BSE: 509162
INDAG RUBBER LTD.
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
Exhibit 1: Financial summary, FY21–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
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/E (TTM) | 27.3 | 25.6 | 8 of 13 | 42% |
| P/B | 1.2 | 2.4 | 5 of 16 | 73% |
| ROCE | 4.5 | 9.9 | 13 of 17 | 25% |
| ROE | 3.5 | 9.0 | 12 of 16 | 27% |
| Debt / Equity | 0.0 | 0.4 | 4 of 16 | 80% |
| 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 | 278 | 326 | 10 of 17 | 44% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve September 2026 results and consider interim dividend | results | low | — | — |
| 5 Oct 2026 · RTA quarterly compliance certificate for September 30, 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · Special window opened for physical share transfer and demat conversion | compliance | minimal | — | — |
| 29 Sept 2026 · ICRA reaffirms ratings; outlook stays Negative | credit debt | medium | — | — |
| 25 Sept 2026 · GST show cause notice for FY23 input tax credit - Rs 1.77 lakh | regulatory legal | high | — | — |
| 23 Sept 2026 · Trading window closed ahead of Q2 results | compliance | minimal | — | — |
| 21 Sept 2026 · Indag Rubber gets GST show cause notice for FY23, dues about Rs 25 lakh | regulatory legal | high | — | — |
| 15 Sept 2026 · Indag Rubber publishes notice for transfer of shares to IEPF Authority | compliance | minimal | — | — |
| 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 | — | — |
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 |
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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.