CEAT Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 4,157 Crs., 26% growth YoY, Total Income is Rs. 4,163 Crs., 26% growth YoY, Gross Margin is Rs. 1,660 Crs., 36.6% growth YoY, Gross Margin is 39.9% Improved by 310 Basis points YoY, EBITDA is Rs. 568 Crs., 64% growth YoY, EBITDA Margin is 13.7% Improved by 317 Basis points YoY, PBT Rs. 223 Crs, 67.5% growth YoY, PAT Rs. 155 Crs, 60.2% growth YoY (which includes 57.81 Cr. one-time impact of New Labour Code). Healthy YoY volume growth across segments, International Business continues to recover well, and witnessing strong demand from key clusters, Capex outflow for the quarter was ~Rs. 254 Cr. On QoQ basis Op. Revenue is up by 10.2%, Total Income is up by 10.24%, Gross Margin is also up by 7.5%, But Gross Margin % declined by 100 Basis points, EBITDA is up by 11.2%, However, PBT is down by 12.1% and PAT is also down by 16.3% (which includes 57.81 Cr. one-time impact of New Labour Code).