# Tyres & Tubes — company-by-company sector analysis

> Tyres & Tubes: MRF Ltd owns the largest revenue base; Rajratan Global Wire Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 2 of 8 covered companies currently have positive Mansfield relative strength versus NIFTY 500. MRF Ltd leads with revenue of ₹31,149 crore, based on 8 of 8 comparable companies through Mar 2026. Rajratan Global Wire Ltd has the fastest current revenue growth at 27.8%, across 8 of 8 comparable companies.

### Is the Tyres & Tubes sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 2 of 8 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Tyres & Tubes company is largest by revenue?

MRF Ltd leads with revenue of ₹31,149 crore, based on 8 of 8 comparable companies through Mar 2026.

### Which Tyres & Tubes company is growing fastest?

Rajratan Global Wire Ltd has the fastest current revenue growth at 27.8%, across 8 of 8 comparable companies.

### Which Tyres & Tubes company has the strongest 4-Factor Sector Score?

CEAT Ltd ranks first at 63.6/100 with 94% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Tyres & Tubes company has the least gross debt?

Goodyear India Ltd has the lowest comparable gross debt at ₹27 crore. JK Tyre & Industries Ltd has the highest at ₹4,882 crore.

### Which Tyres & Tubes company has the lowest comparable PEG?

CEAT Ltd has the lowest comparable Guarded PEG at 0.37, among 6 of 8 companies that pass the metric’s comparability rules.

### How much history does this Tyres & Tubes comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Tyres & Tubes against NIFTY 500 is not available from the current market series. 2 of 8 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Rajratan Global Wire Ltd is the strongest against the sector itself at +10.4%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 2/8
Stocks leading sector: 4/8

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 8
Combined market value: ₹1.5 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. CEAT Ltd (CEATLTD): 64/100 — Mixed-positive evidence; evidence 94%
   - Growth & earnings 22.4/35 | Capital efficiency 13.1/25 | Valuation 15.7/20 | Relative strength 12.4/20
   - Exact sum: 22.4 + 13.1 + 15.7 + 12.4 = 63.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. JK Tyre & Industries Ltd (JKTYRE): 63/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 26.0/35 | Capital efficiency 12.3/25 | Valuation 12.4/20 | Relative strength 12.6/20
   - Exact sum: 26 + 12.3 + 12.4 + 12.6 = 63.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. MRF Ltd (MRF): 63/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 19.1/35 | Capital efficiency 20.1/25 | Valuation 16.4/20 | Relative strength 7.0/20
   - Exact sum: 19.1 + 20.1 + 16.4 + 7 = 62.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Rajratan Global Wire Ltd (RAJRATAN): 59/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 20.5/35 | Capital efficiency 10.1/25 | Valuation 8.4/20 | Relative strength 20.0/20
   - Exact sum: 20.5 + 10.1 + 8.4 + 20 = 59
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Apollo Tyres Ltd (APOLLOTYRE): 51/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 18.3/35 | Capital efficiency 16.1/25 | Valuation 11.5/20 | Relative strength 4.8/20
   - Exact sum: 18.3 + 16.1 + 11.5 + 4.8 = 50.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Goodyear India Ltd (GOODYEAR): 48/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 18.9/35 | Capital efficiency 16.3/25 | Valuation 8.2/20 | Relative strength 4.9/20
   - Exact sum: 18.9 + 16.3 + 8.2 + 4.9 = 48.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. TVS Srichakra Ltd (TVSSRICHAK): 46/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 23.3/35 | Capital efficiency 7.3/25 | Valuation 0.3/20 | Relative strength 14.9/20
   - Exact sum: 23.3 + 7.3 + 0.3 + 14.9 = 45.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Balkrishna Industries Ltd (BALKRISIND): 35/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 7.7/35 | Capital efficiency 12.3/25 | Valuation 10.0/20 | Relative strength 5.1/20
   - Exact sum: 7.7 + 12.3 + 10 + 5.1 = 35.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: MRF Ltd is the scale leader at ₹31,149 crore, 9.4% ahead of Apollo Tyres Ltd. Rajratan Global Wire Ltd's growth is 27.8% from a ₹1,228 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: MRF Ltd is the scale benchmark; Rajratan Global Wire Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: MRF Ltd's growth falls below Rajratan Global Wire Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: MRF Ltd · ₹31,149 crore | 9.4% versus #2 · Apollo Tyres Ltd | 8/8 recent comparable periods | 8/8 companies · 144 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. MRF Ltd (MRF): ₹31.1K Cr
2. Apollo Tyres Ltd (APOLLOTYRE): ₹28.5K Cr
3. CEAT Ltd (CEATLTD): ₹16.5K Cr
4. JK Tyre & Industries Ltd (JKTYRE): ₹16.3K Cr
5. Balkrishna Industries Ltd (BALKRISIND): ₹10.8K Cr

### Revenue growth — fastest growers
1. Rajratan Global Wire Ltd (RAJRATAN): 28%
2. CEAT Ltd (CEATLTD): 22%
3. TVS Srichakra Ltd (TVSSRICHAK): 12%
4. JK Tyre & Industries Ltd (JKTYRE): 11%
5. MRF Ltd (MRF): 11%

### 20-quarter Revenue history
- MRF: Sep 2021 ₹4.9K Cr | Dec 2021 ₹4.9K Cr | Mar 2022 ₹5.3K Cr | Jun 2022 ₹5.7K Cr | Sep 2022 ₹5.8K Cr | Dec 2022 ₹5.6K Cr | Mar 2023 ₹5.8K Cr | Jun 2023 ₹6.4K Cr | Sep 2023 ₹6.2K Cr | Dec 2023 ₹6.2K Cr | Mar 2024 ₹6.3K Cr | Jun 2024 ₹7.2K Cr | Sep 2024 ₹6.9K Cr | Dec 2024 ₹7.0K Cr | Mar 2025 ₹7.1K Cr | Jun 2025 ₹7.7K Cr | Sep 2025 ₹7.4K Cr | Dec 2025 ₹8.1K Cr | Mar 2026 ₹8.0K Cr | Jun 2026 —
- BALKRISIND: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- APOLLOTYRE: Sep 2021 ₹5.1K Cr | Dec 2021 ₹5.7K Cr | Mar 2022 ₹5.2K Cr | Jun 2022 ₹5.9K Cr | Sep 2022 ₹6.0K Cr | Dec 2022 ₹6.4K Cr | Mar 2023 ₹6.2K Cr | Jun 2023 ₹6.2K Cr | Sep 2023 ₹6.3K Cr | Dec 2023 ₹6.6K Cr | Mar 2024 ₹6.3K Cr | Jun 2024 ₹6.3K Cr | Sep 2024 ₹6.4K Cr | Dec 2024 ₹6.9K Cr | Mar 2025 ₹6.4K Cr | Jun 2025 ₹6.6K Cr | Sep 2025 ₹6.8K Cr | Dec 2025 ₹7.7K Cr | Mar 2026 ₹7.3K Cr | Jun 2026 —
- CEATLTD: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 ₹4.3K Cr
- JKTYRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.9K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 —
- TVSSRICHAK: Sep 2021 ₹688 Cr | Dec 2021 ₹677 Cr | Mar 2022 ₹682 Cr | Jun 2022 ₹737 Cr | Sep 2022 ₹834 Cr | Dec 2022 ₹731 Cr | Mar 2023 ₹683 Cr | Jun 2023 ₹702 Cr | Sep 2023 ₹740 Cr | Dec 2023 ₹719 Cr | Mar 2024 ₹765 Cr | Jun 2024 ₹791 Cr | Sep 2024 ₹842 Cr | Dec 2024 ₹803 Cr | Mar 2025 ₹818 Cr | Jun 2025 ₹819 Cr | Sep 2025 ₹926 Cr | Dec 2025 ₹917 Cr | Mar 2026 ₹981 Cr | Jun 2026 —
- RAJRATAN: Sep 2021 ₹241 Cr | Dec 2021 ₹222 Cr | Mar 2022 ₹248 Cr | Jun 2022 ₹251 Cr | Sep 2022 ₹225 Cr | Dec 2022 ₹200 Cr | Mar 2023 ₹219 Cr | Jun 2023 ₹204 Cr | Sep 2023 ₹214 Cr | Dec 2023 ₹233 Cr | Mar 2024 ₹240 Cr | Jun 2024 ₹220 Cr | Sep 2024 ₹245 Cr | Dec 2024 ₹218 Cr | Mar 2025 ₹251 Cr | Jun 2025 ₹247 Cr | Sep 2025 ₹294 Cr | Dec 2025 ₹302 Cr | Mar 2026 ₹314 Cr | Jun 2026 ₹318 Cr
- GOODYEAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹689 Cr | Mar 2023 ₹653 Cr | Jun 2023 ₹720 Cr | Sep 2023 ₹690 Cr | Dec 2023 ₹591 Cr | Mar 2024 ₹551 Cr | Jun 2024 ₹691 Cr | Sep 2024 ₹682 Cr | Dec 2024 ₹632 Cr | Mar 2025 ₹603 Cr | Jun 2025 ₹656 Cr | Sep 2025 ₹596 Cr | Dec 2025 ₹607 Cr | Mar 2026 ₹616 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- MRF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 36% | Sep 2022 19% | Dec 2022 15% | Mar 2023 9.8% | Jun 2023 13% | Sep 2023 6.7% | Dec 2023 9.2% | Mar 2024 8.7% | Jun 2024 12% | Sep 2024 11% | Dec 2024 14% | Mar 2025 11% | Jun 2025 6.7% | Sep 2025 7.2% | Dec 2025 15% | Mar 2026 14% | Jun 2026 —
- BALKRISIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 28% | Dec 2022 5.9% | Mar 2023 -2.4% | Jun 2023 -18% | Sep 2023 -15% | Dec 2023 5.0% | Mar 2024 16% | Jun 2024 26% | Sep 2024 7.4% | Dec 2024 13% | Mar 2025 2.6% | Jun 2025 1.7% | Sep 2025 -1.1% | Dec 2025 6.9% | Mar 2026 6.6% | Jun 2026 —
- APOLLOTYRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 17% | Dec 2022 13% | Mar 2023 20% | Jun 2023 5.1% | Sep 2023 5.4% | Dec 2023 2.7% | Mar 2024 0.2% | Jun 2024 1.4% | Sep 2024 2.5% | Dec 2024 5.1% | Mar 2025 2.7% | Jun 2025 3.6% | Sep 2025 6.1% | Dec 2025 12% | Mar 2026 14% | Jun 2026 —
- CEATLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 18% | Dec 2022 13% | Mar 2023 11% | Jun 2023 4.2% | Sep 2023 5.5% | Dec 2023 8.7% | Mar 2024 4.1% | Jun 2024 8.8% | Sep 2024 8.2% | Dec 2024 11% | Mar 2025 14% | Jun 2025 11% | Sep 2025 14% | Dec 2025 26% | Mar 2026 23% | Jun 2026 22%
- JKTYRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.1% | Mar 2024 1.8% | Jun 2024 -2.1% | Sep 2024 -7.1% | Dec 2024 -0.4% | Mar 2025 1.7% | Jun 2025 6.3% | Sep 2025 11% | Dec 2025 15% | Mar 2026 12% | Jun 2026 —
- TVSSRICHAK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 49% | Sep 2022 21% | Dec 2022 8.0% | Mar 2023 0.2% | Jun 2023 -4.8% | Sep 2023 -11% | Dec 2023 -1.6% | Mar 2024 12% | Jun 2024 13% | Sep 2024 14% | Dec 2024 12% | Mar 2025 6.9% | Jun 2025 3.5% | Sep 2025 10.0% | Dec 2025 14% | Mar 2026 20% | Jun 2026 —
- RAJRATAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 38% | Sep 2022 -6.6% | Dec 2022 -9.9% | Mar 2023 -12% | Jun 2023 -19% | Sep 2023 -4.9% | Dec 2023 17% | Mar 2024 9.6% | Jun 2024 7.8% | Sep 2024 14% | Dec 2024 -6.4% | Mar 2025 4.6% | Jun 2025 12% | Sep 2025 20% | Dec 2025 39% | Mar 2026 25% | Jun 2026 29%
- GOODYEAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -14% | Mar 2024 -16% | Jun 2024 -3.9% | Sep 2024 -1.1% | Dec 2024 6.8% | Mar 2025 9.5% | Jun 2025 -5.1% | Sep 2025 -13% | Dec 2025 -3.9% | Mar 2026 2.3% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Balkrishna Industries Ltd leads opm at 22%; Goodyear India Ltd leads margin change at +3.9 percentage points.

Investor read: Balkrishna Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Balkrishna Industries Ltd · 22% | 37.5% versus #2 · MRF Ltd | 2/8 recent comparable periods | 8/8 companies · 154 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Balkrishna Industries Ltd (BALKRISIND): 22%
2. MRF Ltd (MRF): 16%
3. Apollo Tyres Ltd (APOLLOTYRE): 15%
4. JK Tyre & Industries Ltd (JKTYRE): 13%
5. Rajratan Global Wire Ltd (RAJRATAN): 13%

### Margin change — fastest expanders
1. Goodyear India Ltd (GOODYEAR): +3.9 pp
2. JK Tyre & Industries Ltd (JKTYRE): +3.0 pp
3. Apollo Tyres Ltd (APOLLOTYRE): +2.0 pp
4. MRF Ltd (MRF): +1.0 pp
5. TVS Srichakra Ltd (TVSSRICHAK): +1.0 pp

### 20-quarter OPM history
- MRF: Sep 2021 11% | Dec 2021 10% | Mar 2022 10% | Jun 2022 8.7% | Sep 2022 8.3% | Dec 2022 10% | Mar 2023 15% | Jun 2023 18% | Sep 2023 19% | Dec 2023 17% | Mar 2024 14% | Jun 2024 16% | Sep 2024 15% | Dec 2024 12% | Mar 2025 15% | Jun 2025 14% | Sep 2025 15% | Dec 2025 17% | Mar 2026 16% | Jun 2026 —
- BALKRISIND: Sep 2021 26% | Dec 2021 22% | Mar 2022 21% | Jun 2022 17% | Sep 2022 16% | Dec 2022 12% | Mar 2023 21% | Jun 2023 23% | Sep 2023 24% | Dec 2023 24% | Mar 2024 25% | Jun 2024 24% | Sep 2024 24% | Dec 2024 23% | Mar 2025 22% | Jun 2025 18% | Sep 2025 21% | Dec 2025 24% | Mar 2026 22% | Jun 2026 —
- APOLLOTYRE: Sep 2021 13% | Dec 2021 13% | Mar 2022 11% | Jun 2022 12% | Sep 2022 12% | Dec 2022 14% | Mar 2023 16% | Jun 2023 17% | Sep 2023 18% | Dec 2023 18% | Mar 2024 16% | Jun 2024 14% | Sep 2024 14% | Dec 2024 14% | Mar 2025 13% | Jun 2025 13% | Sep 2025 15% | Dec 2025 15% | Mar 2026 15% | Jun 2026 —
- CEATLTD: Sep 2021 9.0% | Dec 2021 5.6% | Mar 2022 7.2% | Jun 2022 5.9% | Sep 2022 7.0% | Dec 2022 9.0% | Mar 2023 13% | Jun 2023 13% | Sep 2023 15% | Dec 2023 14% | Mar 2024 13% | Jun 2024 12% | Sep 2024 11% | Dec 2024 10% | Mar 2025 11% | Jun 2025 11% | Sep 2025 13% | Dec 2025 14% | Mar 2026 14% | Jun 2026 8.5%
- JKTYRE: Sep 2021 9.8% | Dec 2021 8.9% | Mar 2022 6.9% | Jun 2022 7.8% | Sep 2022 7.9% | Dec 2022 9.0% | Mar 2023 10% | Jun 2023 12% | Sep 2023 15% | Dec 2023 15% | Mar 2024 13% | Jun 2024 14% | Sep 2024 12% | Dec 2024 9.0% | Mar 2025 10% | Jun 2025 10% | Sep 2025 13% | Dec 2025 14% | Mar 2026 13% | Jun 2026 —
- TVSSRICHAK: Sep 2021 9.2% | Dec 2021 6.0% | Mar 2022 5.2% | Jun 2022 4.2% | Sep 2022 9.9% | Dec 2022 8.0% | Mar 2023 8.0% | Jun 2023 9.0% | Sep 2023 12% | Dec 2023 10% | Mar 2024 10% | Jun 2024 7.0% | Sep 2024 7.0% | Dec 2024 6.0% | Mar 2025 8.0% | Jun 2025 6.0% | Sep 2025 7.0% | Dec 2025 9.0% | Mar 2026 9.0% | Jun 2026 —
- RAJRATAN: Sep 2021 21% | Dec 2021 21% | Mar 2022 19% | Jun 2022 21% | Sep 2022 17% | Dec 2022 19% | Mar 2023 15% | Jun 2023 12% | Sep 2023 16% | Dec 2023 15% | Mar 2024 14% | Jun 2024 13% | Sep 2024 15% | Dec 2024 12% | Mar 2025 13% | Jun 2025 13% | Sep 2025 14% | Dec 2025 13% | Mar 2026 9.0% | Jun 2026 13%
- GOODYEAR: Sep 2021 8.6% | Dec 2021 5.6% | Mar 2022 5.6% | Jun 2022 7.3% | Sep 2022 6.0% | Dec 2022 6.0% | Mar 2023 8.7% | Jun 2023 8.9% | Sep 2023 8.9% | Dec 2023 6.7% | Mar 2024 1.0% | Jun 2024 6.4% | Sep 2024 4.6% | Dec 2024 3.8% | Mar 2025 2.9% | Jun 2025 4.3% | Sep 2025 4.5% | Dec 2025 7.3% | Mar 2026 6.7% | Jun 2026 —

### 20-quarter Margin change history
- MRF: Sep 2021 −9.8 pp | Dec 2021 −11.0 pp | Mar 2022 −5.7 pp | Jun 2022 −3.2 pp | Sep 2022 −2.4 pp | Dec 2022 −0.0 pp | Mar 2023 +4.8 pp | Jun 2023 +9.3 pp | Sep 2023 +10.8 pp | Dec 2023 +7.0 pp | Mar 2024 −1.0 pp | Jun 2024 −2.0 pp | Sep 2024 −4.0 pp | Dec 2024 −5.0 pp | Mar 2025 +1.0 pp | Jun 2025 −2.0 pp | Sep 2025 0.0 pp | Dec 2025 +5.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- BALKRISIND: Sep 2021 −8.3 pp | Dec 2021 −9.5 pp | Mar 2022 −10.2 pp | Jun 2022 −11.4 pp | Sep 2022 −9.9 pp | Dec 2022 −10.3 pp | Mar 2023 −0.2 pp | Jun 2023 +6.1 pp | Sep 2023 +8.0 pp | Dec 2023 +12.0 pp | Mar 2024 +4.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 −1.0 pp | Mar 2025 −3.0 pp | Jun 2025 −6.0 pp | Sep 2025 −3.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- APOLLOTYRE: Sep 2021 −3.9 pp | Dec 2021 −6.8 pp | Mar 2022 −5.0 pp | Jun 2022 −0.8 pp | Sep 2022 −0.6 pp | Dec 2022 +1.0 pp | Mar 2023 +4.8 pp | Jun 2023 +5.4 pp | Sep 2023 +6.1 pp | Dec 2023 +4.0 pp | Mar 2024 0.0 pp | Jun 2024 −3.0 pp | Sep 2024 −4.0 pp | Dec 2024 −4.0 pp | Mar 2025 −3.0 pp | Jun 2025 −1.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- CEATLTD: Sep 2021 −5.8 pp | Dec 2021 −9.2 pp | Mar 2022 −4.2 pp | Jun 2022 −2.9 pp | Sep 2022 −2.0 pp | Dec 2022 +3.4 pp | Mar 2023 +5.8 pp | Jun 2023 +7.3 pp | Sep 2023 +7.9 pp | Dec 2023 +5.1 pp | Mar 2024 +0.1 pp | Jun 2024 −1.2 pp | Sep 2024 −4.0 pp | Dec 2024 −3.8 pp | Mar 2025 −1.7 pp | Jun 2025 −1.0 pp | Sep 2025 +2.4 pp | Dec 2025 +3.2 pp | Mar 2026 +2.7 pp | Jun 2026 −2.5 pp
- JKTYRE: Sep 2021 −5.8 pp | Dec 2021 −9.2 pp | Mar 2022 −8.7 pp | Jun 2022 −2.9 pp | Sep 2022 −1.9 pp | Dec 2022 +0.1 pp | Mar 2023 +3.1 pp | Jun 2023 +4.2 pp | Sep 2023 +7.1 pp | Dec 2023 +6.0 pp | Mar 2024 +3.0 pp | Jun 2024 +2.0 pp | Sep 2024 −3.0 pp | Dec 2024 −6.0 pp | Mar 2025 −3.0 pp | Jun 2025 −4.0 pp | Sep 2025 +1.0 pp | Dec 2025 +5.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- TVSSRICHAK: Sep 2021 −6.5 pp | Dec 2021 −8.0 pp | Mar 2022 −8.0 pp | Jun 2022 −1.1 pp | Sep 2022 +0.8 pp | Dec 2022 +2.0 pp | Mar 2023 +2.8 pp | Jun 2023 +4.8 pp | Sep 2023 +2.1 pp | Dec 2023 +2.0 pp | Mar 2024 +2.0 pp | Jun 2024 −2.0 pp | Sep 2024 −5.0 pp | Dec 2024 −4.0 pp | Mar 2025 −2.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 +3.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- RAJRATAN: Sep 2021 +2.5 pp | Dec 2021 +4.9 pp | Mar 2022 +1.6 pp | Jun 2022 +1.2 pp | Sep 2022 −4.2 pp | Dec 2022 −2.3 pp | Mar 2023 −4.2 pp | Jun 2023 −9.0 pp | Sep 2023 −0.8 pp | Dec 2023 −4.0 pp | Mar 2024 −1.0 pp | Jun 2024 +1.0 pp | Sep 2024 −1.0 pp | Dec 2024 −3.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 −1.0 pp | Dec 2025 +1.0 pp | Mar 2026 −4.0 pp | Jun 2026 0.0 pp
- GOODYEAR: Sep 2021 −6.7 pp | Dec 2021 −8.9 pp | Mar 2022 −6.3 pp | Jun 2022 −1.1 pp | Sep 2022 −2.6 pp | Dec 2022 +0.4 pp | Mar 2023 +3.1 pp | Jun 2023 +1.6 pp | Sep 2023 +2.9 pp | Dec 2023 +0.7 pp | Mar 2024 −7.8 pp | Jun 2024 −2.5 pp | Sep 2024 −4.3 pp | Dec 2024 −3.0 pp | Mar 2025 +1.9 pp | Jun 2025 −2.1 pp | Sep 2025 −0.1 pp | Dec 2025 +3.5 pp | Mar 2026 +3.9 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: MRF Ltd leads with ₹2,423 crore of TTM profit, 76.5% above Apollo Tyres Ltd. TVS Srichakra Ltd shows ≥100% on the scoring scale (238.1% uncapped) growth from a ₹71 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: MRF Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: MRF Ltd · ₹2,423 crore | 76.5% versus #2 · Apollo Tyres Ltd | 4/8 recent comparable periods | 8/8 companies · 144 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. MRF Ltd (MRF): ₹2.4K Cr
2. Apollo Tyres Ltd (APOLLOTYRE): ₹1.4K Cr
3. Balkrishna Industries Ltd (BALKRISIND): ₹1.2K Cr
4. JK Tyre & Industries Ltd (JKTYRE): ₹776 Cr
5. CEAT Ltd (CEATLTD): ₹589 Cr

### Profit growth — fastest growers
1. TVS Srichakra Ltd (TVSSRICHAK): 100%
2. JK Tyre & Industries Ltd (JKTYRE): 52%
3. Rajratan Global Wire Ltd (RAJRATAN): 40%
4. CEAT Ltd (CEATLTD): 37%
5. MRF Ltd (MRF): 30%

### 20-quarter Net profit history
- MRF: Sep 2021 ₹189 Cr | Dec 2021 ₹149 Cr | Mar 2022 ₹165 Cr | Jun 2022 ₹124 Cr | Sep 2022 ₹130 Cr | Dec 2022 ₹175 Cr | Mar 2023 ₹341 Cr | Jun 2023 ₹589 Cr | Sep 2023 ₹587 Cr | Dec 2023 ₹510 Cr | Mar 2024 ₹396 Cr | Jun 2024 ₹571 Cr | Sep 2024 ₹471 Cr | Dec 2024 ₹315 Cr | Mar 2025 ₹510 Cr | Jun 2025 ₹500 Cr | Sep 2025 ₹526 Cr | Dec 2025 ₹695 Cr | Mar 2026 ₹702 Cr | Jun 2026 —
- BALKRISIND: Sep 2021 ₹391 Cr | Dec 2021 ₹339 Cr | Mar 2022 ₹375 Cr | Jun 2022 ₹307 Cr | Sep 2022 ₹382 Cr | Dec 2022 ₹108 Cr | Mar 2023 ₹260 Cr | Jun 2023 ₹332 Cr | Sep 2023 ₹347 Cr | Dec 2023 ₹305 Cr | Mar 2024 ₹487 Cr | Jun 2024 ₹490 Cr | Sep 2024 ₹347 Cr | Dec 2024 ₹449 Cr | Mar 2025 ₹369 Cr | Jun 2025 ₹288 Cr | Sep 2025 ₹273 Cr | Dec 2025 ₹382 Cr | Mar 2026 ₹299 Cr | Jun 2026 —
- APOLLOTYRE: Sep 2021 ₹174 Cr | Dec 2021 ₹224 Cr | Mar 2022 ₹113 Cr | Jun 2022 ₹191 Cr | Sep 2022 ₹194 Cr | Dec 2022 ₹292 Cr | Mar 2023 ₹410 Cr | Jun 2023 ₹397 Cr | Sep 2023 ₹474 Cr | Dec 2023 ₹497 Cr | Mar 2024 ₹354 Cr | Jun 2024 ₹302 Cr | Sep 2024 ₹297 Cr | Dec 2024 ₹337 Cr | Mar 2025 ₹185 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹258 Cr | Dec 2025 ₹471 Cr | Mar 2026 ₹631 Cr | Jun 2026 —
- CEATLTD: Sep 2021 ₹42 Cr | Dec 2021 ₹-20 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹132 Cr | Jun 2023 ₹144 Cr | Sep 2023 ₹208 Cr | Dec 2023 ₹181 Cr | Mar 2024 ₹102 Cr | Jun 2024 ₹154 Cr | Sep 2024 ₹121 Cr | Dec 2024 ₹97 Cr | Mar 2025 ₹99 Cr | Jun 2025 ₹112 Cr | Sep 2025 ₹186 Cr | Dec 2025 ₹155 Cr | Mar 2026 ₹244 Cr | Jun 2026 ₹4 Cr
- JKTYRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹67 Cr | Mar 2023 ₹112 Cr | Jun 2023 ₹159 Cr | Sep 2023 ₹249 Cr | Dec 2023 ₹227 Cr | Mar 2024 ₹172 Cr | Jun 2024 ₹218 Cr | Sep 2024 ₹140 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹99 Cr | Jun 2025 ₹163 Cr | Sep 2025 ₹227 Cr | Dec 2025 ₹208 Cr | Mar 2026 ₹178 Cr | Jun 2026 —
- TVSSRICHAK: Sep 2021 ₹25 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹-6 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹36 Cr | Jun 2026 —
- RAJRATAN: Sep 2021 ₹33 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹15 Cr | Jun 2026 ₹23 Cr
- GOODYEAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹24 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹38 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹10 Cr | Jun 2026 —

### 20-quarter Profit growth history
- MRF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -25% | Sep 2022 -31% | Dec 2022 17% | Mar 2023 107% | Jun 2023 375% | Sep 2023 352% | Dec 2023 191% | Mar 2024 16% | Jun 2024 -3.1% | Sep 2024 -20% | Dec 2024 -38% | Mar 2025 29% | Jun 2025 -12% | Sep 2025 12% | Dec 2025 121% | Mar 2026 38% | Jun 2026 —
- BALKRISIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -7.3% | Sep 2022 -2.3% | Dec 2022 -68% | Mar 2023 -31% | Jun 2023 8.1% | Sep 2023 -9.2% | Dec 2023 182% | Mar 2024 87% | Jun 2024 48% | Sep 2024 0.0% | Dec 2024 47% | Mar 2025 -24% | Jun 2025 -41% | Sep 2025 -21% | Dec 2025 -15% | Mar 2026 -19% | Jun 2026 —
- APOLLOTYRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 49% | Sep 2022 11% | Dec 2022 30% | Mar 2023 263% | Jun 2023 108% | Sep 2023 144% | Dec 2023 70% | Mar 2024 -14% | Jun 2024 -24% | Sep 2024 -37% | Dec 2024 -32% | Mar 2025 -48% | Jun 2025 -96% | Sep 2025 -13% | Dec 2025 40% | Mar 2026 241% | Jun 2026 —
- CEATLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -81% | Dec 2022 — | Mar 2023 428% | Jun 2023 1,500% | Sep 2023 2,497% | Dec 2023 418% | Mar 2024 -23% | Jun 2024 7.1% | Sep 2024 -42% | Dec 2024 -46% | Mar 2025 -3.5% | Jun 2025 -27% | Sep 2025 53% | Dec 2025 60% | Mar 2026 147% | Jun 2026 -96%
- JKTYRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 239% | Mar 2024 54% | Jun 2024 37% | Sep 2024 -44% | Dec 2024 -77% | Mar 2025 -42% | Jun 2025 -25% | Sep 2025 62% | Dec 2025 292% | Mar 2026 80% | Jun 2026 —
- TVSSRICHAK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -300% | Sep 2022 52% | Dec 2022 122% | Mar 2023 175% | Jun 2023 — | Sep 2023 2.6% | Dec 2023 20% | Mar 2024 9.1% | Jun 2024 -67% | Sep 2024 -74% | Dec 2024 -125% | Mar 2025 -58% | Jun 2025 86% | Sep 2025 10% | Dec 2025 — | Mar 2026 260% | Jun 2026 —
- RAJRATAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 59% | Sep 2022 -30% | Dec 2022 -33% | Mar 2023 -46% | Jun 2023 -66% | Sep 2023 -17% | Dec 2023 -9.1% | Mar 2024 0.0% | Jun 2024 25% | Sep 2024 0.0% | Dec 2024 -55% | Mar 2025 -25% | Jun 2025 -6.7% | Sep 2025 11% | Dec 2025 133% | Mar 2026 0.0% | Jun 2026 64%
- GOODYEAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -8.9% | Mar 2024 -113% | Jun 2024 -36% | Sep 2024 -59% | Dec 2024 -57% | Mar 2025 — | Jun 2025 -44% | Sep 2025 -17% | Dec 2025 160% | Mar 2026 99% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/8 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: MRF Ltd has the clearest covered balance-sheet capacity with ₹2,021 crore net cash and gross debt of ₹3,207 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Goodyear India Ltd · ₹27 crore | 91.7% versus #2 · Rajratan Global Wire Ltd | 8/8 recent comparable periods | 8/8 companies · 140 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Goodyear India Ltd (GOODYEAR): ₹27 Cr
2. Rajratan Global Wire Ltd (RAJRATAN): ₹324 Cr
3. TVS Srichakra Ltd (TVSSRICHAK): ₹767 Cr
4. MRF Ltd (MRF): ₹3.2K Cr
5. CEAT Ltd (CEATLTD): ₹3.3K Cr

### Net debt — lowest net debt
1. MRF Ltd (MRF): ₹-2.0K Cr
2. Goodyear India Ltd (GOODYEAR): ₹-204 Cr
3. Rajratan Global Wire Ltd (RAJRATAN): ₹301 Cr
4. TVS Srichakra Ltd (TVSSRICHAK): ₹744 Cr
5. Apollo Tyres Ltd (APOLLOTYRE): ₹2.6K Cr

### 20-quarter Gross debt history
- MRF: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 —
- BALKRISIND: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 —
- APOLLOTYRE: Sep 2021 ₹7.3K Cr | Dec 2021 ₹7.3K Cr | Mar 2022 ₹7.1K Cr | Jun 2022 ₹7.0K Cr | Sep 2022 ₹7.2K Cr | Dec 2022 ₹7.2K Cr | Mar 2023 ₹6.4K Cr | Jun 2023 ₹6.4K Cr | Sep 2023 ₹5.5K Cr | Dec 2023 ₹5.5K Cr | Mar 2024 ₹4.9K Cr | Jun 2024 ₹4.9K Cr | Sep 2024 ₹4.8K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 —
- CEATLTD: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 ₹3.3K Cr
- JKTYRE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹5.2K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4.9K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹4.6K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4.9K Cr | Jun 2025 — | Sep 2025 ₹4.8K Cr | Dec 2025 — | Mar 2026 ₹4.9K Cr | Jun 2026 —
- TVSSRICHAK: Sep 2021 ₹422 Cr | Dec 2021 ₹422 Cr | Mar 2022 ₹610 Cr | Jun 2022 ₹610 Cr | Sep 2022 ₹705 Cr | Dec 2022 ₹705 Cr | Mar 2023 ₹662 Cr | Jun 2023 ₹662 Cr | Sep 2023 ₹703 Cr | Dec 2023 ₹703 Cr | Mar 2024 ₹842 Cr | Jun 2024 ₹842 Cr | Sep 2024 ₹876 Cr | Dec 2024 ₹876 Cr | Mar 2025 ₹886 Cr | Jun 2025 ₹886 Cr | Sep 2025 ₹795 Cr | Dec 2025 ₹795 Cr | Mar 2026 ₹767 Cr | Jun 2026 —
- RAJRATAN: Sep 2021 ₹188 Cr | Dec 2021 ₹188 Cr | Mar 2022 ₹137 Cr | Jun 2022 ₹137 Cr | Sep 2022 ₹199 Cr | Dec 2022 ₹199 Cr | Mar 2023 ₹171 Cr | Jun 2023 ₹171 Cr | Sep 2023 ₹224 Cr | Dec 2023 ₹224 Cr | Mar 2024 ₹191 Cr | Jun 2024 ₹191 Cr | Sep 2024 ₹314 Cr | Dec 2024 ₹314 Cr | Mar 2025 ₹237 Cr | Jun 2025 ₹237 Cr | Sep 2025 ₹373 Cr | Dec 2025 ₹373 Cr | Mar 2026 ₹324 Cr | Jun 2026 —
- GOODYEAR: Sep 2021 ₹16 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹27 Cr | Jun 2026 —

### 20-quarter Net debt history
- MRF: Sep 2021 ₹-1.1K Cr | Dec 2021 ₹-1.1K Cr | Mar 2022 ₹-147 Cr | Jun 2022 ₹-71 Cr | Sep 2022 ₹237 Cr | Dec 2022 ₹237 Cr | Mar 2023 ₹791 Cr | Jun 2023 ₹791 Cr | Sep 2023 ₹714 Cr | Dec 2023 ₹714 Cr | Mar 2024 ₹75 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹-267 Cr | Jun 2025 ₹-157 Cr | Sep 2025 ₹-1.0K Cr | Dec 2025 ₹-1.0K Cr | Mar 2026 ₹-2.0K Cr | Jun 2026 —
- BALKRISIND: Sep 2021 ₹982 Cr | Dec 2021 ₹982 Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 —
- APOLLOTYRE: Sep 2021 ₹5.9K Cr | Dec 2021 ₹5.9K Cr | Mar 2022 ₹5.5K Cr | Jun 2022 ₹5.4K Cr | Sep 2022 ₹6.3K Cr | Dec 2022 ₹6.3K Cr | Mar 2023 ₹5.2K Cr | Jun 2023 ₹5.2K Cr | Sep 2023 ₹4.6K Cr | Dec 2023 ₹4.6K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 ₹3.9K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- CEATLTD: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 ₹3.2K Cr
- TVSSRICHAK: Sep 2021 ₹407 Cr | Dec 2021 ₹407 Cr | Mar 2022 ₹601 Cr | Jun 2022 ₹597 Cr | Sep 2022 ₹677 Cr | Dec 2022 ₹677 Cr | Mar 2023 ₹649 Cr | Jun 2023 ₹646 Cr | Sep 2023 ₹684 Cr | Dec 2023 ₹684 Cr | Mar 2024 ₹825 Cr | Jun 2024 ₹823 Cr | Sep 2024 ₹847 Cr | Dec 2024 ₹847 Cr | Mar 2025 ₹871 Cr | Jun 2025 ₹869 Cr | Sep 2025 ₹770 Cr | Dec 2025 ₹770 Cr | Mar 2026 ₹744 Cr | Jun 2026 —
- RAJRATAN: Sep 2021 ₹180 Cr | Dec 2021 ₹180 Cr | Mar 2022 ₹136 Cr | Jun 2022 ₹136 Cr | Sep 2022 ₹187 Cr | Dec 2022 ₹187 Cr | Mar 2023 ₹168 Cr | Jun 2023 ₹168 Cr | Sep 2023 ₹223 Cr | Dec 2023 ₹223 Cr | Mar 2024 ₹188 Cr | Jun 2024 ₹188 Cr | Sep 2024 ₹300 Cr | Dec 2024 ₹300 Cr | Mar 2025 ₹226 Cr | Jun 2025 ₹213 Cr | Sep 2025 ₹350 Cr | Dec 2025 ₹350 Cr | Mar 2026 ₹301 Cr | Jun 2026 —
- GOODYEAR: Sep 2021 ₹-459 Cr | Dec 2021 ₹-459 Cr | Mar 2022 ₹-369 Cr | Jun 2022 ₹-369 Cr | Sep 2022 ₹-225 Cr | Dec 2022 ₹-225 Cr | Mar 2023 ₹-148 Cr | Jun 2023 ₹-148 Cr | Sep 2023 ₹-243 Cr | Dec 2023 ₹-243 Cr | Mar 2024 ₹-112 Cr | Jun 2024 ₹-112 Cr | Sep 2024 ₹-193 Cr | Dec 2024 ₹-193 Cr | Mar 2025 ₹-161 Cr | Jun 2025 ₹-161 Cr | Sep 2025 ₹-149 Cr | Dec 2025 ₹-149 Cr | Mar 2026 ₹-204 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: CEAT Ltd leads ROCE at 19.2%, 1.8 percentage points above Goodyear India Ltd. Goodyear India Ltd has the strongest latest improvement at +4.1 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: CEAT Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: CEAT Ltd · 19.2% | 10.3% versus #2 · Goodyear India Ltd | 4/8 recent comparable periods | 8/8 companies · 106 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. CEAT Ltd (CEATLTD): 19%
2. Goodyear India Ltd (GOODYEAR): 17%
3. MRF Ltd (MRF): 16%
4. JK Tyre & Industries Ltd (JKTYRE): 16%
5. Apollo Tyres Ltd (APOLLOTYRE): 14%

### ROCE change — fastest improvers
1. Goodyear India Ltd (GOODYEAR): +4.1 pp
2. CEAT Ltd (CEATLTD): +3.7 pp
3. JK Tyre & Industries Ltd (JKTYRE): +3.0 pp
4. TVS Srichakra Ltd (TVSSRICHAK): +2.5 pp
5. Apollo Tyres Ltd (APOLLOTYRE): +1.9 pp

### 20-quarter ROCE history
- MRF: Sep 2021 11% | Dec 2021 — | Mar 2022 5.9% | Jun 2022 — | Sep 2022 5.5% | Dec 2022 — | Mar 2023 7.1% | Jun 2023 — | Sep 2023 13% | Dec 2023 18% | Mar 2024 15% | Jun 2024 17% | Sep 2024 13% | Dec 2024 14% | Mar 2025 12% | Jun 2025 14% | Sep 2025 12% | Dec 2025 16% | Mar 2026 14% | Jun 2026 —
- BALKRISIND: Sep 2021 24% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 12% | Dec 2023 19% | Mar 2024 16% | Jun 2024 24% | Sep 2024 17% | Dec 2024 25% | Mar 2025 16% | Jun 2025 19% | Sep 2025 13% | Dec 2025 17% | Mar 2026 14% | Jun 2026 —
- APOLLOTYRE: Sep 2021 9.0% | Dec 2021 — | Mar 2022 6.2% | Jun 2022 — | Sep 2022 7.4% | Dec 2022 — | Mar 2023 9.8% | Jun 2023 — | Sep 2023 14% | Dec 2023 16% | Mar 2024 15% | Jun 2024 15% | Sep 2024 13% | Dec 2024 12% | Mar 2025 10% | Jun 2025 8.0% | Sep 2025 10% | Dec 2025 9.1% | Mar 2026 12% | Jun 2026 —
- CEATLTD: Sep 2021 11% | Dec 2021 — | Mar 2022 5.2% | Jun 2022 — | Sep 2022 4.7% | Dec 2022 — | Mar 2023 9.2% | Jun 2023 — | Sep 2023 17% | Dec 2023 21% | Mar 2024 20% | Jun 2024 20% | Sep 2024 18% | Dec 2024 16% | Mar 2025 15% | Jun 2025 15% | Sep 2025 15% | Dec 2025 18% | Mar 2026 18% | Jun 2026 19%
- TVSSRICHAK: Sep 2021 14% | Dec 2021 — | Mar 2022 5.7% | Jun 2022 — | Sep 2022 7.4% | Dec 2022 — | Mar 2023 9.4% | Jun 2023 — | Sep 2023 11% | Dec 2023 12% | Mar 2024 12% | Jun 2024 11% | Sep 2024 9.0% | Dec 2024 6.9% | Mar 2025 5.9% | Jun 2025 6.0% | Sep 2025 5.4% | Dec 2025 7.4% | Mar 2026 8.4% | Jun 2026 —
- RAJRATAN: Sep 2021 39% | Dec 2021 — | Mar 2022 41% | Jun 2022 — | Sep 2022 35% | Dec 2022 — | Mar 2023 27% | Jun 2023 — | Sep 2023 20% | Dec 2023 21% | Mar 2024 18% | Jun 2024 20% | Sep 2024 18% | Dec 2024 18% | Mar 2025 15% | Jun 2025 16% | Sep 2025 14% | Dec 2025 18% | Mar 2026 14% | Jun 2026 —
- GOODYEAR: Sep 2021 27% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 24% | Jun 2023 — | Sep 2023 26% | Dec 2023 30% | Mar 2024 19% | Jun 2024 18% | Sep 2024 11% | Dec 2024 10% | Mar 2025 9.6% | Jun 2025 10% | Sep 2025 7.2% | Dec 2025 13% | Mar 2026 14% | Jun 2026 —

### 20-quarter ROCE change history
- MRF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.1 pp | Dec 2022 — | Mar 2023 +1.2 pp | Jun 2023 — | Sep 2023 +7.9 pp | Dec 2023 — | Mar 2024 +8.0 pp | Jun 2024 — | Sep 2024 −0.1 pp | Dec 2024 −3.9 pp | Mar 2025 −3.0 pp | Jun 2025 −3.5 pp | Sep 2025 −1.8 pp | Dec 2025 +1.9 pp | Mar 2026 +1.9 pp | Jun 2026 —
- BALKRISIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.2 pp | Dec 2022 — | Mar 2023 −8.4 pp | Jun 2023 — | Sep 2023 −2.7 pp | Dec 2023 — | Mar 2024 +4.3 pp | Jun 2024 — | Sep 2024 +4.8 pp | Dec 2024 +5.4 pp | Mar 2025 −0.4 pp | Jun 2025 −4.4 pp | Sep 2025 −4.2 pp | Dec 2025 −7.6 pp | Mar 2026 −1.3 pp | Jun 2026 —
- APOLLOTYRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.6 pp | Dec 2022 — | Mar 2023 +3.6 pp | Jun 2023 — | Sep 2023 +6.8 pp | Dec 2023 — | Mar 2024 +5.1 pp | Jun 2024 — | Sep 2024 −1.3 pp | Dec 2024 −4.3 pp | Mar 2025 −4.5 pp | Jun 2025 −6.6 pp | Sep 2025 −2.5 pp | Dec 2025 −2.9 pp | Mar 2026 +1.9 pp | Jun 2026 —
- CEATLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.4 pp | Dec 2022 — | Mar 2023 +4.0 pp | Jun 2023 — | Sep 2023 +12.6 pp | Dec 2023 — | Mar 2024 +11.0 pp | Jun 2024 — | Sep 2024 +0.7 pp | Dec 2024 −4.7 pp | Mar 2025 −5.1 pp | Jun 2025 −4.8 pp | Sep 2025 −3.2 pp | Dec 2025 +1.6 pp | Mar 2026 +2.9 pp | Jun 2026 +3.7 pp
- TVSSRICHAK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.7 pp | Dec 2022 — | Mar 2023 +3.7 pp | Jun 2023 — | Sep 2023 +3.7 pp | Dec 2023 — | Mar 2024 +2.3 pp | Jun 2024 — | Sep 2024 −2.1 pp | Dec 2024 −5.4 pp | Mar 2025 −5.8 pp | Jun 2025 −5.3 pp | Sep 2025 −3.6 pp | Dec 2025 +0.5 pp | Mar 2026 +2.5 pp | Jun 2026 —
- RAJRATAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.9 pp | Dec 2022 — | Mar 2023 −14.4 pp | Jun 2023 — | Sep 2023 −15.4 pp | Dec 2023 — | Mar 2024 −8.8 pp | Jun 2024 — | Sep 2024 −1.8 pp | Dec 2024 −3.6 pp | Mar 2025 −3.0 pp | Jun 2025 −3.9 pp | Sep 2025 −3.4 pp | Dec 2025 +0.1 pp | Mar 2026 −1.0 pp | Jun 2026 —
- GOODYEAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.4 pp | Dec 2022 — | Mar 2023 +8.1 pp | Jun 2023 — | Sep 2023 +5.5 pp | Dec 2023 — | Mar 2024 −5.2 pp | Jun 2024 — | Sep 2024 −15.7 pp | Dec 2024 −19.2 pp | Mar 2025 −9.4 pp | Jun 2025 −7.8 pp | Sep 2025 −3.5 pp | Dec 2025 +2.7 pp | Mar 2026 +4.1 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: CEAT Ltd has the lowest comparable Guarded PEG at 0.37×, 43.1% below MRF Ltd. Only 6 of 8 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: CEAT Ltd · 0.37× | 43.1% versus #2 · MRF Ltd | 0/8 recent comparable periods | 6/8 companies · 29 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. CEAT Ltd (CEATLTD): 0.4
2. MRF Ltd (MRF): 0.7
3. Balkrishna Industries Ltd (BALKRISIND): 0.7
4. Rajratan Global Wire Ltd (RAJRATAN): 1.6
5. Apollo Tyres Ltd (APOLLOTYRE): 2.2

### P/E — lowest P/E
1. JK Tyre & Industries Ltd (JKTYRE): 12.8
2. Apollo Tyres Ltd (APOLLOTYRE): 13.0
3. CEAT Ltd (CEATLTD): 21.2
4. MRF Ltd (MRF): 22.4
5. Goodyear India Ltd (GOODYEAR): 24.9

### 20-quarter Guarded PEG history
- MRF: Sep 2021 1.0 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3.8 | Sep 2023 — | Dec 2023 — | Mar 2024 1.7 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.9 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.7 | Jun 2026 —
- BALKRISIND: Sep 2021 2.5 | Dec 2021 — | Mar 2022 0.8 | Jun 2022 2.3 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 5.9 | Jun 2024 2.0 | Sep 2024 — | Dec 2024 0.7 | Mar 2025 0.7 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- APOLLOTYRE: Sep 2021 — | Dec 2021 — | Mar 2022 1.2 | Jun 2022 — | Sep 2022 2.2 | Dec 2022 1.0 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.6 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.2 | Jun 2026 —
- CEATLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.6 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.1 | Jun 2026 0.4
- TVSSRICHAK: Sep 2021 — | Dec 2021 — | Mar 2022 1.6 | Jun 2022 — | Sep 2022 0.8 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.5 | Jun 2024 0.8 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 5.1 | Jun 2026 —
- RAJRATAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 5.5 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.9 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.7 | Jun 2026 1.6

### 20-quarter P/E history
- MRF: Sep 2021 23.6 | Dec 2021 25.8 | Mar 2022 33.7 | Jun 2022 44.7 | Sep 2022 55.2 | Dec 2022 66.1 | Mar 2023 60.1 | Jun 2023 55.9 | Sep 2023 36.9 | Dec 2023 32.5 | Mar 2024 27.9 | Jun 2024 26.4 | Sep 2024 29.0 | Dec 2024 28.6 | Mar 2025 27.3 | Jun 2025 32.5 | Sep 2025 35.1 | Dec 2025 34.4 | Mar 2026 24.0 | Jun 2026 —
- BALKRISIND: Sep 2021 37.3 | Dec 2021 31.5 | Mar 2022 27.5 | Jun 2022 29.2 | Sep 2022 25.8 | Dec 2022 29.4 | Mar 2023 32.2 | Jun 2023 43.3 | Sep 2023 45.7 | Dec 2023 47.4 | Mar 2024 36.0 | Jun 2024 47.7 | Sep 2024 36.1 | Dec 2024 34.0 | Mar 2025 27.9 | Jun 2025 28.8 | Sep 2025 31.3 | Dec 2025 32.1 | Mar 2026 31.7 | Jun 2026 —
- APOLLOTYRE: Sep 2021 12.0 | Dec 2021 13.4 | Mar 2022 14.6 | Jun 2022 18.1 | Sep 2022 25.1 | Dec 2022 29.1 | Mar 2023 26.2 | Jun 2023 24.5 | Sep 2023 18.4 | Dec 2023 18.3 | Mar 2024 16.6 | Jun 2024 19.4 | Sep 2024 20.5 | Dec 2024 22.6 | Mar 2025 20.1 | Jun 2025 23.0 | Sep 2025 24.6 | Dec 2025 24.5 | Mar 2026 17.9 | Jun 2026 —
- CEATLTD: Sep 2021 10.7 | Dec 2021 13.7 | Mar 2022 18.7 | Jun 2022 43.7 | Sep 2022 99.5 | Dec 2022 100.0 | Mar 2023 63.8 | Jun 2023 40.0 | Sep 2023 25.2 | Dec 2023 18.6 | Mar 2024 16.1 | Jun 2024 16.8 | Sep 2024 19.2 | Dec 2024 21.9 | Mar 2025 22.6 | Jun 2025 29.9 | Sep 2025 29.9 | Dec 2025 29.8 | Mar 2026 22.5 | Jun 2026 18.9
- JKTYRE: Sep 2021 7.2 | Dec 2021 6.9 | Mar 2022 7.6 | Jun 2022 11.9 | Sep 2022 19.8 | Dec 2022 21.9 | Mar 2023 16.8 | Jun 2023 20.1 | Sep 2023 17.5 | Dec 2023 17.2 | Mar 2024 15.0 | Jun 2024 13.5 | Sep 2024 12.8 | Dec 2024 13.2 | Mar 2025 12.2 | Jun 2025 18.5 | Sep 2025 21.2 | Dec 2025 24.7 | Mar 2026 15.2 | Jun 2026 —
- TVSSRICHAK: Sep 2021 15.1 | Dec 2021 15.5 | Mar 2022 18.1 | Jun 2022 25.9 | Sep 2022 41.1 | Dec 2022 39.4 | Mar 2023 27.6 | Jun 2023 27.2 | Sep 2023 24.1 | Dec 2023 33.7 | Mar 2024 27.8 | Jun 2024 28.9 | Sep 2024 32.8 | Dec 2024 39.4 | Mar 2025 45.7 | Jun 2025 84.4 | Sep 2025 114.7 | Dec 2025 128.9 | Mar 2026 56.1 | Jun 2026 —
- RAJRATAN: Sep 2021 28.2 | Dec 2021 22.1 | Mar 2022 25.0 | Jun 2022 24.3 | Sep 2022 44.4 | Dec 2022 35.5 | Mar 2023 32.3 | Jun 2023 42.4 | Sep 2023 50.0 | Dec 2023 53.2 | Mar 2024 41.0 | Jun 2024 41.7 | Sep 2024 38.7 | Dec 2024 33.4 | Mar 2025 23.3 | Jun 2025 35.8 | Sep 2025 29.0 | Dec 2025 40.0 | Mar 2026 25.3 | Jun 2026 31.4
- GOODYEAR: Sep 2021 14.2 | Dec 2021 14.2 | Mar 2022 16.2 | Jun 2022 22.8 | Sep 2022 20.8 | Dec 2022 25.1 | Mar 2023 23.1 | Jun 2023 22.5 | Sep 2023 24.0 | Dec 2023 22.4 | Mar 2024 19.2 | Jun 2024 29.1 | Sep 2024 33.2 | Dec 2024 40.0 | Mar 2025 40.8 | Jun 2025 39.5 | Sep 2025 51.1 | Dec 2025 47.2 | Mar 2026 27.3 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Apollo Tyres Ltd leads both ev/ebitda at 7.4× and p/bv at 1.6×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Apollo Tyres Ltd · 7.4× | 5.1% versus #2 · CEAT Ltd | 0/8 recent comparable periods | 8/8 companies · 154 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Apollo Tyres Ltd (APOLLOTYRE): 7.4
2. CEAT Ltd (CEATLTD): 7.8
3. JK Tyre & Industries Ltd (JKTYRE): 8.2
4. Goodyear India Ltd (GOODYEAR): 10.7
5. MRF Ltd (MRF): 11.2

### P/BV — lowest P/BV
1. Apollo Tyres Ltd (APOLLOTYRE): 1.6
2. JK Tyre & Industries Ltd (JKTYRE): 1.9
3. TVS Srichakra Ltd (TVSSRICHAK): 2.6
4. MRF Ltd (MRF): 2.6
5. CEAT Ltd (CEATLTD): 2.7

### 20-quarter EV/EBITDA history
- MRF: Sep 2021 10.6 | Dec 2021 10.7 | Mar 2022 11.6 | Jun 2022 13.5 | Sep 2022 16.1 | Dec 2022 17.8 | Mar 2023 16.5 | Jun 2023 17.2 | Sep 2023 14.4 | Dec 2023 14.3 | Mar 2024 13.1 | Jun 2024 12.5 | Sep 2024 13.4 | Dec 2024 12.9 | Mar 2025 11.7 | Jun 2025 13.9 | Sep 2025 14.8 | Dec 2025 14.5 | Mar 2026 11.2 | Jun 2026 —
- BALKRISIND: Sep 2021 22.7 | Dec 2021 19.2 | Mar 2022 16.8 | Jun 2022 18.1 | Sep 2022 16.4 | Dec 2022 18.5 | Mar 2023 18.9 | Jun 2023 23.5 | Sep 2023 25.0 | Dec 2023 25.0 | Mar 2024 19.9 | Jun 2024 26.3 | Sep 2024 21.1 | Dec 2024 19.8 | Mar 2025 16.7 | Jun 2025 16.9 | Sep 2025 17.5 | Dec 2025 17.8 | Mar 2026 17.2 | Jun 2026 —
- APOLLOTYRE: Sep 2021 6.0 | Dec 2021 6.3 | Mar 2022 6.2 | Jun 2022 6.5 | Sep 2022 8.6 | Dec 2022 9.5 | Mar 2023 8.8 | Jun 2023 9.5 | Sep 2023 7.8 | Dec 2023 8.0 | Mar 2024 7.6 | Jun 2024 8.7 | Sep 2024 8.7 | Dec 2024 9.2 | Mar 2025 8.0 | Jun 2025 8.8 | Sep 2025 9.4 | Dec 2025 9.5 | Mar 2026 7.4 | Jun 2026 —
- CEATLTD: Sep 2021 6.2 | Dec 2021 6.9 | Mar 2022 7.2 | Jun 2022 7.8 | Sep 2022 11.9 | Dec 2022 12.5 | Mar 2023 9.9 | Jun 2023 10.7 | Sep 2023 8.9 | Dec 2023 8.1 | Mar 2024 7.8 | Jun 2024 8.2 | Sep 2024 8.9 | Dec 2024 9.7 | Mar 2025 9.2 | Jun 2025 11.1 | Sep 2025 10.6 | Dec 2025 11.4 | Mar 2026 9.2 | Jun 2026 7.8
- JKTYRE: Sep 2021 5.1 | Dec 2021 5.3 | Mar 2022 5.6 | Jun 2022 6.4 | Sep 2022 8.3 | Dec 2022 8.7 | Mar 2023 7.5 | Jun 2023 8.2 | Sep 2023 7.6 | Dec 2023 8.1 | Mar 2024 7.7 | Jun 2024 7.5 | Sep 2024 7.2 | Dec 2024 7.4 | Mar 2025 6.7 | Jun 2025 8.1 | Sep 2025 8.8 | Dec 2025 11.1 | Mar 2026 8.2 | Jun 2026 —
- TVSSRICHAK: Sep 2021 6.8 | Dec 2021 7.5 | Mar 2022 7.8 | Jun 2022 8.0 | Sep 2022 14.7 | Dec 2022 15.4 | Mar 2023 11.8 | Jun 2023 12.0 | Sep 2023 11.5 | Dec 2023 15.1 | Mar 2024 12.9 | Jun 2024 13.0 | Sep 2024 13.9 | Dec 2024 13.6 | Mar 2025 11.6 | Jun 2025 13.7 | Sep 2025 15.1 | Dec 2025 16.8 | Mar 2026 12.8 | Jun 2026 —
- RAJRATAN: Sep 2021 18.2 | Dec 2021 15.1 | Mar 2022 17.5 | Jun 2022 17.2 | Sep 2022 31.1 | Dec 2022 24.9 | Mar 2023 21.8 | Jun 2023 26.5 | Sep 2023 29.5 | Dec 2023 31.3 | Mar 2024 24.3 | Jun 2024 24.1 | Sep 2024 22.8 | Dec 2024 20.2 | Mar 2025 13.8 | Jun 2025 17.7 | Sep 2025 14.3 | Dec 2025 20.0 | Mar 2026 14.2 | Jun 2026 16.6
- GOODYEAR: Sep 2021 6.4 | Dec 2021 6.7 | Mar 2022 7.1 | Jun 2022 9.1 | Sep 2022 10.3 | Dec 2022 12.1 | Mar 2023 10.4 | Jun 2023 10.7 | Sep 2023 12.5 | Dec 2023 11.5 | Mar 2024 9.6 | Jun 2024 13.9 | Sep 2024 15.3 | Dec 2024 15.6 | Mar 2025 13.9 | Jun 2025 15.4 | Sep 2025 17.7 | Dec 2025 15.9 | Mar 2026 10.7 | Jun 2026 —

### 20-quarter P/BV history
- MRF: Sep 2021 2.5 | Dec 2021 2.3 | Mar 2022 2.1 | Jun 2022 2.2 | Sep 2022 2.4 | Dec 2022 2.6 | Mar 2023 2.5 | Jun 2023 3.1 | Sep 2023 3.1 | Dec 2023 3.5 | Mar 2024 3.6 | Jun 2024 3.7 | Sep 2024 3.6 | Dec 2024 3.2 | Mar 2025 2.7 | Jun 2025 3.6 | Sep 2025 3.4 | Dec 2025 3.3 | Mar 2026 2.8 | Jun 2026 —
- BALKRISIND: Sep 2021 8.6 | Dec 2021 6.9 | Mar 2022 6.1 | Jun 2022 5.9 | Sep 2022 4.8 | Dec 2022 5.4 | Mar 2023 5.4 | Jun 2023 6.6 | Sep 2023 6.5 | Dec 2023 6.0 | Mar 2024 5.5 | Jun 2024 7.0 | Sep 2024 6.6 | Dec 2024 5.9 | Mar 2025 5.2 | Jun 2025 5.4 | Sep 2025 4.4 | Dec 2025 4.2 | Mar 2026 4.0 | Jun 2026 —
- APOLLOTYRE: Sep 2021 1.3 | Dec 2021 1.2 | Mar 2022 1.0 | Jun 2022 1.0 | Sep 2022 1.6 | Dec 2022 1.8 | Mar 2023 1.7 | Jun 2023 2.2 | Sep 2023 1.9 | Dec 2023 2.2 | Mar 2024 2.3 | Jun 2024 2.7 | Sep 2024 2.5 | Dec 2024 2.4 | Mar 2025 1.9 | Jun 2025 2.0 | Sep 2025 2.1 | Dec 2025 2.1 | Mar 2026 1.7 | Jun 2026 —
- CEATLTD: Sep 2021 1.6 | Dec 2021 1.5 | Mar 2022 1.2 | Jun 2022 1.1 | Sep 2022 1.9 | Dec 2022 2.0 | Mar 2023 1.8 | Jun 2023 2.4 | Sep 2023 2.5 | Dec 2023 2.6 | Mar 2024 2.9 | Jun 2024 3.3 | Sep 2024 3.2 | Dec 2024 3.1 | Mar 2025 2.8 | Jun 2025 3.6 | Sep 2025 3.1 | Dec 2025 3.4 | Mar 2026 3.1 | Jun 2026 3.2
- JKTYRE: Sep 2021 1.4 | Dec 2021 1.2 | Mar 2022 1.0 | Jun 2022 0.9 | Sep 2022 1.4 | Dec 2022 1.6 | Mar 2023 1.3 | Jun 2023 2.0 | Sep 2023 2.0 | Dec 2023 2.6 | Mar 2024 3.0 | Jun 2024 3.1 | Sep 2024 2.5 | Dec 2024 2.2 | Mar 2025 1.6 | Jun 2025 2.1 | Sep 2025 2.0 | Dec 2025 2.6 | Mar 2026 2.2 | Jun 2026 —
- TVSSRICHAK: Sep 2021 2.0 | Dec 2021 1.8 | Mar 2022 1.5 | Jun 2022 1.4 | Sep 2022 1.9 | Dec 2022 2.3 | Mar 2023 2.0 | Jun 2023 2.3 | Sep 2023 2.4 | Dec 2023 3.2 | Mar 2024 2.8 | Jun 2024 3.2 | Sep 2024 2.9 | Dec 2024 2.5 | Mar 2025 1.8 | Jun 2025 2.1 | Sep 2025 2.1 | Dec 2025 2.7 | Mar 2026 2.3 | Jun 2026 —
- RAJRATAN: Sep 2021 9.1 | Dec 2021 7.7 | Mar 2022 10.3 | Jun 2022 8.9 | Sep 2022 16.0 | Dec 2022 11.9 | Mar 2023 11.1 | Jun 2023 12.4 | Sep 2023 8.9 | Dec 2023 8.7 | Mar 2024 6.5 | Jun 2024 6.8 | Sep 2024 5.9 | Dec 2024 4.6 | Mar 2025 2.8 | Jun 2025 4.3 | Sep 2025 3.0 | Dec 2025 3.9 | Mar 2026 2.9 | Jun 2026 3.9
- GOODYEAR: Sep 2021 2.8 | Dec 2021 3.3 | Mar 2022 3.1 | Jun 2022 2.8 | Sep 2022 4.3 | Dec 2022 4.7 | Mar 2023 3.5 | Jun 2023 3.9 | Sep 2023 4.9 | Dec 2023 4.9 | Mar 2024 4.1 | Jun 2024 4.6 | Sep 2024 4.6 | Dec 2024 4.0 | Mar 2025 3.2 | Jun 2025 3.8 | Sep 2025 3.8 | Dec 2025 3.4 | Mar 2026 2.8 | Jun 2026 —

## Market action

TVS Srichakra Ltd has the strongest one-year price move in Tyres & Tubes at +29.5%. Rajratan Global Wire Ltd leads on Mansfield relative strength against NIFTY at +17.3%. 2 of 8 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. TVS Srichakra Ltd (TVSSRICHAK): 30%
2. Rajratan Global Wire Ltd (RAJRATAN): 16%
3. JK Tyre & Industries Ltd (JKTYRE): 9.1%
4. Apollo Tyres Ltd (APOLLOTYRE): -5.4%
5. CEAT Ltd (CEATLTD): -7.2%

### Strongest relative strength versus NIFTY 500
1. Rajratan Global Wire Ltd (RAJRATAN): 17%
2. TVS Srichakra Ltd (TVSSRICHAK): 7.3%
3. CEAT Ltd (CEATLTD): -1.8%
4. Goodyear India Ltd (GOODYEAR): -5.2%
5. JK Tyre & Industries Ltd (JKTYRE): -5.2%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- MRF Ltd (MRF) — market value ₹55.5K Cr; latest fundamentals Mar 2026
- Balkrishna Industries Ltd (BALKRISIND) — market value ₹38.9K Cr; latest fundamentals Mar 2026
- Apollo Tyres Ltd (APOLLOTYRE) — market value ₹26.7K Cr; latest fundamentals Mar 2026
- CEAT Ltd (CEATLTD) — market value ₹13.5K Cr; latest fundamentals Jun 2026
- JK Tyre & Industries Ltd (JKTYRE) — market value ₹11.3K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- TVS Srichakra Ltd (TVSSRICHAK) — market value ₹3.0K Cr; latest fundamentals Mar 2026
- Rajratan Global Wire Ltd (RAJRATAN) — market value ₹2.5K Cr; latest fundamentals Jun 2026
- Goodyear India Ltd (GOODYEAR) — market value ₹1.9K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 6. Unverified: 1. Withheld: 1. Graded companies: 8.

1 of 8 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 8 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: JK Tyre & Industries Ltd (JKTYRE) — its two data sources disagree by up to 12% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | JKTYRE | JK Tyre & Industries Ltd | diff_gt_2pct | disagreement up to 12.05% over 14 comparable periods

- UNVERIFIED | GOODYEAR | Goodyear India Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Tyres & Tubes index?

The Nifty Tyres & Tubes index tracks India's listed Tyres & Tubes companies as a single basket. This page follows the same 8 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Tyres & Tubes sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Tyres & Tubes stocks in India?

Ranked by this page's four-factor score, CEAT Ltd places first among 8 listed Tyres & Tubes companies, followed by JK Tyre & Industries Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Tyres & Tubes stocks are listed in India?

This comparison covers 8 listed Tyres & Tubes companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Tyres & Tubes company is the biggest?

MRF Ltd is the largest, with trailing-twelve-month revenue of ₹31,149 crore, ahead of Apollo Tyres Ltd at ₹28,471 crore. That covers 8 of 8 companies with comparable reporting through Mar 2026.

### Which Tyres & Tubes company is growing fastest?

Rajratan Global Wire Ltd has the fastest revenue growth at 27.8% year on year, across 8 of 8 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Tyres & Tubes company has the best profit margins?

Balkrishna Industries Ltd has the highest operating margin at 22%, from 8 of 8 comparable companies. Goodyear India Ltd shows the biggest recent improvement, at +3.9 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Tyres & Tubes company makes the most profit?

MRF Ltd earns the most, at ₹2,423 crore of trailing-twelve-month net profit, from 8 of 8 comparable companies. TVS Srichakra Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Tyres & Tubes company earns the highest return on capital?

CEAT Ltd leads on return on capital employed at 19.2%, across 8 of 8 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Tyres & Tubes stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — CEAT Ltd screens cheapest at 0.37×. Only 6 of 8 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Tyres & Tubes company has the strongest balance sheet?

Goodyear India Ltd carries the lowest comparable gross debt at ₹27 crore, from 8 of 8 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Tyres & Tubes stock has the strongest price momentum?

Rajratan Global Wire Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Tyres & Tubes company scores highest for research priority?

CEAT Ltd scores 63.6 out of 100 with 94% evidence confidence, from 22.4 points on growth and earnings, 13.1 on capital efficiency, 15.7 on valuation and 12.4 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Tyres & Tubes companies does this comparison cover, and over what period?

It compares 8 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Tyres & Tubes sector?

The 8 Tyres & Tubes companies on this page carry ₹1,53,170 crore of combined market value. MRF Ltd is the largest at ₹55,455 crore, about 36% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Tyres & Tubes sector's P/E ratio?

The median price-to-earnings ratio across the 8 Tyres & Tubes companies on this page is 24.9×, measured on the 8 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Tyres & Tubes sector performing?

2 of the 8 covered Tyres & Tubes companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/tyres-tubes