Indag Rubber Reports Sequential Growth in Q2FY26

12 Nov 2025 CW Team

During Q2FY26, the company reported total revenue of Rs 550 million, reflecting a 15 per cent quarter-on-quarter (QoQ) growth compared to Rs 480 million in Q1FY26, though 16 per cent lower year-on-year (YoY) from Rs 650.2 million in Q2FY25. EBITDA stood at Rs 60.2 million, up 57 per cent QoQ, with margins improving by 300 basis points to 11.3 per cent, driven by a better sales mix, improved realizations, and continued focus on cost optimization. Profit After Tax (PAT) came in at Rs 30.6 million, marking a robust 96 per cent QoQ increase.

For the first half of FY26, Indag Rubber reported total revenue of Rs 1.03 billion as against Rs 1.23 billion in H1FY25, while EBITDA stood at Rs 100.1 million, broadly stable compared to Rs 100.4 million in the corresponding period last year. Despite a soft first quarter, the company saw healthy recovery trends in Q2, particularly in the core aftermarket and State Transport Undertaking (STU) businesses.

Commenting on the performance, Vijay Shrinivas, CEO, Indag Rubber, said, “During Q2 FY26, we reported an improvement in both growth and profitability on a sequential basis, supported by a better sales mix, improved realizations, and our continued focus on cost optimization. The quarter also saw healthy volume growth in our core aftermarket business. We are encouraged by the momentum in Q2, which reflects gradual normalization of demand across segments.”

He further added, “H1FY26 marked a period of steady progress despite some volatility in the first quarter, which was impacted by lower STU volumes and softer aftermarket demand. However, we took proactive measures to improve collection efficiency, optimize working capital, and strengthen our operational resilience. These efforts are now yielding results, as reflected in our improved Q2 performance.”

Shrinivas emphasized that the company’s business fundamentals remain strong, supported by improving gross margins and disciplined cost management. He added that retreading continues to gain traction as a reliable and sustainable alternative to new tyres, with growing customer acceptance driven by its economic and environmental advantages.

“We remain focused on driving sustainable growth and enhancing value creation for our stakeholders, while promoting the adoption of retreading as a greener and more efficient mobility solution,” he concluded.

Indag Rubber, one of India’s leading tread manufacturing companies, announced its audited financial results for the quarter and half year ended September 30, 2025, demonstrating sequential growth in both revenue and profitability.During Q2FY26, the company reported total revenue of Rs 550 million, reflecting a 15 per cent quarter-on-quarter (QoQ) growth compared to Rs 480 million in Q1FY26, though 16 per cent lower year-on-year (YoY) from Rs 650.2 million in Q2FY25. EBITDA stood at Rs 60.2 million, up 57 per cent QoQ, with margins improving by 300 basis points to 11.3 per cent, driven by a better sales mix, improved realizations, and continued focus on cost optimization. Profit After Tax (PAT) came in at Rs 30.6 million, marking a robust 96 per cent QoQ increase.For the first half of FY26, Indag Rubber reported total revenue of Rs 1.03 billion as against Rs 1.23 billion in H1FY25, while EBITDA stood at Rs 100.1 million, broadly stable compared to Rs 100.4 million in the corresponding period last year. Despite a soft first quarter, the company saw healthy recovery trends in Q2, particularly in the core aftermarket and State Transport Undertaking (STU) businesses.Commenting on the performance, Vijay Shrinivas, CEO, Indag Rubber, said, “During Q2 FY26, we reported an improvement in both growth and profitability on a sequential basis, supported by a better sales mix, improved realizations, and our continued focus on cost optimization. The quarter also saw healthy volume growth in our core aftermarket business. We are encouraged by the momentum in Q2, which reflects gradual normalization of demand across segments.”He further added, “H1FY26 marked a period of steady progress despite some volatility in the first quarter, which was impacted by lower STU volumes and softer aftermarket demand. However, we took proactive measures to improve collection efficiency, optimize working capital, and strengthen our operational resilience. These efforts are now yielding results, as reflected in our improved Q2 performance.”Shrinivas emphasized that the company’s business fundamentals remain strong, supported by improving gross margins and disciplined cost management. He added that retreading continues to gain traction as a reliable and sustainable alternative to new tyres, with growing customer acceptance driven by its economic and environmental advantages.“We remain focused on driving sustainable growth and enhancing value creation for our stakeholders, while promoting the adoption of retreading as a greener and more efficient mobility solution,” he concluded.

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