Emerald Tyre Manufacturers Ltd is a specialist that makes tyres for machines that never touch a public road - forklifts in warehouses, loaders in mines, tractors on farms, and ground-support vehicles at airports. Founded in 2002 in Chennai and listed on the NSE in late 2024, the company has built its business around a single idea: selling not just a tyre, but a complete, custom-engineered wheel-and-tyre solution, often developed jointly with the customer who pays for the mould. That philosophy of being a “one stop shop” for industrial tyre-wheel solutions, combined with a measured approach to expansion, explains everything from its in-house manufacturing to its export-heavy customer base. # Business segments A single, integrated engine - an off-highway tyre manufacturer that designs, compounds, builds and exports a vast range of specialised tyres and wheels from one campus, serving both equipment makers and the replacement market worldwide. ## 1. Off-Highway Tyre Solutions: a one-stop shop for wheels that work where roads don’t **The company makes thousands of tyre-and-wheel combinations for forklifts, mining equipment, airport vehicles and farm machinery, controlling every step from rubber mixing to final fitment under one roof.** - **Integrated from raw rubber to finished wheel** - the Gummidipoondi factory houses a rubber compounding plant, a solid tyre plant, a pneumatic tyre plant, and wheel-rim production, so the company mixes its own compounds, builds its own tyres, and even manufactures the steel rims they mount on. A new automated mixing plant began commercial production in November 2025, securing the complete rubber requirement for all current and expanded capacity. - **Custom-built, not off-the-shelf** - the industrial tyre market is full of small, highly specific orders, and Emerald thrives on that complexity, developing tailor-made rubber compounds for conditions like extreme heat, oil exposure, or static electricity. Customers invest in the moulds, and products are jointly developed, which locks in relationships and makes the company a design partner rather than a commodity supplier. - **A tyre for every off-road job** - the portfolio spans solid resilient tyres, press-on bands, industrial pneumatic tyres, and specialist lines for forklifts, skid steers, lawn mowers, airport ground-support equipment, port trailers, and backhoe loaders. A new “super premium” solid tyre called AXIMO has been well-received in Middle Eastern and European trials. - **Capacity with room to grow** - total installed capacity is 10,560 metric tonnes per year across four product lines, with pneumatic tyres already running at over 94% utilisation in FY25. A recent capex programme of Rs. 65 crores is expanding solid, pneumatic and mixing capacity, directly addressing what management identifies as its key weakness: capacity constraints. - **Quality that opens doors** - the company holds ISO 9001 and ISO 14001 certifications, complies with EU REACH chemical-safety rules, and runs an in-house R&D lab that does compound testing, reverse engineering, and real-world simulation, which is essential because getting approved as a new tyre supplier takes a year to a year and a half. ## 2. Export Markets: selling safety-critical components to the world **Roughly three-quarters of revenue comes from outside India, with a network of overseas warehouses and a reputation for consistent delivery that has allowed the company to hold the line on pricing even when competitors are cutting.** - **A global footprint with local stock** - the company sells into the US, Europe, Australia, Latin America, Saudi Arabia and southern Africa, supported by warehouses and sales offices in Belgium and the UAE that enable just-in-time delivery and close engagement with equipment manufacturers. Export revenue accounts for about 74% of standalone revenue. - **The OEM-aftermarket balance** - Emerald maintains what it calls a “judicious mix” of business with original equipment manufacturers and the replacement market; supplying an OEM puts Emerald tyres on new machines, which builds brand visibility and pulls through aftermarket demand for years afterward. No single OEM customer relies on Emerald as its only supplier, which protects the company from being squeezed on price. - **Pricing power in a tough market** - when US customers asked for price reductions during a difficult period, the company gave only marginal decreases where margins were healthy and resisted where they were not, and customers accepted because tyres are a safety product with high switching costs. Competitors are reportedly losing revenue in the US, while Emerald has increased its business there on the back of product quality and delivery consistency. - **A raw-material index keeps OEM pricing transparent** - for OEM contracts, price adjustments are tied to the “CM Index,” a monthly rubber-component price benchmark published by the Society of Indian Automobile Association, which serves as a mutually agreed reference point without Emerald having to disclose its own cost structure. # Group structure and partners **The company operates through two wholly owned marketing subsidiaries in Dubai and Belgium, and is acquiring a controlling stake in a South African firm to serve as its manufacturing and export launchpad for Africa and the US.** - **Overseas marketing arms** - Emrald Middle East FZE (Dubai, incorporated 2011) and Emrald Tyres Europe BV (Belgium, incorporated 2011) are wholly owned subsidiaries that provide marketing and support services to partners in their respective regions. - **A manufacturing foothold in South Africa** - in January 2026, the board approved the acquisition of a 65% controlling stake in SA Rubber Engineering Pty. Ltd. for up to ₹14 crore, a company that brings an established distribution network, a manufacturing base, and expertise in industrial, mining and rebuilt tyre solutions. Once the deal closes, the South African entity is intended to drive the company’s Africa strategy and act as an export launchpad for the US market.