Dolfin Rubbers Ltd

DOLFIN

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Market Cap

₹ 182 Cr

P/E

39.48

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

LOW RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Dolfin Rubbers Limited is primarily engaged in manufacturing auto and ADV tubes made from butyl rubber, supporting various vehicle types, from mopeds to tractors.

The company has ventured into tire manufacturing, including tubeless and tube-type tires, expanding its product range to cater from mopeds to giant vehicles.

It began its operations in 1997 and has since established a significant domestic distributor presence and started exploring international markets in Egypt and Nepal.

Dolfin Rubbers received an OHSAS 18001: 2007 certification, reflecting its commitment to robust management systems and quality processes.

Sector

Tyres

Industry

Tyres - Medium / Small

Market Cap

182 Cr

Volatility

Low Risk

P/E Ratio

39.5

Industry P/E

18.6

PEG Ratio

1.8

P/B Ratio

5.1

52W High

239.90

52W Low

166.60

Sales CAGR

13.95%

19.58%

13.56%

10Y

15.65%

Profit CAGR

7.79%

22.26%

14.86%

10Y

26.04%

ROE

TTM

12.91%

15.27%

14.75%

10Y

14.88%

ROCE

TTM

12.12%

16.51%

16.11%

10Y

16.27%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MODIRUBBER	104.90	263 Cr	15.63	0.48	0.00	2.43	2.28	2.17
ETML	106.00	211 Cr	20.11	1.93	0.92	0.00	0.00	3.77
DOLFIN	180.05	182 Cr	39.48	5.09	0.00	12.91	12.12	5.99
AMEENJI	137.25	155 Cr	19.34	2.98	0.00	38.99	26.46	9.04
ITTL	104.05	106 Cr	—	0.00	0.00	98.35	-45.27	-29.03
VIAZ	71.40	92 Cr	27.74	2.05	0.00	10.44	12.80	6.79
TTIL	8.40	61 Cr	20.44	0.58	0.00	5.31	6.55	2.57

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	28	37	27	35	39	34	32	39	40	40
Expenses	26	34	25	32	36	32	30	37	38	38
Operating Profit	1.77	2.67	1.84	2.44	2.96	1.97	1.71	2.78	2.67	1.82
OPM %	6.41	7.28	6.80	7.05	7.66	5.85	5.37	7.05	6.64	4.56
Other Income	0.12	0.00	0.08	0.26	0.09	0.01	0.22	0.11	0.07	0.10
Interest	0.27	0.29	0.26	0.23	0.27	0.15	0.24	0.29	0.31	0.26
Depreciation	0.36	0.37	0.38	0.40	0.36	0.50	0.43	0.43	0.44	0.45
Profit Before Tax	1.26	2.01	1.28	2.08	2.42	1.33	1.25	2.17	1.99	1.21
Tax %	30.95	27.36	28.13	28.37	23.97	21.80	43.20	29.03	21.11	11.57
Net Profit	0.87	1.46	0.92	1.49	1.84	1.04	0.71	1.54	1.57	1.08
EPS in Rs	0.87	1.46	0.92	1.48	1.83	1.04	0.71	1.54	1.57	1.07

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	46	65	83	91	98	100	122	150	171	145
Expenses	39	51	67	73	78	78	95	117	134	136
Operating Profit	6.94	13	16	18	20	22	27	33	37	9.13
OPM %	15.01	20.37	19.27	19.85	20.53	22.08	22.09	22.09	21.58	6.29
Other Income	0.09	0.16	0.20	0.18	0.15	0.23	0.14	0.47	0.43	0.41
Interest	0.09	0.21	0.10	0.11	0.12	0.76	0.88	1.06	0.95	0.99
Depreciation	0.40	0.57	0.63	0.72	0.83	1.15	1.30	1.51	1.73	1.80
Profit Before Tax	1.16	1.80	2.89	3.47	4.02	3.85	4.51	6.62	7.17	6.74
Tax %	44.75	26.93	35.45	26.20	29.48	27.22	26.58	28.34	28.56	27.89
Net Profit	0.64	1.31	1.87	2.56	2.84	2.80	3.31	4.75	5.12	4.86
EPS in Rs	—	—	—	—	—	—	3.30	4.73	5.12	4.89
Dividend Payout %	0.00	0.00	0.00	29.33	31.83	0.00	36.36	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2016	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1.38	1.38	5.52	7.52	7.52	7.52	7.52	10	10	10
Reserves	3.86	4.50	2.46	7.52	10	12	14	15	18	23
Borrowings	3.26	1.00	3.07	1.60	4.31	11	10	13	15	18
Other Liabilities	4.92	6.26	8.77	8.46	8.87	9.50	15	20	20	22
Total Liabilities	13	13	20	25	31	40	47	58	63	73
Fixed Assets	4.79	5.52	8.80	8.97	11	18	19	20	25	26
CWIP	0.00	0.00	0.22	1.98	3.96	0.00	1.13	2.18	0.00	0.27
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	8.63	7.62	11	14	16	23	27	36	38	47
Total Assets	13	13	20	25	31	40	47	58	63	73

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2016	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	2.86	2.01	2.10	-2.29	2.33	1.54	2.06	1.92	5.47	4.47
Cash from Investing Activity	-1.00	-0.91	-1.44	-3.42	-3.88	-2.39	-3.39	-3.74	-3.61	-3.62
Cash from Financing Activity	-1.41	-0.63	-0.39	5.30	1.55	0.94	1.35	2.37	-1.85	-0.81
Net Cash Flow	0.45	0.48	0.27	-0.41	-0.00	0.08	0.02	0.54	0.02	0.03

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	36.00%	36.09%	36.09%	36.09%	36.10%	36.10%	36.22%	36.22%	36.68%	36.78%	36.78%	37.06%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	64.00%	63.91%	63.91%	63.91%	63.90%	63.90%	63.78%	63.78%	63.32%	63.22%	63.22%	62.94%
Total Shareholders	817	760	795	980	1,143	1,578	2,398	3,274	3,270	3,181	3,059	2,933

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 11, 2025	Celespreet kaur	Insider - KMP	Acquisition	177.00	0.16 Cr	8,936	0.08
Nov 21, 2025	Celespreet kaur	Insider - KMP	Acquisition	170.60	0.06 Cr	3,491	0.03
Nov 19, 2025	Kawaljit singh	Insider - Promoter & Director	Acquisition	171.41	0.10 Cr	5,642	0.05
Nov 19, 2025	Kawaljit singh & sons huf	Insider - Promoter	Disposal	171.00	0.10 Cr	5,666	0.05
Nov 19, 2025	Celespreet kaur	Insider - KMP	Acquisition	171.38	0.22 Cr	13,000	0.12
Sep 29, 2025	Kawaljit singh & sons huf	Insider - Promoter	Disposal	195.00	0.10 Cr	5,000	0.04
Sep 29, 2025	Kawaljit singh & sons huf	Insider - Promoter	Disposal	195.00	0.10 Cr	5,000	0.04
Aug 28, 2025	Celespreet kaur	Insider - KMP	Acquisition	194.90	0.19 Cr	9,500	0.09
Aug 18, 2025	Kawaljit singh	Insider - Promoter	Acquisition	193.20	0.15 Cr	8,000	0.07
Aug 18, 2025	Ratinder kaur	Insider - Promoter	Acquisition	193.25	0.20 Cr	10,500	0.10

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

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Documents

Presentations

Concalls

Reports

Presentations

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Overall

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Moving Averages

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Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	28	37	27	35	39	34	32	39	40	40
Expenses	26	34	25	32	36	32	30	37	38	38
Operating Profit	1.77	2.67	1.84	2.44	2.96	1.97	1.71	2.78	2.67	1.82
OPM %	6.41	7.28	6.80	7.05	7.66	5.85	5.37	7.05	6.64	4.56
Other Income	0.12	0.00	0.08	0.26	0.09	0.01	0.22	0.11	0.07	0.10
Interest	0.27	0.29	0.26	0.23	0.27	0.15	0.24	0.29	0.31	0.26
Depreciation	0.36	0.37	0.38	0.40	0.36	0.50	0.43	0.43	0.44	0.45
Profit Before Tax	1.26	2.01	1.28	2.08	2.42	1.33	1.25	2.17	1.99	1.21
Tax %	30.95	27.36	28.13	28.37	23.97	21.80	43.20	29.03	21.11	11.57
Net Profit	0.87	1.46	0.92	1.49	1.84	1.04	0.71	1.54	1.57	1.08
EPS in Rs	0.87	1.46	0.92	1.48	1.83	1.04	0.71	1.54	1.57	1.07

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	46	65	83	91	98	100	122	150	171	145
Expenses	39	51	67	73	78	78	95	117	134	136
Operating Profit	6.94	13	16	18	20	22	27	33	37	9.13
OPM %	15.01	20.37	19.27	19.85	20.53	22.08	22.09	22.09	21.58	6.29
Other Income	0.09	0.16	0.20	0.18	0.15	0.23	0.14	0.47	0.43	0.41
Interest	0.09	0.21	0.10	0.11	0.12	0.76	0.88	1.06	0.95	0.99
Depreciation	0.40	0.57	0.63	0.72	0.83	1.15	1.30	1.51	1.73	1.80
Profit Before Tax	1.16	1.80	2.89	3.47	4.02	3.85	4.51	6.62	7.17	6.74
Tax %	44.75	26.93	35.45	26.20	29.48	27.22	26.58	28.34	28.56	27.89
Net Profit	0.64	1.31	1.87	2.56	2.84	2.80	3.31	4.75	5.12	4.86
EPS in Rs	—	—	—	—	—	—	3.30	4.73	5.12	4.89
Dividend Payout %	0.00	0.00	0.00	29.33	31.83	0.00	36.36	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2016	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1.38	1.38	5.52	7.52	7.52	7.52	7.52	10	10	10
Reserves	3.86	4.50	2.46	7.52	10	12	14	15	18	23
Borrowings	3.26	1.00	3.07	1.60	4.31	11	10	13	15	18
Other Liabilities	4.92	6.26	8.77	8.46	8.87	9.50	15	20	20	22
Total Liabilities	13	13	20	25	31	40	47	58	63	73
Fixed Assets	4.79	5.52	8.80	8.97	11	18	19	20	25	26
CWIP	0.00	0.00	0.22	1.98	3.96	0.00	1.13	2.18	0.00	0.27
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	8.63	7.62	11	14	16	23	27	36	38	47
Total Assets	13	13	20	25	31	40	47	58	63	73

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2016	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	2.86	2.01	2.10	-2.29	2.33	1.54	2.06	1.92	5.47	4.47
Cash from Investing Activity	-1.00	-0.91	-1.44	-3.42	-3.88	-2.39	-3.39	-3.74	-3.61	-3.62
Cash from Financing Activity	-1.41	-0.63	-0.39	5.30	1.55	0.94	1.35	2.37	-1.85	-0.81
Net Cash Flow	0.45	0.48	0.27	-0.41	-0.00	0.08	0.02	0.54	0.02	0.03

Overview

Detailed Summary

Dolfin Rubbers Limited is primarily engaged in manufacturing auto and ADV tubes made from butyl rubber, supporting various vehicle types, from mopeds to tractors.

The company has ventured into tire manufacturing, including tubeless and tube-type tires, expanding its product range to cater from mopeds to giant vehicles.

It began its operations in 1997 and has since established a significant domestic distributor presence and started exploring international markets in Egypt and Nepal.

Dolfin Rubbers received an OHSAS 18001: 2007 certification, reflecting its commitment to robust management systems and quality processes.

Sector

Tyres

Industry

Tyres - Medium / Small

Market Cap

182 Cr

Volatility

Low Risk

P/E Ratio

39.5

Industry P/E

18.6

PEG Ratio

1.8

P/B Ratio

5.1

52W High

239.90

52W Low

166.60

Sales CAGR

13.95%

19.58%

13.56%

10Y

15.65%

Profit CAGR

7.79%

22.26%

14.86%

10Y

26.04%

ROE

TTM

12.91%

15.27%

14.75%

10Y

14.88%

ROCE

TTM

12.12%

16.51%

16.11%

10Y

16.27%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MODIRUBBER	104.90	263 Cr	15.63	0.48	0.00	2.43	2.28	2.17
ETML	106.00	211 Cr	20.11	1.93	0.92	0.00	0.00	3.77
DOLFIN	180.05	182 Cr	39.48	5.09	0.00	12.91	12.12	5.99
AMEENJI	137.25	155 Cr	19.34	2.98	0.00	38.99	26.46	9.04
ITTL	104.05	106 Cr	—	0.00	0.00	98.35	-45.27	-29.03
VIAZ	71.40	92 Cr	27.74	2.05	0.00	10.44	12.80	6.79
TTIL	8.40	61 Cr	20.44	0.58	0.00	5.31	6.55	2.57