Key Metrics of Indag Rubber Limited
About Indag Rubber Limited
Sectors
Company details
Operational Areas of Indag Rubber Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
WatchNegative outlook (ICRA)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 29 Sep 2026 | ICRA | Reaffirmed | A- | A2+ | Negative | ₹28.4 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Strong capital structure and coverage metrics with healthy liquidity
At a standalone level, the company has remained debt- free over the last several years.
+ Diversification towards renewable energy space through investment in subsidiary provides revenue visibility
IRL’s investment in MMSPL provides diversification beyond the mature tyre-retreading business into the renewable energy and electronic manufacturing services (EMS) segment.
Credit challenges
− Modest scale of operations; expected to improve supported by ramp up of operations at Millenium
IRL’s scale of operations remains modest, constrained by the fragmented and intensely competitive nature of the domestic tyre-retreading industry.
− Profitability remains exposed to raw material price volatility
IRL’s profitability remains susceptible to fluctuations in the prices of natural rubber and crude-linked products such as synthetic rubber and carbon black.
− Exposed to competition from unorganisedplayers
The industry is highly unorganised with a sizeable portion of retreading executed by small-sized regional players.
Could lead to an upgrade
The outlook may be revised to Stable, if there is a demonstration of a sustained improvement in scale of operations and margins while maintaining its strong
Could lead to a downgrade
The ratings might be downgraded, if the company is unable to materially improve its scale of operations and profitability. Further, a stretch in the working capital intensity or higher dividend payout or any incremental long-term investments in Group companies or JVs, resulting in weakening
Agency-reported financials (ICRA, 29 Sep 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹228 Cr | ₹215 Cr |
| PAT | ₹4.70 Cr | ₹8.10 Cr |
| OPBDITA/OI | 0.8% | 4.2% |
| PAT/OI | 2.1% | 3.8% |
| Total outside liabilities/Tangible net worth (times) | 0.19× | 0.30× |
| Total debt/OPBDITA (times) | 5.37× | 1.99× |
| Interest coverage (times) | 1.77× | 7.62× |
| Revenue growth (YoY) | — | −6.1% |
| EBITDA (margin × income) | ₹1.76 Cr | ₹9.05 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹9.45 Cr | ₹18.01 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹0.99 Cr | ₹1.19 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term fund-based – Cash credit Short-term – Non-fund | Non-fund based limits | ₹3.40 Cr | ₹3.40 Cr | 0.0% | A- (Negative) | Reaffirmed | ICRA |
| based bank guarantee | Non-fund based limits | ₹25.0 Cr | ₹25.0 Cr | 0.0% | A2+ | Reaffirmed | ICRA |
Credit assessment · Cement
CARE Ratings’ Criteria for Rating Cement Companies (Sep 2024) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 43% |
| Information on file | 44% · missing: Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 43% chance the next rating action is stable or better
- Current rating A- (investment grade)
- Interest coverage 7.62×
Rated limits by facility
Timeline
From the report
The ratings also draw comfort from the company's debt-free standalone balance sheet, healthy liquidity position, comfortable capital structure and coverage metrics.
From the report
However, ICRA continues to take comfort from the company’s strong liquidity position characterised by cash and liquid investments of around Rs. 100 crore as on March 31, 2026.
From the report
IRL has no long-term debt repayment obligations and plans to incur capex of Rs. 9-10 crore in FY2027.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Indag Rubber Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Apollo Tyres |
Polymers & Petrochemicals · Cement, Building Materials & Polymers | apollotyres.com | 1972 | Ernakulam, India |
 Tata Chemicals |
Polymers & Petrochemicals · Cement, Building Materials & Polymers | tatachemicals.com | 1939 | Mumbai, India |
 CEAT |
Polymers & Petrochemicals · Cement, Building Materials & Polymers | ceat.in | 1924 | Mumbai, India |
| Polymers & Petrochemicals · Cement, Building Materials & Polymers | haldiapetrochemicals.com | — | Kolkata, India | |
 Pidilite Industries |
Paints, Panels & Construction Chemicals · Cement, Building Materials & Polymers | pidilite.com | 1959 | Mumbai, India |
| Aarti Industries Ltd | Discovered Companies · Other Industries | — | — | Vapi, Gujarat, India |
 Atul |
Discovered Companies · Other Industries | atul.co.in | 1947 | India |
 Gujarat Fluorochemicals Limited |
Polymers & Petrochemicals · Cement, Building Materials & Polymers | gfl.co.in | 1987 | Basal, Himachal Pradesh, India |
| Jubilant Ingrevia Limited | Discovered Companies · Other Industries | — | — | Amroha, Uttar Pradesh, India |
| Sumitomo Chemical India Limited | Polymers & Petrochemicals · Cement, Building Materials & Polymers | — | — | Mumbai, Maharashtra, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.