Dolfin Rubbers

BSE: DOLFIN · Tyres & Rubber Products

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52W Range₹160 – ₹199

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Snapshot

Unlock Dolfin Rubbers's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Dolfin Rubbers Limited is an Indian manufacturer specialising in the production of butyl rubber tubes for a diverse range of vehicles, including two-wheelers, passenger cars, and commercial trucks. The company operates manufacturing facilities in Ludhiana and Gaya, serving both the domestic replacement market and original equipment manufacturers.

Business Model

The company generates revenue by manufacturing and distributing rubber tubes through an extensive network of dealers and distributors across India. It focuses on cost-efficient production processes and the superior performance of butyl rubber to maintain competitiveness in the automotive aftermarket and OEM segments.

Growth Outlook

Growth is driven by the gradual expansion of production capacity and the broadening of the product portfolio to cater to evolving vehicle segments. The company aims to strengthen its footprint in the domestic replacement market through its established distribution network.

Key Risks

  • Raw Material Price Volatility. Fluctuations in the prices of rubber and other petrochemical-based raw materials can significantly impact operating margins.
  • Cyclical Automotive Demand. The company's performance is closely tied to the cyclical nature of the automotive industry and general economic conditions in India.
  • Intense Market Competition. The rubber tube industry is highly competitive, with pressure from both large established players and unorganised local manufacturers.
  • Technological Obsolescence. A potential shift in the automotive industry towards tubeless tyre technology could reduce the long-term demand for rubber tubes.

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Key Metrics

REVENUE

₹170 Cr

TTM · standalone

+18.2%YoY

NET PROFIT

₹6 Cr

TTM · standalone

+13.5%YoY

EPS

₹5.80

TTM · standalone

+13.3%YoY

RETURN ON EQUITY

16.7%

TTM · standalone

-0.7 ppYoY

RETURN ON CAPITAL EMPLOYED

16.4%

TTM · standalone

-2.1 ppYoY

P/E

29.8x

Q4 FY26 · standalone

29.8 vs 38.1x5Y avg

EV/EBITDA

19.5x

Q4 FY26 · standalone

19.5 vs 21.3x5Y avg

EBITDA MARGIN

5.9%

TTM · standalone

-1.0 ppYoY

NET PROFIT MARGIN

3.4%

Q4 FY26 · standalone

-0.5 ppYoY

DEBT TO EQUITY

0.5x

Q4 FY26 · standalone

-0.06xYoY

Peers · Tyres & Rubber Products

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Dolfin RubbersDOLFIN
₹175 Cr29.8319.4818.2%5.9%16.7%16.4%-11.6%
JK Tyre & Industries Ltd.JKTYRE
₹10,244 Cr14.697.639.9%11.8%12.0%13.5%-7.1%
TVS Srichakra LimitedTVSSRICHAK
₹3,561 Cr36.0512.7118.6%8.7%7.8%10.7%+17.5%
Goodyear India LimitedGOODYEAR
₹1,637 Cr29.7110.010.8%5.4%8.9%11.9%-29.2%
Megamont LimitedVRWODAR
₹534 Cr328.30492.35——-101.2%-49.1%+362.2%
Tolins TyresTOLINS
₹362 Cr10.308.083.5%14.4%9.5%12.1%-52.2%

As of Q4 FY26

Financials