Tyres Historical case study · data as of 24 Jul 2026 · published 28 Oct 2026 (96 days later)

CEAT — 100-point case study

How CEAT looked on 50 technical and 50 fundamental measures on 24 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: CEATLTD · BSE: 500878
Close on 24 Jul 2026	₹3,328.60
Market cap then	₹13,464 crore
Valuation	P/E 19.3× · P/B 2.67×
Momentum	RSI (14) 37 · 1-year return -0.5%
Next 3 months	-6.3% vs Nifty 50 -4.3% (to 26 Oct 2026)

Scorecard

Technical — 50 points

2 bullish · 23 neutral · 2 caution · 22 bearish — the picture leaned negative.

Fundamental — 50 points

12 bullish · 31 neutral · 5 caution · 1 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: CEAT has consolidated the Camso off-highway tyre business (acquired from Michelin) since 1 Sep 2025, so year-on-year comparisons from the Sep 2025 quarter onward are not like-for-like.

Technical analysis — 50 points

Calculated by code from daily prices up to 24 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope -0.44%/day	Bearish	Over the last 20 sessions the regression line of closing prices was falling about 0.44% a day — a short-term downtrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return -10.2%	Neutral	The 100-session trend line was up (+0.01%/day) and the stock was -10.2% over three months, so the medium-term picture was neutral. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return -0.5%	Neutral	Compared with a year earlier the price was -0.5%. Little net progress over twelve months. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 3,450.79 / 30W 3,557.34	Bearish	On the weekly chart the stock showed a weekly close below the 10-week average, which sat below the 30-week. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 3,369.70→3,986.00; lows 3,061.20→3,379.00	Bullish	The two most recent swing points showed higher swing highs and higher swing lows — classic uptrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	25.6	Bearish	ADX at 25.6 shows a trend of moderate strength. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 17.1 / –DI 30.2	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	3,652.97 (-8.9%)	Bearish	Close of 3,328.60 was 8.9% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	3,434.67 (-3.1%)	Bearish	Close of 3,328.60 was 3.1% below the 50-day SMA — the medium-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	3,650.66 (-8.8%)	Bearish	Close of 3,328.60 was 8.8% below the 200-day SMA — the long-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 3,484.41 / 21E 3,553.23	Bearish	The 9-day EMA was below the 21-day EMA; the last crossover happened on 21 Jul 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bearish	The 50-day average was 5.9% below the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+1.8% in 20 sessions	Bullish	The 50-day average rose 1.8% over the past month — rising. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	3,653 / 3,435 / 3,461 / 3,651	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	3,675.88 (-9.4%)	Bearish	Anchored to the start of July, the volume-weighted average price was 3,675.88; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	37.4	Bearish	RSI at 37.4 reflected soft, below-average momentum. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD -27.04 / signal 42.76	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-43.75 → -69.79	Bearish	The histogram fell over the last five sessions, meaning momentum was weakening. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	-27.04	Bearish	MACD below zero means the 12-day EMA was below the 26-day EMA — a negative momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 3.1 / %D 3.2	Caution	Slow stochastic at 3.1 was in oversold territory (<20). Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-97.1	Caution	%R of -97.1 put the close near the bottom of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-110	Bearish	CCI at -110 signalled an unusually strong downward deviation (<–100). Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-13.9%	Bearish	Price changed -13.9% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.13 (bands 3,214.84–4,091.11)	Neutral	%B of 0.13 — inside the bands, lower half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 24.0% (89th pct of 6M)	Neutral	Band width was at the 89th percentile of the last six months, so volatility was elevated. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹120.99 (3.6% of price)	Neutral	A typical day's range was about ₹120.99, or 3.6% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	43.8% vs 1Y 39.3%	Neutral	Annualised 30-day volatility was 43.8%, close to the one-year level of 39.3%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	3,310.45–3,795.71	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	1.42	Neutral	A beta of 1.42 means the stock tended to move more than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.46× / 5-day 0.63×	Neutral	The final session traded 0.46× its 20-day average volume and the last five sessions averaged 0.63× — lighter than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 0.73	Bearish	Average volume on up days was 0.73× that on down days — distribution-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV falling	Bearish	OBV fell over the month while price fell — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.00	Neutral	CMF at -0.00 indicated roughly balanced money flow. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	25.6	Bearish	MFI, a volume-weighted RSI, was 25.6. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹93 cr/day	Neutral	About ₹93 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	3,256.02 / 3,112.71 / 3,000.50	Neutral	Nearest support (prior swing lows) sat at 3,256.02, 2.2% below the close, then 3,112.71, 3,000.50. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	3,466.27 / 3,580.00 / 3,947.21	Neutral	Nearest resistance (prior swing highs) sat at 3,466.27, 4.1% above the close, then 3,580.00, 3,947.21. How to read: Information only.
40	Monthly pivot points (for next month)	P 3,541.23 \| R1 3,773.37 \| S1 3,096.47	Neutral	Classic pivots from July's high/low/close gave a pivot of 3,541.23; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 3,313 \| 38.2% 3,469 \| 50.0% 3,595 \| 61.8% 3,721	Neutral	Measuring the 6-month fall from 4,128.30 to 3,061.20, the close was nearest the 23.6% retracement at 3,313.04. How to read: Information only.
42	52-week high / low	H 4,438.00 / L 3,000.50	Neutral	The close was 25.0% below the 52-week high and 10.9% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	2 open; latest gap-down 17 Jul at 3,782.10	Neutral	There were 2 unfilled gap(s). The latest, a gap-down on 17 Jul 2026, left an open level at 3,782.10 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	broad sideways range	Neutral	Rule-based pattern scan: broad sideways range. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 3,309.10–3,986.00	Neutral	The close was inside the prior 20-day range of 3,309.10–3,986.00. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Inside bar	Neutral	On 24 Jul the candle opened 3,321.00, ranged 3,310.30–3,357.00 and closed 3,328.60: Inside bar — range contraction. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 3,283.10–3,505.55; Tenkan 3,586.55 / Kijun 3,647.55	Neutral	Price was inside the cloud and the Tenkan line was below the Kijun line — an undecided Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -2.5% / 3M -8.5%	Bearish	The stock underperformed the Nifty 50 by 8.5 points over three months and underperformed by 2.5 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M -4.8%	Bearish	No sector index in today's data set, so we show the 6-month comparison instead: 4.8 points behind the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	2 bullish · 22 bearish · 23 neutral · 2 caution	Bearish	Across the 49 readings the technical picture leaned negative. Levels that mattered: support 3,256.02, resistance 3,466.27. This is a description of the chart on 24 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 24 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Jun 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 24 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	19.3×	Neutral	At ₹3,328.60 the market valued the company at about ₹13,464 crore, or 19.3× the ₹697 crore profit of the four quarters to Mar 2026. That is a moderate multiple. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	2.67×	Neutral	Market cap was 2.67× the Mar 2026 book value (equity + reserves) of ₹5,046 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	0.86×	Neutral	The company was valued at 0.86× its trailing-12-month sales of ₹15,678 crore. How to read: Information only.
4	EV / EBITDA (approx.)	8.2×	Neutral	Enterprise value (market cap + ₹3,272 cr borrowings; cash not netted) was 8.2× trailing operating profit of ₹2,046 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	5.2%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹5.2 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	0.34	Caution	P/E of 19.3 divided by 3-year profit growth of 56.5% a year gives a PEG of 0.34. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Note: the Mar 2025 quarter carried unusual other income of ₹-33 crore; the Dec 2025 quarter carried unusual other income of ₹-52 crore — a one-off that distorts year-on-year profit comparisons. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	0.90%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹30 a share, a 0.90% yield on the ₹3,328.60 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹13,464 cr	Neutral	At about ₹0.13 lakh crore the company was a small-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹2,199.26 vs ₹3,328.60	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹2,199.26; the price was 51% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+18.6%	Bullish	Revenue for FY26 was ₹15,678 crore, +18.6% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+23.3%	Bullish	The Jan–Mar 2026 quarter brought ₹4,219 crore of revenue, +23.3% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+48.0%	Caution	FY26 net profit was ₹697 crore, +48.0% on FY25's ₹471 crore. Note: the Mar 2025 quarter carried unusual other income of ₹-33 crore; the Dec 2025 quarter carried unusual other income of ₹-52 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+146.5%	Caution	Quarterly profit was ₹244 crore versus ₹99 crore a year earlier (+146.5%). Note: the Mar 2025 quarter carried unusual other income of ₹-33 crore; the Dec 2025 quarter carried unusual other income of ₹-52 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	11.5%	Neutral	Revenue compounded at 11.5% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	56.5%	Caution	Net profit compounded at 56.5% a year from FY23 to FY26. Note: the Mar 2025 quarter carried unusual other income of ₹-33 crore; the Dec 2025 quarter carried unusual other income of ₹-52 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	15.6%	Bullish	Over five years (FY21–FY26) revenue compounded at 15.6% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+47.7%	Caution	Reported EPS went from ₹116.85 to ₹172.56 (+47.7%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Note: the Mar 2025 quarter carried unusual other income of ₹-33 crore; the Dec 2025 quarter carried unusual other income of ₹-52 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	13%	Neutral	Operating profit (EBITDA) was 13% of sales in FY26 versus 11% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	11% → 13% → 14% → 14%	Bullish	Quarterly margins moved from 11% to 14% over the last four quarters — expanding. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	4.4%	Neutral	₹4.4 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	14.8%	Neutral	FY26 profit was 14.8% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	19%	Neutral	Return on capital employed (debt + equity) was 19% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	5.01%	Neutral	Net profit was 5.01% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	29%	Neutral	The company paid about 29% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	-3%	Neutral	Non-operating 'other income' of ₹-31 crore made up -3% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.65	Neutral	Borrowings of ₹3,272 crore were 0.65× equity — moderate leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	1.59×	Neutral	Debt equalled 1.59 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	3.7×	Neutral	Earnings before interest and tax covered interest cost 3.7 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+15.5%	Bullish	Shareholders' equity grew +15.5% from ₹4,368 crore to ₹5,046 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹638 cr (8% of fixed assets)	Neutral	Projects under construction (CWIP) were 8% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	-49 days	Neutral	Working capital tied up equalled -49 days of sales (FY25: -49). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	-21 days	Neutral	It took -21 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	43 (FY25 46)	Neutral	Customers took 43 days on average to pay, versus 46 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹1,786 cr	Bullish	The business generated ₹1,786 crore of operating cash in FY26 versus ₹1,092 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹639 cr	Bullish	After capital spending, free cash flow was ₹639 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	2.56×	Bullish	Operating cash flow was 2.56× reported profit — profits were well backed by cash. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	4.7%	Bullish	FY26 free cash flow was 4.7% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹1,640 cr	Bullish	Free cash flow over FY24–FY26 added up to ₹1,640 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹1,147 cr	Neutral	Implied capital expenditure was about ₹1,147 crore, 7.3% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	20%	Neutral	The company paid out about 20% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	19% / 26% / 20%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹40 cr → ₹40 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	47.29% (+0.08 pts YoY)	Neutral	Promoters owned 47.29% at Jun 2026 versus 47.21% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	13.82% (-3.57 pts YoY)	Bearish	FIIs held 13.82% at Jun 2026, down from 17.39% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	22.19% (+2.12 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 22.19%, up from 20.07%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	1.5 lakh (+5.2% YoY)	Neutral	The shareholder count moved from 1.4 lakh to 1.5 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	6/8	Neutral	Passed: positive profit, positive operating cash flow, CFO > net profit, operating margin improved, ROA improved, no meaningful dilution (<3%). Failed: leverage fell, asset turnover improved. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	1 strength(s) · 0 weakness(es)	Neutral	Strengths: Company has been maintaining a healthy dividend payout of 21.6%. No weaknesses flagged. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	12 bullish · 1 bearish · 31 neutral · 5 caution	Bullish	On the numbers published by 24 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 19.3×, P/B 2.67×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 24 Apr 2026 – 24 Jul 2026 that an investor could have known on the snapshot date.

28 Apr 2026 CEAT Q4 FY26 consolidated net profit rises about 145% YoY to Rs 244 crore; revenue up 23% — Announced after market hours on April 28, 2026: consolidated revenue for the March 2026 quarter was Rs 4,219 crore (up 23% YoY) and net profit Rs 243.85 crore versus Rs 99.49 crore a year earlier. The shares rose about 12% in early trade on April 29. source
28 Apr 2026 CEAT FY26 revenue reaches Rs 15,678 crore; board recommends Rs 35 per share dividend — For FY26 consolidated net profit was Rs 697 crore and revenue Rs 15,678 crore, with an EBITDA margin of 13.16%. The board recommended a dividend of Rs 35 per share (350%), subject to shareholder approval. source
17 Jun 2026 CEAT plans 3-5% tyre price increase to offset higher rubber and crude-linked costs — CEAT was reported to be raising tyre prices by 3-5% across categories to offset higher natural rubber and crude-oil-linked input costs, with further revisions planned for August and September 2026. source
16 Jul 2026 CEAT Q1 FY27 consolidated net profit falls to Rs 4 crore despite 22% revenue growth — For the June 2026 quarter consolidated revenue rose 22% YoY to Rs 4,318 crore but net profit fell to Rs 4 crore from Rs 112 crore, hit by higher raw material costs, higher finance costs (including a Rs 48 crore exchange loss at CEAT OHT Lanka) and a Rs 7 crore VRS charge. Results now include the Camso business acquired from September 1, 2025. source
16 Jul 2026 CEAT board approves about Rs 1,205 crore to expand two-wheeler tyre capacity — With the Nagpur plant running at about 95% of two-wheeler tyre capacity, the board approved about Rs 1,205 crore to add roughly 53,000 tyres per day in phases by the end of FY2031, funded through internal accruals and debt. source
17 Jul 2026 CEAT shares fall about 7% after Q1 FY27 results — On July 17, 2026, the day after the June-quarter results, CEAT shares fell about 7% intraday on volume of about 11 lakh shares versus a 30-day average of about 2 lakh. source

What happened next (24 Jul 2026 → 26 Oct 2026)

Price went from ₹3,328.60 to ₹3,119.80 by 26 Oct 2026 (-6.3%) while the Nifty 50 moved -4.3% — underperforming by 2.0 points.
Highest ₹3,824.80 on 11 Aug 2026; lowest ₹3,012.60 on 23 Oct 2026.
S1 3,256.02: broken on a closing basis on 29 Sep 2026.
S2 3,112.71: broken on a closing basis on 23 Oct 2026.
R1 3,466.27: cleared on a closing basis on 03 Aug 2026.
R2 3,580.00: cleared on a closing basis on 04 Aug 2026.
200-day SMA: price was below it at the snapshot and crossed above on 05 Aug 2026.
Apr–Jun 2026 results (reported 16 Jul 2026): revenue ₹4,318 crore (+22.4% YoY), net profit ₹4 crore (-96.4% YoY), operating margin 8% vs 11% a year earlier (Screener consolidated figures).

Later news

19 Aug 2026 CEAT receives order suspending its Maharashtra methanol procurement licence for 15 days — CEAT disclosed an order suspending a methanol procurement licence in Maharashtra from September 1 to 15, 2026, citing alleged rule violations. The company said the issues had been addressed, an alternative arrangement was in place, and no material impact was expected. source
23 Sep 2026 CEAT Specialty plans Ambernath expansion as Camso integration continues — CEAT Specialty plans to expand its Ambernath plant from 105 to 160 tonnes per day, as it runs at 90-95% utilisation. The Camso acquisition added construction tyres, tracks and global customers; raising Camso's utilisation was described as the next challenge. source
14 Oct 2026 CEAT Q2 FY27 net profit falls about 40% YoY to Rs 112 crore; revenue up 26% — For the September 2026 quarter consolidated revenue rose 26.2% to Rs 4,762 crore while net profit fell to Rs 112 crore from Rs 186 crore, as expenses grew faster than revenue; a Rs 13 crore VRS exceptional charge was also booked. source

Educational summary. On 24 Jul 2026 the technical picture leaned negative and the fundamental picture leaned positive. Over the next three months the stock moved -6.3% against -4.3% for the Nifty 50. Here the chart's message lined up with what followed. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold CEAT today.

Method designed by our founder, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 28 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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