Nuvama has maintained its Buy rating on Ceat with a target price of ₹3,800, expressing confidence in the company’s ability to sustain growth momentum driven by exports and gains in premium segments.
The brokerage said FY26 exports outlook is positive, while domestic replacement growth is expected to remain in single digits. In FY25, Ceat made market share gains across the two-wheeler, TBR (Truck & Bus Radial), and E-PCR (Passenger Car Radial Export) segments.
Looking ahead, Ceat is targeting further gains in the PCR and TBR segments, with an added boost from its recent Camso acquisition, which increases the high-margin Off-Highway Tyre (OHT) and exports share in revenue from 15%/19% to 25%/26%, respectively.
Nuvama is building in a 14% revenue CAGR and 26% EBITDA CAGR over FY25–27, supported by both operating leverage and a richer product mix.
Disclaimer: The views and target prices mentioned in this article are as stated by Nuvama. They do not represent the opinions or recommendations of this publication. Readers are advised to consult their financial advisors before making any investment decisions.
