Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Jk Tyre & Industries Ltd.
NSE: JKTYREConsumer CyclicalAuto Parts
- Last close
- ₹309.15
- Day change
- −₹13.85 (−4.29%)vs
- Market cap
- ₹8,912 crIndian rupees
- Research updated
- 2 reports
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About Jk Tyre & Industries
Jk Tyre & Industries Ltd. is a prominent player in the tire manufacturing industry. This Indian multinational specializes in the production and distribution of a wide range of tires, including those for passenger vehicles, commercial trucks, and off-the-road vehicles. Known for its innovation and commitment to quality, Jk Tyre has a comprehensive portfolio that caters to various sectors like automotive, agricultural, and industrial markets. The company emphasizes research and development, ensuring its products meet growing demands for performance and efficiency. With its manufacturing facilities spread across India and strategic international operations, Jk Tyre has a significant footprint in the global market. The company is recognized for its contribution to tire technology advancement and environmental sustainability initiatives, often incorporating eco-friendly practices in its production processes. Jk Tyre's extensive distribution network ensures a robust market presence, making it an integral player in supplying essential automotive components. This firm's capabilities not only underscore its industry prominence but also its vital role in supporting the automotive sector globally.
- Sector
- Consumer Cyclical
- Industry
- Auto Parts
- Listing
- NSE: JKTYRE
- Employees
- 5,666
- Headquarters
- New Delhi, India
- ISIN
- INE573A01042
- Website
- jktyre.com
Public research · Report of
Business model & financial foundation
JK Tyre (NSE: JKTYRE), Tyres (truck/bus radial, passenger car radial, 2/3-wheeler, farm, OTR): revenue of ₹16,327 crore in FY26 (+11.1% on FY25), an EBITDA margin of 12.4%, net profit of ₹776.1 crore and net debt of ₹4,445 crore.
- Revenue, FY26 (₹ crore)
- 16,327
- consolidated
- Revenue growth, FY26
- +11.1%
- on FY25
- EBITDA margin, FY26
- 12.4%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 776.1
- to owners
- Return on equity, FY26
- 14.1%
- on average equity
- Net debt, FY26 (₹ crore)
- 4,445
- Broader bank-liquidity net debt, excluding leases
- Market capitalisation (₹ crore)
- 9,705
- at the close of 23 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | JK Tyre & Industries Ltd. |
| Exchange and ticker | NSE: JKTYRE; BSE: 530007 |
| ISIN | INE573A01042 |
| CIN | L67120RJ1951PLC045966 |
| Sector | Automobile and Auto Components |
| Industry | Tyres (truck/bus radial, passenger car radial, 2/3-wheeler, farm, OTR) |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Lodha & Co LLP (since 2025-08-07) |
| Market capitalisation | ₹9,705 crore (23 Oct 2026) |
| Shares outstanding | 28.83 crore shares (FY26) |
| Price | ₹323.0 (close, 23 Oct 2026) |
| 52-week range | ₹319.6 - ₹611.9 (to 23 Oct 2026) |
| Website | https://www.jktyre.com |
Corporate structure and shareholding
Parent: Bengal & Assam Company Ltd (promoter, 45.43% at Jun 2026).
| Entity | Holding | Business |
|---|---|---|
| JK Tornel S.A. de C.V. (and 7 Mexican subsidiaries incl. Compania Hulera Tornel) | 99.98% | Tyre manufacturing in Mexico (3 plants); sells in Mexico, US and Latin America |
| Treel Mobility Solutions Pvt Ltd | 66% | Tyre-pressure/IoT mobility solutions |
| Valiant Pacific LLC (associate) | 49% | US distribution associate; FY26 sales to it 401.93 cr |
| Western Tire Holdings Inc (associate) | 40% | US distribution associate |
| Dwarkesh Energy (associate) | 33.38% | Captive renewable power |
Cavendish Industries Ltd (Laksar plant) amalgamated into the company effective 22 Dec 2025 (appointed date 1 Apr 2025); FY25 restated. 15 subsidiaries in total.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 51.72% | 51.72% | 51.72% | 51.72% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 16.93% | 18.60% | 15.75% | 14.63% |
| Domestic institutions | 7.50% | 7.45% | 7.26% | 8.32% |
| of which mutual funds | 6.85% | 7.00% | 6.65% | 7.64% |
| Retail | 11.62% | 11.25% | 13.63% | 14.09% |
| Other | 12.23% | 10.98% | 11.64% | 11.24% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share | capital employed, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| India | 14,614 | 87.2% | 1,542 | 95.3% | 4,858 | 80.2% |
| Mexico | 2,137 | 12.8% | 75.6 | 4.7% | 1,133 | 18.7% |
| Others | 2.47 | 0.0% | -0.37 | -0.0% | 69.1 | 1.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Apollo Tyres (APOLLOTYRE) | Closest large diversified India TBR/PCR maker with overseas manufacturing (Europe), similar mix and leverage history |
| CEAT (CEATLTD) | Domestic replacement-led tyre maker, same input basket and pass-through cycle |
| MRF (MRF) | Market leader across categories; sets replacement pricing |
| Balkrishna Industries (BALKRISIND) | Listed tyre peer (off-highway export); same commodity exposure, different end market |
| TVS Srichakra (TVSSRICHAK) | 2/3-wheeler tyre specialist, small-cap tyre comparable |
| Goodyear India (GOODYEAR) | Domestic tyre maker, farm and PCR overlap |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations including other operating revenue | 11,853 | 14,520 | 15,002 | 14,693 | 16,327 |
| Cost of revenue (vendor classification) * | 8,189 | 10,181 | 9,267 | 9,406 | 10,291 |
| Other operating costs (vendor classification) * | 1,637 | 1,928 | 2,192 | 2,214 | 2,365 |
| EBITDA (vendor classification) * | 1,080 | 1,319 | 2,128 | 1,671 | 2,085 |
| Operating EBIT excluding other income | 722.1 | 859.8 | 1,641 | 1,142 | 1,559 |
| Finance costs including lease interest | 413.1 | 448.5 | 446.9 | 476.3 | 428.5 |
| Profit before tax and associate results | 309.0 | 411.3 | 1,211 | 713.4 | 1,043 |
| Total current and deferred tax expense | 108.7 | 146.5 | 399.4 | 197.6 | 268.6 |
| PAT before associate results and NCI allocation | 201.2 | 263.1 | 811.5 | 515.8 | 774.2 |
| Diluted EPS (₹) | 8.53 | 10.64 | 29.74 | 17.86 | 27.24 |
| Materials, traded purchases and inventory movement | 9,073 | 9,176 | 10,089 | ||
| Employee benefits expense | 1,432 | 1,451 | 1,606 | ||
| Other operating expenses | 2,420 | 2,467 | 2,601 | ||
| Operating EBITDA excluding other income | 2,078 | 1,599 | 2,031 | ||
| Other income, non-operating | 44.4 | 79.3 | 57.6 | ||
| Depreciation and amortisation including ROU | 436.8 | 456.5 | 472.2 | ||
| Exceptional items, signed gain positive | -27.4 | -31.6 | -145.6 | ||
| Share in associate profit/(loss), signed | -5.54 | -6.48 | 1.71 | ||
| PAT attributable to NCI, signed | 19.7 | -0.12 | -0.19 | ||
| Profit attributable to owners of parent | 786.2 | 509.4 | 776.1 | ||
| Cost of materials consumed | 8,797 | 9,085 | 9,714 | ||
| Purchases of stock in trade | 215.0 | 154.8 | 197.0 | ||
| Inventory decrease/(increase) in P&L | 60.7 | -63.7 | 178.1 | ||
| Basic EPS (₹) | 18.07 | 27.24 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 2,947 | 3,496 | 4,606 | 4,984 | 6,060 |
| Borrowings excluding leases, includes current maturities | 5,220 | 4,882 | 4,473 | 4,792 | 4,746 |
| Cash and cash equivalents | 94.1 | 173.2 | 171.3 | 186.5 | 236.7 |
| Net trade receivables | 1,980 | 2,283 | 2,754 | 2,831 | 3,211 |
| Inventories | 2,433 | 2,171 | 2,282 | 2,526 | 2,663 |
| Trade payables including MSME | 2,189 | 1,820 | 2,157 | 1,893 | 2,162 |
| PPE net including ROU | 6,198 | 6,209 | 6,562 | 6,524 | 6,930 |
| Capital work in progress | 100.6 | 190.6 | 365.8 | 417.3 | 1,091 |
| Total assets | 12,248 | 12,449 | 14,094 | 14,519 | 15,996 |
| Equity attributable to owners | 4,487 | 4,984 | 6,061 | ||
| Total current and noncurrent lease liabilities | 136.1 | 119.2 | 135.5 | ||
| Current other bank balances, includes earmarked deposits | 598.2 | 524.9 | 64.5 | ||
| Broader bank-liquidity net debt, excluding leases | 3,704 | 4,081 | 4,445 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after direct taxes | -480.8 | 1,112 | 1,614 | 715.8 | 1,444 |
| Free cash flow (vendor definition) * | 31.8 | 761.0 | 839.9 | 77.0 | 19.9 |
| Cash dividends paid, signed outflow | -49.3 | -36.9 | -75.3 | -91.3 | -82.2 |
| Cash PPE purchase outflow, positive magnitude | -292.0 | -398.5 | 774.3 | 638.7 | 1,424 |
| CFO less gross cash capex | 839.9 | 77.0 | 19.9 | ||
| Long-term borrowings repayments, positive magnitude | 493.4 | 456.3 | 632.6 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual year-end fully paid shares, not EPS denominator | 24.62 | 26.07 | 27.40 | 28.83 | |
| Weighted shares for diluted EPS | 24.67 | 26.47 | 28.55 | 28.49 | |
| Reported PBIDT including other income | 2,122 | 1,678 | 2,089 | ||
| Capital management note net debt: excludes bank deposits and leases | 4,302 | 4,605 | 4,509 | ||
| JK Fenner preference investments, not assumed treasury liquidity | 11.2 | 11.3 | 11.4 | ||
| Noncurrent LIC Nomura Growth Fund, liquidity role not established | 1.22 | 1.30 | 1.21 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,674 | 3,759 | 3,869 | 4,011 | 4,223 | 4,223 | 3,946 | |
| Cost of revenue (vendor classification) * | 2,381 | 2,423 | 2,451 | 2,569 | 2,622 | 2,768 | ||
| Other operating costs (vendor classification) * | 620.4 | 611.4 | 634.1 | 684.5 | 653.2 | 602.7 | ||
| EBITDA (vendor classification) * | 334.9 | 384.4 | 423.8 | 583.1 | 546.5 | 267.6 | ||
| EBIT * | 203.5 | 264.7 | 322.8 | 359.7 | 377.1 | 152.8 | ||
| Finance costs | 123.1 | 120.7 | 114.7 | 107.6 | 105.6 | 100.6 | 99.1 | |
| Profit before tax | 80.4 | 143.9 | 208.1 | 304.1 | 254.1 | 276.5 | 53.8 | |
| Tax expense | 23.0 | 41.5 | 53.2 | 81.5 | 45.0 | 88.8 | 11.1 | |
| Profit after tax before associates | 57.4 | 102.4 | 154.8 | 222.6 | 209.1 | 187.8 | 42.7 | |
| Diluted EPS (₹) | 1.85 | 3.47 | 5.74 | 7.96 | 7.29 | 6.25 | 1.55 | |
| Materials, purchases and inventory change | 2,381 | 2,423 | 2,451 | 2,446 | 2,569 | 2,622 | 2,768 | |
| Employee benefits expense | 358.0 | 361.5 | 382.0 | 414.5 | 398.3 | 411.0 | 317.1 | |
| Other expenses | 620.4 | 611.4 | 634.1 | 629.0 | 684.5 | 653.2 | 602.7 | |
| Operating EBITDA excluding other income | 314.2 | 363.1 | 402.1 | 521.4 | 570.8 | 537.1 | 258.2 | 333.9 |
| Other income | 20.7 | 21.3 | 21.6 | 14.3 | 12.3 | 9.39 | 9.42 | |
| Depreciation and amortisation | 113.8 | 116.9 | 113.6 | 116.5 | 119.4 | 122.7 | 125.7 | |
| Exceptional items (signed) | -17.6 | -2.77 | 12.6 | -7.48 | -104.0 | -46.7 | 10.9 | |
| Share of associates | -4.77 | -3.77 | 8.52 | 4.31 | -1.32 | -9.80 | 1.38 | |
| Non-controlling interest | 0.00 | -0.12 | -0.11 | -0.03 | -0.02 | -0.03 | 0.05 | |
| Profit attributable to owners | 52.6 | 98.8 | 163.5 | 226.9 | 207.8 | 178.0 | 44.0 | |
| Basic EPS (₹) | 3.54 | 6.03 | 8.08 | 7.29 | 6.25 | 1.55 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 31.1% | 22.5% | 3.3% | -2.1% | 11.1% |
| EBITDA margin | 13.8% | 10.9% | 12.4% | ||
| Net margin | 5.2% | 3.5% | 4.8% | ||
| Return on equity | 19.4% | 10.6% | 14.1% | ||
| Return on capital employed | 9.2% | 10.4% | 18.8% | 12.1% | 15.2% |
| Return on assets | 5.9% | 3.6% | 5.1% | ||
| Net debt (₹ crore) | 3,704 | 4,081 | 4,445 | ||
| Net debt / EBITDA | 1.78x | 2.55x | 2.19x | ||
| Interest cover | 1.75x | 1.92x | 3.67x | 2.40x | 3.64x |
| Asset turnover | 1.02x | 1.18x | 1.13x | 1.03x | 1.07x |
| Receivable days | 61 | 57 | 67 | 70 | 72 |
| Inventory days (on revenue) | 75 | 55 | 56 | 63 | 60 |
| Payable days (on revenue) | 67 | 46 | 52 | 47 | 48 |
| Cash conversion | 2.05x | 1.41x | 1.86x | ||
| Capex intensity | 2.5% | 2.7% | 5.2% | 4.3% | 8.7% |
| Free cash flow (₹ crore) | -772.8 | 713.1 | 839.9 | 77.0 | 19.9 |
| Dividend payout | 9.6% | 17.9% | 10.6% | ||
| EPS, diluted (₹) | 8.53 | 10.64 | 29.74 | 17.86 | 27.24 |
| Book value per share (₹) | 142.0 | 176.7 | 181.9 | 210.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Broader bank-liquidity net debt, excluding leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 23 Oct 2026); market data at the close of 23 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Jk Tyre & Industries includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Jk Tyre & Industries
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 23 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.