Indag Rubber (BSE: INDAG) had a P/E of 19.7× on 6 Nov 2026, below the industry P/E of 25.6×, and the shares are 29% below their 52-week high. Sales and net profit fell 4.2% and 8.4% a year over 3 years; its ROCE of 4.9% is the lowest among the 7 largest Auto Parts peers. It carries very little debt, and its dividend yield is 2.9%. It is a small-cap company with a market cap of ₹274 Cr, ranked 100th of 140 Auto Parts companies by market cap; the shares fell 19% over the past year.
- ₹108.45
- ₹108.45
- ₹103.50
- ₹103.50
- 5.1K
Health check
- ReturnsBehind
−19.1% over a year, better than 1 of 7 peers.
- Price tagCheaper
P/E 19.7 vs industry 25.6.
- GrowthShrinking
Sales −4.2%, profit −8.4% a year over 3 years.
- ProfitabilityWeak
ROCE 4.9% vs peer median 15.6%.
- Balance sheetFair
Debt 0.08× equity, interest covered 13.0×, Piotroski 5 of 9.
- Red flags1 to check
Return on equity is low at 4.4%.
Small cap
Defensive
Key metrics
- Market cap
- ₹274 Cr
- Small cap
- P/E
- 19.7
- Industry 25.6
- Price to book
- 1.19
- Peers 8.75
- Dividend yield
- 2.87%
- ROE
- 4.4%
- Peers 12.3%
- ROCE
- 4.9%
- Peers 15.6%
- Debt to equity
- 0.08
- Debt ₹18 Cr
- EPS (TTM)
- ₹5.30
- OPM (TTM)
- 5.9%
- Net margin 5.8%
- Sales growth
- +55.7%
- Latest quarter vs a year ago
- Profit growth
- +278.6%
- Latest quarter vs a year ago
- Price to sales
- 1.15
- EV/EBITDA 13.1
Strengths and risks
Strengths
- Practically debt-free.
- Dividend yield of 2.87%.
- Quarterly profit up 278.6% on a year ago.
- Quarterly sales up 55.7% on a year ago.
- Positive operating cash flow in each of the last 4 years.
Risks to check
- Return on equity is low at 4.4%.
About Indag Rubber
Indag Rubber Limited manufactures and sells precured tread rubber and allied products in India and internationally. It operates through the Precured Tread Rubber and Allied Products/Services; and the Electronics Including Green Energy Storage segments. The company offers precured tread, full skirt envelopes, unvulcanised rubber strip gums, and universal spray cement products. It also provides retreading process and machinery consultancy services, as well…
- Headquarters
- New Delhi
- Employees
- 275
- Sector
- Consumer Cyclical
- ISIN
- INE802D01023
- Website
- indagrubber.com
Price range
- Avg volume (3M)
- 9.8K
- 1-year return
- minus 19.1%
- From 52-week high
- minus 28.8%
Peers · Auto Parts
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MOTHERSONSamvardhana Motherson International | 158.55 | minus 5.62% | 1,68,549 | 35.4 | 3.70 | 11.5% | 10.2% | 9.6% | 17.1% | 37.2% | 0.32% | plus 60.8% |
| BOSCHLTDBosch | 50,700.00 | minus 3.38% | 1,49,545 | 54.2 | 19.50 | 24.2% | 19.4% | 13.4% | 10.3% | 24.8% | 0.53% | plus 38.6% |
| UNOMINDAUNO Minda | 1,326.00 | minus 0.67% | 76,572 | 58.1 | 11.21 | 20.5% | 19.1% | 11.0% | 20.5% | 22.3% | 0.22% | plus 6.6% |
| SONACOMSSona BLW Precision Forgings | 900.00 | minus 1.67% | 56,266 | 75.0 | 8.75 | 13.2% | 11.9% | 23.2% | 18.8% | 17.4% | 0.40% | plus 89.2% |
| SCHAEFFLERSchaeffler India | 3,519.70 | minus 1.17% | 55,014 | 41.9 | 8.97 | 25.7% | 20.2% | 17.9% | 12.3% | 9.4% | 0.99% | minus 13.9% |
| MRFMRF | 1,25,295.00 | minus 0.50% | 53,139 | 22.0 | 2.53 | 15.6% | 12.3% | 15.1% | 10.6% | 46.7% | 0.19% | minus 20.3% |
| BALKRISINDBalkrishna Industries | 2,410.00 | plus 0.34% | 46,589 | 32.7 | 4.25 | 13.8% | 11.6% | 21.1% | 3.6% | 5.5% | 0.71% | plus 1.6% |
| INDAGIndag Rubber | 104.55 | plus 1.01% | 274 | 19.7 | 1.19 | 4.9% | 4.4% | 5.9% | −4.2% | −8.4% | 2.87% | minus 19.1% |
| Median of 7 peers | – | −1.17% | 56,266 | 41.9 | 8.75 | 15.6% | 12.3% | 15.1% | 12.3% | 22.3% | 0.40% | 6.6% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 45 | 52.5 | 56.2 | 60.8 | 70.1 | |
| 44.7 | 49.5 | 53.4 | 58.2 | 64.4 | |
| 0.3 | 3.1 | 2.8 | 2.6 | 5.6 | |
| 0.6% | 5.8% | 4.9% | 4.3% | 8.1% | |
| 2.9 | 2.6 | 2.5 | 2.3 | 3.1 | |
| 0.2 | 0.3 | 0.2 | 0.5 | 0.4 | |
| 1.7 | 1.8 | 1.7 | 1.6 | 1.6 | |
| 1.2 | 3.7 | 3.4 | 2.9 | 6.7 | |
| 29.0% | 22.5% | 25.4% | 35.9% | 25.2% | |
| 1.3 | 3.2 | 2.9 | 2.7 | 5.1 | |
| 0.51 | 1.23 | 1.12 | 1.02 | 1.93 |
Profit & loss
- Sales CAGR 3Y
- −4.2%
- Profit CAGR 3Y
- −8.4%
- EPS CAGR 3Y
- −8.3%
- ROE
- 4.4%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 243 | 250 | 227 | 214 | |
| – | +3.0% | minus 9.2% | minus 5.9% | |
| 229 | 233 | 225 | 204 | |
| 14.2 | 17.9 | 2 | 9.7 | |
| 5.8% | 7.1% | 0.9% | 4.5% | |
| 6.5 | 7.2 | 9 | 7 | |
| 0.3 | 0.7 | 1 | 0.9 | |
| 4.5 | 5.3 | 6.6 | 6.8 | |
| 1.3 | 1.4 | 2.6 | 2.1 | |
| 17.2 | 20.4 | 6 | 11.1 | |
| 23.2% | 23.8% | 20.8% | 27.5% | |
| 13.2 | 16.2 | 6.5 | 10.2 | |
| – | +22.0% | minus 59.6% | +55.9% | |
| 5.04 | 6.15 | 2.49 | 3.88 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 5.3 | 5.3 | 5.3 | 5.3 | |
| 207 | 221 | 222 | 226 | |
| 6.3 | 10.1 | 9.4 | 18 | |
| 33 | 35.4 | 38.4 | 57.4 | |
| 251 | 272 | 275 | 306 | |
| 31 | 44 | 41 | 38.1 | |
| 0.4 | 0.5 | 0.7 | 0.7 | |
| 95.7 | 105 | 96.9 | 86.3 | |
| 18.8 | 23.6 | 32.7 | 56.5 | |
| 105 | 98.2 | 104 | 125 | |
| 251 | 272 | 275 | 306 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 9.7 | 17.6 | 3.3 | 9.1 | |
| −1.8 | −11.2 | 1.3 | −10.2 | |
| −6.8 | −3.7 | −7.2 | 3 | |
| 1 | 2.7 | −2.6 | 1.9 | |
| −5.1 | −11.3 | −3.9 | −3 | |
| 4.6 | 6.3 | −0.6 | 6.1 | |
| −6.4 | −6.4 | −7.9 | −6.3 |
Shareholding pattern
This company is listed only on BSE, so there’s no NSE category split. See Major shareholders below for the named holders.
Major shareholders
Filings & events
News
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