509162

Indag Rubber financials

Market cap
₹341 Cr
Sector
Automobile and Auto Components

What Indag Rubber does

Indag Rubber manufactures tyre-retreading materials — precured tread rubber, un-vulcanized rubber strip gum (cushion gum), tyre-retreading envelopes and universal spray cement — sold under the Indag brand (and the Zoma brand in export markets) through a network of dealers and retreaders across India. It also offers technical consultancy, on-ground fleet engagement and after-sales engineering support to retreaders and fleet operators. Through its subsidiary Millenium Manufacturing Systems, it also manufactures Power Conversion Systems for Battery Energy Storage Systems as an electronics-manufacturing-services provider to the global green-energy sector.

Segments

  • Tyre retreading materials
  • Power electronics (Millenium Manufacturing Systems, subsidiary)
Precured tread rubber capacity
20,000 MT p.a.
Un-vulcanized rubber strip gum capacity
5,000 MT p.a.
Universal spray cement capacity
2,200 KL p.a.
Manufacturing plant
Nalagarh, Himachal Pradesh (with in-house R&D facility)
Dealer network
300+
Retreader network
3,000+
Founded 1978Headquarters New Delhi, IndiaEmployees 288 (FY25) Company website

Quarterly results

Q1 FY27: revenue up 55.7%, net profit up 492.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue62 56 55 45 53 −15%56 +1%61 +10%70 +56%
EBITDA1 -0 -0 0 3 +111%3 +933%3 +1007%6 +2077%
Net profit3 0 1 1 3 −8%2 +1700%2 +259%5 +493%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +6.9% 1Y

₹80₹100₹120₹140Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹123.1 on 10 Sept 2025 → ₹131.6. High ₹139.9 (20 Nov 2025), low ₹81.76 (3 Jun 2026).

Financials, as filed

Revenue grew 6.5% a year over 4 years, FY22 to FY26. Operating margin widened to 4.1%.

Year endingFY22FY23FY24FY25FY26
Revenue₹167 Cr₹244 Cr₹251 Cr₹228 Cr₹215 Cr
Operating profit₹0 Cr₹14 Cr₹17 Cr₹2 Cr₹9 Cr
Operating margin0.1%5.6%6.6%0.8%4.1%
Interest₹0 Cr₹0 Cr₹1 Cr₹1 Cr₹1 Cr
Depreciation₹4 Cr₹4 Cr₹5 Cr₹7 Cr₹7 Cr
Net profit₹2 Cr₹13 Cr₹16 Cr₹5 Cr₹8 Cr
Net margin1.2%5.4%6.2%2.1%3.7%
Cash from operations₹8 Cr—₹18 Cr₹3 Cr₹9 Cr
Free cash flow₹4 Cr—₹6 Cr₹0 Cr₹6 Cr
ROCE1.0%——3.0%5.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹5 Cr₹5 Cr₹5 Cr₹5 Cr₹5 Cr₹5 Cr
Reserves₹192 Cr₹201 Cr₹207 Cr₹221 Cr₹225 Cr₹226 Cr
Borrowings₹0 Cr₹0 Cr₹6 Cr₹10 Cr₹9 Cr₹18 Cr
Other liabilities₹39 Cr₹27 Cr₹33 Cr₹35 Cr₹33 Cr₹55 Cr
Total liabilities₹237 Cr₹234 Cr₹251 Cr₹271 Cr₹272 Cr₹304 Cr
Fixed assets₹25 Cr₹45 Cr₹52 Cr₹64 Cr₹58 Cr₹56 Cr
Capital work in progress₹19 Cr₹1 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹91 Cr₹112 Cr₹113 Cr₹122 Cr₹143 Cr₹139 Cr
Other assets₹101 Cr₹75 Cr₹86 Cr₹85 Cr₹72 Cr₹110 Cr
Total assets₹237 Cr₹234 Cr₹251 Cr₹271 Cr₹272 Cr₹304 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

The ownership split has held steady since Jun 2025. The shareholder count shrank 8% to 11,597.

Promoters
73.3%
Public
26.6%

Since Jun 2025

  • Public −0.01 pp
  • Promoters 0.00 pp
  • FIIs 0.00 pp

How it drifted, 12 quarters

Over this window the public went from 24.3% to 26.6% — +2.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 73.3%, FIIs 1.2%, DIIs 1.1%, Public 24.3%.Dec '23: Promoters 73.3%, FIIs 1.2%, Public 25.4%.Mar '24: Promoters 73.3%, FIIs 1.0%, Public 25.7%.Jun '24: Promoters 73.3%, FIIs 0.6%, Public 26.0%.Sep '24: Promoters 73.3%, Public 26.6%.Dec '24: Promoters 73.3%, Public 26.7%.Mar '25: Promoters 73.3%, Public 26.6%.Jun '25: Promoters 73.3%, Public 26.7%.Sep '25: Promoters 73.3%, Public 26.7%.Dec '25: Promoters 73.3%, Public 26.7%.Mar '26: Promoters 73.3%, Public 26.6%.Jun '26: Promoters 73.3%, Public 26.6%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Indag Rubber above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Jeet Nabha Khemka 33.37%unchanged
Khemka Aviation Pvt Ltd 23.89%unchanged
Uday Harsh Khemka 4.76%unchanged
Urvashi Rajya Laxmi Rana Khemka 4.76%unchanged
Unipatch Rubber Ltd 4.52%unchanged
Tejas B. Trivedi 3.47%unchanged
Sun London Limited 1.43%unchanged
Sunit Dhansukhlal Parikh 1.35%unchanged
Pankaj Dilip Pvt Ltd 1.26%unchanged
Investor Education And Protection Fund Authority Ministry Of Corporate Affairs 1.21%unchanged
Sun Securities Limited 0.52%unchanged
Nand Lal Khemka 0.07%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹132, this stock must grow earnings at 22% every year for 7 years. Our analysis caps realistic growth at ~48%. At that growth it is worth ₹461 — upside of 250%.

Growth the price implies
21.9% a year
for 7 years, fading to 4%
It has actually compounded at
39.9% a year
net profit, FY22–FY26 · EPS 48.2%
The gap
-0.3 pp
250% downside if it only repeats history
Price today ₹131.6 Value at the reference growth ₹460.65 Cyclical — a peak-earnings base overstates value

Change the assumptions yourself →

Learn to analyse Indag Rubber

Guides on how to read this kind of business and the numbers that matter.