Tolins Tyres Limited

Key Metrics of Tolins Tyres Limited

Revenue₹221 Cr▲ 24.1% YoYFY 2025-26

EBITDA₹24.9 Cr▼ 24.6% YoY

Net profit₹15.0 Cr▼ 27.6% YoY

Net worth₹309 Cr▲ 5.1% YoY

Competitors10identified

About Tolins Tyres Limited

Sectors

Cement, Building Materials & PolymersPolymers & Petrochemicals

Company details

Registered office: No. 1/47, M C Road, Ernakulam, Kalady, In-kl, 683574
Listed: NSE: TOLINS · ₹84.25

Operational Areas of Tolins Tyres Limited

Cement, Building Materials & Polymers›Polymers & Petrochemicals

Company summary

Entity details

CINL25119KL2003PLC016289

LEI code2549008VM5G4XZKBSA72

State codeKL

PIN code683574

Current legal nameTOLINS TYRES LIMITED

Classification—

Listing statusListed

Registration no.016289

Company age—

PAN—

CountryIndia

CityKalady

StateKerala

Current statusActive

Date of incorporation—

Registrar of companies—

Authorised capital—

Paid-up capital—

Employee count—

Compliance

Last AGM date—

Last balance sheet—

Next filing dueAOC-4 for FY 2025-26 · 30 Oct 2026

Industry classification

NIC code25119

Description of main activityManufacture of rubber and plastics products

Description of business activityManufacture of rubber and plastics products

SectorCement, Building Materials & Polymers · Polymers & Petrochemicals

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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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Filing compliance

AGM for FY 2025-2630 Sep 2026 Statutory due date passed

AOC-4 for FY 2025-2630 Oct 2026 Statutory due date · 7 days left

MGT-7 for FY 2025-2629 Nov 2026 Statutory due date · 37 days left

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.

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Credit ratings

CARE · 01 Jul 2026 — Other

Change in last 12 months▼ 1 notch

Change since first rating on record▼ 1 notchsince Nov 2022

Rating actions60 up · 1 down

WatchDowngraded by CARE on 08 Jun 2026

Rating history

Rating actions

Date	Agency	Action	Long term	Short term	Outlook	Rated amount	Rationale
01 Jul 2026	CARE	Other	—	—	—	—	View
08 Jun 2026	CARE	Downgraded	B+	A4	Stable	₹54.5 Cr	View
10 Mar 2026	CARE	Non-cooperating	BB-	A4	Stable	₹54.5 Cr	View
23 Jan 2025	CARE	Non-cooperating	BB-	A4	Stable	₹54.5 Cr	View
26 Dec 2023	CARE	Non-cooperating	BB-	A4	Stable	₹54.5 Cr	View
09 Nov 2022	CARE	Assigned	BB-	A4	Stable	₹54.5 Cr	View

Credit strengths (CARE, Dec 2023)

+ Vast experience of the promoters in the business

Tolins Tyres Private Limited was started by late Mr. K.P. Varkey in the year 1982. Dr. K.V. Tolin, son of the founder late Mr.K.P. Varkey and Managing Director of the company is associated with the company since the early 1990’s. Dr. K.V. Tolin holds a Doctorate in Production Management with Special Relation to Tire Industry from Colombo University, Sri Lanka. Mrs. Annie Varkey, wife of the founder is also a promoter of the company and has been associated with the

+ Tolin holds a Doctorate in Production Management with Special Relation to Tire Industry from Colombo University, Sri

Lanka. Mrs. Annie Varkey, wife of the founder is also a promoter of the company and has been associated with the company’s business since 1985. 1Complete definition of the ratings assigned are available at www.careedge.in and other CARE Ratings Ltd.’s publications *Issuer did not cooperate; Based on best available information 1 CARE Ratings Limited Press Release Long track record of the company

+ Diversified clientele

The long track record of the company has aided it in establishing a strong and diversified client base with the top 10 clients of the company contributing to less than 20% of total sales with most of the clients being dealers and distributors. The company also supplies its agricultural tyres product range to OEMs like VST Tillers & Tractors, Kirloskar group and Kerala Agro Machinery Corporation Ltd (KAMCO) etc. The company also exports to around 40 foreign countries, including the

+ Assumptions/Covenants – Not applicable

Environment, social, and governance (ESG) risks - Not applicable Applicable criteria Policy in respect of Non-cooperation by issuer Policy on default recognition Financial Ratios – Non financial Sector Liquidity Analysis of Non-financial sector entities Rating Outlook and Credit Watch

+ Brief Financials (₹ crore) March 31, 2022 (A) March 31, 2023 (A) March 31, 2023 (A)

Total operating income 105.67 113.36 118.61 PBILDT 5.51 6.01 12.70 PAT 0.37 0.56 4.74 Overall gearing (times) 4.97 4.80 2.52 Interest coverage (times) 1.60 1.46 2.89 A: Audited; Note: ‘the above results are latest financial results available’ Status of non-cooperation with previous CRA: Nil

+ Total operating income 105.67 113.36 118.61

PBILDT 5.51 6.01 12.70 PAT 0.37 0.56 4.74 Overall gearing (times) 4.97 4.80 2.52 Interest coverage (times) 1.60 1.46 2.89 A: Audited; Note: ‘the above results are latest financial results available’ Status of non-cooperation with previous CRA: Nil Any other information: Not applicable

Credit challenges

− Moderate scale of operations

The scale of operations for TTPL remained moderate with income from operations in the range of Rs. 82 crores to Rs. 120 crores during the four years ended FY23 (refers to the period April 1 to March 31). The capacity utilization of the reclaim rubber division stood low in the range of 19.07 % to 26.52 % over the past three years ended FY23 while that of the Tyre division also stood low in the range of 19.57% to 44.05% over the above period on account of higher raw material costs

− Weak capital structure and debt coverage metrics

The capital structure of TTPL stood weak, however improved with an overall gearing of 2.53x (PY: 4.80x) as on March 31, 2023 due to higher working capital borrowings. The debt coverage metrics also improved marked by Total debt/ GCA ratio at 7.30x as on March 31, 2023 (PY: 20.19x). Profit margins exposed to volatility in raw material prices The major raw material for TTPL is natural rubber and rubber compounds. The high price volatility and fluctuations in supply

− Profit margins exposed to volatility in raw material prices

The major raw material for TTPL is natural rubber and rubber compounds. The high price volatility and fluctuations in supply of natural rubber due to international trade policies, fluctuations in demand and supply of natural rubber and fluctuation in oil prices and political changes can have a direct impact on the margins of the company and affect its production capacity. The PBILDT margin has been volatile in the range of 5% to 11% over the past three years ended FY23.

− Key strengths

Vast experience of the promoters in the business Tolins Tyres Private Limited was started by late Mr. K.P. Varkey in the year 1982. Dr. K.V. Tolin, son of the founder late Mr.K.P. Varkey and Managing Director of the company is associated with the company since the early 1990’s. Dr. K.V. Tolin holds a Doctorate in Production Management with Special Relation to Tire Industry from Colombo University, Sri Lanka. Mrs. Annie Varkey, wife of the founder is also a promoter of the company and has been as

− Tolin holds a Doctorate in Production Management with Special Relation to Tire Industry from Colombo University, Sri

Lanka. Mrs. Annie Varkey, wife of the founder is also a promoter of the company and has been associated with the company’s business since 1985. 1Complete definition of the ratings assigned are available at www.careedge.in and other CARE Ratings Ltd.’s publications *Issuer did not cooperate; Based on best available information 1 CARE Ratings Limited Press Release Long track record of the company

− Diversified clientele

The long track record of the company has aided it in establishing a strong and diversified client base with the top 10 clients of the company contributing to less than 20% of total sales with most of the clients being dealers and distributors. The company also supplies its agricultural tyres product range to OEMs like VST Tillers & Tractors, Kirloskar group and Kerala Agro Machinery Corporation Ltd (KAMCO) etc. The company also exports to around 40 foreign countries, including the

Could lead to an upgrade

• Ability of company to scale up operations to above Rs. 150 crores while maintaining PBILDT margin of above 6% on sustained basis • Ability to improve Total Debt/ GCA below 10x.

Could lead to a downgrade

• Any further increase in leverage levels of the company with over all gearing above 6x.

Agency-reported financials (CARE, 01 Jul 2026)

Metric	March 31, 2024	March 31, 2025	March 31, 2026
Total operating income	₹158 Cr	₹179 Cr	₹223 Cr
PBILDT	₹28.51 Cr	₹30.94 Cr	₹24.89 Cr
PAT	₹13.64 Cr	₹20.76 Cr	₹15.04 Cr
Overall gearing (times)	0.70×	0.00×	0.01×
Interest coverage (times)	3.48×	8.41×	24.40×
Revenue growth (YoY)	—	12.8%	24.9%
EBITDA margin	18.0%	17.3%	11.1%
Implied interest cost (EBITDA ÷ coverage)	₹8.19 Cr	₹3.68 Cr	₹1.02 Cr
PAT margin	8.6%	11.6%	6.7%

Borrowings & rated debt

Rated borrowing limits (latest)₹54.5 Cr

Peak rated limits₹54.5 CrNov 2022 · CARE

Limits raised0 times2 new facilities rated

Rated limits over time

Facility mix

Rated facilities

Facility	Type	Previous	Current	Change	Rating	Action	Agency
crore) continues to remain under ISSUER NOT ISSUER Long Term Bank Facilities	Working capital & bank lines	—	₹36.6 Cr	—	B+ (Stable)	Downgraded	CARE
NOT Short Term Bank ISSUER NOT continues to remain under ISSUER NOT Facilities	Working capital & bank lines	—	₹17.9 Cr	—	BB- / A4 (Stable)	Non-cooperating	CARE

CARE ratings on record (checked 22 Oct 2026)

Instrument	Amount	Rating
BG/LC	—	Withdrawn
Cash Credit	—	Withdrawn
Packing Credit in Foreign Currency	—	Withdrawn
Term Loan	—	Withdrawn

Credit assessment · Cement

CARE Ratings’ Criteria for Rating Cement Companies (Sep 2024) · Standalone accounts · FY 2025-26

Indicative long-term—

Indicative short-term—

Score—

LiquidityStrong

DirectionNegative

CARE rating · Jul 2026—

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	78% · missing: Capex / investment plans, Auditor details

Indicative assessment from public data using the published methodology factors; not a credit rating.

Borrowing & funding lifecycle

⬇ PDF report ⬇ Excel

Can it borrow more?Further bank funding difficult Next rating action stable or better: 43% (At risk of downgrade) · scorecard until enough rating history is collected

Rated limits—

Not yet allocated—

Extra debt within 2.5× EBITDA—

Interest coverage24.40×

Limit utilisation—

Open bank charges0 · —

Credit outlook model: 43% chance the next rating action is stable or better
Interest coverage 24.4×

Rated limits by facility

Timeline

01 Jul 2026 CARE other: — CARE rationale

08 Jun 2026 CARE downgraded: B+ (Stable)Rated limits ₹54.5 cr CARE rationale

10 Mar 2026 CARE non-cooperating: BB- (Stable)Rated limits ₹54.5 cr CARE rationale

23 Jan 2025 CARE non-cooperating: BB- (Stable)Rated limits ₹54.5 cr CARE rationale

26 Dec 2023 CARE non-cooperating: BB- (Stable)Rated limits ₹54.5 cr CARE rationale

09 Nov 2022 CARE assigned: BB- (Stable)Rated limits ₹54.5 cr CARE rationale

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.

Competitors of Tolins Tyres Limited