CEAT aims to increase PV market share by 5%; analysts bullish

Motilal Oswal has a ‘buy’ call with a target price of Rs 2,375. Elara has an ‘accumulate’ rating and a target price of Rs 2,285. Nomura, however, is neutral with a target of Rs 1,765

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CEAT aims to increase its market share in the passenger vehicle segment from 15 percent to 18-20 percent over the next three to four years, the tyre manufacturer said at its annual analyst meeting.

A market leader in the two-wheeler tyre segment, CEAT is looking to expand its passenger vehicle share by selling more premium tyres.

At 10.51 am, the stock, which has gained nearly 50 percent in less than two months, was trading at Rs 2,088.60 on the National Stock Exchange, 0.76 percent up from the previous close.Catch all the market action on our live blog

Export push

The tyre maker said at the June 15 meeting that is seeing a demand recovery in exports. In FY23, export revenue grew two times to Rs 200 crore in FY23 in the last three years and CEAT wants to double it to Rs 400 crore by FY26.

The company is expecting growth in international business, mainly in the agri-radial tyres, from European Union, USA, and Latin American markets.

Motilal Oswal has maintained a “buy” call on CEAT with a target price of Rs 2,375. Elara has given a accumulate rating at a target price of Rs 2,285.

Nomura, however, remains neutral with a target price of Rs 1,765.

CEAT plans to have a smaller and a fragmented capex ahead. The capex will be smaller and will be done in tranches rather at a single time, Nomura said in its report.

The capex for FY23 was Rs 700 crore, a comfortable position for the company to grow at the current installed capacity, the research house said.

The Mumbai-based company expects EBITDA margins to be affected in the near term on the back of increased marketing spends. CEAT was the official strategic partner for the recently concluded Indian Premium League edition.

Also read This tyre stock rallies over 35% in May but it can still deliver 9% more 

The company’s sales increased 20 percent in FY23 to Rs 11,315. Operating profit margin was up 100 basis points to 9 percent. Net profit for the year increased 2.5 times to Rs 182 crore.

One basis point is one-hundredth of a percentage point.

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