Company Valuation: CEAT Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 37,691 58,659 108,315 116,533 131,153 133,758 - -
Change - 55.63% 84.65% 7.59% 12.55% 1.99% - -
Enterprise Value (EV) 1 58,421 78,980 124,013 135,284 160,828 167,022 166,237 164,824
Change - 35.19% 57.02% 9.09% 18.88% 3.85% -0.47% -0.85%
P/E 52.9x 31.5x 16.9x 24.7x 18.8x 23.9x 14x 11.7x
PBR 1.15x 1.7x 2.68x 2.67x 2.6x 2.46x 2.14x 1.86x
PEG - 0x 0x -0.9x 0.4x -1.2x 0.2x 0.6x
Capitalization / Revenue 0.4x 0.52x 0.91x 0.88x 0.84x 0.72x 0.65x 0.59x
EV / Revenue 0.62x 0.7x 1.04x 1.02x 1.03x 0.9x 0.81x 0.73x
EV / EBITDA 3.42x 8.11x 7.51x 9.18x 7.86x 8.7x 6.55x 5.79x
EV / EBIT 21.3x 15.7x 10.8x 14.8x 11.9x 15.1x 9.98x 8.58x
EV / FCF -17.2x 24.1x 14.5x 90.6x 25.2x 52.5x 23.9x 22.4x
FCF Yield -5.82% 4.15% 6.87% 1.1% 3.97% 1.91% 4.18% 4.46%
Dividend per Share 2 3 12 30 30 35 28.77 39.04 42.2
Rate of return 0.32% 0.83% 1.12% 1.04% 1.08% 0.87% 1.18% 1.28%
EPS 2 17.6 46.02 158.9 116.8 172.8 138.3 236.1 281.6
Distribution rate 17% 26.1% 18.9% 25.7% 20.3% 20.8% 16.5% 15%
Net sales 1 93,634 113,149 119,435 132,179 156,780 185,915 205,267 226,496
EBITDA 1 17,098 9,738 16,522 14,741 20,472 19,194 25,367 28,491
EBIT 1 2,746 5,045 11,434 9,114 13,498 11,030 16,658 19,207
Net income 1 712 1,862 6,426 4,726 6,980 5,343 9,524 11,391
Net Debt 1 20,730 20,321 15,698 18,751 29,675 33,264 32,479 31,065
Reference price 2 931.80 1,450.15 2,677.75 2,880.90 3,242.35 3,306.75 3,306.75 3,306.75
Nbr of stocks (in thousands) 40,450 40,450 40,450 40,450 40,450 40,450 - -
Announcement Date 5/5/22 5/4/23 5/2/24 4/29/25 4/28/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.64x1.18x5.12x4.19% 7.9B
24.16x1.58x11.99x0.18% 5.56B
5.44x0.48x2.98x5.36% 5.25B
26.06x3.28x15.57x0.87% 4.29B
21.43x1.19x7.71x3.73% 3.05B
15.39x0.91x7.19x1.57% 2.69B
28.89x0.98x8.68x0.95% 2.29B
11.98x - - 2.24% 2B
5x0.62x3.28x - 1.49B
Average 16.89x 1.28x 7.82x 2.39% 3.84B
Weighted average by Cap. 17.00x 1.35x 7.91x 2.67%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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