India’s top tire manufacturers closed FY 2024–25 (April 2024-March 2025) on a mixed note, as solid replacement demand and operational efficiency supported revenue growth, but profit margins buckled under sustained cost pressures. While topline performance remained broadly stable across the board, the divergence between revenue expansion and profit realization sharpened.
Highlights
• MRF stages recovery in margin in Q4, others suffer
• CEAT breaches US$1.51 billion for the first time in revenue in FY25
• High raw material costs eat into profits of majors