Tolins Tyres isn’t MRF, but it’s making noise in the PCTR (Precured Tread Rubber) and specialty tyre niche. With ROE over 18%, almost zero debt, and an Apollo Tyres offtake agreement in its back pocket, Tolins may just be rolling toward the spotlight.
2. Introduction with Hook
Imagine you’re a mid-sized tyre player quietly building traction while the biggies spin in global slowdown puddles. That’s Tolins Tyres. It’s like the Maruti 800 of Indian tyre stocks: no frills, decent mileage, surprisingly peppy.
FY25 Net Profit: ₹39 Cr (up 50%)
ROCE: 21.2%
Debt down from ₹79 Cr to ₹17 Cr in just a year
And they just inked a deal with Apollo Tyres. No cap.
3. Business Model (WTF Do They Even Do?)
Tolins Tyres Ltd manufactures:
PCTR (Precured Tread Rubber) – used for tyre retreading (major margin driver)
Tyres for LCVs, agri vehicles, two/three-wheelers
Backward Integration: Bonding gum, vulcanizing solutions, tyre flaps, tubes
New Subsidiary (FY25): Focused on rubber product expansion
Their niche? They’re the vendor behind your truck’s last 100,000 km.
