Strong beat masks volume miss; margin moderation flagged ahead

₹403 Cr vs ₹336 Cr YoY = 19.9% growth (0.1% short)

Confirmed in financial highlights; tyre-skewed, non-tyre weak

OPM delivered 11.2%; matches exactly

Delivered ₹27.8 Cr = +60.8% YoY (0.2% near); +63.3% QoQ (0.3% near)

Q1 achieved 11.2%; guidance implies moderation Q2–Q4 to 10% avg

Q1 FY27 at 9%; FY27 full-year guided 10%; below prior double-digit expectation

Prior FY26 calls expected double-digit; Q1 FY27 at 9% YoY, FY27 guided 10%; attributed to supply-side constraints and non-tyre weakness, not demand miss

Q1 achieved 11.2%; FY guidance ~10% implies moderation ahead. Prior 150 bps improvement target appears met in Q1, but sustainability questioned

CBS-NS approved (June 20, Q1 end); Pilflex 13 DGTR positive but awaiting govt (decision end Sep); TDQ NOT approved (negative vs prior expectation)

₹1,400–1,600 Cr range (midpoint ₹1,500 Cr) with 10% EBITDA margin; implies 30–35% FY growth vs FY26 base; 10% volume + pricing + operating leverage assumed

Management expects ~10% EBITDA for full year with volume growth and operating leverage; some moderation from Q1 expected but margin expansion trajectory intact.

No revision internally; 10% FY growth maintained vs FY26; impact confined to non-tyre segment (temporary); tyre demand robust. Management did not scaled down numbers.

TDQ has wide applicability beyond tyres (non-tyre sector); roadmap exists for domestic and international growth despite no ADD; management structured plans for different scenarios.

Not right away; will come back on this.

Non-tyre has multiple subsegments, not just latex; temporary contraction due to input cost spikes and labor shortage; demand expected to recover.

No gain in Q1 FY27 (quarter ended June 30); depends on foreign player absorption; results visible only Q2 onwards.

Yes, revenues expected this year; gradual ramp starting non-tyre (domestic + international), then tyre as approvals progress next couple quarters.

DGTR is recommendatory; Central Government has discretionary power on public/national interest. Investigation was thorough (15–18 months); dumping and injury margins strongly backed. Decision expected by end September.

No significant change observed; Chinese competitors adjusting yuan prices downwards; rubber chemicals still enjoy export subsidies.

Total 25–30% of revenue; premature to comment on EBITDA benefit magnitude (depends on foreign player absorption).

Implies 30–35% FY growth vs FY26 base; assumes 10% volume growth + pricing moderation + operating leverage; current pricing environment; geopolitical uncertainty flagged

vs Q1 achieved 11.2%; management expects moderation Q2–Q4 as one-off cost inflation normalizes and inventory benefit reverses

Trial production ongoing; kept on track despite geopolitical disruptions; commercialization ramping Q4 FY27 onwards

Middle East crisis caused freight cost inflation, gas price spikes, logistics delays (3% QoQ volume decline attributed to this). Management cites continued uncertainty on raw material pricing and availability.

Q1 volume growth 9% YoY vs prior double-digit expectations; non-tyre segment temporary weakness; FY27 full-year guided 10% (still single-digit).

Q1 benefited from pricing (~11% of 20% revenue growth); management guides 'slight moderation' Q2–Q4. Long-term competitive dynamics (Chinese dumping, INR depreciation neutralized by yuan adjustment) remain pressured.

₹45 Cr stock change boosted Q1 EBITDA; freight, utilities, CSR, maintenance costs elevated; normalization in Q2–Q4 implies margin compression from 11.2% toward guided 10%.

TDQ approved 6–8 months timeline = Q4 FY27 sample trickling, material Q1 FY28 onwards; not a FY27 material growth driver. Pilflex 13 decision end September uncertain; TDQ ADD not approved, limiting competitive advantage.

Aditya Khetan flagged promoter pledge at 24% of one large promoter's holding. Management declined to comment, citing promoter discretion.