Investor Presentation for Q2 & H1 FY26.
Price
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Awaiting price reaction for this filing.
Indag Rubber, a tyre retreading solutions company, reported a sequential recovery in Q2 FY26 with revenue up 15% QoQ to ₹55 crore and EBITDA up 57% QoQ to ₹6.2 crore, driving a 300 bps margin expansion to 11.3%. Profit after tax surged 96% QoQ to ₹3.6 crore, aided by better sales mix, improved realisations, and cost optimisation. However, on a year-on-year basis, H1 FY26 revenue declined 16% to ₹103 crore and PAT fell 9% to ₹5.5 crore, as Q1 FY26 was weak due to lower volumes in the state transport undertakings (STU) business and softer aftermarket demand. Gross margin improved 310 bps YoY to 36% in Q2 FY26, and operating cash flow nearly doubled to ₹14.7 crore versus ₹6.9 crore in H1 FY25.
The sharp sequential recovery in profitability and margin expansion signal improving business momentum, which is positive for the stock. However, the continued YoY decline and dependence on STU tender cycles may keep near-term growth uneven.