Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Viaz Tyres Ltd. (VIAZ)
SME CapAuto stocks · SME cap · NSE
Viaz Tyres Ltd. manufactures butyl inner tubes and ancillary products, transitioning to a comprehensive tyre manufacturer. The company is expanding its product portfolio to include 2W, 3W, LCV, and Agri/Farm tyres, targeting higher realizations and market penetration in domestic and export markets.
₹88.35
-2.45 · -2.70%
Market cap ₹126 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:50 pm ISTDetails
Quote21 Oct, 03:50 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result20 May, 10:18 pm IST
Score21 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
68Bullishfull bull SMA stack · SMA20 +20.3% / mo · MACD + · sector -2.2pp vs Nifty 500 (3M)
Stock trend: 84
Sector RS: 44
Sector 3M: -7.8% vs Nifty 500 -5.6%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
VIAZD candles · FIT view+35.4%Latest close ₹90.15 on 2026-10-21
Bar
-1.4%
RSI
67
MACD hist
0.02
52W pos
92%
2026-10-21O ₹91.45H ₹91.45L ₹86.20C ₹90.15Vol 46,000 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
VIAZNifty AutoNifty 500
- VIAZ
- +47.8%
- Nifty 500
- -6.5%
- Nifty Auto
- -7.8%
- Vs Nifty 500
- +54.3 pp
Chart stats
21 Oct 2026- From 52W high
- -9.4%
- 52W range position
- 81%
- ATR (14)
- 4.0%
- Volume vs 20D
- 1.86x
- Avg traded value
- ₹0.2 Cr
- 20D price channel
- ₹73.3 - ₹92.9
₹99.6
₹51.3 - ₹99.6
₹3.6
Latest completed session
20-session average
37.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · WATCHLIST39
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent77
Revenue +135.7% · PAT +200.0% YoY
Technical
Bullish68
Price trend and sector-relative-strength timing.
Valuation
Legacy model+37.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence68
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
Excellent · 77/100Rev +136% YoY · PAT +200% YoY · +53% QoQ · operating leverage · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹66 Cr | +135.7% | +53.5% |
| EBITDA | ₹5 Cr | NDF | +25.0% |
| Operating margin | 8.0% | NDF | -200 bps |
| PAT | ₹3 Cr | +200.0% | +50.0% |
| PAT margin | 4.5% | NDF | -10 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 24.00
- P/B
- 1.96
- EV/EBITDA
- 12.17
- Market Cap
- 126.00Cr
Profitability
- ROE
- 10.80%
- ROCE
- 13.00%
- ROA
- 5.68%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 46.97%
- EPS 5Y
- 58.11%
- Revenue 3Y
- 26.00%
- EPS 3Y
- 26.00%
Balance Sheet
- Debt/Equity
- 0.33
- Interest Coverage
- 5.00×
- Altman Z
- 5.40
- Book Value
- 42.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 15.00 Cr
- EPS TTM
- 3.68
Shareholding
- Promoter Hold
- 72.19%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 87%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 66.0+53.5% vs prev
Net Profit
₹ CrLatest: 3.0+50.0% 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
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 67. Wait for confirmation.
- SMA20 rising (~16.8% over last month) — short-term momentum positive.
- RSI(14) at 67 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 3% of 52-week high — testing resistance.
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
89
RS percentile
Stage 2 UptrendNew S2
1M return
+17.8%
3M return
+42.1%
6M return
+40.3%
1Y return
-
RS 1D
+1
RS 20D
+23
Sector rank
#5
Industry rank
#30
Stage evidence
- Price is 33.4% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +0.7%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
19 Oct 2026
S2 age
2 trading sessions
Sector
neutral
Industry
weakening
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
172 observations
21 Oct 2026Value 111.75+2.99%
RS vs Nifty 500112
Valuation & peers
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation9/30
Growth20/25
Quality2/20
Balance Sheet11/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
-9
Raw sum
39
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
39/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 37.7%.
- Growth contributes 20/25 to the score.
Main drags
- Penalty bucket subtracts 9 points.
- Quality is weaker at 2/20; 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
24.0
PB
2.0
EV/EBITDA
12.2
ROE
10.8%
ROCE
13.0%
FCF Yield
—
Debt/Equity
0.3
MoS
+37.7%
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: 21 Oct 2026
v4.3-runtime-valuation
Final score
39
Previous: 39
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+37.7%
Previous: +37.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
39
39
39
39
39
39
39
39
39
39
39
39
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
₹59.53
-48.4% MoS
Growth-justified P/E
38.5
Growth-justified Value
₹141.86
+37.7% MoS
PEG
0.53
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
ITTL
SME
Innovative Tyres & Tubes Ltd.
Auto Components
match 161
18
—
—
—
OVERVALUED
TOLINS
Small
Tolins Tyres Limited
Auto Components
match 144
56
10.3
10.4%
+49%
FAIR VALUE
GOODYEAR
Small
Goodyear India Limited
Auto Components
match 144
34
26.1
12.6%
-712%
WATCHLIST
CEATLTD
Large
CEAT Limited
Auto Components
match 143
48
23.3
16.1%
+17%
FAIR VALUE
MRF
Mid
MRF Limited
Auto Components
match 143
56
21.0
12.5%
+45%
FAIR VALUE
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 intactReviewed 2026-10-04T07:21:45.335Z
Management commentary snapshot
Viaz Tyres reports strong FY26 revenue growth of 59.8% YoY, with PAT from operations surging over 340% YoY, driven by improved operating cash flow and strategic investments in capacity expansion.
The company is actively pursuing a strategic shift from tubes to a broader tyre portfolio, supported by a recent fundraise and planned capex. Initial financial results for FY26 show significant top-line and bottom-line growth, alongside improved operating cash flows. However, the EBITDA margin saw a slight dip, and the stated PAT margin remains low, with management acknowledging a temporary margin impact due to cost pass-through lag. The success hinges on effective execution of the new Mehsana plant and market penetration for new tyre categories.
Growth engines
Horizontal Expansion into Tyres
Moving from a commodity tube manufacturer to a full tyre maker. Tyres deliver multiples higher realisation per unit vs tubes.
Replacement Market Demand
Over 70% of India's tyre demand is replacement-driven. As Viaz expands into tyres, it plugs into the same recurring demand pool at a far higher ticket size.
New Mehsana Manufacturing Facility
The new 1,50,000 sq. ft. Mehsana plant (operational CY2026) adds 2W, 3W, LCV and Agri/Farm tyre capabilities.
Capacity and execution
Mehsana Plant Commissioning
Under construction/commissioningThe new 1,50,000 sq. ft. Mehsana plant is expected to be operational in CY2026, adding 2W, 3W, LCV and Agri/Farm tyre capabilities.
Tailwinds
Growing Indian Tyre Market
India's tyre market is USD 13.4 Bn growing to USD 27.6 Bn by 2033 at 7–8% CAGR.
Large Replacement Tyre Market
India has over 340 Mn+ registered vehicles, creating a massive replacement tyre opportunity. Nearly 70–75% of tyre industry demand comes from the replacement segment.
Reclaim Rubber Demand
Replacement tyre demand in India is growing at an estimated 7–9% CAGR. Reclaim rubber can reduce raw material costs by 15–25%.
Headwinds
Global Macroeconomic Headwinds
Persistent global macroeconomic headwinds, including supply chain disruptions and cost pressures, impacting operations.
Raw Material Cost Pass-Through Lag
Expected one-quarter lag in cost pass-through due to the nature of pricing adjustments, temporarily impacting margins.
Risk radar
Execution Risk of Diversification
Transition from a commodity tube manufacturer to a full tyre maker requires successful market penetration and operational ramp-up for new product categories.
Raw Material Price Volatility
Recent increase in raw material costs is being systematically managed through calibrated pricing actions, but remains a factor.
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
The financial results are presented for the full financial year (FY26 vs FY25) and half-year (H2FY26 vs H2FY25), making year-over-year comparison the most appropriate for assessing overall performance and growth trends.
Sector KPIs management disclosed
Revenue from Operations Growth (YoY)
Revenue from Operations FY26: 10,834.36 Lakhs, FY25: 6,574.04 Lakhs. YoY Growth %: 59.8%
PAT Margin %
PAT Margin % FY26: 0.84%, FY25: 0.31%
EBITDA %
EBITDA % FY26: 4.87%, FY25: 4.95%
Cash Flow from Operating Activities (CFO)
CFO FY26: 1529.27 Lakhs (positive), FY25: (264.00 Lakhs) (negative). Strong improvement in operating cash generation.
Management forward view
Revenue and Margin Targets
Planned capex of ₹50–55 Cr set to scale revenues from ₹108 Cr to ₹350 Cr by FY29, while expanding PAT margins from 6% to 8-10%.
Capital Raise Impact
The capital raise is expected to provide operational liquidity required for scaling higher throughput volumes while supporting efficient execution of the company’s growth strategy.
Margin Normalization
Margins are expected to normalize in the subsequent quarter, supported by pricing discipline, despite a temporary one-quarter lag.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | 59.8% YoY in FY26 | Progress towards ₹350 Cr revenue target by FY29, indicating successful market penetration for new tyre products. |
| PAT Margin % | 0.84% in FY26 | Improvement towards the 8-10% target, indicating effective cost management and higher realization from tyre sales. |
| Mehsana Plant Operationalization | Expected CY2026 | Timely commissioning and ramp-up of production for 2W, 3W, LCV, and Agri/Farm tyres. |
| Cost Pass-Through Effectiveness | One-quarter lag impacting margins | Margin normalization in subsequent quarters as pricing actions take full effect. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
68Limited 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 56th percentile of the scored universe and 40th percentile within Auto. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 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
56th percentile
overall median 67 · Auto: 40th pctile, median 74 · SME: 70th pctile, median 64
Evidence depth
Financial-only
3 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
Acceptable, but check the weakest sub-score before increasing exposure.
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
86
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 72.2%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Viaz Tyres Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2026
Mar 2026 · Shareholders meeting 4 Sep - Submitted FY2025-26 annual report and AGM notice; AGM scheduled for 29 September 2026 via VC/OAVM.
Source: Nse
Investor presentationApr 2025
Apr 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.