Dolfin Rubbers Ltd (542013)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Dolfin Rubbers' revenue was ₹52.6 Cr (+30.7% year on year, +8.2% on the previous quarter), and net profit ₹2.0 Cr (+52.3% year on year); the operating margin was 6.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹52.6 | +30.7% | +8.2% |
| Operating profit | ₹3.3 | +24.7% | +31.6% |
| Net profit | ₹2.0 | +52.3% | +20.6% |
| EPS (₹) | 1.96 | +51.9% | +20.2% |
| Operating margin | 6.3% | — | — |
📢 Recent Corporate Announcements
Dolfin Rubbers has convened its 31st Annual General Meeting (AGM) for September 9, 2026. Key agenda items include the re-appointment of Mr. Surinder Pal Singh as Joint Managing Director for a five-year term with a proposed monthly remuneration of Rs 2.50 lakh. The company is also seeking shareholder approval for the appointment of two new Independent Directors, Mr. Satinder Singh Kohli and Mrs. Soni Rani, for five-year tenures. The book closure for the AGM is set from September 1 to September 9, 2026.
- 31st Annual General Meeting scheduled for September 9, 2026, at 10:30 AM in Ludhiana
- Proposed monthly remuneration for Joint MD Mr. Surinder Pal Singh is Rs 2,50,000 (approx. Rs 30 lakh annually)
- Cut-off date for determining e-voting eligibility is August 31, 2026
- Appointment of two new Independent Directors proposed for 5-year terms ending August 2031
- Cost Auditor remuneration for FY27 proposed at Rs 28,000 plus expenses
Dolfin Rubbers has released its FY26 Annual Report, scheduling its 31st AGM for September 9, 2026. The company reported FY26 revenue of ––170 crore and a net profit of ––6 crore, reflecting growth from FY25's ––144 crore revenue. Key agenda items include the re-appointment of Mr. Surinder Pal Singh as Joint Managing Director for a 5-year term with a monthly remuneration of ––2.50 lakh. The company continues to focus on the replacement market, which contributes approximately 70% of industry revenue, leveraging its capacity of over 50 lakh tubes.
- FY26 Revenue grew to ––170 crore compared to ––144 crore in FY25
- Proposed monthly remuneration for Joint Managing Director is ––2.50 lakh, totaling ––30 lakh annually
- Annual General Meeting (AGM) is scheduled for September 9, 2026, at 10:30 A.M.
- Inventory Turnover Ratio decreased by 8.61% YoY to 6.35 times
- Company maintains a production capacity of over 50 lakh tubes and 5 lakh tyres per year
Dolfin Rubbers Ltd has announced its 31st Annual General Meeting (AGM) to be held on September 9, 2026, in Ludhiana. The company has fixed August 31, 2026, as the cut-off date for determining shareholder eligibility for e-voting. Share transfer books will remain closed from September 1 to September 9, 2026. This is a standard procedural filing for the company, which reported a TTM revenue of ₹170 Cr and a PAT of ₹6 Cr.
- 31st Annual General Meeting scheduled for September 9, 2026, at 10:30 A.M.
- Cut-off date for e-voting eligibility set for Monday, August 31, 2026.
- Book closure period defined from September 1, 2026, to September 9, 2026 (9 days).
- E-voting period opens on September 6, 2026 (09:00 AM) and ends on September 8, 2026 (05:00 PM).
Dolfin Rubbers has finalized the schedule for its 31st Annual General Meeting (AGM) on September 9, 2026. The board approved the re-appointment of Mr. Surinder pal Singh as Joint Managing Director and inducted two new Independent Directors, Satinder Singh Kohli and Soni Rani. Procedural approvals were also granted for the re-appointment of Internal and Cost Auditors for FY 2026-27. The share transfer books will remain closed from August 31 to September 9, 2026, for AGM purposes.
- 31st Annual General Meeting scheduled for September 9, 2026, at 10:30 A.M.
- Book closure and e-voting cut-off date fixed for August 31, 2026.
- Re-appointment of Internal Auditor and Cost Auditor approved for the FY 2026-2027 period.
- Induction of 2 new Additional Directors (Independent) to the Board of Directors.
- Re-appointment of Mr. Surinder pal Singh as Joint Managing Director and Key Managerial Personnel.
Dolfin Rubbers reported a strong start to the fiscal year with Q1 FY27 revenue growing 30.7% YoY to ₹52.57 Cr. Net profit increased by 25.5% YoY to ₹1.97 Cr, despite a significant surge in raw material costs which rose to ₹40.44 Cr from ₹22.80 Cr in the year-ago period. The company maintained sequential growth as well, with revenue up 8.2% and PAT up 20.9% compared to the March 2026 quarter. No dividend was recommended for the quarter.
- Revenue from operations increased 30.7% YoY to ₹52.57 Cr from ₹40.23 Cr.
- Net profit grew 25.5% YoY to ₹1.97 Cr compared to ₹1.57 Cr in Q1 FY26.
- Raw material consumption costs surged to ₹40.44 Cr, accounting for 76.9% of total revenue.
- Earnings Per Share (EPS) improved to ₹1.96 from ₹1.57 in the corresponding previous quarter.
- Total expenses rose 30.7% YoY to ₹50.09 Cr, matching the pace of revenue growth.
Dolfin Rubbers reported a strong start to the new fiscal year with Q1 FY27 revenue growing 30.7% YoY to ₹52.57 Cr, surpassing its previous quarterly run rate of ₹40-48 Cr. Net profit increased by 25.5% YoY to ₹1.97 Cr, showing resilient performance despite a significant rise in raw material costs which reached ₹40.44 Cr. The company achieved a sequential (QoQ) profit growth of 20.9% compared to the March 2026 quarter. No dividend was recommended for the period.
- Revenue from operations increased 30.7% YoY to ₹52.57 Cr from ₹40.23 Cr in June 2025.
- Net profit for the quarter rose to ₹1.97 Cr, up from ₹1.57 Cr in the corresponding quarter last year.
- Cost of materials consumed surged to ₹40.44 Cr, representing approximately 77% of total revenue.
- Earnings Per Share (EPS) for the quarter improved to ₹1.96 from ₹1.57 YoY.
- Total expenses for the quarter stood at ₹50.09 Cr against ₹38.31 Cr in the previous year's June quarter.
Dolfin Rubbers reported a strong start to FY27, with revenue from operations growing 30.7% YoY to Rs 52.57 Cr. Net profit for the quarter increased by 25.5% YoY to Rs 1.97 Cr, up from Rs 1.57 Cr in the same period last year. The company's operating performance improved, with an estimated EBITDA margin of approximately 6.3%, surpassing its TTM average of 5.3%. Despite the growth, raw material costs remain high, consuming nearly 77% of total revenue.
- Revenue from operations increased 30.7% YoY to Rs 52.57 Cr from Rs 40.23 Cr.
- Net profit rose 25.5% YoY to Rs 1.97 Cr, compared to Rs 1.57 Cr in Q1 FY26.
- Cost of materials consumed stood at Rs 40.44 Cr, accounting for 76.9% of revenue.
- Basic and Diluted EPS improved to Rs 1.96 from Rs 1.57 YoY.
- Finance costs were contained at Rs 0.34 Cr, representing only 0.6% of revenue.
Dolfin Rubbers has scheduled a board meeting on August 13, 2026, to finalize the logistics for its 31st Annual General Meeting (AGM). The board will consider the re-appointment of Mr. Surinder pal Singh as Joint Managing Director and the induction of two new Independent Directors. Additionally, the meeting will approve the Director's Report for FY26 and appoint Internal and Cost Auditors for the 2026-27 fiscal year. A cut-off date of August 31, 2026, has been proposed for shareholder e-voting.
- Board meeting scheduled for August 13, 2026, to approve the 31st AGM notice
- Proposed cut-off date for e-voting is August 31, 2026
- Re-appointment of Mr. Surinder pal Singh as Joint Managing Director and KMP
- Appointment of two new Independent Directors: Mr. Satinder Singh Kohli and Mrs. Soni Rani
- Appointment of Internal and Cost Auditors for the FY 2026-2027 period
Dolfin Rubbers Ltd has scheduled a board meeting on August 11, 2026, to review and approve the unaudited financial results for the quarter ended June 30, 2026. This follows a fiscal year (FY26) where the company achieved a revenue of ‑170 Cr and a net profit of ‑6 Cr. The trading window for promoters and designated persons has been closed since July 1, 2026, as per SEBI regulations. Investors will be monitoring if the company can maintain its growth momentum after reporting a revenue of ‑48.6 Cr in the previous quarter (Mar 2026).
- Board meeting scheduled for August 11, 2026, to approve Q1 FY27 results
- Trading window closed from July 1, 2026, until 48 hours after result declaration
- Company reported TTM revenue of ‑170 Cr and TTM PAT of ‑6 Cr
- Operating Profit Margin (OPM) stood at 5.3% for the trailing twelve months
- Promoter holding has marginally increased to 37.68% as of June 2026
Financial Performance
Revenue Growth by Segment
Total turnover grew 13.92% YoY from INR 126.41 Cr in FY 2023-24 to INR 144.01 Cr in FY 2024-25. The company operates in a single business segment: Manufacturing of Rubber Tyres and Tubes.
Geographic Revenue Split
Not disclosed in absolute figures, but the company maintains a pan-India supply chain with outlets, branch organizations, and fabricating production lines throughout the country.
Profitability Margins
Net Profit Ratio declined by 5.29% YoY, from 3.77% to 3.57%. Return on Equity (ROE) decreased by 7.29% YoY to 16.62%, and Return on Capital Employed (ROCE) fell by 5.63% YoY to 21.97%.
EBITDA Margin
Not explicitly disclosed; however, the Net Profit Ratio is 3.57% for FY 2024-25, down from 3.77% in the previous year.
Capital Expenditure
Not disclosed in absolute INR Cr; however, the company maintains high production capability with a limit of over 5 Lakh tyres and over 50 Lakh tubes annually.
Credit Rating & Borrowing
Debt Equity Ratio increased slightly by 3.48% to 0.54. The Debt Service Coverage Ratio improved significantly by 29.20% to 7.55 times.
Operational Drivers
Raw Materials
Synthetic rubber, carbon black, and chemical solvents.
Import Sources
Not specifically disclosed, though the company notes that Indian rubber production is generally lower than demand, necessitating external sourcing.
Capacity Expansion
Current installed capacity is over 5 Lakh tyres (tubeless and tube type) and over 50 Lakh tubes per year. Planned expansion figures in INR are not disclosed.
Raw Material Costs
Raw material costs are described as extremely unpredictable and a major challenge; specific percentage of revenue is not disclosed.
Manufacturing Efficiency
Inventory Turnover Ratio decreased by 8.61% YoY to 6.35 times, while Trade Receivables Turnover Ratio improved by 5.28% to 8.62 times.
Logistics & Distribution
Not disclosed as a specific percentage of revenue, but the company operates an extensive Indian sales network.
Strategic Growth
Expected Growth Rate
6.6%
Growth Strategy
The company aims to achieve growth by focusing on the replacement market, which contributes ~70% of industry revenue, and leveraging its high production capacity of >5 Lakh tyres. Strategy includes digitalization to optimize plant availability, reducing operating costs, and expanding its diversified portfolio of 2 and 3 wheeler variants.
Products & Services
Rubber Tyres (tubeless and tube type) and Rubber Tubes for 2 and 3 Wheelers.
Brand Portfolio
Dolfin Rubbers Limited.
New Products/Services
Continuous development of variants and models for the 2 and 3 Wheeler market; specific revenue contribution percentages for new launches are not disclosed.
Market Expansion
Targeting growth in both Original Equipment (OE) and replacement segments within India's growing economy.
Market Share & Ranking
The top 10 players in the Indian tyre industry hold 90-95% of the total market; Dolfin Rubbers is a specialized player in the 2/3 wheeler segment.
External Factors
Industry Trends
The industry is shifting toward digitalization, smart manufacturing, and electric vehicles. The Indian tyre market is worth over USD 9 billion, with the replacement segment contributing 70% of total revenues.
Competitive Landscape
Intense competition from major players like MRF, Apollo Tyres, and JK Tyres, as well as local regional players and Chinese imports.
Competitive Moat
Sustainable advantages include a strong brand image in the replacement market, a high production capacity of 50 Lakh+ tubes, and an extensive pan-India distribution network.
Macro Economic Sensitivity
Highly sensitive to Indian GDP growth (projected at 6.6% for FY25) and automotive industry production, which reached 5.8 million vehicles in 2024.
Consumer Behavior
Increasing consumer awareness regarding tyre safety and maintenance is driving demand in the replacement segment.
Geopolitical Risks
Cheaper imported Chinese tyre goods pose a significant threat to domestic profitability and market competition.
Regulatory & Governance
Industry Regulations
Compliance with the Companies Act 2013, SEBI (LODR) Regulations, and mandatory Accounting Standards.
Environmental Compliance
The company is ISO 14001 certified for environmental management systems.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (synthetic rubber, carbon black) and fluctuations in domestic rubber production relative to demand.
Geographic Concentration Risk
Operations are spread throughout India; specific regional revenue concentration percentages are not provided.
Third Party Dependencies
Dependency on raw material suppliers for synthetic rubber and carbon black.
Technology Obsolescence Risk
The company identifies the need for digitalization and new business models to optimize plant availability and time-to-market.
Credit & Counterparty Risk
Trade Receivables Turnover Ratio is 8.62 times, indicating a 5.28% improvement in collection efficiency YoY.
