ETML
Emerald Tyre financials
- Market cap
- ₹157 Cr
- Calls analysed
- 1
Emerald Tyre Q2 FY26
What went well
- Consolidated top line increased from 98.53 crores to 105.21 crores, representing a 6.78% growth.
- Consolidated net profit increased to 7.56% from 6.38% in the same period last year, an 18.49% improvement.
- Consolidated EBITDA margins jumped from 16.51% to 17.75% in the six months, a 7.51% increase.
What to watch
- The expansion project completion was delayed by one month from the original October end target due to power sanctioning and adverse weather conditions (rains).
- A significant receivable of 8 crores from related party S.A. Rubber Engineering Pty. Ltd. is outstanding, with portions over 1, 2, and 3 years old, though management expects it to be nil by March 2026.
What Emerald Tyre does
Emerald Tyre Manufacturers Limited manufactures, supplies and services a range of off-highway and industrial tyres and wheel-fitment products used on forklifts, skid loaders, airport ground-support equipment, port trailers, agri implements, lawn and garden mowers, mining equipment, aerial work platform trucks and backhoe loaders. Production runs out of a single integrated manufacturing facility in Gummidipoondi, Tamil Nadu, supported by in-house R&D, mould design and tyre-testing labs. The company sells domestically and exports to OEM and aftermarket customers across six continents, serviced through wholly-owned subsidiaries in Belgium and the UAE, and also provides fitment (installation) services for its tyre-wheel systems.
Segments
- Solid Resilient Tyres
- Industrial Pneumatic Tyres & Butyl Tubes
- Press-On Bands
- Wheel Rims
- Fitment Solutions
- Manufacturing facility area
- 10.05 acres (SIPCOT Industrial Estate, Gummidipoondi, Tiruvallur District, Tamil Nadu)
- Installed production capacity
- 10,560 MT/yr
- Solid Resilient Tyres installed capacity
- 5,920 MT/yr (FY25 utilization 82.30%)
- Industrial Pneumatic installed capacity
- 3,360 MT/yr (FY25 utilization 94.37%)
- Press-On Band installed capacity
- 900 MT/yr (FY25 utilization 75.19%)
- Wheel Rims installed capacity
- 380 MT/yr (FY25 utilization 71.01%)
Guidance record · Q2 FY26
what the last two calls moved 7 tracked 0 delivered 0 missed 7 open- Consolidated Top Line open said Q2 FY26 Promised: 250 crores Q2 FY26: H1 FY26 achieved 105.21 crores; management states they are 'well on course to achieve 250 crores'.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 99 | 101 | 105 | 113 |
| EBITDA | 14 | 13 | 15 | 13 |
| Net profit | 6 | 4 | 8 | 3 |
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 −38.4% 1Y
1Y: ₹131 on 10 Sept 2025 → ₹80.75. High ₹134.25 (25 Sept 2025), low ₹74.15 (30 Mar 2026).
How the price took the results
close before → close after
- Q2 FY26
- +1.0%
- 4 Dec
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹6 Cr | ₹7 Cr | ₹7 Cr | ₹14 Cr | ₹19 Cr | ₹19 Cr |
| Reserves | ₹15 Cr | ₹19 Cr | ₹28 Cr | ₹40 Cr | ₹90 Cr | ₹96 Cr |
| Borrowings | ₹69 Cr | ₹75 Cr | ₹85 Cr | ₹87 Cr | ₹88 Cr | ₹136 Cr |
| Other liabilities | ₹22 Cr | ₹34 Cr | ₹29 Cr | ₹33 Cr | ₹40 Cr | ₹35 Cr |
| Total liabilities | ₹112 Cr | ₹135 Cr | ₹148 Cr | ₹174 Cr | ₹237 Cr | ₹286 Cr |
| Fixed assets | ₹29 Cr | ₹31 Cr | ₹45 Cr | ₹54 Cr | ₹56 Cr | ₹130 Cr |
| Capital work in progress | ₹4 Cr | ₹10 Cr | ₹7 Cr | ₹6 Cr | ₹30 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹6 Cr |
| Other assets | ₹79 Cr | ₹93 Cr | ₹96 Cr | ₹112 Cr | ₹150 Cr | ₹150 Cr |
| Total assets | ₹112 Cr | ₹135 Cr | ₹148 Cr | ₹174 Cr | ₹237 Cr | ₹286 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 Mar 2026
Since Mar 2025, the public added +3.40 pp while FIIs trimmed −2.32 pp. The shareholder count shrank 11% to 1,119.
- Promoters
- 50.3%
- DIIs
- 9.2%
- Public
- 40.5%
Since Mar 2025
- Public +3.40 pp
- FIIs −2.32 pp
- DIIs −1.07 pp
How it drifted, 4 quarters
Over this window the public went from 28.0% to 40.5% — +12.5 pp.
Ownership split by quarter, oldest first. Dec '24: Promoters 50.3%, FIIs 8.1%, DIIs 13.6%, Public 28.0%.Mar '25: Promoters 50.3%, FIIs 2.3%, DIIs 10.2%, Public 37.1%.Sep '25: Promoters 50.3%, FIIs 0.8%, DIIs 9.2%, Public 39.7%.Mar '26: Promoters 50.3%, DIIs 9.2%, Public 40.5%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Asavari Vithal Otawkar newly disclosed 1.24% held
- Aparna Samir Thakker newly disclosed 1.12% held
- Emerald Herbs and Plants Private Limited newly disclosed 0.00% held
- Emerald Biofertilizers Private Limited newly disclosed 0.00% held
- Sree Osaimani Industries newly disclosed 0.00% held
- SA Rubber Engineering Pty Ltd newly disclosed 0.00% held
- Emrald Tyres Europe BV newly disclosed 0.00% held
- Emrald Middle East FZE newly disclosed 0.00% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Emerald Tyre above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Chandhrasekharan Venkatachalam Thirupathi | 35.28% | unchanged |
| Rajasthan Global Securities Private Limited NBFC / DFI | 9.16% | unchanged |
| NBFCs registered with RBI NBFC / DFI | 9.16% | unchanged |
| Thirupathi Venkatachalamt | 8.73% | unchanged |
| Karthikeyan Swarnam | 5.18% | unchanged |
| Kannaki Thirupathit | 3.49% | unchanged |
| Srinivas Venkatachalam Thirupathit | 2.80% | unchanged |
| Mangalam A | 2.31% | unchanged |
| R Subramanian | 2.08% | unchanged |
| Bhavesh H Shah | 1.58% | −0.49 pp |
| Al Rawas Investment Llc | 1.28% | unchanged |
| Asavari Vithal Otawkar | 1.24% | newly disclosed |
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
- Growth the price implies
- -1.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
Learn to analyse Emerald Tyre
Guides on how to read this kind of business and the numbers that matter.