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TOLINS - Tolins

📊 NSE: TOLINS 🏢 Tyres 📅 Last Updated: 12/14/2025 14:26

📢 Recent Corporate Announcements

Tolins Tyres Q3 FY26 Revenue Up 34% YoY to ₹93.29 Cr; PAT Dips 3.7% on Margin Pressure

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 09:09 PM

Tolins Tyres reported a robust 33.77% YoY revenue growth in Q3 FY26, reaching ₹93.29 crore, driven by volume recovery in retreading and new tyre segments. However, profitability faced headwinds as EBITDA margins contracted by 222 bps to 15.22%, and PAT declined slightly by 3.67% YoY to ₹10.49 crore. For the nine-month period (9M FY26), while revenue grew by 11.76%, PAT fell by 9.03% compared to the previous year. The company is banking on its newly launched agricultural tyre portfolio and distribution expansion to sustain future growth.

Q3 FY26 Revenue surged 33.77% YoY to ₹93.29 crore, supported by a rebound from a softer Q2 and new product launches.
EBITDA margins for the quarter compressed from 18.07% to 15.22%, leading to a lower-than-expected operating profit growth of 12.67%.
Net Profit (PAT) for Q3 stood at ₹10.49 crore, reflecting a marginal year-on-year decline of 3.67%.
9M FY26 performance shows a revenue increase to ₹249.13 crore, but a 14.21% drop in EBITDA to ₹36.57 crore.
The agricultural segment, specifically the new tractor rear tyre range, is showing strong traction and contributing to a better product mix.

💡 Investors should monitor the company's ability to arrest margin compression, as the significant drop in profitability despite high revenue growth suggests rising input costs or pricing pressure. The stock's performance will likely depend on whether the company can restore margins to historical levels of 18-19%.

Tolins Tyres Q3 FY26 Revenue Jumps 34% YoY to ₹93.3 Cr; EBITDA Margins Contract to 15.2%

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 09:02 PM

Tolins Tyres reported a strong 33.8% YoY revenue growth in Q3 FY26, reaching ₹93.29 crore, driven by a recovery in volumes across retread and new tyre segments. However, PAT saw a marginal decline of 3.68% YoY to ₹10.49 crore, primarily due to higher raw material costs and a 222 bps contraction in EBITDA margins. The company is seeing positive traction in the agricultural segment with its new tractor rear tyre range. Capacity utilization for tyres improved to 48.4% in Q3 FY26 compared to 36.9% in FY25.

Revenue from operations grew 33.8% YoY to ₹93.29 crore in Q3 FY26 compared to ₹69.74 crore in Q3 FY25.
EBITDA increased by 16.7% YoY to ₹14.20 crore, though margins compressed from 17.44% to 15.22%.
Tyre capacity utilization reached 48.40% in Q3 FY26, showing steady improvement from 36.86% in FY25.
The agricultural segment showed encouraging traction with the launch of the tractor rear tyre range contributing to the mix.
Domestic sales dominate the revenue mix at 93.81%, with exports accounting for 6.19% in Q3 FY26.

💡 Investors should monitor the company's ability to pass on raw material costs to protect margins, as the top-line growth is robust but hasn't fully translated to the bottom line. The increasing utilization and expansion into the farm tyre category are positive long-term indicators.

Tolins Tyres Q3 FY26 Standalone Revenue Jumps 61.6% YoY to ₹679.16 Million

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 08:48 PM

Tolins Tyres reported a robust 61.6% YoY growth in standalone revenue for Q3 FY26, reaching ₹679.16 million. While Profit After Tax (PAT) remained nearly flat YoY at ₹52.75 million due to higher raw material costs, it showed a massive 131.2% recovery on a sequential (QoQ) basis. The company significantly reduced its finance costs for the nine-month period to ₹8.74 million from ₹35.94 million last year. Additionally, the company expanded its portfolio by acquiring 100% of Terra Rubber Private Limited in October 2025.

Standalone Revenue from Operations grew 61.6% YoY to ₹679.16 million in Q3 FY26.
Profit After Tax (PAT) surged 131.2% on a QoQ basis to ₹52.75 million.
Finance costs for 9M FY26 dropped sharply to ₹8.74 million from ₹35.94 million in 9M FY25.
Cost of materials consumed increased to ₹509.03 million in Q3 FY26 from ₹370.47 million YoY.
Completed 100% acquisition of Terra Rubber Private Limited during the current quarter.

💡 Investors should focus on the strong top-line growth and the company's success in reducing debt-related finance costs. Monitor how the integration of the new acquisition, Terra Rubber, impacts consolidated margins in the coming quarters.

Tolins Tyres Files SEBI Reg 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Jan 2026, 07:46 PM

Tolins Tyres Limited has filed the mandatory compliance certificate under SEBI (Depositories and Participants) Regulations for the quarter ended December 31, 2025. The filing confirms that the company's Registrar and Share Transfer Agent, Cameo Corporate Services Limited, has handled dematerialization requests as per regulatory standards. This involves the cancellation of physical certificates and updating the register of members with depository names. Such filings are standard administrative procedures for listed entities in India.

Submission of Regulation 74(5) certificate for the quarter ending December 31, 2025.
Confirmation of compliance regarding dematerialization of share certificates.
Registrar and Share Transfer Agent identified as Cameo Corporate Services Limited.
Filing dated January 15, 2026, following the end of the December quarter.

💡 This is a routine administrative filing with no impact on company fundamentals. Investors should continue to monitor the company's operational performance and upcoming earnings reports.

Tolins Tyres to Close Trading Window from Jan 1, 2026 for Q3 Financial Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Dec 2025, 04:32 PM

Tolins Tyres Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Prohibition of Insider Trading Regulations. This closure is ahead of the announcement of the company's un-audited financial results for the quarter ending December 31, 2025. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are made public. The specific date for the board meeting to approve these results will be communicated at a later date.

Trading window closure commences on January 1, 2026
Closure is related to the un-audited financial results for the quarter ending December 31, 2025
Window to reopen 48 hours after the results are officially announced
Restriction applies to all designated employees and their immediate relatives

💡 This is a routine regulatory filing and requires no immediate action from shareholders. Investors should await the announcement of the board meeting date to review the company's quarterly performance.

Tolins Tyres Resubmits Financial Results for Q2 2025

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 08 Dec 2025, 08:00 PM

Tolins Tyres Limited resubmitted its financial results for the quarter and half year ended September 30, 2025, to comply with NSE's machine-readable format requirement. The original filing was on November 13, 2025, and the company confirms that there are no changes to the financial results. Revenue from operations for the half year ended September 30, 2025, was ₹1,078.91 million compared to ₹974.60 million for the corresponding period in 2024. Profit after tax for the half year ended September 30, 2025, stood at ₹71.01 million.

Revenue from Operations for Half Year Ended September 30, 2025: ₹1,078.91 million
Profit After Tax for Half Year Ended September 30, 2025: ₹71.01 million
Total Assets as of September 30, 2025: ₹3,243.63 million
Total Equity as of September 30, 2025: ₹3,009.43 million

💡 This is a regulatory update; investors should review the detailed financial results for Q2 2025 for a comprehensive understanding of the company's performance.

View All TOLINS Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 28.71% YoY to INR 292.45 Cr in FY25. The standalone Tyre segment showed exceptional growth of 59.55% YoY, reaching INR 60.925 Cr, driven by rural penetration and dealership outreach. However, Q2 FY26 saw a 14% YoY revenue decline to INR 66.10 Cr due to deferred demand linked to anticipated GST revisions.

Geographic Revenue Split

Domestic sales dominate the mix, while exports contributed 6.4% to standalone revenue (INR 11.415 Cr) in FY25. Key international markets include the Middle East, Southeast Asia, and East Africa (Kenya, Jordan, Egypt), where the company leverages its UAE-based subsidiary, Tolins Tyres LLC.

Profitability Margins

PAT margin improved significantly from 11.45% in FY24 to 13.23% in FY25, with absolute PAT rising 48.76% to INR 38.69 Cr. Gross margins remained stable at 27.91% in FY25 compared to 27.76% in FY24, indicating effective cost management despite raw material volatility.

EBITDA Margin

EBITDA margin stood at 19.07% in FY25, a slight compression from 20.41% in FY24. Absolute EBITDA grew 20.26% YoY to INR 55.77 Cr. The margin compression was influenced by a shift in product mix and rising raw material costs, though operational profitability remains robust.

Capital Expenditure

The company historically expanded capacity to 5,000 tyres per day in 2022. Current focus is on distribution infrastructure, such as the launch of the Gujarat depot in December 2025 to reduce lead times and penetrate Western India.

Credit Rating & Borrowing

Interest costs were reduced by 49.6% YoY, falling from INR 11.58 Cr in FY24 to INR 5.83 Cr in FY25, reflecting debt repayment and improved capital structure following its September 2024 listing.

⚙️ Operational Drivers

Raw Materials

Key raw materials include natural rubber, synthetic rubber, carbon black, and petrochemical derivatives. Raw material costs reached INR 260.38 Cr in FY25, representing approximately 89% of total operational expenditure.

Import Sources

Sourced globally and domestically, with strategic backward integration for natural rubber. The UAE subsidiary, Tolins Tyres LLC, operates in the Al Hamra Industrial Zone, Ras Al Khaimah, facilitating international sourcing and quality control.

Key Suppliers

Not specifically named in documents, but the company utilizes a mix of diversified sourcing and long-term supplier relationships to mitigate price spikes.

Capacity Expansion

Current installed capacity is 5,000 tyres per day (achieved in 2022). The company is currently focusing on 'asset-light' distribution expansion, including a new depot in Gujarat starting December 1, 2025.

Raw Material Costs

Raw material costs rose to INR 260.38 Cr in FY25 from INR 175.91 Cr in FY24 (a 48% increase), tracking revenue growth and commodity price fluctuations. Mitigation involves forward contracts and regional diversification.

Manufacturing Efficiency

The company maintains high standards with ISO 9001:2015 and IATF 16949:2016 certifications, ensuring consistent quality across its retread and new tyre lines.

Logistics & Distribution

Distribution is handled through a network of 3,737 dealers. The launch of the Gujarat depot is specifically aimed at reducing lead times and improving service levels.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

Growth is targeted through deeper penetration in untapped regions like Gujarat, expanding the dealer network beyond 3,737 partners, and capitalizing on the GST reduction on tyres. The company is also focusing on high-margin retreading solutions and tech-advanced product launches.

Products & Services

Two-wheeler tyres, three-wheeler tyres, Light Commercial Vehicle (LCV) tyres, Agricultural tyres, Precured Tread Rubber (PCTR), bonding gum, curing bags, tyre flaps, and repair kits.

Brand Portfolio

Tolins Tyres

New Products/Services

Ongoing R&D focuses on technologically advanced products to expand market share; specific revenue contribution from new launches is not disclosed.

Market Expansion

Expansion into Western India via the Gujarat depot (Dec 2025) and strengthening presence in the Far East and Africa for exports.

Strategic Alliances

Operates through wholly-owned subsidiaries: Tolin Rubbers Private Limited and Tolins Tyres LLC (UAE).

🌍 External Factors

Industry Trends

The retread tyre market is growing at a 6% CAGR due to fleet cost-cutting. The Indian tyre industry is on an upward trajectory supported by robust infrastructure growth and a GST cut on tyres.

Competitive Landscape

Faces pricing pressure in the bias tyre segment; competes by reinforcing brand recall and consistent quality.

Competitive Moat

Moat is built on backward integration (natural rubber sourcing), a massive network of 3,737 dealers, and 32 years of management experience under Dr. KV Tolin. These factors provide cost advantages and high barriers to entry.

Macro Economic Sensitivity

Highly sensitive to automotive industry cycles and infrastructure spending, which drive demand for LCV and Agri tyres.

Consumer Behavior

Shift toward value-for-money products and increased demand for retreading solutions during economic tightening.

Geopolitical Risks

Export business (Middle East/Africa) is exposed to geopolitical shifts and trade policy changes; mitigated by regional diversification.

⚖️ Regulatory & Governance

Industry Regulations

Complies with BIS (Bureau of Indian Standards) for 2/3 wheelers and LCV tyres, and U.S. Department of Transportation standards for export products.

Environmental Compliance

The company adheres to environmental and safety standards within the tyre manufacturing sector, with internal controls periodically reviewed for compliance.