NSE: JKTYRE · BSE: 530007
JK TYRE & INDUSTRIES LTD
Manufactures tyres for trucks, buses, passenger cars, two-wheelers, farm and off-the-road applications, selling primarily through the Indian replacement and OEM markets and via its Mexico subsidiary JK Tornel. India accounted for Rs 14,614.08 crore of FY26 segment revenue (87.2% share) with EBIT of Rs 1,541.56 crore, while Mexico contributed Rs 2,137.13 crore (12.8% share) with EBIT of Rs 75.61 crore. Operations span 9 plants in India and 2 in Mexico with a workforce of 17,917, and the Board has approved a phased expansion adding 210 lakh tyres per annum across truck-bus radials (TBR) and passenger car radials (PCR) by FY30. The Cavendish Industries merger lifted capacity utilisation at the acquired unit from 30% to 95%, and a separate Rs 1,130 crore capex adds ~7% capacity in TBR, off-road and PCR categories. Raw materials (natural and synthetic rubber, carbon black and other inputs) made up 59.5% of revenue in FY26, with employees at 9.8% and other operating expenses at 15.9%. OEM wins referenced include Hyundai Creta and Tata Punch for EV tyres, and the Mexico business is awaiting the USMCA review in July 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India (87%), Mexico (13%), Others (0%). Asset-heavy tyre manufacturer with commodity input exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 11,983 | 14,645 | 15,002 | 14,693 | 16,327 |
| EBITDA (ex other income) | 1,077 | 1,236 | 2,050 | 1,567 | 1,886 |
| margin % | 9.0 | 8.4 | 13.7 | 10.7 | 11.6 |
| Owners' profit | 210 | 262 | 786 | 495 | 776 |
| EPS, as reported (₹) | 8.53 | 10.64 | 29.84 | 18.07 | 27.24 |
| ROE % · ROCE % | 6.8 · 10.9 | 7.5 · 12.0 | 17.5 · 19.7 | 10.2 · 13.6 | 12.8 · 13.9 |
| Debt / equity (x) | 1.74 | 1.37 | 0.97 | 0.96 | 0.78 |
| Cash from operations | 346 | 1,224 | 1,614 | 716 | 1,444 |
| Capex | (314) | (463) | (774) | (639) | (1,424) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,622 | 3,674 | 3,759 | 3,869 | 4,011 | 4,223 | 4,223 | 3,946 |
| Profit before tax | 199 | 80 | 144 | 208 | 304 | 254 | 277 | 54 |
| Net profit | 140 | 53 | 99 | 163 | 227 | 208 | 178 | 44 |
| EPS (₹) | 4.93 | 1.88 | 3.54 | 6.03 | 8.08 | 7.29 | 6.25 | 1.55 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| India | 14,614 | 87.2 |
| Mexico | 2,137 | 12.8 |
| Others | 2 | 0.0 |
| Total, before eliminations | 16,754 | 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) | 13.2 | 25.6 | 3 of 13 | 83% |
| P/B | 1.4 | 2.4 | 6 of 16 | 67% |
| ROCE | 9.9 | 9.9 | 9 of 17 | 50% |
| ROE | 12.8 | 9.0 | 4 of 16 | 80% |
| Debt / Equity | 0.8 | 0.4 | 12 of 16 | 27% |
| EBITDA margin | 7.1 | 7.6 | 9 of 16 | 47% |
| Revenue growth | 2.0 | 10.1 | 12 of 15 | 21% |
| Profit growth | (73.0) | (5.8) | 13 of 16 | 20% |
| Market cap | 8792 | 326 | 5 of 17 | 75% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · JK Tyre shares audio recording of second-quarter FY2026-27 results call | investor communications | low | — | — |
| 23 Oct 2026 · Q2 FY27 sales rise 20%, but profit after tax falls 73% | investor communications | medium | — | — |
| 23 Oct 2026 · JK Tyre invests up to Rs 1.05 crore in Dubai subsidiary | strategic transactions | low | — | — |
| 23 Oct 2026 · Dr. Arun Bajoria re-appointed as Director and President - International | management changes | high | — | — |
| 23 Oct 2026 · Record Q2 revenue, but margins, profit and cash flow weaken | results | high | — | — |
| 23 Oct 2026 · Q2 revenue rises 23%, profit after tax rises 48%, but cash flow is negative | results | high | — | — |
| 21 Oct 2026 · JK Tyre schedules second-quarter financial results conference call | board shareholder meetings | low | — | — |
| 19 Oct 2026 · JK Tyre board meeting on Oct 23, 2026 to approve Q2 and H1 FY27 results | results | low | — | — |
| 13 Oct 2026 · GST Show Cause Notice demands Rs 94.86 cr from JK Tyre | regulatory legal | high | — | — |
| 6 Oct 2026 · Compliance certificate for share dematerialization for Q2 FY27 | compliance | minimal | — | — |
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.