks business under Camso label for $225 mln

** Stock set for best intraday gain since July 2023

** Acquisition marks Michelin's exit from construction tracks and bias tyres business - CEAT

** Transaction to expand CEAT's product portfolio in off-highway tyres and tracks segment and will complement its efforts in growing speciality tyres business, Investec analysts say

** Camso to contribute ~13% to CEAT's FY26 revenue - Investec

** Avg rating of analysts on CEAT, rivals JK Tyre JKIN.NS and Apollo Tyres APLO.NS at "buy" - LSEG data

** CEAT's ~41% YTD climb highest among peers; APLO up ~20% and JKIN has risen ~2% YTD

(Reporting by Kashish Tandon in Bengaluru)

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Dec 6 (Reuters) - Compagnie Generale des Etablissements Michelin SCA MICP.PA:

• PURSUES ITS "MICHELIN IN MOTION2030" STRATEGY AND FOCUSES ITS ACTIVITIES IN CONSTRUCTION MARKET ON ITS MOST VALUED OFFERINGS

• TRANSACTION WILL STRENGTHEN FINANCIAL PERFORMANCE OF SPECIALTY TIRE BUSINESSES

• WILL STOP PRODUCTION OF BIAS TIRES IN ITS OLSZTYN FACTORY IN POLAND

• SALE ALSO INCLUDES CAMSO BRAND AT END OF A THREE-YEAR LICENSING PERIOD

• IS SELLING TO CEAT GROUP ITS TWO SRI LANKA-BASED PLANTS THAT MANUFACTURE BIAS TIRES AND TRACKS FOR COMPACT CONSTRUCTION EQUIPMENT

Source text: ID:nNDL8gvSrX

Further company coverage: MICP.PA

(Gdansk Newsroom)

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Oct 17 (Reuters) - CEAT Ltd CEAT.NS:

• CEAT - APPROVES SETTING UP OF AN ENTITY IN INDONESIA

Source text for Eikon: ID:nBSE8FHwSG

Further company coverage: CEAT.NS

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** Shares of tyre-makers CEAT CEAT.NS down 2.8%, Apollo Tyres APLO.NS and JK Tyre & Industries JKIN.NS down 3.2% each, MRF MRF.NS down 1.6%

** Prices of crude oil-a key ingredient for refiners-rise on the prospect of a widening Middle East conflict that could disrupt oil flow from the region O/R

** Tyre cos use crude intermediates, and a rise in oil prices likely to increase their input costs

** JKIN and APLO each eye worst day since early Aug

** CEAT, APLO, and JKIN rated "buy" on avg, MRF rated "sell" - LSEG data

** CEAT and APLO up ~27% and ~21% YTD respectively; MRF and JKIN each up ~8%

(Reporting by Varun Vyas in Bengaluru)

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** Shares of India's CEAT CEAT.NS rise ~2% to 2,981 rupees, set to gain for the first session in five

** Tyremaker said its Tamil Nadu plant has started production line for tyres designed for trucks and buses

** Plant expected to produce 1,500 tyres/day in next 12 months - CEAT

** On an avg, co rated "buy" vs "sell" on rival MRF MRF.NS - LSEG data

** YTD stock has risen 19% while MRF has gained 5.2%

(Reporting by Hritam Mukherjee in Bengaluru)

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July 18 (Reuters) - CEAT Ltd CEAT.NS:

• ANTICIPATE CONTINUED MOMENTUM IN VOLUME THROUGHOUT Q2, BEYOND

• FRONT-LOADING CAPEX THIS YEAR TO MEET RISING DEMAND

Source text for Eikon: [ID:]

Further company coverage: CEAT.NS

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** MRF MRF.NS, Apollo Tyres APLO.NS, Ceat CEAT.NS, JK Tyre JKIN.NS gain between 1.8%-8.5%

** CNBC-TV18 reports the Indian tyre makers have announced price hikes

** Ceat among top gainers in Nifty small-cap .NIFSMCP100 index, which is up 0.5%

** Apollo Tyres among top gainers in mid-cap index .NIFMDCP100, up 0.5%

** APLO, JKIN top gainers among tyre stocks YTD, rising 14.3% and 13.3%, respectively

(Reporting by Sethuraman NR in Bengaluru)

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** Indian auto stocks .NIFTYAUTO flat

** But two-wheeler stocks gain, while four-wheelers stall

** Drop in retail sales of cars steepens in June, data shows

** Gains in two-wheeler sales, meanwhile, acclerates

** TVS Motor's TVSM.NS 2% jump lead two-wheelers' gains

** Eicher Motors EICH.NS and Bajaj Auto BAJA.NS up nearly 1%; Hero MotoCorp HROM.NS flat

** Mahindra and Mahindra's MAHH.NS 1.3% drop steepest among car makers

** Tata Motors TAMO.NS and Maruti Suzuki MRTI.NS flat

** Tyremakers MRF MRF.NS and JK Tyre JKIN.NS flat; Ceat CEAT.NS up 0.5%

** Still, Mahindra's 66% gain is highest on index among automakers

(Reporting by Savio Dsouza)

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June 28 (Reuters) - CEAT Ltd CEAT.NS:

• FURTHER INVESTMENT IN TYRESNMORE ONLINE

• DEAL FOR 29.1 MILLION RUPEES

Source text for Eikon: ID:nBSE3fyRP7

Further company coverage: CEAT.NS

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June 17 (Reuters) - CEAT Ltd CEAT.NS:

• RE-APPOINTS ARNAB BANERJEE AS MD, CEO

• APPROVED FURTHER 4.5 MILLION RUPEES INVESTMENT IN CLEANWIN ENERGY FIVE LLP

Source text for Eikon: [ID:]

Further company coverage: CEAT.NS

(([email protected];))

** Shares of Goodyear India GDYR.BO down 5.5% to 1,143.5 rupees, its steepest one-day pct fall since early-Feb

** Tires and tubes maker posted Q4 loss of 42.1 million rupees ($506,329) vs profit of 336.1 mln rupees yr ago

** Co's total expenses came in at 5.6 bln rupees, down 8% Y/Y; rev, however, fell 15.6% to 5.54 bln rupees

** More than 18,000 shares traded, ~3x its 30-day avg

** Stock down 6.44% in last 12 months, compared to a ~50% and 72.6% rise in MRF MRF.NS and CEAT CEAT.NS

($1 = 83.1475 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

** Shares of JK Tyre & Industries JKIN.NS rise 5.7% to 427.6 rupees

** Stock on track for best day since Jan 23, if gains hold

** Co's Q4 profit climbed ~56% YoY

** Rivals MRF MRF.NS, CEAT CEAT.NS and Apollo Tyres APLO.NS reported drop in their Q4 profit

** MRF stock down 0.3% on the day, CEAT and APLO up 0.2% and 1.1%, respectively

* LSEG data

(Reporting by Varun Vyas in Bengaluru)

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