Currency depreciation and raw material inflation
Rupee depreciation from ₹87 to ₹91/USD and rising natural rubber prices could impact margins by 1-1.5% in Q4 and beyond.
CEATLTD / Q3-FY26 / risks
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CEAT · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
US tariff headwinds on exports
US tariffs of 25% on on-road tires and 50% on OHT persist, limiting growth in the US market; India-US trade deal uncertainty remains.
CAMSO transition and margin normalization delay
CAMSO revenue run-rate is below initial expectations ($80M annualized vs $140-150M guided), and full normalization may take 3-5 quarters.
Replacement demand sustainability post-GST
Strong replacement growth may partly reflect channel restocking; sustainability beyond a couple of quarters is uncertain.