Rubber industry

14 companies · ₹9,083 cr · 5 with AI deep dives · Q1FY27 report

Supply-shock windfall drives margins to all-time highs, but managements guide normalisation to 15-20%

Turning upmargin troughed at 11.7% and has risen for 6 quarters to 21.6%, on positive revenue growth

Revenue YoY: +31.6%
EBITDA margin: 21.6%; +870bps YoY
Price, 1 year: -2.8%; 50% of names up
P/E vs own 5y: -8.5%; 19.6x now

Exhibit 1The quarter in numbers

constant panel of 4 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	988 cr	870 cr	+13.6%	751 cr	+31.6%	988 cr	0.0%
EBITDA margin	21.6%	14.1%	+750bps	12.9%	+870bps	21.6%	0bps

Revenue

Jun 26: 988 cr
Mar 26: 870 cr
QoQ: +13.6%
Jun 25: 751 cr
YoY: +31.6%
Peak: 988 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 21.6%
Mar 26: 14.1%
QoQ: +750bps
Jun 25: 12.9%

Sept 26: 1 of 4 reported so far, so it is not in the trend above.

Breadth: 100% of 4 companies grew revenue year on year (was 75% a quarter earlier) and 100% expanded margin (was 50%).

Exhibit 2What it costs

17.33x - 55.79x across the panel today

The median name trades at 19.6x, -8.5% against this industry's own 5-year median of 21.4x, and -59.9% against its own peak of 48.8x.

Exhibit 3Structure

₹9,083 cr

Apcotex Industries Ltd is 29.8% of this industry by market cap. The top 5 are 83.5% and the top 10 are 96.6%.

small 3micro 114 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 19.59x, 5y ROCE above its median of 14.68%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (14 of 14)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Apcotex Industries Ltd	₹2,734 cr	16.9x	14.4x	19.8%	12.3%	+39.9%	Unlock
Pix Transmission Ltd	₹2,284 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

mixedBroad-based margin expansion to multi-year highs - flagged as partly non-recurring4 managements

All four reporting companies posted EBITDA margin expansion in Q1 FY27: Apcotex 22.28% (+1,198 bps YoY), Tinna 21.7% (+575 bps YoY), GRP 11.0% (+233 bps YoY), and GRCL 21.11% in…

APCOTEXIND (Q1FY27): “I wouldn't annualize this level of benefit... I would talk about average margins. And we…”

headwind2 managements tailwind3 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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