Viaz Tyres Limited (VIAZ)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Viaz Tyres' revenue was ₹66.0 Cr (+127.6% year on year, +53.5% on the previous half-year), and net profit ₹3.0 Cr (+50.0% year on year); the operating margin was 7.6%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹66.0 | +127.6% | +53.5% |
| Operating profit | ₹5.0 | +25.0% | +25.0% |
| Net profit | ₹3.0 | +50.0% | +50.0% |
| EPS (₹) | 2.28 | +36.5% | +38.2% |
| Operating margin | 7.6% | — | — |
VIAZ delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 56.0% of the VIAZ shares traded on NSE were taken to delivery, against the stock's own 20-session average of 84.36%. That is lower than usual for this stock. Turnover was only ₹45 lakh, so a handful of trades can move this figure. It traded 2.3 times its average daily volume. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 81.8% · 87.5% · 75.0% · 92.3% · 56.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Viaz Tyres Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from the Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirms that securities received for dematerialisation were processed and confirmed within prescribed timelines. This filing is a standard quarterly regulatory submission with no impact on business operations or financials.
- Regulation 74(5) certificate submitted for the quarter ended September 30, 2026
- Confirmation issued by Registrar MUFG Intime India Private Limited dated October 3, 2026
- Filing submitted to the National Stock Exchange on October 16, 2026
Viaz Tyres Limited conducted its 8th Annual General Meeting (AGM) on September 29, 2026, through video conferencing. Key resolutions tabled included adoption of FY26 financial statements, increasing remuneration for the CMD and Whole Time Director, and appointing an Independent Director. Remote e-voting was conducted from September 26 to September 28, 2026. The company operates at a market cap of approximately Rs 95 Cr with TTM revenue of Rs 166 Cr.
- 8th Annual General Meeting held on September 29, 2026, concluding at 3:15 P.M.
- Remote e-voting held between September 26, 2026 (09:00 a.m.) and September 28, 2026 (05:00 p.m.)
- Resolutions tabled include remuneration increases for CMD Mr. Janakkumar Patel and WTD Mr. Rajeshkumar Patel
- Adoption of audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026
Viaz Tyres has submitted its Annual Report for FY25-26 along with the notice for its 8th Annual General Meeting scheduled on September 29, 2026. The company reported FY26 consolidated revenue of ₹108.34 crore (up ~89% YoY) and PAT of ₹5.48 crore with operating cash flows turning positive at ₹15.29 crore. Management highlighted an ongoing ₹50–55 crore phased capex to build a complete tyre manufacturing capacity of 16 lakh units annually, targeting ₹400 crore in annual revenue by FY29.
- AGM scheduled for September 29, 2026 via Video Conferencing.
- FY26 consolidated revenue rose 89% YoY to ₹108.34 crore with net profit of ₹5.48 crore.
- Planned capex of ₹50–55 crore for a new tyre manufacturing facility with a capacity of up to 16 lakh tyres annually.
- Targeting ₹400 crore annual revenue by FY29 as the company expands from tubes to complete tyre manufacturing.
Viaz Tyres Limited held a Board Meeting on August 27, 2026, approving the appointment of Mr. Bharatkumar Sukhlal Soni as an Additional Independent Non-Executive Director for a 5-year term. The Board also approved proposed increases in remuneration for Chairman & MD Mr. Janakkumar Patel and Whole-Time Director Mr. Rajeshkumar Patel, subject to shareholder approval at the upcoming 8th AGM. Additionally, the company is shifting its registered office within Ahmedabad.
- Appointed Mr. Bharatkumar Sukhlal Soni as Independent Non-Executive Director for a 5-year term starting August 27, 2026
- Approved remuneration increases for CMD Janakkumar Patel and Whole-Time Director Rajeshkumar Patel pending AGM approval
- Shifted registered office within Ahmedabad to Shilp Business Gateway, Chharodi
- Board meeting commenced at 04:00 PM and concluded at 04:45 PM on August 27, 2026
Viaz Tyres held a board meeting on August 27, 2026, approving several administrative and governance agenda items. The board approved the appointment of Mr. Bharatkumar Sukhlal Soni as an Additional Independent Director for a 5-year term. It also approved increases in remuneration for Chairman & MD Janakkumar Patel and Whole-Time Director Rajeshkumar Patel, subject to shareholder approval at the ensuing 8th AGM. Additionally, the company is shifting its registered office within Ahmedabad to Shilp Business Gateway.
- Appointed Bharatkumar Sukhlal Soni as Independent Director for a 5-year term from August 27, 2026
- Approved remuneration hike for MD Janakkumar Patel and Whole-Time Director Rajeshkumar Patel pending AGM approval
- Relocated registered office within Ahmedabad to Shilp Business Gateway, Chharodi
- Approved Directors' Report and notice for the upcoming 8th Annual General Meeting
Viaz Tyres announced the outcome of its Board Meeting held on August 27, 2026. The company approved the relocation of its registered office within Ahmedabad from Thaltej (380059) to Chharodi (382481). Additionally, the Board appointed Mr. Bharatkumar Sukhlal Soni as an Additional (Independent) Non-Executive Director for a 5-year term starting August 27, 2026. The Board also approved proposed hikes in remuneration for the CMD and Whole-Time Director, alongside the notice for the 8th Annual General Meeting.
- Appointment of Mr. Bharatkumar Sukhlal Soni as Independent Director for a 5-year term from August 27, 2026
- Registered office shifted within Ahmedabad from Pincode 380059 to 382481
- Approved remuneration increases for CMD Janakkumar Patel and WTD Rajeshkumar Patel subject to AGM approval
- Board approved convening of the company's 8th Annual General Meeting
Viaz Tyres has approved the conversion of 12,47,500 convertible warrants into equity shares for three promoter group members. The conversion was executed at ₹70 per share, representing a ~15% premium to the current market price of ₹60.8. This exercise resulted in a fresh capital infusion of ₹6.55 crore, representing the 75% balance payment required for conversion. Post-allotment, 6,41,000 warrants remain outstanding for future conversion.
- Conversion of 12,47,500 warrants into an equal number of equity shares at ₹70 each
- Total cash inflow of ₹6.55 crore received as the 75% balance subscription amount
- Conversion price of ₹70 is a significant premium over the current market price of ₹60.8
- 6,41,000 warrants remain pending for conversion by the promoter group
- Allotment made to three promoters: Janak Mahendrabhai Patel, Rajesh Prabhudas Patel, and Nirmaben Rajeshkumar Patel
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew 13.68% YoY, increasing from INR 50.37 Cr in FY24 to INR 57.26 Cr in FY25. The company operates in a single reportable segment: Tyres and Tubes manufacturing.
Geographic Revenue Split
The company serves a domestic market across 19+ Indian states and exports to 10+ international markets, including strategic expansions into African countries; specific percentage splits per region are not disclosed.
Profitability Margins
Net Profit Margin improved from 4.71% in FY24 to 5.83% in FY25. Profit After Tax (PAT) increased by 40.68% YoY to INR 3.34 Cr in FY25 from INR 2.37 Cr in FY24.
EBITDA Margin
Operating profit before working capital changes stood at INR 7.79 Cr in FY25, representing a margin of 13.48%, an increase from 11.38% (INR 5.77 Cr) in FY24.
Capital Expenditure
The company invested INR 0.28 Cr in Property, Plant, and Equipment (PPE) during FY25 and an additional INR 0.12 Cr during the half-year ended September 30, 2025.
Credit Rating & Borrowing
Total borrowings as of September 30, 2025, stood at INR 16.97 Cr. Finance costs for FY25 were INR 1.47 Cr, representing an implied interest cost of approximately 8.6% on total debt.
Operational Drivers
Raw Materials
Butyl rubber is the primary raw material used for tube production. Cost of materials consumed was INR 50.79 Cr in FY25, accounting for 88.7% of total revenue.
Import Sources
Not specifically disclosed, though the company operates in the global aftermarket and exports to 10+ countries, implying international supply chain linkages.
Capacity Expansion
Current installed production capacity is 7,00,000 tubes per month (8.4 million annually). The company is planning a transformational leap with a new plant for high-margin tyre segments.
Raw Material Costs
Raw material costs increased 29.2% YoY from INR 39.29 Cr in FY24 to INR 50.79 Cr in FY25, driven by volume growth and price fluctuations.
Manufacturing Efficiency
Utilization of fully automated lines for consistency and hygiene; specific capacity utilization percentages are not disclosed.
Logistics & Distribution
The company utilizes a distribution network covering 19+ Indian states and 500+ dealers to manage domestic logistics.
Strategic Growth
Expected Growth Rate
13.70%
Growth Strategy
Growth will be driven by transitioning from a tube-focused manufacturer to a full-scale tyre player, a strategic tie-up with African OEMs (2025), and the commissioning of a new plant targeting high-growth, high-margin niche segments.
Products & Services
Butyl rubber tubes for all vehicle types and specialized automotive tyre products.
Brand Portfolio
Viaz.
New Products/Services
Entry into high-performance tyre manufacturing; the new plant is expected to contribute to a new leg of multi-year growth.
Market Expansion
Targeting expansion in the African continent through OEM partnerships and deepening the domestic footprint beyond the current 19 states.
Market Share & Ranking
Identified as a market leader in the butyl rubber tube segment in India.
Strategic Alliances
Strategic tie-up established with Original Equipment Manufacturers (OEMs) in African countries in 2025.
External Factors
Industry Trends
The global tyre industry is valued at $280-300 billion in 2024, with a shift toward sustainable mobility and high-performance niche products.
Competitive Landscape
Faces intense competition from both large-scale global tyre manufacturers and domestic players in the automotive component sector.
Competitive Moat
Durable advantages include 20+ years of industry expertise, a dominant market position in butyl tubes, and a robust distribution network of 500+ dealers.
Macro Economic Sensitivity
Highly sensitive to GDP growth and automotive sector demand, which drives both OEM and replacement market sales.
Consumer Behavior
Increasing consumer preference for reliability and brand trust in the automotive aftermarket.
Geopolitical Risks
Trade barriers and supply chain shifts in the 10+ international markets could impact export profitability.
Regulatory & Governance
Industry Regulations
Compliance with automotive safety standards and quality certifications required for domestic sales and exports to 10+ countries.
Environmental Compliance
The company adheres to evolving environmental and regulatory frameworks for the tyre industry; specific ESG costs are not disclosed.
Taxation Policy Impact
Effective tax rate was approximately 25.2% in FY25, with INR 1.12 Cr in tax expenses on INR 4.46 Cr profit before tax.
Legal Contingencies
No specific pending court cases or case values were disclosed in the provided financial statements.
Risk Analysis
Key Uncertainties
Raw material price volatility (butyl rubber) and the ability to manage rapid operational growth during the tyre segment expansion.
Geographic Concentration Risk
Significant domestic concentration in 19+ Indian states, though mitigated by exports to 10+ countries.
Third Party Dependencies
Dependency on a network of 500+ dealers for aftermarket reach and OEM partners for the new tyre segment.
Technology Obsolescence Risk
Risk of falling behind in tyre technology; mitigated by the investment in a new 'transformational' manufacturing facility.
Credit & Counterparty Risk
Trade receivables stood at INR 30.03 Cr as of September 30, 2025, representing roughly 52% of annual revenue, indicating significant credit exposure.
