1. Opening Hook
While the world debates EVs and oil prices, JK Tyre quietly decided to roll out its “highest-ever” quarterly revenue — Rs.4,026 crore — as if it were just another set of wheels. The GST slash on tyres from 28% to 18% turned CFOs into accidental cheerleaders, not economists. But can cheaper tyres keep this rally from deflating?
As the Dhammapada says, “As a wheel follows the ox that draws the cart, so sorrow follows an unwise act.” The next few quarters will reveal if JK’s expansion spree is wisdom or wheel-spin.
(Keep reading; it gets rubber-burning interesting ahead.)
2. At a Glance
- Revenue up 10% YoY – Management calls it “organic”; traders call it “GST magic.”
- EBITDA up 21% – Margins expanded faster than tyre pressure post Diwali.
- PAT up 54% – Profit curve steeper than a mountain road.
- EBITDA Margin: 13.3% – CFO claims “operational efficiency”; others say “luck plus latex.”
- Net Debt ₹4,201 crore – Working capital parked like a long-haul truck before dispatch.
- Capacity Utilization 88% – If plants worked harder, they’d unionize.
3. Management’s Key Commentary
Anshuman Singhania (MD): “We’ve achieved our highest-ever consolidated revenue.”
(Translation: We broke records, so please ignore debt levels and pray for Q3.)
On GST cuts: “We passed on 100% benefits to customers.”
(Translation: Don’t blame us for lower realizations; blame altruism.) 😏
On demand: “Festive demand and rural recovery are strong.”
(Translation: God bless the wedding season and tractor sales.)
CFO Sanjeev Aggarwal: “EBITDA margins improved to 13.3%.”
(Translation: Raw materials finally behaved for once.)
On Capex: “₹1,200 crore this year across Banmore, Laksar, and Mysuru expansions.”
(Translation: We’re spending like it’s free cash flow, though it isn’t yet.)
On Mexico (JK Tornel): “Highest-ever sales with 7.6% margin.”
(Translation: Even the peso joined
