Tolins Tyres Ltd(TOLINS)

NSE: TOLINSBSE: 544254

₹ 80-2.03%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 316 crWebsite: www.tolinstyres.comUpdated: 24 Oct 2026

About

Tolins Tyres makes new tyres for light commercial vehicles, two-wheelers, three-wheelers and off-road vehicles, along with pre-cured tread rubber and bonding gum for retreading. It was founded in 1982 in Kalady, Kerala, and has a plant in Ras Al-Khaimah, UAE. FY26 revenue was Rs 327.12 Cr. The company says it is present in more than 40 countries.^[1][2]

Business segments

India accounted for 83.8% of revenue in FY26 (Rs 273.98 Cr), with an EBIT margin of 12.3%.^[3]
The UAE accounted for 16.2% of revenue in FY26 (Rs 53.14 Cr), with an EBIT margin of 24.1%.^[3]
In Q1 FY27, India operations contributed Rs 69.28 cr and the UAE subsidiary Rs 9.99 cr of consolidated revenue.^[4]
Tread rubber made up 60.53% of operational revenue in FY26.^[5]
In Q3 FY26, tyres made up 52.11% of operational revenue and tread rubber 47.89%. In FY25 the split was 34.16% tyres and 65.84% tread rubber.^[6]

Products

Makes new tyres for light commercial vehicles, two-wheelers, three-wheelers and off-road vehicles.^[1]
Its retreading business makes pre-cured tread rubber and bonding gum, mainly for fleet operators and logistics companies.^[1]
As of Q1 FY27 the agricultural range covers front, rear and heavy-duty rear tractor tyres; the heavy-duty rear tyre was launched in Q2 FY26.^[4][7]
Holds 4 to 5 months of inventory across more than 1,200 SKUs (FY26).^[5]
The FY25 annual report says the company is investing in R&D to develop a portfolio of EV-compatible tyres.^[1]

Plants and capacity

Plants are in Kalady, Kerala (a dedicated two- and three-wheeler tyre unit since 2014) and Ras Al-Khaimah, UAE (since 2006).^[1]
Standalone tread rubber (PCTR) capacity is 11,286 tonnes a year. Tyre capacity is 3,77,100 units a quarter (Q3 FY26).^[6]
The Ras Al Khaimah plant has a capacity of 1,200 metric tons and was less than 50% utilised in FY26.^[5]
Capacity utilisation in FY26 was about 45% for tyres and about 55% for India tread rubber.^[5]

Operating volumes

Tyre volumes were 1,55,790 units in Q1 FY27.^[4]
Tyre output was 5,35,870 units in FY26, up from 3,93,253 units in FY25 (+36%).^[5]
Tread rubber volume was 7,304 tons in FY26, up 10% from the year before.^[5]

Customers and distribution

The network had 8 depots and 3,737 dealers across India in Q1 FY27; a Gujarat depot opened on 1 December 2025 marked entry into western India.^[4][5]
Exports were 8.15% of the mix in Q1 FY27, against 5.16% of operational revenue in FY26 and 6.40% in FY25.^[4][5]
The top 10 customers made up 75.74% of revenue in Q1 FY26, up from 69.36% in FY25.^[8]
The company has a warehouse in El Salvador and has entered Turkey, Sri Lanka and Bangladesh. It says it was the first Indian retread brand in the US market.^[1]
Supplies tread rubber to Apollo Tyres on a job-work basis. Revenue from Apollo was Rs 2-3 cr in Q2 FY26.^[7]

Expansion and new businesses

The TerraRubber subsidiary, with about Rs 2 cr of investment, recycles production scrap into reclaimed rubber. It had started production by Q4 FY26.^[7]
In Q1 FY27 management described a planned expansion of TerraRubber in the circular rubber business; it was scouting to acquire a rubber recycling facility, with no deal finalised as of Q4 FY26.^[4][5]
The company plans to raise capacity utilisation progressively to 75% over the next few years (restated in Q1 FY27).^[4][5]
The company says it will pursue selective acquisitions in rubber and rubber-related products (Q1 FY27).^[4]
The UAE subsidiary began exporting tread rubber to the US in Q2 FY26.^[7]

Recent developments

Won a tread rubber supply order from the Tamil Nadu State Transport Undertaking worth about Rs 50 crore a year (disclosed in Q2 FY26).^[7]
From September 2025, GST on new commercial tyres fell to 18%, the same rate as retread materials. New agricultural tyres now carry 5% GST.^[5]
Listed on 16 September 2024 after an IPO that raised Rs 2,300 Mn, including a fresh issue of Rs 2,000 Mn.^[1]

Market Cap

₹316 Cr

High / Low

₹198 / 81

Stock P/E

9.9

Price / Book

0.9

Book Value

₹91

EPS

₹9.0

No. of Shares

3.95 Cr

ROCE

13.0%

ROE

10.4%

OPM

14.1%

Debt / Equity

0.03

Sales

₹327 Cr

Net Profit

₹36 Cr

Promoter holding

68.5%

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