PTL Enterprises is not a tyre maker - it is a landlord to one. Incorporated in 1959 as Premier Tyres Ltd., the company long ago stopped manufacturing and instead owns a single tyre plant in Kerala, which it leases to Apollo Tyres Ltd. under a long-term agreement that pays a fixed rent and covers all operating costs. That recurring approach - own the asset, lease it to a related industry giant, and collect a steady cheque - explains everything the business does. # Business segments A single engine: a tyre plant leased on a fixed-rent, cost-reimbursed basis to Apollo Tyres, with no other operating businesses. ## 1. Lease of the Kalamassery plant: a fixed-income factory lease **The company owns a tyre manufacturing facility in Kerala and rents it to Apollo Tyres on terms that guarantee a predictable annual payment while Apollo bears all the production costs and risks.** - **Fixed rent, not variable profit** - PTL receives an annual lease rent of about ₹61 crore from Apollo Tyres, plus roughly ₹3 crore from the unwinding of deferred income, creating a stable top line regardless of how many tyres the plant produces. - **Apollo pays the bills** - all manufacturing and operating expenses at the plant are reimbursed by Apollo Tyres under the lease, so PTL books only net expenses and is insulated from input-cost swings. - **One customer is the whole business** - every rupee of revenue comes from Apollo Tyres, which makes the company entirely dependent on a single relationship and exposes it to renegotiation risk if Apollo’s own margins come under pressure. - **The plant is old, the lease is finite** - the Kalamassery facility runs relatively dated machinery and produces truck-bus cross-ply tyres under the Apollo brand; the lease runs until March 2030, with renewal at a rate the two parties must agree on later. - **A workforce that serves the tenant** - PTL employs 394 people as of FY26, down from over 600 a few years earlier, reflecting a structure where headcount exists to support the leased asset rather than to run manufacturing operations. # Group structure and partners **PTL is effectively a satellite of Apollo Tyres, sharing a chairman and a large equity stake that ties the landlord’s fortunes even more tightly to its sole tenant.** - **Shared leadership** - PTL’s Chairman, Onkar Kanwar, is also the Chairman of Apollo Tyres, while Apollo’s Vice Chairman and Managing Director sits on PTL’s board as a Non-Executive Director. - **A material shareholder in its own customer** - PTL holds over 10.7 million equity shares of Apollo Tyres, valued at roughly ₹443 crore as of March 2026, built up through open-market purchases and a related-party block deal. - **Held through a promoter vehicle** - the company’s holding entity is Sunrays Properties & Investment Co. Pvt. Ltd., and Apollo Tyres itself lists PTL as part of its promoter group in stock-exchange filings.