🔍

JKTYRE - JK Tyre & Indust

📊 NSE: JKTYRE 🏢 Tyres 📅 Last Updated: 12/14/2025 8:40

📢 Recent Corporate Announcements

JK Tyre to Acquire 26% Stake in Sunpulse Power for Rs 5.04 Crore

🟡 NEUTRAL ⭐ 4/10

M&A 📅 05 Mar 2026, 07:20 PM

JK Tyre & Industries has approved the acquisition of a minimum 26% equity stake in Sunpulse Power Private Ltd for a cash consideration of Rs 5.04 Crore. This strategic move is designed to comply with Indian Electricity laws regarding captive power consumption for the company's operations. Sunpulse Power is a newly incorporated solar energy firm and a subsidiary of Oriana Power Limited. The transaction is expected to be finalized within 90 days.

Acquisition of at least 26% equity in Sunpulse Power Private Ltd for Rs 5.04 Crore
Target entity is a subsidiary of Oriana Power Limited focused on solar power generation
Investment is mandated by regulatory requirements for captive power consumption
The acquisition is a cash-only transaction expected to conclude within 90 days
Sunpulse Power is a recent startup incorporated in July 2025

💡 This is a routine operational investment for regulatory compliance in power sourcing and has negligible impact on the company's financial health. No immediate action is required as the investment size is small relative to the company's market capitalization.

JK Tyre to Acquire 26% Stake in Sunpulse Power for Rs 5.04 Crore

🟢 POSITIVE ⭐ 6/10

M&A 📅 05 Mar 2026, 07:16 PM

JK Tyre & Industries has approved the acquisition of a minimum 26% equity stake in Sunpulse Power Private Ltd for a cash consideration of Rs 5.04 crore. The primary objective of this investment is to comply with regulatory requirements for captive power consumption under Indian Electricity laws. Sunpulse Power is a solar energy generation company and a subsidiary of Oriana Power Limited, incorporated in July 2025. The transaction is expected to be completed within 90 days, facilitating JK Tyre's transition toward renewable energy sources.

Acquisition of at least 26% equity stake in Sunpulse Power Private Ltd for Rs 5.04 crore.
Target company is a subsidiary of Oriana Power Limited focused on solar power generation.
Investment is structured to meet captive power consumption norms under Indian Electricity laws.
The acquisition is a cash-only transaction expected to conclude within 90 days.
Sunpulse Power is a newly incorporated entity (July 2025) with no prior turnover history.

💡 This is a strategic move to secure renewable energy and optimize power costs through captive consumption. While the investment size is small relative to the company's balance sheet, it strengthens JK Tyre's ESG profile and operational efficiency.

JK Tyre Q3 FY26: Record Revenue of ₹4,235 Cr, PAT Surges 3.7x to ₹209 Cr

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 13 Feb 2026, 11:49 AM

JK Tyre reported its highest-ever consolidated revenue of ₹4,235 crores for Q3 FY26, a 15% YoY growth driven by product premiumization and strong domestic demand. Profit After Tax (PAT) saw a massive jump of 3.7x to ₹209 crores, while EBITDA margins expanded significantly by 470 bps to 13.8%. The company announced a fresh capex of ₹1,130 crores to expand capacity by 7% across TBR, ASLTR, and PCR categories. Additionally, the merger of subsidiary Cavendish Industries Limited was completed, which is expected to provide operational and financial synergies.

Consolidated Revenue reached an all-time high of ₹4,235 crores, growing 15% YoY.
EBITDA grew 74% YoY to ₹583 crores with margins expanding to 13.8% from 9.1% in the previous year.
Announced a new capacity expansion plan involving an investment of ₹1,130 crores to increase overall capacity by 7%.
Domestic volume growth stood at 16%, led by a 24% growth in the OEM segment.
Net debt-to-equity ratio remains healthy at 0.71x with net debt-to-EBITDA at 2.17x.

💡 Investors should take note of the strong margin expansion and the aggressive ₹1,130 crore capex plan which signals management's confidence in future demand. The successful merger of Cavendish Industries and the turnaround in Mexico operations further strengthen the balance sheet and growth prospects.

JK Tyre ESG Rating Improved to 69.8 by SES ESG Research

🟢 POSITIVE ⭐ 4/10

OTHER 📅 10 Feb 2026, 06:27 PM

JK Tyre & Industries Limited has received an updated Environmental, Social, and Governance (ESG) rating of 69.8 from SES ESG Research Private Limited. This marks an improvement from the previous rating of 69.3, reflecting better sustainability performance. The rating was assigned independently based on the company's public data for FY 2024-25 without direct engagement from the company. Such independent improvements in ESG scores are generally viewed favorably by institutional investors and ESG-focused funds.

SES ESG Research assigned an independent ESG rating of 69.8 to JK Tyre.
The new rating shows a marginal improvement from the previous score of 69.3.
The assessment is based on publicly available data pertaining to FY 2024-25.
The rating was conducted by a SEBI-registered ESG Rating Provider independently.

💡 Investors should note the steady improvement in ESG metrics which enhances the company's profile for institutional portfolios. No immediate trading action is required as the impact on stock price is likely to be neutral to mildly positive in the long term.

JK Tyre Releases Audio Recording of Q3 FY 2025-26 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 09 Feb 2026, 06:24 PM

JK Tyre & Industries Limited has officially released the audio recording of its Quarter 3 FY 2025-26 results conference call held on February 9, 2026. The recording provides management's detailed commentary on the company's financial performance and operational highlights for the quarter. This disclosure is a routine regulatory requirement under SEBI Listing Obligations and Disclosure Requirements. Investors can access the full recording through the company's investor relations portal to understand future growth guidance and industry trends.

Audio recording of the Q3 FY 2025-26 earnings call is now available for public access.
The conference call was conducted on February 9, 2026, at 4:00 PM IST.
Recording link is hosted on the official JK Tyre website under the investor presentations section.
The filing is in compliance with Regulation 30 of the SEBI LODR Regulations, 2015.

💡 Investors should listen to the recording to understand management's perspective on raw material price volatility and demand outlook. No immediate action is required as this is a procedural update following the earnings announcement.

JK Tyre Q3FY26: PAT Surges 264% YoY to ₹209 Cr; EBITDA Margins Expand to 13.8%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 08 Feb 2026, 02:06 PM

JK Tyre reported a strong performance in Q3FY26, with consolidated total income rising 15% YoY to ₹4,235 crore. The company's EBITDA saw a significant jump of 74% YoY to ₹583 crore, driven by margin expansion to 13.8% from 9.1% in the previous year. While Profit After Tax (PAT) grew by a massive 264% YoY to ₹209 crore, it saw a slight sequential decline of 6% from Q2FY26. The company continues to focus on premiumization and innovation, launching embedded smart tyres and EV-specific product ranges.

Consolidated Total Income grew 15% YoY to ₹4,235 crore in Q3FY26.
EBITDA surged 74% YoY to ₹583 crore with margins improving significantly to 13.8%.
9MFY26 PAT stands at ₹586 crore, representing a 42% growth compared to the previous year.
The company maintains a global manufacturing capacity of 35 million+ tyres per annum across 11 facilities.
Achieved a top-notch CareEdge-ESG 1+ rating, reflecting leadership in sustainability practices.

💡 Investors should note the significant margin improvement and strong YoY profit growth, though the slight QoQ PAT dip warrants monitoring of input costs. The company's focus on high-margin segments like EVs and smart tyres provides a positive long-term outlook.

JK Tyre Approves Rs 1,130 Crore Capacity Expansion for TBR, ASLTR, and PCR Segments

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 06 Feb 2026, 07:28 PM

JK Tyre & Industries has approved a significant capital expenditure of Rs 1,130 crore to expand its manufacturing capacity across Truck & Bus Radial (TBR), All Steel Light Truck Radial (ASLTR), and Passenger Car Radial (PCR) segments. The expansion will add 6.5% to the company's current capacity of 204 lakh tyres per annum to meet robust domestic demand. The project will be implemented across the Vikrant, Laksar, and Banmore plants with a completion target of Q2FY28. Funding for this expansion will be sourced through a combination of internal accruals and debt.

Total investment outlay of Rs 1,130 crore approved for multi-segment capacity expansion
Proposed capacity addition of 6.5% to the existing base of 204 lakh tyres per annum
Current capacity utilization is high at over 90%, justifying the need for expansion
Project completion scheduled for Q2FY28 across three major manufacturing plants
Funding to be managed through a mix of internal accruals and debt instruments

💡 Investors should view this as a positive growth indicator reflecting strong demand; however, monitor the company's leverage levels as the expansion is partially debt-funded. The long-term outlook remains favorable given the high utilization levels and market leadership in radial segments.

JK Tyre Appoints Legal Veteran Nand Gopal Khaitan as Independent Director for 5-Year Term

🟢 POSITIVE ⭐ 4/10

MANAGEMENT 📅 06 Feb 2026, 06:38 PM

JK Tyre & Industries has approved the appointment of Shri Nand Gopal Khaitan as an Independent Director for a five-year term starting February 9, 2026. Mr. Khaitan is a highly distinguished legal professional with over 50 years of experience and serves as a Senior Partner at Khaitan & Co. His extensive background includes leadership roles at the Indian Council of Arbitration and the Federation of Indian Chamber of Commerce and Industry (FICCI). This appointment is expected to enhance the board's expertise in legal, regulatory, and corporate governance matters.

Appointment of Shri Nand Gopal Khaitan as Independent Director for a 5-year term effective February 9, 2026.
Brings over 50 years of legal experience as a Senior Partner at Khaitan & Co and Advocate in the Supreme Court.
Recipient of the Doctor of Letters (Honoris Causa) and former President of the Indian Council of Arbitration.
The appointment is subject to the requisite approval of the company's members.
Confirmed that the appointee is not debarred from holding office by any SEBI order or authority.

💡 Investors should view this as a positive move to strengthen corporate governance and legal oversight on the board. No immediate portfolio action is required as this is a routine high-level appointment.

JK Tyre Q3 FY26 Consolidated PAT Rises 27% YoY to ₹227 Cr; Revenue Up 15%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 05:45 PM

JK Tyre & Industries reported a robust Q3 FY26 with consolidated revenue from operations growing 15% YoY to ₹4,222.96 crore. Net profit for the quarter stood at ₹226.86 crore, a 27% increase over the restated ₹178.45 crore in the same period last year. This performance was achieved despite a significant exceptional loss of ₹104.02 crore, which included provisions for new labour codes and merger-related stamp duty. The amalgamation of Cavendish Industries is now fully effective, resulting in a restatement of previous figures and an increase in equity capital.

Consolidated Revenue from Operations increased 15% YoY to ₹4,222.96 crore.
Operating Profit (PBIDT) grew to ₹583.10 crore compared to ₹535.68 crore in the previous year's quarter.
Exceptional items totaling ₹104.02 crore were recorded, including ₹56.75 crore for new labour code obligations and ₹32.50 crore for merger stamp duty.
The merger with Cavendish Industries Ltd is complete, with 1.42 crore new equity shares allotted to eligible shareholders.
India segment revenue contributed ₹3,741.18 crore, while the Mexico operations added ₹615.45 crore.

💡 Investors should focus on the strong operational growth and the successful integration of Cavendish Industries, which provides better scale. The bottom line was impacted by one-time non-recurring costs, suggesting that underlying profitability remains stronger than the reported figures.

JK Tyre to Host Q3 FY26 Results Conference Call on February 9, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 02 Feb 2026, 05:41 PM

JK Tyre & Industries Limited has scheduled its earnings conference call for the third quarter of financial year 2025-26 on February 9, 2026, at 4:00 PM IST. The call will be facilitated by ICICI Securities and will feature top management including the Managing Director and CFO. This meeting is a standard procedure following the release of quarterly financial results to discuss performance and outlook with analysts and investors. International access numbers are provided for participants from Singapore, Hong Kong, UK, and USA.

Q3 FY2025-26 Results Conference Call scheduled for February 9, 2026, at 16:00 IST
Management representation includes MD Anshuman Singhania and CFO Sanjeev Aggarwal
Event facilitated by ICICI Securities with Diamond Pass registration available
Universal access numbers provided: +91 22 6280 1144 and +91 22 7115 8045

💡 Investors should mark the date to listen for management commentary on margin pressures and volume growth. No immediate trading action is required based solely on this scheduling announcement.

JK Tyre Credit Rating Reaffirmed at CARE AA- Following Cavendish Industries Merger

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 13 Jan 2026, 06:20 PM

CARE Ratings has reaffirmed JK Tyre’s long-term rating at 'CARE AA-; Stable' and short-term rating at 'CARE A1+' following the merger of its subsidiary, Cavendish Industries Limited (CIL). The merger, effective from December 22, 2025, resulted in all CIL assets and liabilities being transferred to the parent company. CARE noted that the merger has no impact on the credit profile as the analytical approach was already consolidated. The rating reflects JK Tyre's leadership in the Truck and Bus Radial (TBR) segment and its robust distribution network across 100+ countries.

Long-term bank facilities reaffirmed at CARE AA- with a Stable outlook
Short-term bank facilities and Commercial Paper reaffirmed at CARE A1+
Merger of subsidiary Cavendish Industries Limited (CIL) into JK Tyre completed as of Dec 22, 2025
Rating rationale cites leadership in the Truck and Bus Radial (TBR) segment and exports to 100+ countries
No change in credit profile as the rating agency previously used a consolidated analytical approach

💡 Investors should view this as a positive confirmation of a seamless integration of Cavendish Industries without impacting the company's creditworthiness. The stable outlook reflects the company's strong market position and operational track record.

JK Tyre Submits SEBI Compliance Certificate for Quarter Ended Dec 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 12:45 PM

JK Tyre & Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Alankit Assignments Limited, covers the quarter ended December 31, 2025. It confirms that physical share certificates received for dematerialization were processed, cancelled, and the depository's name was updated in the records. This filing is a routine regulatory requirement ensuring the integrity of the shareholding transition from physical to electronic form.

Submission of SEBI Regulation 74(5) certificate for the quarter ended December 31, 2025
Confirmation from Registrar Alankit Assignments Limited regarding dematerialization of equity shares
Verification that securities comprised in the certificates are listed on the Stock Exchanges
Confirmation that physical certificates were mutilated and cancelled after due verification

💡 This is a routine administrative update with no impact on stock valuation; no action is necessary for shareholders.

JK Tyre Allots 1.42 Crore Equity Shares Following Cavendish Industries Amalgamation

🟡 NEUTRAL ⭐ 8/10

M&A 📅 26 Dec 2025, 12:25 PM

JK Tyre & Industries has completed the allotment of 1,42,69,484 equity shares to the shareholders of Cavendish Industries Ltd (CIL) as part of a court-sanctioned merger. The allotment was based on a swap ratio of 92 JK Tyre shares for every 100 CIL shares held as of the record date, December 24, 2025. This corporate action increases the company's total paid-up equity share capital from 27.40 crore shares to 28.83 crore shares. The merger aims to consolidate the business operations of the subsidiary into the parent entity.

Allotted 1,42,69,484 equity shares of face value Rs 2 each to eligible CIL shareholders.
Share swap ratio set at 92 equity shares of JK Tyre for every 100 shares of Cavendish Industries.
Total paid-up equity capital increased to 28,82,89,511 shares from 27,40,20,027 shares.
The merger was sanctioned by the NCLT Jaipur Bench via an order dated November 20, 2025.

💡 Investors should note the slight equity dilution resulting from the new share allotment. Focus should remain on the operational synergies and cost efficiencies expected from the full integration of Cavendish Industries.

JK Tyre to Close Trading Window from January 1, 2026, for Q3 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Dec 2025, 09:13 PM

JK Tyre & Industries Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This move is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's quarterly financial results. The window will remain closed until 48 hours after the financial results for the quarter ending December 31, 2025, are declared. This is a routine procedure to ensure transparency and prevent insider trading during the earnings finalization period.

Trading window closure effective from January 1, 2026
Closure pertains to the financial results for the quarter ending December 31, 2025
Window to reopen 48 hours after the official declaration of Q3 results
Compliance with Schedule B of SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 No immediate action is required as this is a routine regulatory filing; investors should wait for the announcement of the Q3 earnings date to assess financial performance.

JK Tyre Completes Merger of Cavendish Industries; Capacity Utilization Improved to 95%

🟢 POSITIVE ⭐ 8/10

M&A 📅 24 Dec 2025, 10:55 AM

JK Tyre has successfully completed the merger of its subsidiary, Cavendish Industries Ltd., which was originally acquired in 2016. Under JK Tyre's management, Cavendish saw a significant turnaround, with capacity utilization increasing from just 30% at the time of acquisition to 95% currently. The merger is designed to unlock value through operational synergies, economies of scale, and a streamlined distribution network. This integration marks the company's third major successful turnaround of an acquired business unit.

Successful merger of subsidiary Cavendish Industries Ltd. into JK Tyre & Industries Ltd.
Turnaround achieved with capacity utilization rising from 30% in 2016 to 95% in 2025.
Cavendish adds significant manufacturing capacity in truck/bus radial, bias, and 2/3-wheeler segments.
Expected to enhance operational synergies and provide a more diversified product portfolio.
Follows historical turnaround successes of Vikrant Tyres (1997) and JK Tornel Mexico (2008).

💡 Investors should view this consolidation positively as it simplifies the corporate structure and should lead to better cost efficiencies. Monitor upcoming quarterly results for improvements in operating margins resulting from these synergies.

View All JKTYRE Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for FY25 stood at INR 14,693 Cr, representing a 2.06% decline from INR 15,002 Cr in FY24. Standalone sales for FY25 were INR 10,063 Cr compared to INR 10,211 Cr in FY24. Despite market headwinds, the company reported Q2 FY26 revenue of INR 4,026 Cr, maintaining a trajectory toward double-digit growth.

Geographic Revenue Split

JK Tyre exports to over 100 countries. In Q2 FY26, export revenue grew by 10% sequentially (QoQ) despite tariff-related challenges. The Mexico subsidiary, JK Tornel, and domestic subsidiary Cavendish Industries contributed significantly to the consolidated financials, though specific regional percentage splits were not disclosed.

Profitability Margins

Profitability saw compression in FY25 with Consolidated Profit After Tax (PAT) at INR 806 Cr, a slight decrease from INR 811 Cr in FY24. PAT for Q2 FY26 stood at INR 223 Cr, a 54% increase YoY. The decline in FY25 was primarily due to the inability to fully pass on raw material price hikes in the commercial vehicle segment.

EBITDA Margin

Consolidated PBILDT margin moderated to 10.3% in FY25 from 14% in FY24, a decline of 370 bps. In Q1 FY26, the margin improved by 73 bps QoQ to 10.4%. Management expects a further 100-150 bps improvement in FY26 driven by premiumisation and stable rubber prices.

Capital Expenditure

Debt levels are expected to peak in FY26 as the company completes its planned capacity expansion for Truck and Bus Radial (TBR), Passenger Car Radial (PCR), and All Steel Light Truck Radial (ASLTR). While specific total project cost in INR Cr was not explicitly totaled, the company raised INR 500 Cr via QIP in Dec 2023 and INR 240 Cr via CCDs for expansion activities.

Credit Rating & Borrowing

CareEdge reaffirmed ratings at IND AA-/Stable for long-term and IND A1+ for short-term facilities. Net debt stood at INR 4,201 Cr as of September 30, 2025, up from INR 3,862 Cr in June 2025 due to increased working capital needs. Net Debt/PBILDT was 3.53x in FY25 compared to 2.40x in FY24.

⚙️ Operational Drivers

Raw Materials

Key raw materials include natural rubber, which accounts for approximately 33.3% (one-third) of total raw material costs, and crude-linked derivatives such as carbon black and nylon cord.

Import Sources

Approximately 35-40% of raw material requirements are imported to meet production standards and volume needs, though specific country names were not disclosed in the provided text.

Capacity Expansion

The company is expanding capacities in TBR, PCR, and ASLTR segments, with completion expected by the end of FY26. Current consolidated capacity utilization was 88% in Q2 FY26, with radial capacity utilization exceeding 90%.

Raw Material Costs

Raw material price inflation, particularly in natural rubber, led to a 300+ bps decline in operating margins in FY25. The company uses a mix of inventory management and price hikes to manage these costs, though price pass-through was restricted in the CV segment post-elections.

Manufacturing Efficiency

Efficiency is driven by high capacity utilization (88% consolidated) and a focus on 'digital leadership' to optimize the mobility ecosystem. Operational efficiencies helped improve PBILDT from 9% in 2020 to 14% in FY24.

Logistics & Distribution

The company maintains a wide marketing and distribution network across India and exports to over 100 countries, though specific logistics costs as a % of revenue were not provided.

📈 Strategic Growth

Expected Growth Rate

10%

Growth Strategy

Growth will be achieved through a double-digit revenue guidance driven by a 'premiumisation' strategy (increasing the share of high-margin products), the ramp-up of new margin-accretive capacities in H2 FY26 (TBR, PCR, ASLTR), and sustained marketing efforts in both domestic and international markets.

Products & Services

Truck and Bus Radial (TBR) tyres, Passenger Car Radial (PCR) tyres, All Steel Light Truck Radial (ASLTR) tyres, and Commercial Vehicle (CV) tyres.

Brand Portfolio

JK Tyre, Cavendish, and JK Tornel (Mexico).

New Products/Services

Focus on margin-accretive new capacities in ASLTR and premium PCR segments; specific revenue contribution % for new launches was not disclosed.

Market Expansion

Expansion of the premium portfolio and increasing market share in the passenger tyre segment. The Mexico subsidiary (JK Tornel) is a key pillar for international growth.

Market Share & Ranking

JK Tyre holds a leadership position in the domestic Truck and Bus Radial (TBR) segment.

Strategic Alliances

The company is undergoing a scheme of amalgamation with its subsidiary, Cavendish Industries Limited (CIL), to streamline operations.

🌍 External Factors

Industry Trends

The industry is shifting toward radialization and premiumisation. JK Tyre is positioning itself with >90% radial capacity utilization and expanding ASLTR capacities to meet evolving mobility needs.

Competitive Landscape

The industry is highly competitive with volatile input prices. JK Tyre competes by focusing on operational efficiency and a premium product mix.

Competitive Moat

The moat is built on a leadership position in the TBR segment, a strong brand, and an extensive distribution network. This is sustainable due to high entry barriers in tyre manufacturing and established OEM relationships.

Macro Economic Sensitivity

Revenues are highly sensitive to the cyclicality of the automotive industry and GDP growth, particularly affecting the commercial vehicle segment which saw subdued demand post-elections.

Consumer Behavior

There is an increasing consumer preference for premium tyres and a shift toward radial tyres in the light truck segment.

Geopolitical Risks

The present geopolitical landscape presents risks due to the industry's deep integration with the global economy and reliance on imported raw materials.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to environmental regulations regarding carbon emissions and health/safety standards due to the energy-intensive nature of tyre manufacturing.

Environmental Compliance

The company has adopted a 6 'R' strategy for sustainability. Specific compliance costs in INR were not disclosed.

Taxation Policy Impact

The consolidated provision for tax was INR 400 Cr in FY25 on a Profit Before Tax of INR 1,211 Cr, implying an effective tax rate of approximately 33%.

Legal Contingencies

The company received a certificate stating no directors have been debarred by SEBI or MCA. No specific pending court case values in INR were disclosed in the provided text.

⚠️ Risk Analysis

Key Uncertainties

Volatility in raw material prices (natural rubber and crude) is the primary uncertainty, with a potential to swing PBILDT margins between 8% and 15% based on historical trends.

Geographic Concentration Risk

While global, the company has significant exposure to the Indian market and Mexico (via JK Tornel).

Third Party Dependencies

Dependency on natural rubber suppliers is high, as it constitutes 1/3 of raw material costs.

Technology Obsolescence Risk

The company is mitigating technology risks through 'digital leadership' and R&D in radial technology and green manufacturing.

Credit & Counterparty Risk

Receivables and inventory are managed through strict controls; liquidity is considered 'Adequate' with cash and bank balances of INR 755 Cr as of March 2024.