Tyres & Rubber Products industry

20 companies · ₹1.4 L cr · 9 with AI deep dives · Q1FY27 report

Volume records broken sector-wide, but rubber's 15-year high crushes margins and Q2 brings another RM wave

Margin pressurerevenue is growing but margin has fallen for 3 quarters to 11.2%

Revenue YoY: +14.4%
EBITDA margin: 11.2%; -160bps YoY
Price, 1 year: -25.9%; 25% of names up
P/E vs own 5y: +3.5%; 26.4x now

Exhibit 1The quarter in numbers

constant panel of 8 companies above ₹500 cr

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

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	29,594 cr	28,639 cr	+3.3%	25,870 cr	+14.4%	29,594 cr	0.0%
EBITDA margin	11.2%	14.9%	-370bps	12.8%	-160bps	15.6%	-440bps

Revenue

Jun 26: 29,594 cr
Mar 26: 28,639 cr
QoQ: +3.3%
Jun 25: 25,870 cr
YoY: +14.4%
Peak: 29,594 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 11.2%
Mar 26: 14.9%
QoQ: -370bps
Jun 25: 12.8%

Sept 26: 2 of 8 reported so far, so it is not in the trend above.

Breadth: 100% of 8 companies grew revenue year on year (was 100% a quarter earlier) and 25% expanded margin (was 75%).

Exhibit 2What it costs

19.15x - 30.41x across the panel today

The median name trades at 26.4x, +3.5% against this industry's own 5-year median of 25.5x, and -14.8% against its own peak of 31.0x.

Exhibit 3Structure

₹1.4 L cr

MRF Ltd is 34.9% of this industry by market cap. The top 5 are 95.3% and the top 10 are 99.4%.

large 1mid 3small 3micro 138 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 26.4x, 5y ROCE above its median of 12.03%, 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 (20 of 20)

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
MRF Ltd	₹50,173 cr	20.8x	9.8x	15.8%	15.7%	+9.6%	Unlock
Balkrishna Industries Ltd	₹41,080 cr

Exhibit 6What managements said

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

headwindWest Asia-driven RM spike: natural rubber at 15-year high, baskets up 16-20% sequentially5 managements

Every company reporting Q1FY27 flagged a severe sequential spike in the raw material basket, with natural rubber as the primary driver and crude-linked synthetics compounding it…

CEATLTD (Q1FY27): “domestic rubber prices have also remained elevated and currently hovering around INR280…”

tailwind4 managements mixed3 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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