Tyres & Rubber Products industry

20 companies · ₹1.6 L cr · 6 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: -1.1%; 38% of names up
P/E vs own 5y: +6.2%; 27.4x 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%
YoY: -160bps
Peak: 15.6%
vs peak: -440bps

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

21.3x - 34.5x across the panel today

The median name trades at 27.4x, +6.2% against this industry's own 5-year median of 25.8x, and -19.6% against its own peak of 34.1x.

Exhibit 3Structure

₹1.6 L cr

MRF Ltd is 35% of this industry by market cap. The top 5 are 95% and the top 10 are 99.4%.

large 1mid 4small 2micro 138 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 27.41x, 5y ROCE above its median of 12.53%, 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	₹54,538 cr	22.6x	10.7x	15.5%	16.4%	+9.6%	Unlock
Balkrishna Industries Ltd	₹42,465 cr	30.2x	18.2x	15.7%	23.1%	+25.2%	Unlock
Apollo Tyres Ltd	₹26,569 cr	15.6x	9.0x	8.0%	11.3%	+12.8%	Unlock
CEAT Ltd	₹13,350 cr	22.6x	8.1x	17.6%	12.1%	+22.3%	Unlock
JK Tyre & Industries Ltd	₹10,276 cr	15.5x	7.7x	13.9%	11.9%	+2.0%	Unlock
Tolins Tyres Ltd	₹361 cr	11.1x	7.3x	11.5%	15.3%	-11.7%	Unlock
Indag Rubber Ltd	₹327 cr	24.4x	17.6x	7.3%	9.9%	+55.7%	Unlock
TVS Srichakra Ltd	₹4,020 cr	43.0x	16.2x	10.8%	8.2%	+30.3%	Unlock
Goodyear India Ltd	₹1,684 cr	31.3x	-	13.0%	5.5%	+18.0%	Unlock
V R Woodart Ltd	₹531 cr	43.7x	56.1x	39.2%	1.7%	-	Unlock
Modi Rubber Ltd	₹315 cr	-	-29.4x	-2.0%	-19.9%	+10.0%	Unlock
Dolfin Rubbers Ltd	₹175 cr	28.3x	19.4x	15.1%	5.8%	+30.7%	Unlock
Emerald Tyre Manufacturers Ltd	₹157 cr	16.6x	8.5x	15.4%	15.3%	+11.9%	Unlock
Viaz Tyres Ltd	₹109 cr	19.0x	12.2x	12.7%	9.6%	+127.6%	Unlock
Innovative Tyres & Tubes Ltd	₹65 cr	-	26.9x	0.8%	4.7%	+73.3%	Unlock
Tirupati Innovar Ltd	₹44 cr	68.7x	56.5x	1.4%	0.6%	+566.1%	Unlock
Mm Rubber Company Ltd	₹35 cr	166.2x	226.0x	-4.4%	0.5%	+22.2%	Unlock
Cochin Malabar Estates & Indus Ltd	₹26 cr	-	-150.2x	10.7%	-91.5%	-	Unlock
Vamshi Rubber Ltd	₹17 cr	-	10.2x	14.9%	4.3%	-31.8%	Unlock
Eastern Treads Ltd	₹16 cr	-	15.4x	-33.6%	-6.7%	-15.6%	Unlock

MRF Ltd

Mcap: ₹54,538 cr
P/E: 22.6x
EV/EBITDA: 10.7x
ROCE: 15.5%
Margin: 16.4%
Rev YoY: +9.6%

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Balkrishna Industries Ltd

Mcap: ₹42,465 cr
P/E: 30.2x
EV/EBITDA: 18.2x
ROCE: 15.7%
Margin: 23.1%
Rev YoY: +25.2%

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Apollo Tyres Ltd

Mcap: ₹26,569 cr
P/E: 15.6x
EV/EBITDA: 9.0x
ROCE: 8.0%
Margin: 11.3%
Rev YoY: +12.8%

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CEAT Ltd

Mcap: ₹13,350 cr
P/E: 22.6x
EV/EBITDA: 8.1x
ROCE: 17.6%
Margin: 12.1%
Rev YoY: +22.3%

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JK Tyre & Industries Ltd

Mcap: ₹10,276 cr
P/E: 15.5x
EV/EBITDA: 7.7x
ROCE: 13.9%
Margin: 11.9%
Rev YoY: +2.0%

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Tolins Tyres Ltd

Mcap: ₹361 cr
P/E: 11.1x
EV/EBITDA: 7.3x
ROCE: 11.5%
Margin: 15.3%
Rev YoY: -11.7%

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Indag Rubber Ltd

Mcap: ₹327 cr
P/E: 24.4x
EV/EBITDA: 17.6x
ROCE: 7.3%
Margin: 9.9%
Rev YoY: +55.7%

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TVS Srichakra Ltd

Mcap: ₹4,020 cr
P/E: 43.0x
EV/EBITDA: 16.2x
ROCE: 10.8%
Margin: 8.2%
Rev YoY: +30.3%

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Goodyear India Ltd

Mcap: ₹1,684 cr
P/E: 31.3x
EV/EBITDA: -
ROCE: 13.0%
Margin: 5.5%
Rev YoY: +18.0%

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V R Woodart Ltd

Mcap: ₹531 cr
P/E: 43.7x
EV/EBITDA: 56.1x
ROCE: 39.2%
Margin: 1.7%
Rev YoY: -

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Modi Rubber Ltd

Mcap: ₹315 cr
P/E: -
EV/EBITDA: -29.4x
ROCE: -2.0%
Margin: -19.9%
Rev YoY: +10.0%

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Dolfin Rubbers Ltd

Mcap: ₹175 cr
P/E: 28.3x
EV/EBITDA: 19.4x
ROCE: 15.1%
Margin: 5.8%
Rev YoY: +30.7%

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Emerald Tyre Manufacturers Ltd

Mcap: ₹157 cr
P/E: 16.6x
EV/EBITDA: 8.5x
ROCE: 15.4%
Margin: 15.3%
Rev YoY: +11.9%

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Viaz Tyres Ltd

Mcap: ₹109 cr
P/E: 19.0x
EV/EBITDA: 12.2x
ROCE: 12.7%
Margin: 9.6%
Rev YoY: +127.6%

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Innovative Tyres & Tubes Ltd

Mcap: ₹65 cr
P/E: -
EV/EBITDA: 26.9x
ROCE: 0.8%
Margin: 4.7%
Rev YoY: +73.3%

Unlock

Tirupati Innovar Ltd

Mcap: ₹44 cr
P/E: 68.7x
EV/EBITDA: 56.5x
ROCE: 1.4%
Margin: 0.6%
Rev YoY: +566.1%

Unlock

Mm Rubber Company Ltd

Mcap: ₹35 cr
P/E: 166.2x
EV/EBITDA: 226.0x
ROCE: -4.4%
Margin: 0.5%
Rev YoY: +22.2%

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Cochin Malabar Estates & Indus Ltd

Mcap: ₹26 cr
P/E: -
EV/EBITDA: -150.2x
ROCE: 10.7%
Margin: -91.5%
Rev YoY: -

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Vamshi Rubber Ltd

Mcap: ₹17 cr
P/E: -
EV/EBITDA: 10.2x
ROCE: 14.9%
Margin: 4.3%
Rev YoY: -31.8%

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Eastern Treads Ltd

Mcap: ₹16 cr
P/E: -
EV/EBITDA: 15.4x
ROCE: -33.6%
Margin: -6.7%
Rev YoY: -15.6%

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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 headwind5 managements tailwind3 managements tailwind2 managements

5 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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