Krypton Industries is a West Bengal manufacturer that built its identity on polyurethane - the same versatile plastic it uses to make a tubeless bicycle tyre it claims no one else in India produces, a national wheelchair brand called iCare, and the soles under people’s feet. Incorporated in 1990 and rooted in the Falta Special Economic Zone, the company spread across six manufacturing divisions by applying one material science to three very different needs, each chosen because management saw a market where a PU-based alternative could outlast the incumbent product or reach a customer the incumbent ignored. The recurring pattern is simple: take polyurethane processing, find a product where rubber or steel dominates, and bet that longer life or government tender access will eventually pull demand through - even when the cheaper incumbent makes life hard in the short term.
Business segments
Three businesses built on one material - a hospital-equipment brand that now brings in half the revenue, a tyre-and-wheel engine fighting rubber on price, and a footwear-components unit that shares the same factory logic but has yet to find its footing.
1. Rehabilitation care equipment: the brand that government tenders built
iCare wheelchairs and hospital aids have become one of India’s major domestic disability-equipment brands, sold through government orders, institutions, and exports to the US - a business where the customer with the deepest pocket is often the state.
- A full mobility catalogue - the company makes and trades wheelchairs (including an affordable model called “UDAAN”), commode chairs, walkers, crutches, rollators, hospital beds and power wheelchairs, all under the iCare name.
- Tenders are the main sales channel - management says it is “aggressively betting for government tenders,” and it has secured quality certifications that let it bid for orders from defence, NGOs, hospitals and other government bodies, which is how a small manufacturer turns policy focus on “Divyang” (persons with disabilities) into a pipeline.
- Exports to the US provide a second leg - wheelchairs are shipped to America, where the company aims to plug into established distribution networks and benefit from advanced healthcare infrastructure, with a weaker rupee making its products more competitive globally.
- Cheap Chinese imports are the constant threat - the market is flooded with low-cost, low-quality Chinese rehab products, and because passing on steel and raw-material price increases is “very difficult in this industry,” the company has to keep adding higher-end items like power wheelchairs just to stay ahead.
2. Tyres, rims and wheels: the tubeless bet that rubber still rules
A polyurethane bicycle tyre with no direct competitor in India, plus industrial castor wheels and plastic rims - a business built on the claim that PU outlasts rubber, but still fighting the fact that rubber is cheaper and more familiar.
- The product that management calls unique - the Micro Cellular Polyurethane (MCP) tubeless tyre is pitched as “much more superior than rubber tyres” in life and quality, and the company says it “can offer our unique product with no competitors in India”.
- But it is still a new entrant - management acknowledges the bicycle tyre is “a completely new product for the market” and that “acceptance will take some time to establish,” even as certain bicycle and mobility companies show interest.
- Four factories feed the engine - the Tyre Division at Falta SEZ makes tyres largely for export; the Sadhurhat Division makes MCP tubeless tyres for the domestic market; the Wheel Division operates as a captive unit supplying wheels and rims to other group divisions; and the Plastic Division makes plastic rims.
- Raw materials are the Achilles’ heel - most raw materials are imported, so the business is sensitive to the dollar, crude oil and petrochemical prices; raw materials prices have grown more than 70% from pre-COVID levels by FY25, and the division could not fully pass those costs on.
- A dedicated subsidiary signals intent - in February 2026 the company incorporated Krypton Tyres Limited as a separate tyre-manufacturing subsidiary, suggesting it sees enough of a future in the product to give it its own corporate home.
3. Footwear: the third use of the same material
PU shoe soles and sandals made in a factory that also does job work for big OEMs - a small, loss-making division that shares the group’s polyurethane backbone but has struggled to find a standalone reason to grow.
- Soles and sandals from the Banganagar plant - the Footwear Division manufactures PU shoe soles and PU sandals or chappals, and in earlier years also made PU safety footwear.
- OEM job work fills the lines - the division manufactures products on behalf of large OEMs, with those revenues recorded as part of gross revenue, which means it operates partly as a captive supplier rather than a pure branded play.
- Loss-making and searching for a new mix - the division operated at a loss in FY25, and as far back as FY21 management was “trying to change its business mix and add other polyurethane products to increase its product portfolio,” a search that appears ongoing.
- Same raw-material pressures, smaller cushion - like the tyre business, it depends on imported polyurethane inputs tied to crude and petrochemical prices and the rupee-dollar exchange rate, but with less pricing power to absorb the swings.
Group structure and partners
A West Bengal manufacturer with a listed parent, a recently created tyre subsidiary, a trading arm for hospital equipment, and a European experiment that has now been closed.
- Krypton Tyres Limited - incorporated in February 2026 as a wholly-owned subsidiary dedicated to manufacturing tyres and tyre products, with authorised capital of INR 10 lakh.
- TCB Industries Private Limited - a domestic trading subsidiary incorporated in June 2023 for trading wheelchairs and other hospital equipment, though it had not yet commenced operations as of September 2023.