Goodyear India Ltd

GOODYEAR

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Market Cap

₹ 1,948 Cr

P/E

46.92

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Performance

UNDER PERFORMER

Valuation

OVERVALUED

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

LOW RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Goodyear India Ltd, a subsidiary of Goodyear Tire and Rubber Company, primarily manufactures a diverse range of tyres and rubber goods for the automobile industry at its plant in Ballabgarh.

The company has a rich history of innovation with significant achievements like launching India's first 13-inch tubeless tyres and expanding its portfolio to include state-of-the-art truck and farm tyres.

Goodyear India has made strategic expansions into retail with concept stores across major cities in India, aiming to widen market outreach.

The company has a strong partnership history, including a joint venture with RPG-Ceat for manufacturing steel radial and truck tyres, enhancing its production capabilities and market reach.

Sector

Tyres

Industry

Tyres - Large

Market Cap

1,948 Cr

Volatility

Low Risk

P/E Ratio

46.9

Industry P/E

30.9

PEG Ratio

—

P/B Ratio

3.4

52W High

1,071.00

52W Low

806.00

Sales CAGR

2.21%

2.31%

8.36%

10Y

3.83%

Profit CAGR

-41.89%

-18.78%

-9.10%

10Y

-8.26%

ROE

TTM

7.23%

15.24%

15.31%

10Y

14.89%

ROCE

TTM

10.26%

19.89%

20.03%

10Y

20.75%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
APOLLOTYRE	506.40	32,162 Cr	24.49	2.07	0.99	8.46	10.87	2.73
CEATLTD	3822.65	15,463 Cr	29.50	3.38	0.78	10.83	12.68	3.64
JKTYRE	469.70	12,871 Cr	23.57	2.46	0.64	10.22	10.92	3.56
TVSSRICHAK	4234.15	3,254 Cr	133.25	2.82	0.40	2.39	4.98	0.94
GOODYEAR	844.10	1,948 Cr	46.92	3.41	2.83	7.23	10.26	3.58
PTL	39.20	519 Cr	12.61	0.87	4.46	4.60	6.51	3.67
MODIRUBBER	105.00	263 Cr	15.63	0.48	0.00	2.43	2.28	2.17

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	720	690	591	551	691	682	632	603	656	596
Expenses	656	629	552	545	647	651	608	585	628	570
Operating Profit	64	61	40	5.38	44	31	24	17	28	27
OPM %	8.90	8.89	6.73	0.98	6.41	4.56	3.77	2.88	4.30	4.50
Other Income	3.70	4.41	5.18	3.68	3.93	4.85	4.71	4.03	4.67	4.54
Interest	1.16	1.14	1.03	0.91	0.95	0.91	1.50	1.32	1.26	1.30
Depreciation	14	14	14	14	14	14	14	13	13	13
Profit Before Tax	53	51	30	-5.38	33	21	13	6.81	19	18
Tax %	25.35	25.18	27.40	21.75	25.17	25.58	28.56	28.49	25.58	25.40
Net Profit	39	38	22	-4.21	25	16	9.48	4.87	14	13
EPS in Rs	17.02	16.45	9.48	-1.83	10.85	6.82	4.11	2.11	6.12	5.67

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,627	1,706	1,912	1,746	1,792	2,436	2,928	2,552	2,608	2,573
Expenses	1,312	1,463	1,747	1,610	1,575	2,264	2,721	2,381	2,491	2,472
Operating Profit	315	243	164	136	217	172	207	171	117	100
OPM %	19.36	14.24	8.60	7.78	12.10	7.06	7.07	6.69	4.47	3.91
Other Income	33	37	38	35	23	23	16	17	18	18
Interest	3.36	2.89	3.00	3.97	3.42	4.12	3.87	4.24	4.68	4.99
Depreciation	34	36	41	50	53	53	54	55	55	54
Profit Before Tax	196	199	158	117	183	138	165	128	75	60
Tax %	34.89	34.79	35.46	23.96	25.61	25.68	25.71	25.92	26.19	26.57
Net Profit	127	130	102	89	136	103	123	95	55	44
EPS in Rs	55.22	56.33	44.24	38.42	59.07	44.61	53.26	41.12	23.89	18.01
Dividend Payout %	22.64	23.07	29.38	33.76	301.34	224.16	49.76	99.71	100.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	23	23	23	23	23	23	23	23	23	23
Reserves	591	684	779	844	893	817	692	583	558	580
Borrowings	0.00	0.00	0.00	0.00	15	15	17	9.51	6.89	29
Other Liabilities	321	382	495	463	376	537	634	646	591	612
Total Liabilities	935	1,090	1,298	1,331	1,307	1,391	1,365	1,261	1,179	1,244
Fixed Assets	221	227	246	251	316	312	317	357	364	367
CWIP	29	31	26	50	15	16	33	61	44	36
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	685	831	1,025	1,029	976	1,063	1,015	843	771	840
Total Assets	935	1,090	1,298	1,331	1,307	1,391	1,365	1,261	1,179	1,244

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Dec 2011	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	78	182	57	65	294	89	112	135	131
Cash from Investing Activity	35	-22	-36	-96	87	-50	91	-34	-17
Cash from Financing Activity	-23	-37	-39	-45	-223	-236	-241	-130	-43
Net Cash Flow	90	123	-18	-76	158	-197	-38	-29	71

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	74.00%	74.00%	74.00%	74.00%	74.00%	74.00%	74.00%	74.00%	74.00%	74.00%	74.00%	74.00%
FIIs	1.07%	1.03%	0.93%	0.74%	0.73%	0.75%	0.74%	0.73%	0.70%	0.59%	0.59%	0.41%
DIIs	7.27%	7.35%	7.66%	8.15%	8.16%	8.15%	8.15%	8.15%	8.15%	8.08%	8.06%	8.03%
Public	17.67%	17.62%	17.41%	17.11%	17.10%	17.10%	17.11%	17.12%	17.15%	17.33%	17.35%	17.56%
Total Shareholders	45,808	46,520	45,595	45,174	45,001	45,049	45,150	44,118	44,028	44,050	43,902	43,023

Projection

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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	720	690	591	551	691	682	632	603	656	596
Expenses	656	629	552	545	647	651	608	585	628	570
Operating Profit	64	61	40	5.38	44	31	24	17	28	27
OPM %	8.90	8.89	6.73	0.98	6.41	4.56	3.77	2.88	4.30	4.50
Other Income	3.70	4.41	5.18	3.68	3.93	4.85	4.71	4.03	4.67	4.54
Interest	1.16	1.14	1.03	0.91	0.95	0.91	1.50	1.32	1.26	1.30
Depreciation	14	14	14	14	14	14	14	13	13	13
Profit Before Tax	53	51	30	-5.38	33	21	13	6.81	19	18
Tax %	25.35	25.18	27.40	21.75	25.17	25.58	28.56	28.49	25.58	25.40
Net Profit	39	38	22	-4.21	25	16	9.48	4.87	14	13
EPS in Rs	17.02	16.45	9.48	-1.83	10.85	6.82	4.11	2.11	6.12	5.67

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,627	1,706	1,912	1,746	1,792	2,436	2,928	2,552	2,608	2,573
Expenses	1,312	1,463	1,747	1,610	1,575	2,264	2,721	2,381	2,491	2,472
Operating Profit	315	243	164	136	217	172	207	171	117	100
OPM %	19.36	14.24	8.60	7.78	12.10	7.06	7.07	6.69	4.47	3.91
Other Income	33	37	38	35	23	23	16	17	18	18
Interest	3.36	2.89	3.00	3.97	3.42	4.12	3.87	4.24	4.68	4.99
Depreciation	34	36	41	50	53	53	54	55	55	54
Profit Before Tax	196	199	158	117	183	138	165	128	75	60
Tax %	34.89	34.79	35.46	23.96	25.61	25.68	25.71	25.92	26.19	26.57
Net Profit	127	130	102	89	136	103	123	95	55	44
EPS in Rs	55.22	56.33	44.24	38.42	59.07	44.61	53.26	41.12	23.89	18.01
Dividend Payout %	22.64	23.07	29.38	33.76	301.34	224.16	49.76	99.71	100.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	23	23	23	23	23	23	23	23	23	23
Reserves	591	684	779	844	893	817	692	583	558	580
Borrowings	0.00	0.00	0.00	0.00	15	15	17	9.51	6.89	29
Other Liabilities	321	382	495	463	376	537	634	646	591	612
Total Liabilities	935	1,090	1,298	1,331	1,307	1,391	1,365	1,261	1,179	1,244
Fixed Assets	221	227	246	251	316	312	317	357	364	367
CWIP	29	31	26	50	15	16	33	61	44	36
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	685	831	1,025	1,029	976	1,063	1,015	843	771	840
Total Assets	935	1,090	1,298	1,331	1,307	1,391	1,365	1,261	1,179	1,244

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Dec 2011	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	78	182	57	65	294	89	112	135	131
Cash from Investing Activity	35	-22	-36	-96	87	-50	91	-34	-17
Cash from Financing Activity	-23	-37	-39	-45	-223	-236	-241	-130	-43
Net Cash Flow	90	123	-18	-76	158	-197	-38	-29	71

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
APOLLOTYRE	506.40	32,162 Cr	24.49	2.07	0.99	8.46	10.87	2.73
CEATLTD	3822.65	15,463 Cr	29.50	3.38	0.78	10.83	12.68	3.64
JKTYRE	469.70	12,871 Cr	23.57	2.46	0.64	10.22	10.92	3.56
TVSSRICHAK	4234.15	3,254 Cr	133.25	2.82	0.40	2.39	4.98	0.94
GOODYEAR	844.10	1,948 Cr	46.92	3.41	2.83	7.23	10.26	3.58
PTL	39.20	519 Cr	12.61	0.87	4.46	4.60	6.51	3.67
MODIRUBBER	105.00	263 Cr	15.63	0.48	0.00	2.43	2.28	2.17

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

Goodyear India Ltd, a subsidiary of Goodyear Tire and Rubber Company, primarily manufactures a diverse range of tyres and rubber goods for the automobile industry at its plant in Ballabgarh.

Goodyear India has made strategic expansions into retail with concept stores across major cities in India, aiming to widen market outreach.

The company has a strong partnership history, including a joint venture with RPG-Ceat for manufacturing steel radial and truck tyres, enhancing its production capabilities and market reach.

Sector

Tyres

Industry

Tyres - Large

Market Cap

1,948 Cr

Volatility

Low Risk

P/E Ratio

46.9

Industry P/E

30.9

PEG Ratio

—

P/B Ratio

3.4

52W High

1,071.00

52W Low

806.00

Sales CAGR

2.21%

2.31%

8.36%

10Y

3.83%

Profit CAGR

-41.89%

-18.78%

-9.10%

10Y

-8.26%

ROE

TTM

7.23%

15.24%

15.31%

10Y

14.89%

ROCE

TTM

10.26%

19.89%

20.03%

10Y

20.75%