Company Overview and Business Operations

Viaz Tyres Limited is an India-based company incorporated in 2018, primarily engaged in the manufacturing of rubber tubes for bicycles, two and three-wheelers, passenger vehicles, and heavy-load industrial vehicles. The company was formerly incorporated as Viaz Tubes Private Limited on August 29, 2018, and later changed its name to Viaz Tyres Private Limited on May 23, 2022, before converting to a public limited company.

The company also deals with ancillary products, such as off-the-road (OTR) tire tubes and animal-driven vehicle (ADV) tubes, engine oil and grease on white labelling bases. Recently, VTL began selling bicycle tyres, produced on a job-work basis based on market demand. The company markets its rubber tubes, bicycle tyres, and ancillary products under various brand names, both domestically and internationally. VTL is also working on developing an alternate brand.

Market Position and Classification

Viaz Tyres Ltd belongs to the Consumer Discretionary sector and the Tires & Rubber sub-sector. As per Value Research classification, it is a Small Cap company. The peers of Viaz Tyres Ltd include MRF Ltd, Balkrishna Industries Ltd, Apollo Tyres Ltd, CEAT Ltd, JK Tyre & Industries Ltd, TVS Srichakra Ltd, and Tolins Tyres Ltd.

Financial Performance and Key Metrics

The company has demonstrated steady financial performance in recent years.

- FY 2024: Recorded a total revenue of approximately ₹50.37 Cr.

- Year ended 31/03/2023:

- Total Operating Revenue: Rs. 45.92 Cr

- Equity Capital: Rs. 12.25 Cr

- TTM Profit After Tax: ₹2 Cr

Key financial ratios showcase the company's valuation metrics:

- P/E (Price-to-Earnings) Ratio: 19.81

- P/B (Price-to-Book) Ratio: 1.98

- ROCE (Return on Capital Employed): Averaged 10.2% from FY ending March 2022 to 2024, with a median of 9.5%.

- Return on Equity (ROE): A low average of 10.4% over the last 3 years.

Market Capitalization and Share Performance

- Market Capitalization: ₹66.16 Cr (as of June 18, 2025)

- 52-Week High: ₹73.50

- 52-Week Low: ₹48.15

- 1-Year Return: 6.06%

Management and Leadership

- Chairman and Managing Director: Janakkumar Mahendrabhai Patel

- Whole Time Director & CFO: Rajeshkumar Prabhudasbhai Patel

- Company Secretary & Compliance Officer: Ms Hema L. Adwani (w.e.f. April 03, 2025)

Shareholding Pattern

- Promoter Holding: Remained stable at 73.08% as of Sep 2024 (from 73.08% as of Mar 2023).

- Promoter Pledging: None, indicating strong promoter confidence in the business.

Technical Analysis and Stock Performance

From a technical standpoint, the stock is comfortably placed above its key moving averages, around 5% and 8% from its 50-day moving average (DMA) and 200-DMA, respectively.

- EPS Rank: 88 (GOOD score, indicating consistency in earnings)

- RS Rating: 50 (POOR, indicating underperformance compared to other stocks)

Debt Position

Viaz Tyres Ltd maintains a relatively conservative debt position:

- Debt-to-Equity Ratio: 0.40, indicating prudent financial management and lower financial risk.

Recent Corporate Actions

The company has undergone several recent changes in its board composition:

- Appointment of Mr Manishkumar Arvindji Vihol as Non-Executive Independent Director (w.e.f. March 06, 2025).

- Resignation of Ms PRATIMA SINGH as Non-Executive Independent Director.

Investment Outlook:

Viaz Tyres represents a growing player in India's automotive components sector, with a focus on rubber tubes and expanding into related products. The company's steady revenue growth, conservative debt management, and stable promoter holding make it an interesting proposition for investors looking at small-cap opportunities in the auto ancillary space.