BSE: 531346
EASTERN TREADS LTD.
Makes and trades tyre retreading materials, which accounted for 93% of segment revenue in the period covered, and operates a small online freight broker service that contributed the remaining 7%. Retreading materials are sold to commercial vehicle tyre dealers and retreaders, while the freight broker matches shippers with truck operators. FY26 revenue from operations was Rs 6,241.11 lakhs, with a net profit of Rs 8.56 lakhs aided by an exceptional Rs 205.03 lakh gain; before exceptional items, the company posted an operating loss of Rs 199.21 lakhs. Materials form the largest cost at 65.3% of revenue, followed by other operating expenses at 19.4% and employee costs at 13.9%. The balance sheet carries accumulated losses of Rs 3,107.33 lakhs and negative other equity of Rs 1,803.65 lakhs; CRISIL has downgraded the long-term rating on Rs 30.5 crore of bank loan facilities to B-/Stable. Mr. Navas Meeran, with over 33 years in the tyre retreading industry, took over as Managing Director in February 2026, and the company has applied for land allotment for a project involving approximately Rs 24 crore in investment. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacture and trading of tyre retreading materials (93%), Online freight broker service (7%). Small, sub-scale auto components manufacturer with eroded net worth and an operating loss before exceptional items
Exhibit 1: Financial summary, FY19–FY22 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 | FY21 | FY22 |
|---|---|---|---|---|
| Revenue | 97 | 78 | 74 | 72 |
| EBITDA (ex other income) | 4 | 4 | 4 | (5) |
| margin % | 3.9 | 5.1 | 5.2 | (7.2) |
| Owners' profit | (2) | (1) | (1) | (9) |
| EPS, as reported (₹) | (3.38) | (2.57) | (1.53) | (17.54) |
| ROE % · ROCE % | (23.3) · 8.8 | (24.6) · 10.4 | (18.7) · 12.9 | (1975.4) · (33.6) |
| Debt / equity (x) | 3.56 | 5.27 | 6.20 | 67.59 |
| Cash from operations | — | — | 3 | 1 |
| Capex | — | — | (0) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY21 | Q2 FY21 | Q3 FY21 | Q4 FY21 | Q1 FY22 | Q2 FY22 | Q3 FY22 | Q4 FY22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14 | 18 | 21 | 22 | 17 | 23 | 16 | 21 |
| Profit before tax | (1) | (0) | 1 | (1) | (2) | (2) | (2) | (4) |
| Net profit | (1) | (0) | 1 | (1) | (2) | (2) | (2) | (4) |
| EPS (₹) | (1.57) | (0.77) | 1.64 | (0.83) | (3.16) | (4.09) | (2.76) | (7.53) |
Exhibit 3: Segment revenue, FY22
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Manufacture and trading of tyre retreading materials | 72 | 93.0 |
| Online freight broker service | 5 | 7.0 |
| Total, before eliminations | 78 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MRF LTD | 50,055 | 20.7 | 2.39 | 9.8 | 11.6 | 14.0 | 14.0 | 14.1 |
| BALKRISHNA IND. LTD | 40,512 | 28.8 | 3.70 | 17.5 | 11.3 | 13.0 | 13.4 | 24.4 |
| APOLLO TYRES LTD | 24,642 | 14.4 | 1.47 | 8.1 | 8.2 | 6.2 | 10.4 | 12.8 |
| CEAT LIMITED | 12,546 | 21.5 | 2.48 | 7.7 | 13.8 | 12.8 | 15.6 | 8.4 |
| JK TYRE & INDUSTRIES LTD | 8,792 | 13.2 | 1.45 | 6.8 | 12.8 | 9.9 | 12.4 | 7.1 |
| TVS SRICHAKRA LIMITED | 3,199 | 34.6 | 2.69 | 13.3 | 6.0 | 6.3 | 13.4 | 8.8 |
| GOODYEAR INDIA LIMITED | 1,573 | 25.6 | 2.60 | — | 10.1 | 12.2 | — | 4.3 |
| MEGAMONT LIMITED | 537 | 58.4 | 15.89 | 56.5 | 18.4 | 21.3 | — | 2.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 32.4 | 2.4 | 16 of 16 | 0% |
| ROCE | (49.8) | 9.9 | 17 of 17 | 0% |
| ROE | (1975.4) | 9.0 | 16 of 16 | 0% |
| Debt / Equity | 67.6 | 0.4 | 16 of 16 | 0% |
| EBITDA margin | (13.2) | 7.6 | 16 of 16 | 0% |
| Revenue growth | (1.7) | 10.1 | 13 of 15 | 14% |
| Profit growth | (631.6) | (5.8) | 16 of 16 | 0% |
| Market cap | 16 | 326 | 16 of 17 | 6% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Newspaper notice on special window for share transfer and demat | compliance | minimal | — | — |
| 8 Oct 2026 · RTA compliance certificate for quarter ended September 2026 | compliance | minimal | — | — |
| 30 Sept 2026 · Shareholders approve board reappointments at Eastern Treads | management changes | medium | — | — |
| 30 Sept 2026 · 33rd AGM: All 4 resolutions passed; Navas Meeran named MD, new ID appointed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 33rd AGM held on Sept 29; 4 ordinary resolutions transacted | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 for Q2 FY27 results | compliance | minimal | — | — |
| 8 Sept 2026 · Newspaper publication of 33rd AGM notice submitted to BSE | compliance | minimal | — | — |
| 7 Sept 2026 · Eastern Treads files 33rd AGM Notice and FY26 Annual Report | board shareholder meetings | medium | — | — |
| 7 Sept 2026 · 33rd AGM notice on Sept 29, 2026 via VC; MD and Independent Director appointments | board shareholder meetings | low | — | — |
| 4 Sept 2026 · AGM notice published in newspapers - 33rd AGM on Sept 29, 2026 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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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.