542013
Dolfin Rubbers financials
- Market cap
- ₹177 Cr
What Dolfin Rubbers does
Dolfin Rubbers Limited manufactures automotive tyres and tubes at its plant in Ludhiana, Punjab, producing both tubeless and tube-type tyres covering vehicle categories from mopeds and two/three-wheelers to agricultural and giant/heavy vehicles. The company has been engaged in continuous tyre and tube manufacturing since its incorporation in 1995, and has added new machinery at its existing plant to expand its production range.
Segments
- Tyres
- Tubes
- Manufacturing plant
- 1 (Ludhiana, Punjab)
- Vehicle segments served
- Mopeds, two-wheelers, three-wheelers, agricultural and giant/heavy vehicles
Quarterly results
Q1 FY27: revenue up 30.7%, net profit up 52.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 34 | 32 | 39 | 40 | 40 +18% | 41 +29% | 49 +23% | 53 +31% |
| EBITDA | 2 | 2 | 3 | 3 | 2 −7% | 2 +16% | 3 −9% | 3 +25% |
| Net profit | 1 | 1 | 2 | 1 | 1 +4% | 2 +117% | 2 +6% | 2 +53% |
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 −10.5% 1Y
1Y: ₹200 on 10 Sept 2025 → ₹179.1. High ₹201.1 (11 Sept 2025), low ₹162.15 (10 Aug 2026).
Financials, as filed
Revenue grew 18.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 5.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹102 Cr | ₹126 Cr | ₹144 Cr | ₹170 Cr |
| Operating profit | ₹6 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr |
| Operating margin | 6.3% | 6.9% | 6.6% | 5.3% |
| Interest | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Depreciation | ₹1 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr |
| Net profit | ₹3 Cr | ₹5 Cr | ₹5 Cr | ₹6 Cr |
| Net margin | 3.3% | 3.8% | 3.6% | 3.3% |
| Cash from operations | ₹2 Cr | ₹5 Cr | ₹4 Cr | ₹5 Cr |
| Free cash flow | ₹-2 Cr | ₹1 Cr | ₹1 Cr | ₹-1 Cr |
| ROCE | 16.0% | 19.0% | 17.0% | 14.0% |
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 ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹8 Cr | ₹8 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr |
| Reserves | ₹12 Cr | ₹14 Cr | ₹15 Cr | ₹18 Cr | ₹26 Cr | ₹29 Cr |
| Borrowings | ₹11 Cr | ₹10 Cr | ₹13 Cr | ₹15 Cr | ₹17 Cr | ₹19 Cr |
| Other liabilities | ₹10 Cr | ₹15 Cr | ₹20 Cr | ₹20 Cr | ₹24 Cr | ₹25 Cr |
| Total liabilities | ₹40 Cr | ₹47 Cr | ₹58 Cr | ₹63 Cr | ₹77 Cr | ₹83 Cr |
| Fixed assets | ₹18 Cr | ₹19 Cr | ₹20 Cr | ₹25 Cr | ₹27 Cr | ₹29 Cr |
| Capital work in progress | ₹0 Cr | ₹1 Cr | ₹2 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹23 Cr | ₹27 Cr | ₹36 Cr | ₹38 Cr | ₹49 Cr | ₹53 Cr |
| Total assets | ₹40 Cr | ₹47 Cr | ₹58 Cr | ₹63 Cr | ₹77 Cr | ₹83 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
Since Jun 2025, promoters added +0.90 pp while the public trimmed −0.90 pp. The shareholder count shrank 7% to 2,859.
- Promoters
- 37.7%
- Public
- 62.3%
Since Jun 2025
- Promoters +0.90 pp
- Public −0.90 pp
How it drifted, 12 quarters
Over this window promoters went from 36.1% to 37.7% — +1.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 36.1%, Public 63.9%.Dec '23: Promoters 36.1%, Public 63.9%.Mar '24: Promoters 36.1%, Public 63.9%.Jun '24: Promoters 36.2%, Public 63.8%.Sep '24: Promoters 36.2%, Public 63.8%.Dec '24: Promoters 36.7%, Public 63.3%.Mar '25: Promoters 36.8%, Public 63.2%.Jun '25: Promoters 36.8%, Public 63.2%.Sep '25: Promoters 37.1%, Public 63.0%.Dec '25: Promoters 37.4%, Public 62.6%.Mar '26: Promoters 37.5%, Public 62.5%.Jun '26: Promoters 37.7%, Public 62.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Celespreet Kaur +0.16 pp 2.88% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Dolfin Rubbers above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Kawaljit Singh | 16.20% | unchanged |
| Surinder Pal Singh | 11.57% | unchanged |
| Ratinder Kaur | 11.41% | unchanged |
| Kanwaljit Singh | 10.13% | unchanged |
| Jaswant Kaur | 5.52% | unchanged |
| Rajwant Kaur | 4.78% | unchanged |
| Jagjit Kaur | 3.17% | unchanged |
| Celespreet Kaur | 2.88% | +0.16 pp |
| Harnam Kaur | 2.08% | unchanged |
| Sk Goyal | 1.83% | unchanged |
| Harsimran Singh | 1.66% | unchanged |
| Harminder Kaur | 1.18% | 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
ExpensiveTo justify its price of ₹179, this stock must grow earnings at 21% every year for 7 years. Our analysis caps realistic growth at ~16%. At that growth it is worth ₹134 — downside of 25%.
- Growth the price implies
- 21.3% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 15.7% a year
- net profit, FY23–FY26 · EPS 15.7%
- The gap
- 0.1 pp
- -25% downside if it only repeats history
Learn to analyse Dolfin Rubbers
Guides on how to read this kind of business and the numbers that matter.