Viaz Tyres is a replacement-cycle specialist: it makes the butyl rubber inner tubes that India’s hundreds of millions of two- and three-wheelers need every few years, and it is now parlaying that steady demand into a broader tyre and mobility brand. The business began in 2007 as a small tube manufacturer, grew a dealer network across India, and listed on the NSE Emerge platform in 2023 - all while staying privately controlled by a promoter group with deep rubber-industry experience. The recurring approach is to identify the best raw materials globally, test them rigorously for Indian conditions, and deliver products that match the quality of industry leaders at more competitive prices - a formula it is now extending from tubes into tyres.
Business segments
Two engines at different stages - a replacement-driven tube manufacturing cash cow at national scale, and a tyre business being built on its brand and distribution muscle.
1. Butyl inner tubes: the replacement engine that funds everything else
A high-volume, replacement-led business where tubes wear out faster than tyres, creating recurring demand that flows through over 2,000 dealers across India.
- Replaced more often than tyres - butyl tubes in two- and three-wheelers are replaced two to three times more frequently than the tyres themselves because of punctures and general wear, so the company sells into a need that repeats predictably rather than a one-time purchase.
- Made in-house with process control - the company runs its own manufacturing plant at Nandasan, Gujarat, with an installed capacity of 7.60 million units per year running at 90-95% utilisation, which gives it the scale and consistency that smaller, unorganised competitors cannot easily match.
- A pan-India dealer network - sales reach more than 19 states through a distributor network of over 2,000 dealers, meaning the company is not dependent on any single region or customer type for its volumes.
- Exports as a stabiliser - between 15% and 20% of product sales come from exports to countries including Libya, Oman, the USA, Turkey, Brazil, and Egypt, spread across five continents, which diversifies the revenue base beyond India’s domestic replacement cycle.
- Raw-material buffer built in - the company keeps three to four months of inventory to insulate itself from swings in raw-material prices, and it can use reclaim rubber to cut raw-material costs by 15-25% when needed.
2. Tyres: extending the brand into a larger market
A tyre distribution and manufacturing business under construction, designed to capture the higher per-unit value of tyres using the same dealer relationships and brand that the tube business already owns.
- Higher realisation per unit - a tyre delivers multiple times the revenue of a tube, so adding tyres to the product line lets the company sell a bigger-ticket item to the same customers who already buy its tubes.
- A factory under construction - a new manufacturing facility is being built on 1.5 lakh square feet of land in Mehsana District, Gujarat, with an annual capacity of 1.60 million units covering two-wheeler, three-wheeler, light commercial vehicle, and agricultural tyres, expected to start production by the first half of FY27.
- One brand, one shelf - the company is positioning itself as a single-brand mobility shop selling tyres, tubes, lubricants, repair kits, and air pumps, so a dealer can source multiple categories from one supplier rather than managing separate relationships.
Group structure and partners
A simple structure with one dormant foreign subsidiary and promoter-aligned bank financing, keeping the corporate architecture lean.
- One subsidiary, not yet active - Viaz Tyres holds 90% of Autobots Trading FZC, incorporated in the UAE in May 2024 for general trading of tubes, tyres, and auto accessories, though it has not yet started business activities.
- Promoters hold meaningful equity - the six promoter shareholders together hold a majority stake, with the Chairman and Managing Director holding 22.01% as the largest individual shareholder, aligning management control with ownership.
- Bank funding tied to assets - borrowings from State Bank of India are secured against stock, book debts, plant and machinery, and factory land, with additional personal guarantees from directors, while a separate term loan from SIDBI partly funded the rooftop solar plant.