Makes precured tread rubber and allied products for India's tyre retreading industry, with virtually all of FY26 segment revenue — Rs 214.24 crore — coming from this single line. Management describes itself as the sole player offering full-spectrum retreading services to 3,000+ connected retreaders across 15 depots. Customers include State Transport Undertakings, private fleets (won via cost-per-km analytics), and independent retreaders across PAN India. A subsidiary called Millenium Manufacturing Systems, which makes power conversion equipment for Battery Energy Storage Systems (BESS), secured its first commercial serial order with execution planned for FY27 but recorded negative EBIT in FY26. Materials — primarily natural and synthetic rubber — are the biggest cost at 63.8% of revenue, while employee cost is 12.6% and other opex 14.7%. Digitalization (SAP, Salesforce, automated mixing) and an e-Fleets partnership monitoring 6,000 tyres in real time support the operations. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Precured Tread Rubber and allied products/services (100%), Electronics including green energy storage (subsidiary) (0%). Niche, asset-light retreading-materials specialist with a small, loss-making BESS electronics subsidiary
| ₹ crore · consolidated | FY21 | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 170 | 167 | 251 | 228 | 215 |
| EBITDA (ex other income) | 3 | 1 | 17 | 2 | 9 |
| margin % | 1.8 | 0.4 | 6.6 | 0.8 | 4.1 |
| Owners' profit | 3 | 2 | 16 | 7 | 10 |
| EPS, as reported (₹) | 0.97 | 0.79 | 6.15 | 2.49 | 3.88 |
| ROE % · ROCE % | 1.4 · 1.7 | 1.0 · 1.4 | 6.8 · 8.7 | 2.0 · 2.8 | 3.4 · 5.0 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.04 |
| Cash from operations | 15 | 8 | 18 | 3 | 9 |
| Capex | (12) | (4) | (11) | (4) | (3) |
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 56 | 62 | 56 | 55 | 45 | 53 | 56 | 61 |
| Profit before tax | 1 | 4 | 0 | 1 | 1 | 4 | 3 | 3 |
| Net profit | 1 | 3 | 0 | 1 | 1 | 3 | 3 | 2 |
| EPS (₹) | 0.56 | 1.34 | 0.17 | 0.41 | 0.51 | 1.23 | 1.12 | 1.02 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Precured Tread Rubber and allied products/services | 214 | 99.9 |
| Electronics manufacturing | 0 | 0.1 |
| Total, before eliminations | 215 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MRF LTD | 54,594 | 22.6 | 2.60 | 10.6 | 11.6 | 14.0 | 14.0 | 14.1 |
| BALKRISHNA IND. LTD | 41,830 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 19 Aug 2026 · Indag Rubber 47th AGM transcript; FY26 PAT up, Rs 2.40 dividend declared | investor communications | medium | — | — |
| 17 Aug 2026 · Indag Rubber Q1 FY27: Revenue up 26%, EBITDA up 108% | investor communications | medium | — | — |
| 17 Aug 2026 · Indag Rubber Q1 FY27: Revenue up 26%, PAT nearly triples YoY | compliance | low | — | — |
| 5 Aug 2026 · Special window opened for dematerialising old physical shares | compliance | minimal | — | — |
| 31 Jul 2026 · Indag Rubber board meeting on Aug 13 to approve Q1 FY27 results | results | low | — | — |
| 21 Jul 2026 · Letter to those Shareholders whose e-mail ID is not registered with the Company, containing weblink and the exact path, to access the Annual Report for FY 2025-26. | compliance | minimal | — | — |
| 21 Jul 2026 · Record date fixed for FY26 final dividend of Rs. 1.50 per share | corporate actions | high | — | — |
| 21 Jul 2026 · Indag Rubber publishes 47th AGM notice in newspapers | compliance | minimal | — | — |
| 20 Jul 2026 · 47th AGM notice on Aug 12, 2026; final dividend Rs.1.50/share | board shareholder meetings | low | — | — |
| 20 Jul 2026 · Indag Rubber 47th AGM on Aug 12, 2026; final dividend Rs 1.50 per share | board shareholder meetings | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| 29.8 |
| 3.82 |
| 18.0 |
| 11.3 |
| 13.0 |
| 13.4 |
| 24.4 |
| APOLLO TYRES LTD | 26,554 | 15.5 | 1.59 | 8.7 | 8.2 | 6.2 | 10.4 | 12.8 |
| CEAT LIMITED | 13,140 | 22.5 | 2.60 | 8.0 | 13.8 | 12.8 | 15.6 | 8.4 |
| JK TYRE & INDUSTRIES LTD | 10,235 | 15.3 | 1.69 | 7.6 | 12.8 | 9.9 | 12.4 | 7.1 |
| TVS SRICHAKRA LIMITED | 3,982 | 43.1 | 3.35 | 16.0 | 6.0 | 6.3 | 13.4 | 8.8 |
| GOODYEAR INDIA LIMITED | 1,661 | 27.0 | 2.74 | — | 10.1 | 12.2 | — | 4.3 |
| MEGAMONT LIMITED | 537 | 58.5 | 15.90 | 56.6 | 18.4 | 21.3 | — | 2.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 33.9 | 22.6 | 12 of 15 | 21% |
| P/B | 1.5 | 2.6 | 5 of 16 | 73% |
| ROCE | 4.5 | 9.9 | 13 of 17 | 25% |
| ROE | 3.5 | 9.9 | 13 of 17 | 25% |
| Debt / Equity | 0.0 | 0.4 | 5 of 17 | 75% |
| EBITDA margin | 8.1 | 7.6 | 8 of 16 | 53% |
| Revenue growth | 10.4 | 10.1 | 7 of 15 | 57% |
| Profit growth | 258.0 | (5.8) | 2 of 16 | 93% |
| Market cap | 345 | 352 | 10 of 17 | 44% |
| 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 |
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.
