NSE: TOLINS · BSE: 544254
TOLINS TYRES LIMITED
Manufactures tyres and pre-cured tread rubber (PCTR), generating ₹327.12 crore in FY26 consolidated revenue, with an EBITDA margin of 15.47%. Operations are split between India (₹273.98 crore, 83.8% of segment revenue) and the United Arab Emirates (₹53.14 crore, 16.2%), reflecting both domestic sales and overseas manufacturing. Raw materials account for 82.5% of revenue, and input price volatility compressed EBITDA margins by 519 basis points in FY26. The company has four subsidiaries, including Terra Rubber Private Limited, which in July 2026 signed an agreement to buy plant and machinery from Cochin Reclaim and Rubbers Private Limited for capacity expansion and backward integration into rubber processing. Capacity utilization across tyre and PCTR segments was in the 44-57% range for FY26. Participation in the Truck, Trailer & Tyre (TTT) Expo 2026 indicates focus on the commercial vehicle segment, while working capital has expanded materially, with trade receivables nearly doubling to ₹1,029.59 million. The balance sheet carries a low debt-equity ratio of 0.03x after a ₹200 crore IPO in September 2024. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India (84%), United Arab Emirates (16%). Auto components manufacturer of tyres and rubber products, cyclical on commodity input prices.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 292 | 327 |
| EBITDA (ex other income) | 56 | 48 |
| margin % | 19.1 | 14.6 |
| Owners' profit | 0 | 36 |
| EPS, as reported (₹) | 10.81 | 9.03 |
| ROE % · ROCE % | 11.9 · 16.9 | 9.9 · 12.8 |
| Debt / equity (x) | 0.05 | 0.03 |
| Cash from operations | (63) | (40) |
| Capex | (5) | (2) |
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 | 77 | 70 | 70 | 90 | 66 | 93 | 78 | 79 |
| Profit before tax | 12 | 13 | 13 | 13 | 8 | 13 | 11 | 8 |
| Net profit | 10 | 11 | 9 | 9 | 7 | 10 | 9 | 6 |
| EPS (₹) | 3.20 | 3.60 | 2.56 | 2.48 | 1.70 | 2.68 | 2.26 | 1.57 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| India | 196 | 59.9 |
| United Arab Emirates | 41 | 12.6 |
| (a) India | 78 | 23.8 |
| (b)United Arab Emirates | 12 | 3.6 |
| Total, before eliminations | 327 | 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 | 50,244 | 20.8 | 2.40 | 9.8 | 11.6 | 14.0 | 14.0 | 14.1 |
| BALKRISHNA IND. LTD | 41,287 | 29.4 | 3.77 | 17.8 | 11.3 | 13.0 | 13.4 | 24.4 |
| APOLLO TYRES LTD | 24,337 | 14.2 | 1.46 | 8.0 | 8.2 | 6.2 | 10.4 | 12.8 |
| CEAT LIMITED | 12,554 | 21.5 | 2.48 | 7.7 | 13.8 | 12.8 | 15.6 | 8.4 |
| JK TYRE & INDUSTRIES LTD | 8,763 | 13.1 | 1.45 | 6.8 | 12.8 | 9.9 | 12.4 | 7.1 |
| TVS SRICHAKRA LIMITED | 3,140 | 34.0 | 2.64 | 13.1 | 6.0 | 6.3 | 13.4 | 8.8 |
| GOODYEAR INDIA LIMITED | 1,543 | 25.1 | 2.55 | — | 10.1 | 12.2 | — | 4.3 |
| MEGAMONT LIMITED | 565 | 61.5 | 16.72 | 59.2 | 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) | 9.9 | 25.1 | 1 of 13 | 100% |
| P/B | 0.9 | 2.4 | 3 of 16 | 87% |
| ROCE | 12.3 | 9.9 | 7 of 17 | 63% |
| ROE | 9.9 | 9.0 | 8 of 16 | 53% |
| Debt / Equity | 0.0 | 0.4 | 3 of 16 | 87% |
| EBITDA margin | 11.6 | 7.6 | 4 of 16 | 80% |
| Revenue growth | (11.7) | 10.1 | 15 of 15 | 0% |
| Profit growth | (33.5) | (5.8) | 12 of 16 | 27% |
| Market cap | 322 | 322 | 9 of 17 | 50% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Reg 74(5) certificate for Q2 FY27 filed with exchanges | compliance | minimal | — | — |
| 30 Sept 2026 · Tolins Tyres 23rd AGM: All 3 resolutions passed with near-unanimous support | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Trading window closed for Q2 FY26-27 results | compliance | minimal | — | — |
| 29 Sept 2026 · Tolins Tyres holds 23rd AGM; three ordinary resolutions transacted | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Newspaper publication of 23rd AGM notice | compliance | minimal | — | — |
| 4 Sept 2026 · Weblink for FY 2025-26 Annual Report shared with shareholders | compliance | medium | — | — |
| 4 Sept 2026 · Tolins Tyres FY26 Annual Report: Revenue up, PAT down, no dividend | results | high | — | — |
| 4 Sept 2026 · Tolins Tyres 23rd AGM notice - September 29, 2026 | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Board approves 23rd AGM on September 29, 2026 via video conferencing | board shareholder meetings | medium | — | — |
| 24 Aug 2026 · Tolins subsidiary starts building reclaim rubber plant in Kerala | capex operations | 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.