BSE: 544555
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Railway products (55%), Infrastructure products (40%), Commercial and industrial rubber products, Defense products, Conveyor belts. Materials-intensive, order-driven rubber engineering for rail and infrastructure with a small export book.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 123 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 5.62 |
| ROE % · ROCE % | — · 18.8 |
| Debt / equity (x) | — |
| Cash from operations | 2 |
| Capex | (29) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 43 | 81 |
| Profit before tax | 6 | 3 |
| Net profit | — | — |
| EPS (₹) | 5.28 | 1.74 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APCOTEX INDUSTRIES LIMITE | 2,722 | 16.9 | 4.38 | — | 16.3 | 19.6 | — | 22.8 |
| PIX TRANSMISSIONS LIMITED | 2,250 | 17.1 | 3.23 | 12.7 | 15.3 | 19.2 | 7.8 | 49.0 |
| TINNA RUBBER AND INFR LTD | 1,478 | 23.6 | 4.92 | 16.7 | 17.6 | 20.1 | 33.2 | 22.1 |
| GRP LIMITED | 930 | 164.0 | 5.21 | 27.4 | 1.8 | 2.9 | 13.9 | 11.1 |
| HARRISON MALAYALAM LTD | 297 | 11.0 | 1.67 | 8.3 | 16.3 | 10.1 | 3.6 | 7.1 |
| RUBFILA INTERNATIONAL LTD | 278 | 10.6 | 0.90 | 5.5 | 8.6 | 10.9 | 13.3 | 8.1 |
| AMEENJI RUBBER LIMITED ◆ | 264 | 33.3 | — | — | — | 11.2 | — | — |
| ELGI RUBBER CO. LTD | 258 | — | 3.41 | — | (317.4) | (143.8) | 1.3 | 79.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 33.3 | 16.3 | 9 of 10 | 11% |
| ROCE | 11.2 | 10.9 | 5 of 11 | 60% |
| Market cap | 264 | 278 | 7 of 11 | 40% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · No rematerialisation requests in September 2026 quarter | compliance | minimal | — | — |
| 17 Oct 2026 · Ameenji Rubber gets Rs 13.41 Cr Rubber Pads order from Railways office | business updates | medium | — | — |
| 17 Oct 2026 · Ameenji Rubber bags Rs 2.45 crore railway order for rubber pads | business updates | medium | — | — |
| 17 Oct 2026 · Ameenji Rubber bags Rs 50.45 crore order for rubber pads | business updates | medium | — | — |
| 6 Oct 2026 · Ameenji Rubber wins Rs 13.41 crore order from South Central Railway | business updates | medium | — | — |
| 5 Oct 2026 · 20th AGM results: all 7 resolutions passed with 100 percent approval | compliance | minimal | — | — |
| 30 Sept 2026 · 20th AGM concluded on Sept 30, 2026; 7 resolutions voted, results awaited | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 ahead of H2 results | compliance | minimal | — | — |
| 10 Sept 2026 · Ameenji Rubber gets Rs 3.16 crore order from Northeast Frontier Railway | business updates | medium | — | — |
| 10 Sept 2026 · Ameenji Rubber bags Rs 24.15 crore railway supply order from NWR Jaipur | business updates | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.