• Revenue growth: CEAT’s top line grew about 23% year on year, with all three segments posting double-digit growth. Volume growth was about 10% to 11%, with the balance coming from price and mix; standalone EBITDA margin was 10.1% and consolidated margin was 9.6%.
• Pricing outlook: In quarter 2, prices rose about 12% in OEM and 11 to 12% in replacement; cumulative increases in the first 6 months were about 16 to 17%, while international prices rose about 5%. Management still needs about 6 to 7% more to recover raw material costs.
• Quarter 3 margins: Raw material costs are expected to rise 4 to 5% over quarter 2, with OEM price increases expected in the range of 4 to 5%; some categories face competitive resistance. Management expects margins to be similar to quarter 1 and quarter 2, with margin pressure continuing.
• Segment mix: OEM grew about 35%, international business 26-27%, and replacement 14% year on year. Growth was also strong in premium passenger-car and motorcycle tyres; management said it is focusing on premium segments and about half of incremental OEM orders are for tyres above 17-inch.
• EV outlook: Management expects EVs to grow faster than ICE vehicles, with passenger-car EV share potentially reaching about 30% by 2030-31, and possibly higher amid elevated energy prices. Commercial EV adoption remains at an early stage, with charging infrastructure a constraint and hydrogen another possible option.