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    Manufacturing - Miscellaneous
Indag Rubber Limited

Indag Rubber Limited

INDAG.BO
Indag Rubber LimitedIN flagBombay Stock Exchange
81.76
INR
-2.38
- -
2.15BMarket Cap
Indag Rubber Limited
INDAG.BO
(Bombay Stock Exchange)

Recent

price

81.76

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
42.4
56.94
82.33
89.38
88.47
92.15
96.31
70.48
65.32
65.76
70.97
64.82
63.42
92.64
95.41
86.61
79.2
Revenue per Share
4.41
4.1
7.95
9.51
10.49
12.41
12.18
8.33
6.01
4.09
5.13
0.97
0.99
5.04
6.15
2.49
3.27
Basic EPS, GAAP
-1.85
1.23
3.77
11.62
7.18
10.67
8.56
-4.37
5.72
-0.77
-1.29
0.98
1.78
1.76
2.4
-0.22
- -
Free Cash Flow per Basic Share
0.7
0.78
0.81
1.37
1.77
2.17
2.37
2.38
2.37
2.38
3.91
0.91
2.42
2.43
2.43
3.02
- -
Dividend per Share
2
2
19.39
26.08
33.17
42.67
54.63
60.07
63.34
64.54
64.97
65.29
63.42
66.06
69.82
69.31
- -
Book Value per Share
13.74
16.8
23.38
31.05
39.23
48.73
59.8
67.95
72.4
73.63
72.38
76.82
78.63
80.64
87.29
87.96
- -
Tangible Book Value per Share
26
26
26
26
26
26
26
26
26
26
26
26
26
26
26
26
26
Basic Weighted Avg Shares
1,113
1,495
2,161
2,346
2,322
2,419
2,528
1,850
1,715
1,726
1,863
1,695
1,665
2,432
2,505
2,273
2,077
Sales/Revenue/Turnover
11.08
0.9
12.84
13.4
14.91
17.14
18.9
14.47
10.45
6.73
6.72
7.84
-1.93
4
5.03
-2.03
-0.38
Operating Margin (%)
16
19
23
25
25
20
28
32
38
39
45
40
42
45
53
66
68
Depreciation Expense
116
108
209
250
275
326
320
219
158
107
135
25
26
132
162
65
86
Net Income, GAAP
2.91
21.2
22.73
24.13
23.52
22.5
33.23
31.42
27.16
22.17
20.71
25.67
9.52
23.22
23.79
20.78
23.36
Effective Tax Rate (%)
10.4
7.19
9.66
10.64
11.86
13.47
12.65
11.82
9.2
6.22
7.22
1.5
1.56
5.44
6.45
2.87
4.13
Profit Margin (%)
245
297
338
558
564
860
737
836
599
750
747
705
761
709
717
849
- -
Working Capital
73
72
- -
- -
- -
- -
- -
113
118
109
99
- -
- -
59
94
86
- -
LT Debt
361
444
616
817
1,031
1,280
1,570
1,790
1,907
1,939
1,906
2,014
2,065
2,118
2,296
2,315
- -
Total Equity
33.97
2.24
37.45
33
28.68
27.8
22.36
10.44
6.56
4.42
4.89
4.93
-1.43
3.54
4.22
-1.53
- -
Return on Invested Capital (%)
133.18
92.98
67.52
41.39
35.54
32.87
25.18
13.99
9.52
6.38
7.23
1.34
1.6
7.78
9.17
4.65
48.28
Return on Capital (%)
220.45
204.81
74.35
41.85
35.42
32.74
25.04
14.53
9.73
6.4
7.92
1.49
1.54
7.79
9.06
3.58
- -
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Jun'26
Sep'26
Dec'26
ST Debt
- -
11
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
82
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
- -
26
- -
Market Capitalization
3,598
3,172
3,233

Working Capital

FRC

•

in mil. unless spec.
Jun'26
Sep'26
Dec'26
Total Current Assets
- -
1,148
- -
Cash, Cash Equivalents & STI
- -
513
- -
Accounts Receivable, Net
- -
162
- -
Inventories
- -
385
- -
Total Current Liabilities
- -
246
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
11
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.32%
4%
0.85%
Free Cash Flow
-61.43%
-33.21%
-109.19%
Net Income, GAAP
22.62%
58.84%
-59.57%
Sales/Revenue/Turnover
0.8%
5.81%
-9.23%
Total Cash Common Dividend
18.92%
23.03%
24.65%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
634
642
623
606
2,505
2025
556
621
557
540
2,273
2026
450
525
562
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.81
1.77
1.36
- -
6.15
2025
0.56
1.34
0.17
- -
2.49
2026
0.51
1.23
1.12
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
2.43
2025
- -
- -
- -
- -
3.02
2026
- -
- -
- -
- -
- -
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Business
Indag Rubber Limited manufactures and sells precured tread rubber and allied retreading materials for truck, bus, and other commercial vehicle tires in India. The company offers a comprehensive range of products including precured tread rubber in various patterns such as ZZY3, ZM857, ZZA1, ZZE2-250, ZLD, ZZYL, and EXL 210 for hot and cold retreading processes; bonding repair and extrusion gum; rubber cement; cushion gum; and envelopes in sizes for tires from 4.50-12 to 10.00-20. It also provides consulting services encompassing retreading process consultancy, machinery consultancy, troubleshooting, and tire maintenance advisory to support its network of over 1,200 retreaders nationwide. Founded in 1978 as a joint venture between the Khemka Group and Bandag Inc. (USA), Indag Rubber Limited is headquartered in New Delhi, with primary manufacturing facilities in Bhiwadi, Rajasthan, and Nalagarh, Himachal Pradesh. The company went public in 1984 and is listed on the Bombay Stock Exchange under the ticker INDAG.BO. It pioneered cold retreading technology in India, serving fleet owners in medium- and heavy-commercial vehicles, light commercial vehicles, passenger vehicles, and off-road applications through direct sales to franchises and state transport corporations. Indag Rubber operates primarily in the automotive tire retreading sector, targeting fleet operators seeking to lower tire cost-per-kilometer, reduce new tire consumption, and minimize carbon footprints via sustainable retreading solutions. Its products support radial and bias tires across short-haul, long-haul, mixed-road, and high-speed applications, with exports to the Middle East, Africa, and Southeast Asia. In recent developments, the company held its 46th Annual General Meeting on August 12, 2025, approving a final dividend of Rs. 1.50 per equity share for FY 2024-25 and declaring audited financial results for the quarter and year ended March 31, 2025 on April 21, 2025. Regulatory updates included reaffirmations of credit ratings with revised outlooks, reductions in income tax demands, and drops in GST proceedings by authorities in Bengaluru, Karnataka, and Raipur, Chhattisgarh during 2025. The board approved extensions of investment tenures and maintained trading window closures in compliance with SEBI regulations, while continuing expansions in manufacturing technology from prior years including the Nalagarh plant capacity increase and Maxmile product line launch.