VIAZ - Viaz Tyres

📊 NSE: VIAZ 🏢 Tyres 📅 Last Updated: 12/14/2025 15:04

💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations grew 13.68% YoY, increasing from INR 50.37 Cr in FY24 to INR 57.26 Cr in FY25. The company operates in a single reportable segment: Tyres and Tubes manufacturing.

Geographic Revenue Split

The company serves a domestic market across 19+ Indian states and exports to 10+ international markets, including strategic expansions into African countries; specific percentage splits per region are not disclosed.

Profitability Margins

Net Profit Margin improved from 4.71% in FY24 to 5.83% in FY25. Profit After Tax (PAT) increased by 40.68% YoY to INR 3.34 Cr in FY25 from INR 2.37 Cr in FY24.

EBITDA Margin

Operating profit before working capital changes stood at INR 7.79 Cr in FY25, representing a margin of 13.48%, an increase from 11.38% (INR 5.77 Cr) in FY24.

Capital Expenditure

The company invested INR 0.28 Cr in Property, Plant, and Equipment (PPE) during FY25 and an additional INR 0.12 Cr during the half-year ended September 30, 2025.

Credit Rating & Borrowing

Total borrowings as of September 30, 2025, stood at INR 16.97 Cr. Finance costs for FY25 were INR 1.47 Cr, representing an implied interest cost of approximately 8.6% on total debt.

⚙️ Operational Drivers

Raw Materials

Butyl rubber is the primary raw material used for tube production. Cost of materials consumed was INR 50.79 Cr in FY25, accounting for 88.7% of total revenue.

Import Sources

Not specifically disclosed, though the company operates in the global aftermarket and exports to 10+ countries, implying international supply chain linkages.

Capacity Expansion

Current installed production capacity is 7,00,000 tubes per month (8.4 million annually). The company is planning a transformational leap with a new plant for high-margin tyre segments.

Raw Material Costs

Raw material costs increased 29.2% YoY from INR 39.29 Cr in FY24 to INR 50.79 Cr in FY25, driven by volume growth and price fluctuations.

Manufacturing Efficiency

Utilization of fully automated lines for consistency and hygiene; specific capacity utilization percentages are not disclosed.

Logistics & Distribution

The company utilizes a distribution network covering 19+ Indian states and 500+ dealers to manage domestic logistics.

📈 Strategic Growth

Expected Growth Rate

13.70%

Growth Strategy

Growth will be driven by transitioning from a tube-focused manufacturer to a full-scale tyre player, a strategic tie-up with African OEMs (2025), and the commissioning of a new plant targeting high-growth, high-margin niche segments.

Products & Services

Butyl rubber tubes for all vehicle types and specialized automotive tyre products.

Brand Portfolio

Viaz.

New Products/Services

Entry into high-performance tyre manufacturing; the new plant is expected to contribute to a new leg of multi-year growth.

Market Expansion

Targeting expansion in the African continent through OEM partnerships and deepening the domestic footprint beyond the current 19 states.

Market Share & Ranking

Identified as a market leader in the butyl rubber tube segment in India.

Strategic Alliances

Strategic tie-up established with Original Equipment Manufacturers (OEMs) in African countries in 2025.

🌍 External Factors

Industry Trends

The global tyre industry is valued at $280-300 billion in 2024, with a shift toward sustainable mobility and high-performance niche products.

Competitive Landscape

Faces intense competition from both large-scale global tyre manufacturers and domestic players in the automotive component sector.

Competitive Moat

Durable advantages include 20+ years of industry expertise, a dominant market position in butyl tubes, and a robust distribution network of 500+ dealers.