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Indag Rubber Ltd (509162)

📊 BSE: 509162 🏢 Tyres & Rubber Products 📢 Latest filing: 29 Sep 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Indag Rubber's revenue was ₹70.1 Cr (+55.7% year on year, +15.3% on the previous quarter), and net profit ₹5.0 Cr (+492.8% year on year); the operating margin was 8.1%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹70.1	+55.7%	+15.3%
Operating profit	₹5.6	—	+114.8%
Net profit	₹5.0	+492.8%	+175.3%
Operating margin	8.1%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

ICRA Reaffirms Indag Rubber's Long-Term Rating at [ICRA]A- (Negative); Total Limits at Rs 28.40 Cr

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 29 Sep 2026, 07:15 PM

Credit rating agency ICRA has reaffirmed Indag Rubber Limited's long-term bank facilities rating at [ICRA]A- with a Negative outlook and short-term facilities at [ICRA]A2+, covering total bank limits of Rs 28.40 crore. The rationale highlights the company's virtually debt-free balance sheet, strong liquidity of approximately Rs 100 crore as of March 31, 2026, and diversification into Power Conversion Systems via subsidiary MMSPL (which clocked Rs 12.5 crore revenue in Q1 FY27). However, the Negative outlook reflects operating profitability remaining weaker than historical benchmarks and exposure to volatile rubber input costs.

ICRA reaffirmed [ICRA]A- (Negative) for Rs 3.40 crore long-term fund-based limits and [ICRA]A2+ for Rs 25.00 crore short-term non-fund limits.
Company maintained a robust liquidity position with cash and liquid investments of around Rs 100 crore as on March 31, 2026.
Standalone operating income stood at Rs 214.5 crore in FY26 compared to Rs 228.4 crore in FY25 due to planned reduction in low-margin STU business.
51% subsidiary MMSPL commenced commercial operations in Q1 FY27, generating Rs 12.5 crore in revenue after reporting a Rs 4.32 crore loss in FY26.

💡 Track whether the Negative rating outlook stabilizes in subsequent surveillance cycles and monitor the execution ramp-up and working capital needs of the MMSPL subsidiary.

Indag Rubber Receives GST Show Cause Notice for Rs 1.77 Lakh for FY23

🟡 NEUTRAL ⭐ 1/10

LEGAL 📅 25 Sep 2026, 04:29 PM

Indag Rubber Limited has received a Show Cause Notice under Section 73 of the CGST/RGST Act, 2017 from the Joint Commissioner of Commercial Taxes, Bhiwadi, Rajasthan. The notice pertains to FY 2022-23 regarding alleged wrong availing or utilization of input tax credit. The total tax and interest liability claimed stands at Rs 1,77,144 (Tax of Rs 1,03,336 and Interest of Rs 73,808). Relative to the company's TTM revenue of Rs 240 Cr and TTM PAT of Rs 12 Cr, the financial magnitude is negligible.

Received Show Cause Notice (DRC-01) u/s 73 of CGST/RGST Act on September 25, 2026
Notice pertains to the period April 2022 - March 2023 (FY23)
Total demanded amount is Rs 1,77,144, including tax of Rs 1,03,336 and interest of Rs 73,808
Company stated it will file an appropriate response and there is no operational or material financial impact

💡 Track subsequent legal updates or final assessment orders regarding this notice; no financial disruption is expected given the immaterial sum.

Indag Rubber Receives ₹25 Lakh GST Show Cause Notice for FY23

🟡 NEUTRAL ⭐ 2/10

LEGAL 📅 21 Sep 2026, 01:35 PM

Indag Rubber received a Show Cause Notice under Section 73 of the KGST/CGST Act from Karnataka tax authorities on September 18, 2026. The total demand amounts to ₹24,99,618, comprising ₹15,38,862 in GST and ₹9,60,756 in interest for FY 2022-23. The alleged liability relates to short-paid tax or excess input tax credit availed for reasons other than fraud or suppression. Given Indag's TTM net profit of ₹12 Cr, the financial implication is immaterial at ~0.21% of TTM PAT.

Total tax and interest demanded stands at ₹24,99,618 (approx. ₹0.25 Cr)
Principal GST demand comprises ₹15,38,862 across SGST, CGST, and IGST
Applicable interest is calculated at ₹9,60,756 with zero late fees imposed
Pertains to financial year April 2022 to March 2023
Notice received on September 18, 2026, under Section 73 of the KGST/CGST Act

💡 Track the company's response filing within prescribed timelines and whether any final adjudication alters the stated tax liability.

Indag Rubber AGM Transcript: FY26 PAT at ₹12.38 Cr, Total Dividend ₹2.40/Share

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 19 Aug 2026, 05:02 PM

Indag Rubber released the transcript of its 47th Annual General Meeting held on August 12, 2026. Management reiterated FY26 financial performance, where PAT increased to ₹12.38 crore compared to ₹8.42 crore in FY25 on total income of approx. ₹225 crore, supporting a total dividend payout of ₹2.40 per share. The company noted that subsidiary Millenium Manufacturing Systems commenced revenue contribution with its first commercial order. Furthermore, management outlined industry trends, noting commercial vehicle radialization has reached 60–65% and Indag actively reaches ~3,000 of the ~8,000 active retreaders in India.

FY26 PAT reached ₹12.38 crore versus ₹8.42 crore in FY25, supported by favorable raw material costs and product mix.
Total income for FY26 stood at approx. ₹225 crore compared to ₹237 crore in FY25.
Total dividend of ₹2.40 per share (face value ₹2) declared for FY26 (₹0.90 interim + ₹1.50 final).
Commercial vehicle radialization has expanded to ~60–65%, with Indag covering ~3,000 retreaders out of ~8,000 active across India.
Subsidiary Millenium Manufacturing Systems began contributing to consolidated revenue after receiving its first commercial order.

💡 Track quarterly revenue contributions from the Millenium subsidiary and monitor the impact of raw material price trends on operating margins.

Indag Rubber Q1 FY27 PAT Jumps 176% YoY to ₹5.1 Cr; Revenue Up 26% to ₹60.5 Cr

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 17 Aug 2026, 06:27 PM

Indag Rubber reported strong Q1 FY27 performance in its investor presentation, with standalone total revenue growing 26% YoY to ₹60.45 crore. EBITDA surged 108% YoY to ₹8.20 crore as EBITDA margins expanded 533 bps to 13.6% driven by disciplined pricing and product mix. Standalone PAT rose 176% YoY to ₹5.07 crore compared to ₹1.84 crore in Q1 FY26. Furthermore, its 51% subsidiary Millenium Manufacturing Systems commenced commercial production and dispatches in the power-electronics sector during the quarter.

Standalone revenue from operations rose 28% YoY to ₹57.6 crore (total revenue ₹60.45 crore, up 26% YoY)
EBITDA surged 108% YoY to ₹8.20 crore, expanding margin by 533 bps to 13.6%
Standalone PAT increased 176% YoY to ₹5.07 crore with PAT margin expanding 456 bps YoY to 8.4%
EMS subsidiary Millenium commenced commercial production and dispatches for power conversion systems

💡 Track input cost management and margin sustainability as natural rubber and PBR face cost pressures, alongside revenue scale-up from the Millenium subsidiary.

Indag Rubber Q1 FY27 PAT Jumps 176% YoY to ₹5.07 Cr; EBITDA Margin Expands to 13.6%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 17 Aug 2026, 06:14 PM

Indag Rubber reported a 26% YoY increase in standalone total revenue to ₹60.45 crore for Q1 FY27 compared to ₹47.96 crore in Q1 FY26. Standalone EBITDA jumped 108% YoY to ₹8.20 crore, with EBITDA margins expanding 533 bps to 13.6%. Profit after tax (PAT) rose 176% YoY to ₹5.07 crore from ₹1.84 crore in the corresponding quarter last year. The company's subsidiary, Millenium Manufacturing Systems (EMS for power electronics), also commenced commercial production and dispatches during the quarter.

Standalone revenue increased 26% YoY to ₹60.45 crore in Q1 FY27 from ₹47.96 crore in Q1 FY26
EBITDA surged 108% YoY to ₹8.20 crore, expanding margin by 533 bps to 13.6%
PAT rose 176% YoY to ₹5.07 crore from ₹1.84 crore in Q1 FY26, with PAT margin at 8.4%
Subsidiary Millenium Manufacturing Systems commenced commercial production and dispatches in Q1 FY27

💡 Track whether margin expansion can be sustained amidst rising natural rubber/PBR input costs, and monitor revenue contributions from the newly operationalized EMS subsidiary in upcoming quarters.

Indag Rubber Q1 PAT Jumps 496% YoY to ₹5.07 Cr; Electronics Segment Turns Profitable

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 08:07 PM

Indag Rubber reported a strong performance for Q1 FY27, with standalone revenue growing 27.8% YoY to ₹57.55 Cr. Standalone net profit surged nearly six-fold to ₹5.07 Cr from ₹0.85 Cr in the year-ago period, driven by improved operational efficiencies. Notably, the newly diversified Electronics and Green Energy segment contributed ₹12.54 Cr to consolidated revenue and achieved a small profit of ₹0.07 Cr, recovering from a loss of ₹1.62 Cr in the previous quarter. The company continues to hold a ₹12.56 Cr investment in a Nigerian oil exploration venture, which is subject to internal valuation assumptions.

Standalone Revenue grew 27.8% YoY to ₹57.55 Cr compared to ₹45.01 Cr in Jun 2025.
Standalone PAT increased by 496% YoY to ₹5.07 Cr from ₹0.85 Cr in the same quarter last year.
Electronics and Green Energy segment contributed ₹12.54 Cr, representing 17.9% of consolidated revenue.
Electronics segment turned profitable with a result of ₹0.07 Cr vs a loss of ₹1.62 Cr in Mar 2026.
Management internally valued its Nigerian oil exploration investment at ₹12.56 Cr as of June 30, 2026.

💡 Monitor the scale-up and margin consistency of the Electronics/Green Energy segment (Millenium Manufacturing) as it represents the primary growth engine beyond the mature rubber business.

Indag Rubber Approves Q1 FY27 Results; TTM Revenue Stands at Rs 215 Cr

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 13 Aug 2026, 08:00 PM

Indag Rubber's board approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, in a meeting held on August 13, 2026. The company enters the new fiscal year with a TTM revenue of Rs 215 Cr and a TTM PAT of Rs 8 Cr. The meeting lasted approximately 4 hours and 45 minutes, concluding at 19:45 IST. Investors are looking for signs of margin recovery from the current 4.1% OPM, which has been pressured by natural rubber price volatility.

Board approved unaudited financial results for the quarter ended June 30, 2026
Board meeting duration of 4 hours and 45 minutes (15:00 to 19:45 IST)
Company maintains a TTM revenue base of Rs 215 Cr as of the most recent reporting period
Promoter holding remains stable at 73.34% as per latest available context
Current market capitalization stands at Rs 198 Cr with a P/E of 25.1

💡 Review the detailed financial tables for the June 2026 quarter to assess if the 51% subsidiary, Millenium, is scaling its Power Conversion Systems (PCS) business to offset rubber segment volatility.

Aug 13 Board Meeting to consider Q1 FY2027 Unaudited Financial Results

🟡 NEUTRAL ⭐ 2/10

BOARD_MEETING 📅 31 Jul 2026, 04:26 PM

Indag Rubber Ltd has scheduled a board meeting on August 13, 2026, to approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company reported a TTM revenue of ₹215 Cr and a PAT of ₹8 Cr as of March 2026. The trading window for insiders, which closed on July 1, 2026, will remain closed until August 15, 2026. Investors will be monitoring if the company can improve its operating margins, which stood at 4.1% TTM, amid raw material price volatility.

Board meeting scheduled for August 13, 2026, to approve Q1 FY2027 results
Trading window closed for 46 days from July 1, 2026, to August 15, 2026
Results will cover the three-month period ended June 30, 2026
Company reported TTM revenue of ₹215 Cr and TTM EPS of ₹3.81 prior to this period

💡 Monitor the results on August 13 for signs of margin recovery and updates on the 51% subsidiary Millenium's Power Conversion Systems business.

Indag Rubber to Hold 47th AGM on August 12, 2026; FY26 Annual Report Released

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Jul 2026, 03:56 PM

Indag Rubber Ltd has scheduled its 47th Annual General Meeting (AGM) for August 12, 2026, to be conducted via video conferencing. The company is dispatching letters with QR codes and web links to shareholders without registered email IDs to facilitate access to the FY 2025-26 Annual Report. Remote e-voting will be available from August 9 to August 11, 2026. This is a standard administrative filing for the company, which currently has a market capitalization of ₹199 crore and TTM revenue of ₹215 crore.

47th Annual General Meeting scheduled for August 12, 2026, at 5:00 P.M. IST
Remote e-voting period runs from August 9, 2026 (9:00 AM) to August 11, 2026 (5:00 PM)
Cut-off date for determining voting eligibility is August 5, 2026
Shareholders as of July 10, 2026, without registered emails are being sent physical access instructions
Company maintains a significant liquidity position with ₹116 Cr in cash and liquid investments as of mid-2025

💡 Investors should download and review the FY 2025-26 Annual Report to assess the performance of the 51% subsidiary, Millenium Manufacturing Services, and the progress of diversification into Power Conversion Systems.

Indag Rubber Announces ₹1.50 Final Dividend; 47th AGM Scheduled for August 12, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 20 Jul 2026, 05:28 PM

Indag Rubber has issued its Annual Report for FY 2025-26 and scheduled its 47th AGM for August 12, 2026. The board has recommended a final dividend of ₹1.50 per share, which, combined with the ₹0.90 interim dividend, brings the total FY26 payout to ₹2.40 per share. Despite a challenging year where OPM dropped to 4.1% due to rubber price volatility, the company maintains a strong liquidity position with ₹116 Cr in cash and liquid investments as of June 2025, representing over 58% of its current market cap.

Final dividend of ₹1.50 per equity share (75% of face value) proposed for shareholder approval.
Total dividend for FY26 reaches ₹2.40 per share, including the ₹0.90 interim dividend already paid.
Record date for final dividend entitlement is fixed as August 5, 2026.
Company held ₹116 Cr in cash and liquid investments as of June 30, 2025, against a market cap of ₹199 Cr.
Proposed commission for Non-Executive Directors capped at 1% of net profits for FY 2026-27 to 2028-29.

💡 Investors should review the full Annual Report for updates on the 51% subsidiary Millenium's progress in contract manufacturing for the renewable energy sector, which is the company's primary diversification play.

Indag Rubber Announces ₹1.50 Final Dividend; 47th AGM Scheduled for August 12, 2026

🟢 POSITIVE ⭐ 6/10

DIVIDEND 📅 20 Jul 2026, 05:20 PM

Indag Rubber has issued its 47th AGM notice, scheduling the meeting for August 12, 2026. The board has recommended a final dividend of ₹1.50 per share, which, combined with the ₹0.90 interim dividend, brings the total FY26 payout to ₹2.40 per share. The record date for the final dividend is August 5, 2026, with payment expected by September 10, 2026. The company continues to navigate a low-margin environment (TTM OPM 4.1%) while maintaining a strong cash reserve of ₹116 Cr.

Final dividend of ₹1.50 per equity share (75% of face value) recommended for shareholder approval.
Total dividend for FY 2025-26 stands at ₹2.40 per share including the ₹0.90 interim dividend.
Record date for dividend entitlement is fixed as August 5, 2026.
AGM to be conducted via Video Conferencing on August 12, 2026, at 5:00 PM IST.
Company held ₹116 Cr in cash and liquid investments as of June 30, 2025, representing ~58% of its current market cap.

💡 Investors should track the AGM for management commentary on the 51% subsidiary Millenium's progress in contract manufacturing for Power Conversion Systems (PCS), which is the primary diversification strategy.

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💰 Financial Performance

Revenue Growth by Segment

Standalone revenue declined 9.1% in FY2025 to INR 224.82 Cr, primarily due to lower demand in the aftermarket segment and reduced business from State Transport Corporations (STC). Q1 FY2026 revenue declined 19% YoY to INR 48 Cr, while Q2 FY2026 revenue grew 15% QoQ to INR 55 Cr.

Geographic Revenue Split

Not disclosed in available documents, though the company maintains a pan-India distribution network and exports via the 'Zoma' brand.

Profitability Margins

Standalone Operating Profit Margin (OPM) contracted from 7.1% in FY2024 to 2.0% in FY2025 and 2.2% in Q1 FY2026. Net Profit Margin was 3.74% in FY2025, down from 6.67% in FY2024. Q2 FY2026 PAT margin improved to 6.5%.

EBITDA Margin

Standalone EBITDA margin was 11.3% in Q2 FY2026, representing a 300 bps expansion QoQ from 8.3% in Q1 FY2026. Consolidated OPM was significantly lower at 0.7% in FY2025 due to cash burn in the Millenium subsidiary.

Capital Expenditure

Historical capacity expansion at the Nalagarh plant increased capacity from 13,800 MT to 20,000 MT in 2016. No major standalone capex plans were reported for FY2026, with current focus on scaling the Millenium subsidiary.

Credit Rating & Borrowing

Ratings downgraded in August 2025 to [ICRA]A- (Negative) from [ICRA]A (Negative) and short-term rating to [ICRA]A2+ from [ICRA]A1. The company remains debt-free at a standalone level.

⚙️ Operational Drivers

Raw Materials

Natural Rubber and Synthetic Rubber are the primary raw materials, with natural rubber price spikes being the main driver of margin contraction.

Import Sources

Natural rubber is sourced/imported from Thailand and Malaysia.

Capacity Expansion

Current installed capacity is 20,000 MTPA at the Nalagarh, Himachal Pradesh facility. No specific planned expansion timeline for the core rubber business was disclosed.

Raw Material Costs

Standalone cost of materials consumed was INR 157.40 Cr in FY2025, representing 69.9% of standalone revenue. Elevated rubber prices led to a sharp decline in OPM from 7.1% to 2.0% YoY.

📈 Strategic Growth

Expected Growth Rate

5.24%

Growth Strategy

Growth is targeted through diversification into contract manufacturing of Power Conversion Systems (PCS) via the 51% subsidiary Millenium for a global energy company. The company is also focusing on exports and increasing awareness of retreading as a 70% cost-saving alternative to new tyres.

Products & Services

Precured Tread Rubber, Un-vulcanized Rubber Strip Gum, Universal Spray Cement, and Retreading Envelopes.

Brand Portfolio

Indag, Zoma (for foreign markets).

New Products/Services

Power Conversion Systems (PCS) for the renewable energy sector via Millenium Manufacturing Services.

Market Expansion

Expansion into the green energy sector and increased focus on foreign markets via the Zoma brand.

Market Share & Ranking

Not disclosed in available documents, though the company is a leading player in the organized retreading segment.

Strategic Alliances

51% subsidiary Millenium Manufacturing Services Private Limited (formerly Indergy Power Systems).

🌍 External Factors

Industry Trends

Truck and Bus radialization has reached ~60%; Extended Producer Responsibility (EPR) policy and anti-overloading regulations are expected to drive growth in the organized retreading sector.

Competitive Landscape

Intense competition from unorganized regional players and major tyre OEMs (e.g., MRF, Apollo) that have established their own retreading verticals.

Competitive Moat

Durable advantages include a strong brand track record since 1978, a pan-India network of 3,000+ retreaders, 300+ dealers, and technical know-how from its former JV with Bandag (USA).

Macro Economic Sensitivity

Highly sensitive to Commercial Vehicle (CV) market growth, which is projected at a 5.24% CAGR through FY2033.

Consumer Behavior

Fleet owners are increasingly adopting retreading as a cost-saving measure (1/3 the cost-per-KM of new tyres) and a sustainable alternative.

Geopolitical Risks

Red Sea crisis, Russia-Ukraine war, and U.S. tariffs are cited as factors affecting global trade flows and commodity pricing.

⚖️ Regulatory & Governance

Industry Regulations

Operations are influenced by anti-overloading regulations, GST implementation, E-way bill requirements, and tyre labeling norms.

Environmental Compliance

The company is subject to Extended Producer Responsibility (EPR) policies and waste management regulations.

Taxation Policy Impact

Effective standalone tax rate was approximately 19.1% in FY2025 (INR 2.00 Cr tax on INR 10.41 Cr PBT).

⚠️ Risk Analysis

Key Uncertainties

Raw material price volatility (natural and synthetic rubber) remains the primary risk to profitability, with OPM sensitivity demonstrated by a 510 bps drop in FY2025.