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Revenue
₹3,869 Cr
verified against source
Revenue YoY
6%
reported change
EBITDA
₹424 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
JK Tyre reported consolidated Q1 FY26 revenue of ₹3,891 crore (+6% YoY) and EBITDA of ₹424 crore (10.9% margin). Domestic revenue grew 11% YoY to ₹3,475 crore, driven by strong replacement demand (PCR volumes +32% YoY) and premiumization. Export volumes surged 39% YoY. However, consolidated EBITDA fell YoY due to losses at JK Tornel (Mexico) from US tariff uncertainty, though management expects normalization from Q2. Cavendish posted ₹800 crore revenue and ₹51 crore EBITDA. Net debt reduced to ₹3,862 crore (0.74x equity). Guidance: double-digit domestic revenue growth for FY26, margin recovery to historical levels, and capex of ₹900-1,000 crore. Risk: US tariff volatility could delay Mexico recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects full-year domestic revenue growth in double digits, driven by replacement demand and premiumization.
- Total capex for the year is guided at ₹900-1,000 crore, with ₹1,400 crore projects under implementation progressing on schedule.
- Management expects JK Tornel to return to normal margin levels from Q2 FY26, aided by raw material stability and volume recovery.
- The share of premium PCR (16-inch and above) is targeted to increase from current 26% to around 40% in coming quarters.
Risks flagged
- JK Tornel reported losses due to US tariff volatility; while a 90-day reprieve exists, long-term clarity is lacking.
- Domestic CV volumes remained flat, and OEM demand for TBR was muted, impacting Cavendish's revenue and margins.
- While raw material prices are currently benign, any reversal could pressure margins; management did not provide specific hedge details.
Key quotes
- Best ever performance of India operation clocked quarterly revenue of rupees 3475 crores up by 9% on year-on-year basis.
- We are fully ready to capture a potential opportunity in passenger and light truck market on account of closure of competing tire company's Mexican plant.
- The scheme of amalgamation of Cavendish with JK tire is progressing well and has already been approved by stock exchanges and SEBI.
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