Lead Reclaim and Rubber Products Ltd is a manufacturer that turns scrap tyres and tubes into high-performance reclaimed rubber, seeing a valuable raw material where others see waste. Founded in 2012 in Ahmedabad and listed in 2023, the company was built by promoters with deep roots in the rubber industry, and it has recently raised fresh capital to expand from a single recycling plant into a diversified sustainable-materials company spanning four new product lines. Everything it does follows a five-pillar philosophy built around zero-waste processing, circular-economy leadership, and consistent quality - a playbook it is now replicating across pyrolysis oil, recovered carbon black, recycled EPDM, and rubber granules. # Business segments Five engines at different stages - a mature reclaim-rubber cash generator, a regulatory-credit business that monetises the same recycling activity, and three green-material bets under construction, each built on the scrap-sourcing and processing know-how of the first. ## 1. Reclaimed rubber manufacturing: the core recycling engine **The company takes scrap tyres and tubes through a multi-stage mechanical and chemical process to produce over 100 grades of reclaimed rubber, crumb powder, and granules - sold mainly to Indian tyre and rubber-goods makers.** - **Four scrap streams, one plant** - it is one of the few reclaimers that can process radial tyres, nylon tyres, natural tubes, and butyl inner tubes, which gives it a wider sourcing base and a broader product range than single-stream recyclers. - **Over 100 product grades** - the output is organised into three branded families (Whole Tyre Reclaim, Butyl Tube Reclaim, Natural Tube Reclaim) with eight core grades, each tuned for a specific end-use: high-tensile grades for tyre manufacturing and conveyor belts, super-fine grades for gaskets and seals, and heat-resistant grades for industrial hoses and automotive parts. - **Zero-waste process with in-house quality control** - every batch passes through an in-house testing lab, and the manufacturing cycle is designed so that all scrap components become reclaim rubber, powder, or tiles; even steel and fibre waste are managed for sustainable disposal. - **Domestic base with an export toehold** - 94% of revenue comes from Indian customers across nine states, including approved-vendor status with a leading global tyre maker, while the remaining 6% reaches markets like the USA, Turkey, Sri Lanka, and China through merchant exporters. - **Capacity poised to double** - the existing Kheda plant holds an approved capacity of 1,100 tonnes per month (up from 960), and a second facility at Someshwar Industrial Estate on roughly 9,300 square metres of land was being built to add further scale. ## 2. EPR credits: the regulatory tailwind that pays for recycling **India's waste-tyre rules require producers to recycle a rising share of their output, and the company sells the credits it earns from its own recycling activity to tyre makers who need to comply.** - **Reclaim rubber earns the highest multiplier** - the EPR framework assigns a 1.3x credit multiplier to reclaim rubber, the most attractive among all recycling pathways, making the company's core product also its most valuable compliance asset. - **A saleable by-product of the core process** - the company is registered on the central EPR portal and sold over 9,000 tonnes of accumulated credits in FY25 alone, turning its recycling volumes into a second revenue stream without a separate factory. ## 3. Tyre pyrolysis oil and recovered carbon black: the green-fuel and green-filler bet **A new plant at Mundra will use pyrolysis to break down waste tyres into an industrial fuel that undercuts furnace oil on price and a carbon black substitute that costs 40-60% less than the virgin material.** - **Two products from one process** - the pyrolysis plant is designed to produce 1,500 tonnes per month split equally between tyre pyrolysis oil (TPO) and recovered carbon black (RCB), with a combined investment of ₹20-25 Crore on shared land of 2.4 acres. - **TPO competes on price and performance** - it delivers 98-99% of the calorific value of furnace oil while costing ₹10-15 per litre less, making it a direct substitute for cement kilns, steel mills, and brick kilns that are under pressure to cut both costs and emissions. - **RCB undercuts virgin carbon black by nearly half** - priced at ₹30-70 per kilogram versus ₹95-130 for the virgin equivalent, it offers tyre and plastics manufacturers a 40-60% cost saving with 90% lower emissions, and BIS standardisation is underway to broaden its acceptance. ## 4. Recycled EPDM rubber: the construction and auto-materials play **A dedicated facility at Chhatral will produce recycled EPDM rubber at roughly one-third the cost of virgin EPDM, targeting demand from electric vehicles and smart-city infrastructure.** - **70% cheaper than virgin material** - recycled EPDM is positioned as a cost-effective alternative for auto hoses, roofing membranes, waterproofing, flooring, and sports surfaces, where price-sensitive buyers are looking for performance without the virgin-material premium. - **Small footprint, ready to start** - the Chhatral plant occupies just 0.4 acres with an investment of ₹2.5 Crore and a target capacity of 900 tonnes per month, and was reported as "Ready" in FY26. ## 5. Tyre crumbs: the infrastructure-grade granule business **An expansion at the existing Kheda site adds rubber-granule capacity aimed at road construction and sports surfaces, where government mandates are creating demand for crumb-rubber-modified materials.** - **Up to 85% cheaper than virgin rubber** - tyre crumbs sell at ₹25-35 per kilogram compared with ₹150-200 for virgin rubber, making them an economical filler for molded products, flooring, and the bitumen used in roads. - **Policy-backed demand** - the Ministry of Road Transport mandates crumb-rubber-modified bitumen for road construction, which can extend road life by 50-75%, and NITI Aayog has flagged the material as a priority. # Group structure and partners **The company operates as a single-entity business with no operating subsidiaries, one dormant associate, and a banking relationship that provides both fund-based and non-fund-based credit lines.** - **Standalone structure** - the company has no subsidiaries or joint ventures; it acquired a 50% stake in Regrip Lead Recycling Private Limited in FY25, but that entity had not yet started operations as of early 2026. - **AU Small Finance Bank facility** - AU Small Finance Bank provides a mix of fund-based facilities (overdraft, term loan, bill discounting) and non-fund-based facilities (letters of credit, bank guarantees), secured by a deed of hypothecation executed in June 2024.