1. Thailand Stocks

  2. •

    Consumer durables

  3. •

    Automotive aftermarket
Inoue Rubber (Thailand) Public Co. Ltd.

Inoue Rubber (Thailand) Public Co. Ltd.

13.40
THB
0.00
(0.00%)
1.30EPS
9.15P/E
2.29BMarket Cap
Dec 02Next Earn
Inoue Rubber (Thailand) Public Co. Ltd.
SET:IRC
(Stock Exchange of Thailand)

Recent

price

13.40

P/E

ratio

9.15

div

yld

0.00%

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
THB
26.77
30.29
32.5
33.93
27.27
25.63
24.77
26.16
27.81
27.15
22.3
27.56
30.61
28.18
23.83
24.04
23.16
Revenue per Share
1.54
0.76
0.51
2.05
1.57
2.21
2.57
2.12
1.79
0.83
1.12
1.77
0.57
0.83
1.62
0.96
1.3
Basic EPS, GAAP
0.63
-0.53
-1.53
1.82
2.79
2.71
3.25
1.58
1.62
-0.32
0.87
1.98
0.23
1.57
1.6
1.45
1.62
Free Cash Flow per Basic Share
0.42
0.5
0.24
0.21
0.82
0.63
0.88
1.03
0.85
0.9
0.43
0.57
0.88
0.29
0.42
0.87
- -
Dividend per Share
9.99
10.27
10.14
11.98
12.75
14.32
16
17.08
17.98
17.91
18.46
20.26
19.94
20.44
21.71
21.52
22.12
Book Value per Share
9.95
10.22
10.07
11.9
12.66
14.13
15.82
16.91
17.82
17.69
18.2
20.03
19.68
20.24
21.52
21.35
21.97
Tangible Book Value per Share
200
200
200
200
200
200
200
200
200
200
196
192
192
192
192
192
192
Basic Weighted Avg Shares
5,355
6,059
6,500
6,786
5,455
5,126
4,955
5,233
5,562
5,430
4,364
5,297
5,883
5,417
4,581
4,621
4,449
Sales/Revenue/Turnover
6.84
2.66
1.58
7.04
6.37
9.53
12.19
8.25
7.15
3.01
4.93
6.92
1.27
2.54
3.72
4
5.89
Operating Margin (%)
239
257
274
299
322
329
329
316
301
319
351
361
361
343
316
305
296
Depreciation Expense
309
152
103
409
313
442
514
424
359
167
219
340
110
160
312
184
250
Net Income, GAAP
21.84
18.99
19.4
15.8
14.25
15.85
17.79
16.91
17.07
15.43
17.12
19.23
10.13
6.07
14.03
19.71
20.24
Effective Tax Rate (%)
5.76
2.51
1.58
6.03
5.75
8.61
10.37
8.1
6.45
3.07
5.02
6.42
1.87
2.95
6.8
3.99
5.62
Profit Margin (%)
703
514
460
707
878
1,261
1,657
1,166
1,225
1,620
1,789
1,856
2,081
2,419
2,719
2,649
3,014
Working Capital
49
10
143
109
31
25
21
- -
- -
- -
- -
1
1
- -
- -
- -
- -
LT Debt
1,998
2,055
2,028
2,396
2,550
2,864
3,201
3,417
3,596
3,581
3,549
3,894
3,832
3,929
4,173
4,136
4,251
Total Equity
15.06
7.09
4.78
15.62
11.71
15.77
16.53
12.59
9.31
3.82
4.98
7.91
1.74
3.58
3.63
3.54
4.98
Return on Invested Capital (%)
15.38
7.14
4.8
16.32
12.08
15.97
16.81
12.77
10.23
4.64
6.14
9.14
2.85
4.12
7.69
4.44
5.97
Return on Capital (%)
16.36
7.5
5.02
18.49
12.68
16.31
16.94
12.81
10.23
4.64
6.14
9.14
2.85
4.12
7.69
4.44
5.97
Return on Common Equity (%)

Capital Structure

THB

•

in mil. unless spec.
Dec'26
Mar'26
Jun'26
ST Debt
- -
- -
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
192
192
192
Market Capitalization
2,268
2,191
2,287

Working Capital

THB

•

in mil. unless spec.
Dec'26
Mar'26
Jun'26
Total Current Assets
3,611
3,612
3,799
Cash, Cash Equivalents & STI
2,228
2,238
2,423
Accounts Receivable, Net
730
788
764
Inventories
613
548
589
Total Current Liabilities
668
674
784
Payables & Accruals
663
662
773
ST Debt
- -
- -
- -
Deferred Revenue
3
7
9

Growth Rates

THB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
3.84%
3.19%
-0.9%
Free Cash Flow
8.47%
120.53%
-9.7%
Net Income, GAAP
4.84%
17.4%
-40.85%
Sales/Revenue/Turnover
-0.35%
1.99%
0.88%
Total Cash Common Dividend
16.3%
34.22%
107.75%

Quarterly Revenue

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,127
1,209
1,101
1,144
4,581
2025
1,137
1,207
1,165
1,111
4,621
2026
1,106
1,100
1,132
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.27
0.47
0.83
0.05
1.62
2025
0.17
0.27
0.33
0.19
0.96
2026
0.3
0.44
0.37
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.42
2025
- -
- -
- -
- -
0.87
2026
- -
- -
- -
- -
- -
Similar Companies
Apollo Tyres Limited. (NSE:APOLLOTYRE)
MRF Limited (NSE:MRF)
Balkrishna Industries Limited (NSE:BALKRISIND)
The Goodyear Tire & Rubber Company (NASDAQ:GT)
Bridgestone Corporation (TSE:5108)
CEAT Limited (NSE:CEATLTD)
Business
Inoue Rubber (Thailand) Public Company Limited manufactures and supplies elastomer products primarily for the automotive industry and other industrial applications, specializing in high-quality motorcycle tires and tubes under the IRC brand. Its core product portfolio includes motorcycle tires and tubes; industrial elastomer parts such as rubber bushings, railway rubber components, housing gaskets, rubber chips, grommets, level crossing rubber, protective covers, cushion rubber, and isolators used in agriculture, fishery, infrastructure, construction, and other sectors. It also produces automotive elastomer products including hose air intakes, socket covers, lamp gaskets, door grommets, weather strips, fuel tank shields, gauges, door stoppers, trunk lids, lens gaskets, rubber straps, mirrors, plugs, and cooling machine rubber cushions for electrical appliances and construction materials. The company further offers manufacturing, repair, and modification services for metal molds and equipment related to production of motorcycle tires, tubes, and automotive rubber parts. Operations are based in Thailand with manufacturing facilities in Rangsit, Pathum Thani, and Wang Noi, Ayutthaya. Founded in 1969 and headquartered in Pathum Thani, Thailand, the company caters to both domestic and international markets, supplying major motorcycle manufacturers like Honda, Yamaha, Kawasaki, and Suzuki. Recent developments include the company's strategic focus on research and development to enhance product quality and innovation to meet diverse customer demands. Inoue Rubber Thailand is responding to shifting global trade conditions and tariff changes by anticipating revenue growth, particularly benefiting from reduced US tariffs on Thai tire imports from 36% to 19%, improving its competitive position against producers in Vietnam, China, and other Southeast Asian countries. The company continues to consolidate its market share in the original equipment manufacturer (OEM) segment for motorcycles while strengthening its export-oriented growth strategy. Additionally, the company has emphasized sustainability and operational efficiency in its manufacturing processes aligned with Environmental, Social, and Governance (ESG) principles. In 2025, it declared a dividend for the financial year and reported sales of approximately THB 4.6 billion, reflecting its stable presence in the automotive elastomer sector amid market challenges.