Consolidated Financial Performance

  • Revenue: ₹4,762 Crore, representing a 10.3% quarter-on-quarter (QoQ) increase and a 26.2% year-on-year (YoY) increase.
  • Growth was driven by healthy YoY volume and realization growth across all segments. Sequential growth was supported by marginal volume increases in the OEM and International Business segments, with International Business showing robust growth on both QoQ and YoY bases.
  • EBITDA Margin: 9.5%, an improvement of 94 basis points (bps) from the previous quarter (Q1 FY27), but a contraction of 403 bps compared to Q2 FY26.
  • The raw material (RM) basket cost increased by a high single-digit percentage sequentially.
  • Gross margin expanded by 66 bps QoQ but contracted by 635 bps YoY.
  • The YoY EBITDA margin contraction was primarily attributed to raw material cost (RMC) pressure, though other operating costs were managed well.
  • Debt: Stood at ₹3,846 Crore.
  • Debt-to-Equity (D/E) Ratio: 0.77x, compared to 0.65x in Q1 FY27.
  • Debt-to-EBITDA Ratio: 1.93x, compared to 1.58x in Q1 FY27.
  • The increase in leverage ratios was due to a capital expenditure (capex) outflow of approximately ₹493 Crore for the quarter and an increase in net working capital of ~₹258 Crore QoQ.

Market and Product Mix

  • The company maintains a balanced market mix: Replacement (50%), OEM (30%), and Exports (20%).
  • The product mix is diversified: Truck & Bus (27%), 2/3 Wheeler (28%), Passenger Car/UV (23%), and Off-Highway Tires (16%).

Standalone Financial Performance (Rs. Crore)

| Parameter | Q2 FY27 | Q1 FY27 | Q2 FY26 | QoQ Change | YoY Change | 6M FY27 | 6M FY26 | YoY Change |

| Revenue | 4,548 | 4,163 | 3,701 | +9.2% | +22.9% | 8,711 | 7,222 | +20.6% |

| Gross Margin | 1,526 | 1,394 | 1,517 | +9.5% | +0.6% | 2,920 | 2,814 | +3.8% |

| Gross Margin % | 33.6% | 33.5% | 41.0% | +9 bps | -742 bps | 33.5% | 39.0% | -544 bps |

| EBITDA | 461 | 380 | 507 | +21.3% | -9.0% | 841 | 898 | -6.3% |

| EBITDA % | 10.1% | 9.1% | 13.7% | +101 bps | -356 bps | 9.7% | 12.4% | -277 bps |

| PAT | 164 | 99 | 202 | +66.2% | -19.0% | 263 | 338 | -22.2% |

Other Financial Items (Standalone)

  • Finance Cost: ₹96 Cr (Q2 FY27), ₹95 Cr (Q1 FY27), ₹87 Cr (Q2 FY26).
  • Depreciation: ₹173 Cr (Q2 FY27), ₹168 Cr (Q1 FY27), ₹167 Cr (Q2 FY26).
  • Exceptional Expense: ₹13 Cr (Q2 FY27), ₹7 Cr (Q1 FY27), ₹0 Cr (Q2 FY26).
  • Non-Operating Income: ₹40 Cr (Q2 FY27), ₹22 Cr (Q1 FY27), ₹17 Cr (Q2 FY26).

ESG and Social Initiatives

  • Logistics: Optimized inbound logistics for domestic raw materials (non-NR) to 38.8 KM/MT. Dispatched 40 MT of natural rubber using an LNG-powered truck.
  • Awards: Received a Gold Award from the Indian Society for Quality. Launched 'Circl 90', its highest sustainable passenger car tire in India.
  • Initiatives: Initiated alternate fuel-based road transportation with 2 suppliers. CEAT CAMSO planted 500 trees for World Environment Day 2026.
  • Social Impact: Restored 18,000+ plantations at Malabar Hills. Enabled 164 women to start businesses, with collective earnings of ~₹53.3 lakhs. Education initiatives have impacted 5,700+ students to date, with an aim to reach 24,000+ students.

Notes and Accounting Policies

  • Financials are prepared under IND AS.
  • Gross margin includes the impact of non-material cost movement of inventory (finished goods and semi-finished goods).
  • EBITDA includes share of profit from the Sri Lanka joint venture (accounted for using the equity method) and excludes non-operating income.