Indag Rubber FY26: Margin recovery, cash discipline, and a steady retreading demand story

On a standalone basis, Q4 FY26 total revenue was Rs 63.2 crores, EBITDA was Rs 6.3 crores (10.0% margin), and PAT was Rs 3.6 crores (5.6% margin).

On a standalone basis, FY26 total revenue was Rs 224.8 crores versus Rs 236.9 crores in FY25. FY26 EBITDA increased to Rs 22.4 crores (10.0% margin) from Rs 16.5 crores (7.0% margin), and PAT rose to Rs 12.4 crores from Rs 8.4 crores.

The presentation cites precured tread rubber capacity of 20,000 MT per annum, un-vulcanized rubber strip gum capacity of 5,000 MT per annum, and universal spray cement capacity of 2,200 KL per annum.

Management states that the 2026 West Asia escalation elevated input costs sharply into early FY27 and outlines mitigation actions including monitoring, calibrated price pass-through, supplier and geography diversification, product-mix optimisation, and disciplined working capital management.

The board recommended a final dividend of Rs 1.5 per equity share (face value Rs 2). Total dividend for FY26 was stated as Rs 2.40 per share including an interim dividend of Rs 0.90 paid in November.

Millennium Manufacturing Systems is described as an EMS provider in power electronics for the green energy transition. The presentation states it received its first commercial serial order in FY26 for power conversion systems used in BESS, with execution scheduled for FY27.