Rubber industry

15 companies · ₹10,665 cr · 3 with AI deep dives · Q1FY27 report

Middle East supply shock cleaves the sector: domestic India at multi-year highs, export books frozen

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: +25.3%; 75% of names up
P/E vs own 5y: +20.4%; 25.2x 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%
YoY: +870bps
Peak: 21.6%
vs peak: 0bps

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

19.79x - 70.22x across the panel today

The median name trades at 25.2x, +20.4% against this industry's own 5-year median of 20.9x, and -48.4% against its own peak of 48.8x.

Exhibit 3Structure

₹10,665 cr

Apcotex Industries Ltd is 30.9% of this industry by market cap. The top 5 are 84.8% and the top 10 are 97.5%.

small 4micro 104 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 25.16x, 5y ROCE above its median of 15.48%, 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 (15 of 15)

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	₹3,121 cr	19.4x	16.4x	21.2%	13.4%	+39.9%	Unlock
Tinna Rubber & Infrastructure Ltd	₹1,858 cr	30.1x	20.7x	26.4%	19.0%	+19.9%	Unlock
GRP Ltd	₹1,019 cr	179.8x	29.5x	10.1%	8.4%	+26.8%	Unlock
Pix Transmission Ltd	₹2,344 cr	17.8x	13.9x	19.6%	30.7%	+22.8%	Unlock
Rubfila International Ltd	₹376 cr	13.9x	-	10.6%	7.9%	-7.9%	Unlock
Harrisons Malayalam Ltd	₹341 cr	12.6x	9.2x	14.5%	8.2%	+7.2%	Unlock
Gayatri Rubbers and Chemicals Ltd	₹333 cr	51.9x	41.4x	40.6%	0.0%	+34.0%	Unlock
Elgi Rubber Company Ltd	₹290 cr	-	-3.2x	-124.8%	-48.8%	-18.1%	Unlock
Ameenji Rubber Ltd	₹248 cr	38.1x	15.2x	18.8%	16.1%	-	Unlock
Sampann Utpadan India Ltd	₹126 cr	16.9x	13.6x	8.9%	11.2%	+27.6%	Unlock
Rishiroop Ltd	₹112 cr	10.5x	-	6.2%	12.2%	+41.8%	Unlock
Lead Reclaim and Rubber Products Ltd	₹80 cr	18.2x	10.7x	21.1%	21.7%	-18.2%	Unlock
Pentagon Rubber Ltd	₹72 cr	23.7x	19.1x	9.8%	10.5%	-3.6%	Unlock
Defrail Technologies Ltd	₹50 cr	12.7x	7.5x	21.3%	9.7%	-	Unlock
Horizon Reclaim (India) Ltd	₹0 cr	-	-	-	-	-	Unlock

Apcotex Industries Ltd

Mcap: ₹3,121 cr
P/E: 19.4x
EV/EBITDA: 16.4x
ROCE: 21.2%
Margin: 13.4%
Rev YoY: +39.9%

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Tinna Rubber & Infrastructure Ltd

Mcap: ₹1,858 cr
P/E: 30.1x
EV/EBITDA: 20.7x
ROCE: 26.4%
Margin: 19.0%
Rev YoY: +19.9%

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GRP Ltd

Mcap: ₹1,019 cr
P/E: 179.8x
EV/EBITDA: 29.5x
ROCE: 10.1%
Margin: 8.4%
Rev YoY: +26.8%

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Pix Transmission Ltd

Mcap: ₹2,344 cr
P/E: 17.8x
EV/EBITDA: 13.9x
ROCE: 19.6%
Margin: 30.7%
Rev YoY: +22.8%

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Rubfila International Ltd

Mcap: ₹376 cr
P/E: 13.9x
EV/EBITDA: -
ROCE: 10.6%
Margin: 7.9%
Rev YoY: -7.9%

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Harrisons Malayalam Ltd

Mcap: ₹341 cr
P/E: 12.6x
EV/EBITDA: 9.2x
ROCE: 14.5%
Margin: 8.2%
Rev YoY: +7.2%

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Gayatri Rubbers and Chemicals Ltd

Mcap: ₹333 cr
P/E: 51.9x
EV/EBITDA: 41.4x
ROCE: 40.6%
Margin: 0.0%
Rev YoY: +34.0%

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Elgi Rubber Company Ltd

Mcap: ₹290 cr
P/E: -
EV/EBITDA: -3.2x
ROCE: -124.8%
Margin: -48.8%
Rev YoY: -18.1%

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Ameenji Rubber Ltd

Mcap: ₹248 cr
P/E: 38.1x
EV/EBITDA: 15.2x
ROCE: 18.8%
Margin: 16.1%
Rev YoY: -

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Sampann Utpadan India Ltd

Mcap: ₹126 cr
P/E: 16.9x
EV/EBITDA: 13.6x
ROCE: 8.9%
Margin: 11.2%
Rev YoY: +27.6%

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Rishiroop Ltd

Mcap: ₹112 cr
P/E: 10.5x
EV/EBITDA: -
ROCE: 6.2%
Margin: 12.2%
Rev YoY: +41.8%

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Lead Reclaim and Rubber Products Ltd

Mcap: ₹80 cr
P/E: 18.2x
EV/EBITDA: 10.7x
ROCE: 21.1%
Margin: 21.7%
Rev YoY: -18.2%

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Pentagon Rubber Ltd

Mcap: ₹72 cr
P/E: 23.7x
EV/EBITDA: 19.1x
ROCE: 9.8%
Margin: 10.5%
Rev YoY: -3.6%

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Defrail Technologies Ltd

Mcap: ₹50 cr
P/E: 12.7x
EV/EBITDA: 7.5x
ROCE: 21.3%
Margin: 9.7%
Rev YoY: -

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Horizon Reclaim (India) Ltd

Mcap: ₹0 cr
P/E: -
EV/EBITDA: -
ROCE: -
Margin: -
Rev YoY: -

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Exhibit 6What managements said

from Industrial Products earnings calls · as of 2026-06-30

headwindMiddle East conflict disrupts exports, logistics and raw-material supply chains bucket-wide12 managements

The US-Iran conflict and Strait of Hormuz disruption was the single most-cited risk, named by JINDALSAW (full MENA seaborne embargo since March, 600,000 MT Saudi order frozen)…

JINDALSAW (Q1FY27): “While we hold a strong order book, including a 6 lakh metric ton work order from Saudi…”

tailwind9 managements headwind4 managements tailwind6 managements headwind6 managements headwind5 managements tailwind3 managements headwind4 managements

7 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

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

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