2/5/2025, 6:59:02 pm

Buy CEAT; target of Rs 4100: Emkay Global Financial

CEAT's Q4 revenue growth accelerated to 14% (9.5% for 9M), with EBITDA expanding 100bps QoQ, beating consensus by 9%. They expect FY26 growth driven by rural two-wheeler demand and stable exports, benefiting from lower raw material costs. Emkay upgrades FY26/27E EPS by 8%/5% and raises the target price to Rs 4,100, maintaining a BUY rating.