1. Opening Hook

While Elon Musk tweets about robotaxis and China hoards rare earths, JK Tyre decided to keep things simple: sell more tyres. Passenger radials zoomed 32% in replacement, farm tyres grew like monsoon weeds, and even 2-wheelers got a 53% OEM kick. But Mexico? First-ever negative margin—think World Cup own goal. Still, management swears it’s “temporary.” Grab popcorn, this ride has more skids than a Delhi flyover.

2. At a Glance

• Revenue up 6% – ₹3,891 Cr; growth slower than a bullock cart, but still moving.
• EBITDA down 18% – ₹424 Cr; rubber joyride ended, Mexico skidded.
• EBITDA margin 10.9% – Flat vs YoY, better QoQ; like losing weight after Diwali.
• PAT ₹155 Cr – Doubled QoQ, but YoY meh.
• Net debt ₹3,862 Cr – Down ₹219 Cr; deleveraging still on diet mode.
• EPS ₹6.03 – Almost double last quarter; finally something shareholders can flex.

3. Management’s Key Commentary

• “India remains a bright spot at 6.5% GDP growth.”
  (Translation: Forget recession, Indians are still buying SUVs and snacks.)
• “Tyre industry to grow 7–8% in FY26.”
  (Translation: We’ll grow, but don’t expect drag-race speeds.)
• “JK ranked top 15 tyre brand globally.”
  (Translation: We finally beat MRF in something other than lawsuits.)
• “Passenger radial replacement grew 32% YoY.”
  (Translation: Indians love upgrading wheels more than updating Aadhaar.)
• “Mexican peso depreciation to benefit exports.”
  (Translation: Currency is our new strategy deck.)
• “Cavendish posted ₹800 Cr revenue, ₹51 Cr EBITDA.”
  (Translation: Sidekick still pays rent, just not Netflix.)
• “Capex ₹1,400 Cr on track, no delays.”
  (Translation: Construction workers got fewer chai breaks this time.)

4. Numbers Decoded

5. Analyst Questions

• Margins & rubber prices? – Mgmt: Raw material benign, margins improving.
  (Translation: Pray rubber stays cheap, or pray harder.)
• Mexico losses?