AMEENJI RUBBER LIMITED

Manufactures engineered rubber products for Indian Railways, infrastructure projects, and commercial/industrial buyers from RDSO- and MoRTH-certified facilities. Railway pads and sole plates — composite grooved rubber pads, nylon-cord-reinforced grooved rubber sole plates, vestibules, level crossings — are about 55% of revenue, sold almost entirely to Indian Railways zones (recent orders include Rs 47.46 crore from Eastern Railway, Rs 19.97 crore from South Eastern Railway, Rs 4.20 crore from Southern Railway, Rs 3.84 crore from North Central Railway, and Rs 3.44 crore from South Central Railway). Infrastructure products such as bridge bearings and expansion joints make up about 40% of revenue. The remaining share is commercial/industrial rubber items like rubber sheets, gym mats and cow mats. The company is in trials for rubberized wheels for the Arjun tank (18 units supplied, with a potential ~180-piece follow-on order) and is setting up a conveyor belt line funded by IPO proceeds, with revenue expected from FY27. Costs are dominated by raw materials at 64.4% of revenue, with employees at 9.7% and other operating expenses at 11.1%; capex ran at 23.9% of revenue in FY26. H1 FY26 EBITDA was Rs 11.43 crore at a 26.63% margin.