Tolins Tyres Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Tolins Tyres Ltd filed with BSE on 04 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Tolins Tyres reported FY26 consolidated revenue of INR327.12 crores, up about 12% year-on-year, while EBITDA declined to INR47.8 crores from INR57.91 crores in FY25, with EBITDA margin at 14.6%. Management attributed margin pressure to a GST rate mismatch between new tyres and retreading materials, volatility in raw material prices, and elongated receivable cycles amid geopolitical uncertainty in West Asia. Tyre production volumes grew 36% year-on-year even as revenue growth was slower, and management said Ras Al Khaimah plant utilization remained below 50% due to market conditions.
Numbers mentioned
Consolidated revenue from operations: INR327.12 crores (FY26)
p. 4
“For FY26, consolidated revenue from operations stood at INR327.12 crores as compared to INR292.45 crores in FY25, registering a growth of approximately 12% year-on-year basis.”
Sojan C. S., page 4 of the filed PDF · View the filing
EBITDA excluding other income: INR47.8 crores (FY26)
p. 4
“EBITDA, excluding other income for FY26, stood at INR47.8 crores as compared to INR57.91 crores in FY25.”
Sojan C. S., page 4 of the filed PDF · View the filing
EBITDA margin: 14.6% (FY26)
p. 4
“EBITDA margin for the year stood at 14.6%.”
Sojan C. S., page 4 of the filed PDF · View the filing
Profit after tax: INR35.69 crores (FY26)
p. 4
“Profit after tax for FY26 stood at INR35.69 crores against INR38.67 crores in FY25.”
Sojan C. S., page 4 of the filed PDF · View the filing
Basic earnings per share: INR9.03 per share (FY26)
p. 4
“Basic earnings per share for FY26 stood at INR9.03 per share.”
Sojan C. S., page 4 of the filed PDF · View the filing
Revenue from operations: INR77.99 crores (Q4 FY26)
p. 4
“Coming to the quarterly performance, Q4 FY26 revenue from operations stood at INR77.99 crores as compared to INR69.53 crores in Q4 of FY25, reflecting year-on-year growth of around 12%.”
Sojan C. S., page 4 of the filed PDF · View the filing
EBITDA: INR11.22 crores (Q4 FY26)
p. 4
“EBITDA for Q4 FY26 stood at INR11.22 crores as against INR13.57 crores in the corresponding quarter last year.”
Sojan C. S., page 4 of the filed PDF · View the filing
EBITDA margin: 14.4% (Q4 FY26)
p. 4
“EBITDA margin for the quarter stood at 14.4%.”
Sojan C. S., page 4 of the filed PDF · View the filing
Profit after tax: INR8.94 crores (Q4 FY26)
p. 4
“Profit after tax for Q4 FY26 stood at INR8.94 crores.”
Sojan C. S., page 4 of the filed PDF · View the filing
Debt-to-equity ratio: 0.03x (as on 31 March 2026)
p. 4
“our balance sheet remains strong with a consolidated debt-to-equity ratio of only 0.03x as on 31st March 2026, providing us adequate financial flexibility to pursue future growth opportunities.”
Sojan C. S., page 4 of the filed PDF · View the filing
Tyre production volume: 5,35,870 tyres (FY26)
p. 5
“the '25 volume of tyres what we have manufactured is 3,93,253 tyres, but '26 we could do 5,35,870 tyres.”
K.V. Tolin, page 5 of the filed PDF · View the filing
Ras Al Khaimah plant capacity: 1,200 metric tons
p. 7
“Our capacity is 1,200 metric tons in the Ras Al Khaimah plant.”
Sojan C. S., page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
FY27 topline — similar to FY25-26 levels · FY27
stated conditionally by Sojan C. S.
p. 16
“But we expect we'll at least we will maintain FY25-'26 levels of performance as of now.”
Sojan C. S., page 16 of the filed PDF · View the filing
EBITDA margin — 10% to 13%
stated as an aspiration by K.V. Tolin
p. 15
“10% to 13% will be an acceptable margin level what we are foreseeing.”
K.V. Tolin, page 15 of the filed PDF · View the filing
UAE and geopolitical situation resolution — by end of Q2
stated conditionally by Sojan C. S.
p. 16
“We are very positive that by end of Q2 these problems, currently what going on in India and West Asia, everything will be resolved.”
Sojan C. S., page 16 of the filed PDF · View the filing
Ras Al Khaimah plant utilization — around 40% and 50% · FY27 onwards
stated conditionally by Sojan C. S.
p. 14
“If war ends fast in next month, then Q2 onwards we will increase the production and things will be back to normal.”
Sojan C. S., page 14 of the filed PDF · View the filing
Working capital / receivable credit period — 3 to 4 months · few quarters
stated as an aspiration by Sojan C. S.
p. 6
“Gradually the overall plan is to reduce this to a comfortable level in another few quarters.”
Sojan C. S., page 6 of the filed PDF · View the filing
Capex — no significant capex · this year
stated conditionally by Sojan C. S.
p. 6
“There is no much capex planned this year.”
Sojan C. S., page 6 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the 20% projection was optimistic and that actual growth was 12%, but tyre production volumes grew 36% year-on-year.
Answered by K.V. Tolin
Asked by Keshav Garg: Why did the company fall short of the 20% growth guidance given last year, given high gross current assets relative to sales?
p. 5
“The 20% growth what we projected, see, always we are optimistic on the scalability what we can do.”
K.V. Tolin, page 5 of the filed PDF · View the filing
Management said credit periods were temporarily extended due to market uncertainty and GST revisions, with plans to reduce them gradually, while marketing spend remains deliberately low.
Answered by Sojan C. S.
Asked by Anboli: When will operating cash flow turn positive and what is the marketing strategy?
p. 6
“Gradually the overall plan is to reduce this to a comfortable level in another few quarters.”
Sojan C. S., page 6 of the filed PDF · View the filing
Management attributed margin pressure in both India and UAE to GST rate mismatches between new tyres and retreading materials, which reduced retreading's cost advantage.
Answered by Sojan C. S.
Asked by Aniket Madhwani: What is driving the margin de-growth in Q4/FY26 across geographies?
p. 8
“So due to this there is a pressure on the retread business margin, margin of the retread business.”
Sojan C. S., page 8 of the filed PDF · View the filing
Management cited extended dealer credit periods and the need to hold 4-5 months of rubber inventory due to seasonality and supply chain issues.
Answered by Sojan C. S.
Asked by Madhur Rathi: Why has working capital grown so significantly relative to revenue growth?
p. 12
“No, we are holding good amount of inventory also. That's also we have to keep because 4 to 5 months inventory we are holding because rubber is a seasonal product.”
Sojan C. S., page 12 of the filed PDF · View the filing
Management said utilization remains below 50% due to receivables risk and cautious approach in the UAE market amid geopolitical uncertainty.
Answered by Sojan C. S.
Asked by Diwakar Rana: What is the capacity utilization at the Ras Al Khaimah unit and what is stopping scale-up?
p. 14
“We have enough scope to expand in the UAE market, digital countries. We can increase the production considerably, but utilization is less than 50% as of now, because of this more credit and all, market-related issues, we are also very cautious on aggressive expansion and all.”
Sojan C. S., page 14 of the filed PDF · View the filing
Management said it was difficult to give clear guidance but expects to at least maintain FY25-26 performance levels, with a review after Q2.
Answered by Sojan C. S.
Asked by Aniket Madhwani: What is the FY27 top-line guidance?
p. 16
“It is a tough time to give a clear guidance now, as you also understand. But we expect we'll at least we will maintain FY25-'26 levels of performance as of now.”
Sojan C. S., page 16 of the filed PDF · View the filing
Risks flagged
GST rate mismatch between new tyres and retreading materials pressuring retread business margins
p. 8
“So due to this there is a pressure on the retread business margin, margin of the retread business.”
Sojan C. S., page 8 of the filed PDF · View the filing
Geopolitical uncertainty and war in the Middle East affecting logistics and UAE market demand
p. 9
“So that is going to, we have to wait and watch how the things are going in that area.”
K.V. Tolin, page 9 of the filed PDF · View the filing
Volatility in raw material prices
p. 4
“The quarter witnessed some impact from volatility in raw material prices, higher inventory holding, and elongated receivable cycles amid geopolitical uncertainties.”
Sojan C. S., page 4 of the filed PDF · View the filing
Elongated receivable cycles and extended dealer credit periods
p. 6
“So we slightly extended the credit period now. It's another one month, just like that.”
Sojan C. S., page 6 of the filed PDF · View the filing
China dumping materials in GCC countries with extended credit periods
p. 13
“Even otherwise China is dumping materials in the GCC countries and all with a lot of extra credit period extending up to 1 year and all.”
Sojan C. S., page 13 of the filed PDF · View the filing
Uncertainty in market delaying customer purchases and capex decisions
p. 6
“As you are also aware, due to these geopolitical issues and total uncertainty over this market movement, people are delaying their purchases.”
Sojan C. S., page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.