1/5/2025, 5:04:02 pm

Buy CEAT; target of Rs 3818: Motilal Oswal

CEAT Ltd's 4QFY25 performance exceeded estimates with a 100bp margin expansion to 11.3%, driven by reduced input costs and price hikes. Management expects the international mix to rise to 26% from 19%, aided by the Camso acquisition and US distribution expansion. Strategic focus on PVs, two-wheelers, OHT, and exports, along with prudent capex, should enhance profitability.