Investor Presentation for Q1 of FY 2026.
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Indag Rubber shared its Q1 FY26 investor presentation. Revenue from operations fell 19% year-on-year to ₹45 crore (total revenue ₹48 crore vs ₹58 crore), pulled down by lower volumes in the State Transport Undertakings (STU) business—which runs on tender-based orders—and softer aftermarket demand. Despite the top-line decline, EBITDA margins expanded 110 basis points to 8.2% on a better product mix and tighter cost control, though absolute EBITDA was largely flat at ₹4 crore. Profit after tax was ₹1.9 crore (down 8%) with EPS of ₹0.70. Management highlighted structural tailwinds—expansion of the retreadable tyre base, industry formalisation through GST and anti-overloading norms, radialisation, and EPR/circular-economy policies. New launches like WinMaster PTR and updates on the Millenium Manufacturing Systems JV (power electronics, with serial production expected from FY26) were also featured.
Near-term: weak STU volumes and softer aftermarket may keep sentiment cautious, but margin defence is a positive. Longer-term: regulatory tailwinds, radialisation and the Millenium diversification provide optionality, though execution will be key for re-rating.