Consolidated Financial Performance H1 FY27

  • Consolidated Revenue: ~₹154 billion
  • Consolidated EBITDA: ~₹17.2 billion
  • Consolidated EBITDA Margin: 11.2%
  • Capacity Utilization: India 92%, Europe 83%

Quarterly Consolidated Profit & Loss (INR Mn)

| Particulars | Q2 FY27 | Q2 FY26 | Q1 FY27 | % Change YoY | % Change QoQ |

| Revenues | 79,682 | 68,311 | 73,978 | 16.6% | 7.7% |

| Raw Material | 49,044 | 37,356 | 42,221 | - | - |

| Staff Cost | 8,309 | 8,786 | 9,628 | - | - |

| Other Costs | 13,775 | 11,962 | 13,449 | - | - |

| EBITDA | 8,554 | 10,207 | 8,680 | -16.2% | -1.5% |

| EBITDA Margin (%) | 10.7% | 14.9% | 11.7% | - | - |

| Depreciation | 3,806 | 3,834 | 3,907 | - | - |

| Other Income | 424 | 297 | 583 | - | - |

| EBIT | 5,171 | 6,671 | 5,356 | - | - |

| EBIT Margin | 6.5% | 9.8% | 7.2% | - | - |

| Interest | 942 | 1,010 | 915 | - | - |

| Tax | 1,039 | 1,280 | 1,188 | - | - |

| Exceptional Items | 269 | 1,800 | -235 | - | - |

| PAT | 2,921 | 2,580 | 3,488 | - | - |

| PAT Margin (%) | 3.7% | 3.8% | 4.7% | - | - |

Quarterly Standalone Profit & Loss (INR Mn)

| Particulars | Q2 FY27 | Q2 FY26 | Q1 FY27 | % Change YoY | % Change QoQ |

| Revenues | 59,217 | 47,149 | 54,619 | 25.6% | 8.4% |

| Raw Material | 40,453 | 29,212 | 35,973 | - | - |

| Staff Cost | 3,291 | 3,237 | 3,426 | - | - |

| Other Costs | 8,927 | 7,495 | 8,672 | - | - |

| EBITDA | 6,546 | 7,206 | 6,549 | -9.2% | 0.0% |

| EBITDA Margin (%) | 11.1% | 15.3% | 12.0% | - | - |

| Depreciation | 2,378 | 2,338 | 2,279 | - | - |

| Other Income | 382 | 301 | 336 | - | - |

| EBIT | 4,550 | 5,168 | 4,606 | - | - |

| EBIT Margin | 7.7% | 11.0% | 8.4% | - | - |

| Interest | 780 | 833 | 762 | - | - |

| Tax | 1,006 | 1,528 | 1,037 | - | - |

| Exceptional Items | 7 | 36 | -235 | - | - |

| PAT | 2,757 | 2,772 | 3,042 | - | - |

| PAT Margin (%) | 4.7% | 5.9% | 5.6% | - | - |

Operating Highlights - India

  • Q2 FY27 delivered strongest YoY growth in 17 quarters with revenue up 25.6%
  • Broad-based growth across Replacement and OEM channels
  • Premiumisation momentum sustained, driven by strong growth in larger-rim PCR tyres and Vredestein
  • New product launches, expanding distribution reach, and strengthening brand equity supported growth
  • Disciplined cost management and operating leverage partially offset raw material inflation
  • Double digit EBITDA margin maintained despite significant input cost pressures
  • Demand environment remains healthy
  • Company will undertake calibrated pricing actions to manage RM inflation

Operating Highlights - Europe

  • PCR business continued to outperform the broader market, delivering market share gains
  • Healthy growth in the OE channel
  • Enschede restructuring progressing as planned with benefits beginning to materialise
  • Supply chain realignment continues
  • Premiumisation agenda advancing steadily supported by new product launches
  • Stronger product mix and enhanced brand positioning
  • Focus remains on operational stabilisation and profitable growth
  • Supply chain optimisation and further efficiency improvements ongoing

Consolidated Cash Flow & Balance Sheet Highlights

  • Maintaining investments in growth and capacity-building initiatives
  • Balance sheet remains healthy
  • Higher borrowings driving a modest increase in leverage
  • Net Debt/EBITDA remains well within comfortable levels

Disclaimer Notes

The presentation contains forward-looking statements subject to risks and uncertainties. Materials have not been independently verified and no representation or warranty is made about accuracy. The company accepts no liability for any loss arising from use of this information.