Tolins Tyres is a vertically integrated Indian manufacturer that makes new tyres and the materials to retread old ones - essentially, it sells both the shoe and the sole. Founded in 1982 as a small tread-rubber workshop in Kerala, the company spent four decades building a business that stretches from raw-material processing all the way to finished tyres and retreading consumables, serving fleet operators and replacement buyers across more than 40 countries. The recurring idea is simple: help commercial-vehicle owners keep their tyres rolling longer for less money, whether by supplying a new tyre or by providing the pre-cured tread rubber that gives a worn casing a second life. # Business segments Two deeply connected businesses - a retreading-materials engine that still generates the majority of revenue, and a new-tyre business built on the same manufacturing backbone and dealer network - plus an early-stage recycling subsidiary that feeds raw material back into both. ## 1. Retreading materials: the original engine that keeps truck fleets moving **Pre-cured tread rubber and its companion accessories let logistics companies double the life of a truck tyre at a fraction of the cost of buying new - and Tolins has been making them since before most of its Indian rivals existed.** - **Four decades of PCTR know-how** - the company began as a tread-rubber unit in 1982 and was the first Indian retread brand to enter and succeed in the American market for pre-cured retreading products, giving it a pedigree that unorganised competitors cannot match. - **Backward-integrated into the consumables that make retreading work** - Tolins manufactures its own bonding gum, vulcanising solutions, tyre flaps and tubes in-house, so a retreader buys a complete kit from one supplier rather than sourcing components from multiple vendors. - **A large, steady order book from a tyre major** - an offtake agreement with Apollo Tyres commits Apollo to take at least 200 tonnes of PCTR and 17 tonnes of cushion gum every month for three years, which at the minimum level alone lifts PCTR capacity utilisation by roughly 22% and cushion gum by about 10%. - **Demand is structural, not cyclical** - more than 70% of truck tyres in India are retreaded at least once, driven by road-freight growth and fleet operators who treat tyre-life extension as a direct margin lever. - **A UAE plant that opens export doors** - the wholly owned subsidiary in Ras Al Khaimah runs a 1,200-tonne-per-year PCTR facility, and competitive intensity in the region has moderated, which helped export traction during the year. ## 2. New tyres: the younger sibling built on the same factory floor **A 1.5-million-unit-per-year tyre business that sells into the replacement market - where over 60% of India's tyre volumes sit - through a network of 3,737 dealers and eight depots.** - **Tyres for the vehicles that work in India's hinterland** - the range covers light commercial vehicles, tractors (including a newly launched heavy-duty rear tyre for the 2025 harvest season), two-wheelers and three-wheelers, all categories where rural and agricultural activity drives replacement demand. - **The same distribution muscle sells both tyres and retreading materials** - a pan-India network of eight depots and over 3,700 dealers stocks the full product line, and a new Gujarat depot opened in December 2025 specifically to improve availability and cut lead times in Western India for both businesses. - **Manufacturing that runs on biofuels and recycles its water** - the Kalady plants use closed-loop water systems and are fuelled entirely by biofuels, which matters to export customers who scrutinise supply-chain sustainability. - **Certified for export to regulated markets** - the tyres carry Bureau of Indian Standards certification, US Department of Transportation approval for American exports, and the E-mark for Europe, so the company is not locked out of high-barrier markets. # Group structure and partners **A listed parent with three wholly owned subsidiaries - two that extend the core manufacturing footprint and one that closes the loop by recycling waste rubber back into raw material.** - The listed entity, Tolins Tyres Limited, operates two plants in Kalady, Kerala, while its UAE subsidiary Tolins Tyres LLC runs a PCTR plant in Ras Al Khaimah - together spanning roughly 221,000 square feet on about 13.7 acres. - Tolin Rubbers Private Limited, an Indian subsidiary acquired in 2023, sits alongside the UAE unit as a wholly owned manufacturing arm. - Terra Rubber Private Limited, incorporated in July 2025, is the newest subsidiary and exists to recycle scrap tyres and rubber into reclaim rubber, crumb rubber, pyrolysis oil and carbon black - materials that Tolins can feed straight back into its own production, cutting raw-material costs and helping meet Extended Producer Responsibility obligations. - The promoters - Dr. K.V. Tolin (Chairman and Managing Director, with roughly 32 years in the tyre and tread industry) and Jerin Tolin - together with an offtake agreement from Apollo Tyres, anchor the company's manufacturing and commercial relationships.