Goodyear India Limited (GOODYEAR)

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Goodyear India Limited (GOODYEAR) · mywealthgrid

About

Goodyear India Limited manufactures tyres and rubber products for India's automotive market, operating in the Consumer Discretionary sector. With a market cap of ₹1,795.79 Cr, the company participates in both OEM and replacement demand cycles, making it sensitive to vehicle production and usage patterns. The business model is capital-intensive and exposed to commodity price movements in natural rubber and chemicals.

Face value: ₹10

Market cap

₹1,604 Cr

P/E

11.8×

P/B

2.7×

Dividend yield

3.8%

ROE

9.3%

ROCE

12.5%

Debt / equity

OPM

4.5%

EPS (TTM)

₹59.1

Book value

₹261.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin compression from 15.27% (Sep 2020) to 4.47% currently indicates significant profitability deterioration; verify whether this reflects cyclical demand weakness, input cost inflation, or structural competitive pressure
Thin current operating margin (4.47%) amplifies earnings sensitivity to commodity price swings and cost shocks in a sector dependent on natural rubber and chemical inputs
Automotive cycle dependency — verify company's exposure to commercial vehicles (sensitive to freight/logistics demand) vs passenger vehicles and current position in India's demand cycle
Minimal foreign institutional participation (FII 0.27%) combined with 74% promoter shareholding — verify governance quality, minority protections, and management incentive alignment

Generated analysis · source review pending

Growth drivers

Operating margin recovery: margins fell from 15.27% (Sep 2020) to 4.47% currently; if input-cost inflation reverses or competitive pressure eases, margins would recover to historical levels — verify causes and probability of reversal
Volume recovery: revenue troughed at ₹226.93 Cr (Jun 2020) and recovered to ₹569.34 Cr (Mar 2021), suggesting cyclical recovery is possible; verify current automotive demand trends and whether company can regain market share
Zero financial leverage (D/E = 0) enables capital deployment in growth initiatives or handling downside without refinancing risk in a cyclical business

Generated analysis · source review pending

2,421 historical price candles were omitted because the exchange source has not been verified.

₹694.3-1.2%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 17×
+Dividend yield of 3.8%
+Dividend payout of 44.9% of profit
+High promoter holding of 74% with no pledge

Cons

−Thin operating margin of 4.5%
−Profit declined 9.1% a year over the last 5 years
−Modest revenue growth of 8.4% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

63/100

Business quality: 48
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	1,475	1,629	1,706	1,912	1,746	1,792	2,436	2,928	2,552	2,608
COGS	-944	-951	-1,083	-1,323	-1,192	1,178	1,741	2,188	1,840	1,918
Gross profit	—	—	—	—	—	614	694	739	712	690
	2,249	2,380	2,588	3,070	2,802	397	522	532	541	574
Operating profit (EBITDA)	170	200	201	164	136	217	172	207	171	117
OPM %	11.6%	12.3%	11.8%	8.6%	7.8%	12.1%	7.1%	7.1%	6.7%	4.5%
Depreciation	32	34	36	41	50	53	53	54	55	55
Interest	3	3	3	3	4	3	4	4	4	5
	30	32	37	38	35	23	23	16	17	18
Profit before tax	166	196	199	158	117	183	138	165	128	75
Tax	58	68	69	56	28	47	36	43	33	20
Tax %	35.1%	34.9%	34.8%	35.5%	24.2%	25.6%	25.7%	25.7%	25.9%	26.2%
	107	127	130	102	89	136	103	123	95	55
PAT margin %	7.3%	7.8%	7.6%	5.3%	5.1%	7.6%	4.2%	4.2%	3.7%	2.1%
EPS (₹)	46.6	55.2	56.3	44.2	38.4	59.1	44.6	—	—	—
EPS adjusted (₹)	—	—	—	—	—	59.1	44.6	53.3	41.1	23.9
	25.8%	22.6%	23.1%	29.4%	33.8%	301.3%	224.2%	—	—	—
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity capital	23	23	23	23	23
Reserves	817	692	583	558	580
	15	17	0	0	0
	537	634	655	598	641
Total equity & liabilities	1,391	1,365	1,261	1,179	1,244
	312	317	357	364	367
CWIP	16	33	61	44	36
Investments	0	0	0	0	0
	1,063	1,015	843	771	840
Total assets	1,391	1,365	1,261	1,179	1,244

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	294	89	112	135	131
	87	-50	91	-34	-17
	-223	-236	-241	-130	-43
Net cash flow	158	-197	-38	-29	71
Free cash flow	250	16	1	80	107
CFO / Operating profit %	135.5%	51.9%	54.2%	79.1%	112.5%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Margins
Gross margin %	—	—	—	34.3%	28.5%	25.2%	27.9%	26.5%
EBITDA margin %	11.8%	8.6%	7.8%	12.1%	7.1%	7.1%	6.7%	4.5%
EBIT margin %	9.7%	6.4%	4.9%	9.2%	4.9%	5.2%	4.5%	2.4%
PAT margin %	7.6%	5.3%	5.1%	7.6%	4.2%	4.2%	3.7%	2.1%
Working capital
Receivable days	—	—	—	55	38	40	38	40
Inventory days	—	—	—	41	63	48	60	54
Payable days	—	—	—	126	101	80	85	88
NWC days	—	—	—	-29	-1	8	14	6
Leverage
Current ratio	—	—	—	1.99	1.57	1.28	1.27	1.35
Debt to EBITDA	—	—	—	0.07	0.1	0	0	0
Debt to equity	—	—	—	0.02	0.02	0	0	0
Interest coverage	70	53.7	30.4	54.6	34.6	43.7	31.2	17
Asset turnover	—	—	—	1.29	1.78	2.32	2.16	2.1
Return ratios
Return on assets %	—	—	—	9.8%	7.5%	9.7%	8%	4.4%
Return on capital employed %	—	—	—	21.3%	17.5%	24.3%	21%	12.5%
Return on equity %	—	—	—	16.2%	14.4%	20.3%	16.3%	9.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74%	74%	74%	74%	74%	74%	74%	74%	74%	74%	74%	74%
	0.74%	0.73%	0.75%	0.74%	0.73%	0.7%	0.59%	0.59%	0.41%	0.34%	0.27%	0.27%
	8.15%	8.16%	8.15%	8.15%	8.15%	8.15%	8.08%	8.06%	8.03%	8%	8%	7.78%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	17.11%	17.11%	17.1%	17.11%	17.12%	17.15%	17.33%	17.35%	17.56%	17.66%	17.73%	17.95%
No. of shareholders	—	—	—	—	—	—	—	—	43,023	41,949	41,688	42,060

Promoter holding up 0 percentage points since Sep 2023.

Mr. Arvind BhandariExecutive Director-Chairperson-MD
Mr. Gajanan Vithal GandheNon-Executive - Independent Director
Mr. Sandeep GargExecutive Director
Ms. Uma Ratnam KrishnanNon-Executive - Independent Director
Mr. Sumit Dutta ChowdhuryNon-Executive - Independent Director
Mr. Rohitashv SharmaExecutive Director
Mr. Anup KarnwalCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

of the company's equity

All mutual funds

6.53%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	16	0	0%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

23

Final dividend5 Aug 2026 · ex-date₹26.5
Final dividend18 Jul 2025 · ex-date₹23.9
Final dividend23 Jul 2024 · ex-date₹15
Special dividend12 Feb 2024 · ex-date₹26
Final dividend26 Jul 2023 · ex-date₹26.5
Special dividend22 Jul 2022 · ex-date₹80
Final dividend22 Jul 2022 · ex-date₹20
Final dividend4 Aug 2021 · ex-date₹18
Special dividend4 Aug 2021 · ex-date₹80
Interim dividend14 Dec 2020 · ex-date₹80
Final dividend5 Aug 2020 · ex-date₹13
Final dividend2 Aug 2019 · ex-date₹13
Final dividend31 Jul 2018 · ex-date₹13
Dividend dividend1 Aug 2017 · ex-date₹12.5
Dividend dividend23 Aug 2016 · ex-date₹12
Dividend dividend11 Jun 2015 · ex-date₹10
Dividend dividend30 Apr 2014 · ex-date₹9
Dividend dividend23 May 2013 · ex-date₹7
Dividend dividend10 May 2012 · ex-date₹7
Dividend dividend8 Jun 2011 · ex-date₹7
Dividend dividend24 May 2010 · ex-date₹7
Dividend dividend3 Jun 2009 · ex-date₹6
Dividend dividend29 Apr 2008 · ex-date₹6

1

Board meeting to consider results12 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

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Ratio	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Margins
Gross margin %	—	—	—	34.3%	28.5%	25.2%	27.9%	26.5%
EBITDA margin %	11.8%	8.6%	7.8%	12.1%	7.1%	7.1%	6.7%	4.5%
EBIT margin %	9.7%	6.4%	4.9%	9.2%	4.9%	5.2%	4.5%	2.4%
PAT margin %	7.6%	5.3%	5.1%	7.6%	4.2%	4.2%	3.7%	2.1%
Working capital
Receivable days	—	—	—	55	38	40	38	40
Inventory days	—	—	—	41	63	48	60	54
Payable days	—	—	—	126	101	80	85	88
NWC days	—	—	—	-29	-1	8	14	6
Leverage
Current ratio	—	—	—	1.99	1.57	1.28	1.27	1.35
Debt to EBITDA	—	—	—	0.07	0.1	0	0	0
Debt to equity	—	—	—	0.02	0.02	0	0	0
Interest coverage	70	53.7	30.4	54.6	34.6	43.7	31.2	17
Asset turnover	—	—	—	1.29	1.78	2.32	2.16	2.1
Return ratios
Return on assets %	—	—	—	9.8%	7.5%	9.7%	8%	4.4%
Return on capital employed %	—	—	—	21.3%	17.5%	24.3%	21%	12.5%
Return on equity %	—	—	—	16.2%	14.4%	20.3%	16.3%	9.1%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Mrf LimitedMRFMRF	₹51,960 Cr	₹54,327 Cr	₹31,889 Cr	₹4,821 Cr	15.7%	₹2,415 Cr	7.8%	16.8%	12.3%	83
Balkrishna Industries LimitedBALKRISINDBALKRISIND	₹40,274 Cr	₹44,380 Cr	₹11,518 Cr	₹2,539 Cr	21.3%	₹1,406 Cr	11.5%	14.8%	8.2%	111
Apollo Tyres LimitedAPOLLOTYREAPOLLOTYRE	₹25,706 Cr	₹28,337 Cr	₹29,308 Cr	₹4,143 Cr	14.6%	₹1,708 Cr	4.8%	13.3%	8.7%	93
Ceat LimitedCEATLTDCEATLTD	₹13,311 Cr	₹16,322 Cr	₹16,467 Cr	₹2,024 Cr	13.1%	₹589 Cr	4.5%	20.5%	14.8%	-21
Jk Tyre & Industries LimitedJKTYREJKTYRE	₹9,812 Cr	₹14,558 Cr	₹16,404 Cr	₹1,887 Cr	12.4%	₹651 Cr	4.8%	16.8%	14.2%	90
Tvs Srichakra LimitedTVSSRICHAKTVSSRICHAK	₹3,349 Cr	₹4,111 Cr	₹3,892 Cr	₹312 Cr	7.7%	₹85 Cr	2%	9.2%	1.7%	77
Goodyear India LimitedGOODYEARGOODYEAR	₹1,604 Cr	₹1,604 Cr	₹1,792 Cr	₹217 Cr	4.5%	₹136 Cr	2.1%	12.5%	9.3%	6
Megamont LtdMEGAMONTMEGAMONT	₹562 Cr	₹565 Cr	₹0 Cr	₹0 Cr	—	₹-0 Cr	—	-1.8%	-3.2%	—
Tolins Tyres LimitedTOLINSTOLINS	₹334 Cr	₹345 Cr	₹317 Cr	₹43 Cr	14.6%	₹33 Cr	10.9%	13.5%	10.4%	400
Modi Rubber LimitedMODIRUBBERMODIRUBBER	₹299 Cr	₹319 Cr	₹35 Cr	₹-26 Cr	-75.8%	₹0 Cr	1.9%	-2.2%	0.1%	-904
Indag Rubber LtdINDAGINDAG	₹277 Cr	₹287 Cr	₹215 Cr	₹9 Cr	4.1%	₹10 Cr	3.8%	5%	4.4%	112
Dolfin Rubbers LtdDOLFINDOLFIN	₹173 Cr	₹192 Cr	₹144 Cr	₹9 Cr	5.3%	₹5 Cr	3.3%	16.8%	16.5%	122

Goodyear India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

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23

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Not in the F&O segment

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Compounded sales growth

Compounded profit growth

Return on equity

Goodyear India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Ratios

Ratio timeline

Shareholding

Quarterly record

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Events

Dividends23

Board meetings1

Announcements

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Dividends23

Board meetings1

Ratio timeline

Quarterly record

Board and management

Not in the F&O segment

Announcements

Annual reports

No announcements stored for this window

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

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