Consolidated Financial Performance

Revenue Performance

  • Revenue: ₹4,318 Crore
  • Quarterly Growth: +2.4% QoQ
  • Yearly Growth: +22.3% YoY
  • Growth drivers: Healthy YoY volume growth across segments, QoQ volume growth led by Replacement segment, continued recovery in International Business (fastest growing segment YoY), higher realizations from price hikes in domestic and international markets

Profitability Metrics

  • EBITDA: ₹370 Crore
  • EBITDA Margin: 8.6%
  • Margin Change: -562 bps QoQ, -238 bps YoY
  • Gross Margin: 33.9% (contracted 575 bps QoQ, 287 bps YoY)
  • Primary driver: Raw material basket cost increased by high-teens on sequential basis
  • Other operating costs were managed well

Bottom Line Performance

  • Operating PBT: ₹38 Crore (-88.5% QoQ)
  • PBT: ₹37 Crore (-89.4% QoQ)
  • PAT: ₹4 Crore (-98.3% QoQ)
  • Finance Cost: ₹146 Crore (+71.9% QoQ)
  • Depreciation: ₹186 Crore (+1.2% QoQ)
  • Exceptional expense: ₹7 Crore (-25.1% QoQ)
  • Non-Operating income: ₹6 Crore (-75.7% QoQ)

Balance Sheet & Capital Structure

  • Debt: ₹3,243 Crore
  • Debt/Equity Ratio: 0.65x (vs 0.60x in Q4FY26)
  • Debt/EBITDA Ratio: 1.58x (vs 1.46x in Q4FY26)
  • Capex outflow: ~₹293 Crore for the quarter
  • Net working capital: Increased QoQ by ~₹138 Crore

Standalone Financial Performance

Revenue Performance

  • Revenue from operations: ₹4,163 Crore
  • Quarterly Growth: +3.2% QoQ
  • Yearly Growth: +18.3% YoY

Profitability Metrics

  • EBITDA: ₹380 Crore
  • EBITDA Margin: 9.1%
  • Margin Change: -542 bps QoQ, -198 bps YoY
  • Gross Margin: 33.5% (contracted 623 bps QoQ, 337 bps YoY)

Bottom Line Performance

  • Operating PBT: ₹117 Crore (-64.5% QoQ, -25.8% YoY)
  • PBT: ₹132 Crore (-65.4% QoQ, -26.7% YoY)
  • PAT: ₹98 Crore (-65.3% QoQ, -27.3% YoY)
  • Finance Cost: ₹95 Crore (+10.5% QoQ, +15.6% YoY)
  • Depreciation: ₹168 Crore (-1.9% QoQ, +11.2% YoY)
  • Exceptional expense: ₹7 Crore (-27.3% QoQ, +112.8% YoY)
  • Non-Operating income: ₹22 Crore (-64.4% QoQ, -14.5% YoY)

Operational & Strategic Highlights

Awards & Recognition

  • Awarded EcoVadis Gold Medal, placing among Top-5% of companies globally for sustainability performance
  • Ranked #4 among World's Strongest Tyre Brands in 2026 Brand Finance Rankings
  • Received "Best Practices in Corporate Governance & Compliance" award at VaultCircle GC Summit and Awards 2026

ESG Initiatives

  • Employee Happiness Quotient improved to 87% in FY26 (from 85% in FY25)
  • Head Office, Halol, Chennai and Ambernath Plant are ISO 27001 certified
  • BRSR Report Independently Assured
  • Social initiatives: Restoration of 18,000+ plantation supporting 230+ flora species & 80+ fauna species; 162 women started businesses earning ~₹24.96 lakhs

Notes & Accounting Treatment

  • Figures are as per IND AS and rounded off to single digit
  • Company's investment in Sri Lanka JV is accounted using Equity method under IND AS (previously proportionate consolidation)
  • Gross margin includes impact of non-material cost movement of inventory (FG + SFG)
  • Consolidated EBITDA includes Share of profit from Sri Lanka JV
  • EBITDA does not include Non-operating income