Annual reportSep 2026
Sep 2026 · Copy of Newspaper Publication 2 Sep - Notice of 24th AGM, annual report dispatch, and e-voting information published on 2 September 2026.
Source: Nse
Emerald Tyre Manufacturers Ltd. (ETML)
SME CapAuto stocks · SME cap · NSE
Emerald Tyre Manufacturers Ltd. (ETML) is a leading Indian manufacturer and exporter of Off-Highway and Industrial Tyres, headquartered in Chennai. Incorporated in 2002, it offers a comprehensive range including solid resilient, press-on bands, industrial pneumatic tyres, and wheel rims, serving material handling, mining, and agriculture sectors globally under the 'GRECKSTER' brand.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result01 Jun, 07:53 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.7 (n=127)
Technical timing lens
Trend score and candlestick chart
30Bearishfull bear SMA stack · SMA20 -9.3% / mo · MACD − · near 52W low
Stock trend: 18
Sector RS: 49
Sector 3M: -6.3% vs Nifty 500 -5.6%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ETMLD candles · FIT view-20.1%Latest close ₹67.95 on 2026-10-19
Bar
+0.0%
RSI
30
MACD hist
-0.36
52W pos
14%
2026-10-19O ₹67.95H ₹67.95L ₹67.95C ₹67.95Vol 6,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ETMLNifty AutoNifty 500
- ETML
- -17.9%
- Nifty 500
- -5.6%
- Nifty Auto
- -5.4%
- Vs Nifty 500
- -12.3 pp
Chart stats
19 Oct 2026- From 52W high
- -50.7%
- 52W range position
- 12%
- ATR (14)
- 4.6%
- Volume vs 20D
- 0.30x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹58.1 - ₹82
₹138
₹58.1 - ₹138
₹3.1
Latest completed session
20-session average
36.5% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE48
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bearish30
Price trend and sector-relative-strength timing.
Valuation
Legacy model+66.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence54
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹113 Cr | NDF | +7.6% |
| EBITDA | ₹13 Cr | NDF | -13.3% |
| Operating margin | 11.0% | NDF | -300 bps |
| PAT | ₹3 Cr | NDF | -62.5% |
| PAT margin | 2.6% | NDF | -497 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 12.80
- P/B
- 1.14
- EV/EBITDA
- 7.88
- Market Cap
- 132.00Cr
Profitability
- ROE
- 9.19%
- ROCE
- 12.30%
- ROA
- 3.50%
- Dividend Y
- 1.48%
Growth (CAGR)
- Revenue 5Y
- 20.00%
- EPS 5Y
- 37.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 12.00%
Balance Sheet
- Debt/Equity
- 1.18
- Interest Coverage
- 1.93×
- Altman Z
- 2.15
- Book Value
- 59.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 21.00 Cr
- EPS TTM
- 5.30
Shareholding
- Promoter Hold
- 50.45%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 13%
Financial History
Updated 18/10/2026
Revenue
₹ CrLatest: 113+7.6% vs prev
Net Profit
₹ CrLatest: 3.0-62.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 30.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~10.3% over last month) — short-term momentum negative.
- RSI(14) at 30 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 48% off 52W high · 17% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
10
RS percentile
Stage 4 Downtrend
1M return
-15.1%
3M return
-19.8%
6M return
-27.7%
1Y return
-45.2%
RS 1D
+2
RS 20D
-4
Sector rank
#3
Industry rank
-
Stage evidence
- Price is 18.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -4.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
246 observations
19 Oct 2026Value 54.28+1.48%
RS vs Nifty 50054
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · FAIR VALUEValuation24/30
Growth21/25
Quality0/20
Balance Sheet6/15
Cash Flow1/10
Piotroski
6/9 (+3)
Penalties
-7
Raw sum
48
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
48/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 66.7%.
- Growth contributes 21/25 to the score.
- Valuation contributes 24/30 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
12.8
PB
1.1
EV/EBITDA
7.9
ROE
9.2%
ROCE
12.3%
FCF Yield
—
Debt/Equity
1.2
MoS
+66.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
48
Previous: 48
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+66.7%
Previous: +66.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
47
47
47
44
44
44
47
49
49
48
48
48
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹84.02
+19.1% MoS
Growth-justified P/E
38.5
Growth-justified Value
₹204.31
+66.7% MoS
PEG
0.47
Comparable companies
Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
VIAZ
SME
Viaz Tyres Ltd.
Auto Components
match 97
39
24.0
10.8%
+38%
WATCHLIST
SHIGAN
SME
Shigan Quantum Technologies Ltd.
Auto Components
match 97
37
18.9
7.0%
+51%
WATCHLIST
TUNWAL
SME
Tunwal E-Motors Ltd.
Auto Components
match 96
52
12.4
10.7%
+48%
FAIR VALUE
FORGEAUTO
SME
Forge Auto International Ltd.
Auto Components
match 95
37
8.9
17.7%
-15%
WATCHLIST
BIKEWO
SME
Bikewo Green Tech Ltd.
Auto Components
match 94
28
50.3
8.1%
-28%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-07-06T04:12:03.251Z
Management commentary snapshot
Consolidated H1 FY26 revenues grew to ₹10,521.65 Lakhs (H1 FY25: ₹9,853.46 Lakhs). EBITDA increased to ₹1,867.53 Lakhs (H1 FY25: ₹1,627.03 Lakhs), with EBITDA Margin expanding to 17.15% (H1 FY25: 16.13%). PAT rose to ₹755.89 Lakhs (H1 FY25: ₹638.23 Lakhs), and PAT Margin improved to 6.94% (H1 FY25: 6.33%). However, EPS declined to ₹3.88 (H1 FY25: ₹4.40).
Despite revenue, EBITDA, and PAT growth in H1 FY26, the consolidated EPS declined significantly YoY, likely due to share capital increase (FY25 vs FY24). While the company is expanding capacity and global presence, this dilution raises questions about per-share value creation. Management's focus on expansion and market share needs to translate into improved EPS.
Growth engines
Off-Highway Tyre Market Growth
Global OTR tyre market forecasted CAGR of 4.7% (2024-2032) to USD 25.23 Billion. India OTR tyre market forecasted CAGR of 6.05% (2024-2033) to 20.9 Million Units.
Infrastructure Development
Rising demand from construction, mining, agriculture & ports, and infrastructure development in emerging economies are key growth drivers.
Global Expansion & OEM Relationships
Strong global presence across 6 continents with subsidiaries in Belgium and UAE. Recognized as a preferred OEM supplier and trusted export partner.
R&D and Innovation
Advanced R&D division, integrated testing facilities, and in-house mould & design capabilities drive product innovation and customization.
Capacity and execution
New Rubber Mixing Unit
New Rubber Mixing Unit underway as part of ongoing expansion plans.
Solid Tyre & Pneumatic Divisions Expansion
Expanding Solid Tyre and Industrial Pneumatic divisions are underway to become a top global player.
Off-Highway Tyre Segment Entry
Entered Off-Highway tyre segment with planned capex for high-growth market in 2024.
Tailwinds
Global OTR Market Growth
Global Off-the-Road (OTR) Tyre Market is projected to grow at a CAGR of 4.7% from 2024 to 2032, driven by construction, mining, and agriculture.
India Infrastructure Push
Surge in construction & infrastructure development (highways, bridges, power grids) and growing agriculture mechanization in India.
Green Tyre Technology Focus
Growing focus on green tire technology, sustainable manufacturing, and eco-friendly solutions aligns with company's 'Green Tyre Revolution' commitment.
China + 1 Strategy
Opportunity from the 'China + 1' strategy, potentially diverting manufacturing and sourcing to other countries like India.
Headwinds
Raw Material Price Volatility
Volatility of raw materials pricing poses a threat to profitability and cost management.
Competition
Competition from China and Sri Lanka in the off-highway tyre segment.
Risk radar
Capacity Constraints
Existing capacity constraints are identified as a weakness, potentially limiting growth.
Delay in Expansion
Delay in expansion to meet increasing customer demand could lead to loss of market position.
Market & Economic Risks
Performance of Indian and international economies, industry competition, and ability to implement strategy are identified risks.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
H1 FY26 results represent a half-year period, making year-over-year comparison the most appropriate method to account for potential seasonality and provide a consistent view of performance trends.
Sector KPIs management disclosed
Volume Growth (FY25 YoY)
Solid Resilient production increased to 4,872.16 MT in FY25 from 4,196.78 MT in FY24. Industrial Pneumatic production grew to 3,170.73 MT in FY25 from 3,040.95 MT in FY24.
Capacity Utilization (FY25)
Solid Resilient utilization was 82.30% (FY25 vs 70.89% FY24). Industrial Pneumatic utilization was 94.37% (FY25 vs 90.50% FY24). Press On was 75.19% (FY25 vs 67.88% FY24).
Exports
Company has a strong global presence, supplying across 6 continents with wholly-owned subsidiaries in Belgium and UAE. Recognized as a preferred OEM supplier and trusted export partner.
Cost of Materials Consumed (% of Revenue, H1 FY26 YoY)
Consolidated Cost of Materials Consumed as a percentage of revenue decreased to 54.47% in H1 FY26 from 57.73% in H1 FY25, indicating improved cost management or pass-through.
Management forward view
Top 5 Global Player Goal
Goal is to rank among the top 5 global players in the product segment through innovation, quality, and customer service.
Customer-Centric Mission
Mission to be a customer-centric organization, prioritizing customer needs and enhancing value for all stakeholders.
Scalable Growth Opportunity
Planned capacity expansion, new product development, and participation in global exhibitions are key to future growth.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated EPS | ₹3.88 (H1 FY26) | Monitor if EPS recovers and grows in line with revenue and profit, indicating effective capital deployment and value creation. |
| Capacity Utilization | Solid Resilient: 82.30% (FY25), Industrial Pneumatic: 94.37% (FY25) | Track utilization rates across product segments, especially for Industrial Pneumatic, to assess efficiency and need for new capacity. |
| Debt to Equity Ratio | 0.81x (FY25) | Monitor debt levels, especially with ongoing capacity expansion, to ensure financial leverage remains manageable. |
| EBITDA Margin | 17.15% (H1 FY26) | Watch for sustained or improved EBITDA margins, indicating effective cost management and pricing power amidst raw material volatility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
54Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 13th percentile of the scored universe and 6th percentile within Auto. Main check: balance sheet trust is weak at 39/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
5 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
13th percentile
overall median 67 · Auto: 6th pctile, median 74 · SME: 14th pctile, median 64
Evidence depth
Financial-only
5 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
39
weak · leverage and solvency
Discipline
50
watch · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸OPM spread across recent quarters is 3%.
Trust risks
- ▸Only 1 years of positive FCF.
- ▸Debt/equity is 1.18.
- ▸Interest coverage is 1.9x.
- ▸ROCE trend is -2.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Emerald Tyre Manufacturers Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit rating
Credit Rating 15 Sep - Emerald Tyre Manufacturers Limited has informed about Credit Rating
Source: Nse
Investor presentation
General Updates 27 Jul - Investor presentation for H2 FY26 posted, showing revenue ₹11,622.17 lakh and PAT ₹276.61 lakh.
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationDec 2025
Dec 2025 · PPT
Source: Nse
Concall transcriptDec 2025
Dec 2025 · Transcript
Source: Nse
Investor presentationSep 2025
Sep 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Investor presentationFeb 2025
Feb 2025 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.