Nomura has reiterated its Buy rating on Ceat with a target price of ₹3,945, highlighting steady market share gains across key segments and an aggressive focus on growing ahead of the industry.
The brokerage noted consistent gains in the 2W and PCR replacement segments, with original equipment (OE) and export channels set to sustain an 11% revenue CAGR over FY25–27.
Nomura also highlighted the company’s Camso strategy, which is on track to regain lost ground in key export markets. The OHT mix is expected to rise to 25% in H2FY26, the highest among peers, which should further strengthen profitability.
Disclaimer: The views and target prices mentioned in this article are as stated by Nomura. They do not represent the opinions or recommendations of this publication. Readers are advised to consult their financial advisors before making any investment decisions.
