GRP, an Indian rubber recycling company, reported a 20 percent year-over-year revenue growth for both Q3 and the first nine months of FY25, despite facing margin pressures from elevated raw material costs.

The company recorded total income of INR 1,327 million in Q3 FY25, with EBITDA margins holding steady at 9.8 percent. For the nine-month period, revenue reached INR 3,912 million, while EBITDA stood at INR 363 million.

"We achieved a 12 percent increase in volumes on a standalone basis, with Reclaim Rubber volumes growing nine percent despite subdued global tyre demand," said Harsh Gandhi, Managing Director of GRP Limited.

The company recognized INR 121 million in Extended Producer Responsibility (EPR) credits year-to-date, with an additional INR 180 million worth of credits valued at minimum support price still available for sale.

Expansion Plans

GRP is moving forward with its INR 2.5 billion expansion plan, having secured financing from French development finance institution Proparco. The company has also received shareholder approval to raise an additional INR 1.5 billion through a qualified institutional placement.

"We remain on track to commence operations for the first line of crumb rubber and continuous pyrolysis line by Q4 of this financial year," Gandhi stated, noting that INR 330 million has already been invested in the project.

Industry Developments

The expansion comes as major carbon black producers like Birla Carbon, Epsilon Carbon, and Phillips Carbon Black launch recovered carbon black products using tyre pyrolysis oil (TPO).

"With carbon black producers now actively sourcing TPO to produce their own grades of recovered carbon black, it allows us a new avenue for sale, which was maybe 6 to 8 months ago, was non-existent," Gandhi explained.

Future Outlook

The company expects margins to stabilize following recent raw material cost pressures, particularly in its synthetic rubber reclaim business. GRP's subsidiary focused on recycled polyolefins is gaining approvals from major brands ahead of new recycling regulations taking effect from April 2025.

"Once we do get into this business, there are a lot of synergies between the two businesses, and that will allow for the overall margin profile of the business to move towards mid-teens and even a little higher towards the high-teen EBITDA numbers for a consolidated level," Gandhi added.

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Himadri Speciality Chemical Ltd reported a sharp rise in profit for the quarter and nine months ended 31 December 2025, supported by margin expansion and accelerating investment across speciality carbon black capacity, export infrastructure and downstream materials.

The Kolkata-based speciality chemicals group said profit after tax for the nine months rose to INR 5.6 billion, exceeding the full-year profit recorded in FY25. Earnings before interest, tax, depreciation and amortisation increased to INR 7.3 billion, reflecting stronger operating leverage and a shift towards higher value-added products, despite softer revenue.

Revenue for the nine-month period stood at INR 33 billion, while total sales volumes increased by about three percent year on year to 428,572 tonnes. The company said its product mix remained focused on speciality and application-specific offerings, supporting profitability amid market volatility.

For the December quarter, consolidated EBITDA rose about 12 percent year on year to INR 2.5 billion, while profit after tax increased 36 percent to INR 1.9 billion, underlining continued margin improvement.

Investment-led expansion remains central to Himadri’s growth strategy. During the quarter, the company commenced trial production at its brownfield speciality carbon black expansion project at Mahistikry. Once fully operational, the project will increase total speciality carbon black capacity to 130,000 tonnes per annum, positioning Mahistikry as the world’s largest single-site facility for speciality carbon black. The project involves an estimated capital expenditure of INR 2.2 billion and is aimed at premium applications including plastics, inks, coatings and other niche segments.

Himadri also commissioned a high-temperature liquid coal tar pitch terminal at New Mangalore Port, creating a second export corridor alongside Haldia on India’s eastern coast. During the quarter, the company executed its first export shipment of 3,600 tonnes of liquid pitch to the Middle East. Management said the new terminal enhances logistics flexibility, reduces concentration risk and supports export-led growth in coal tar derivatives.

Beyond core expansions, the company continues to deploy capital across multiple growth platforms funded largely through internal accruals. These include forward integration into speciality chemicals such as anthraquinone and carbazole, with planned capital expenditure of INR 1.2 billion, as well as phased investments in lithium-ion battery materials, including a lithium iron phosphate cathode active material plant targeted for commissioning from FY27.

During the quarter ended 31 December 2025, upon receipt of INR 2.4 billion in balance consideration from promoters, Himadri allotted one crore equity shares to the promoters. Following the allotment, promoter shareholding increased to 52.5 per cent.

Commenting on the performance, Anurag Choudhary, Chairman and Managing Director, said the results reflected disciplined execution, operational efficiency and steady progress on strategic investments. He said the commissioning of new capacities marks the beginning of the company’s next phase of growth.

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In a major step to advance its global manufacturing footprint, China’s Triangle Tyre has unveiled plans for a new facility in Cambodia. The company will invest CNY 3,219 billion (approximately USD 462 million) to construct a tyre plant in Svay Rieng Province, with construction slated to commence in March 2026. This project represents a cornerstone of the firm’s international expansion strategy and a deepening engagement with the Belt and Road Initiative.

The future facility is designed to produce six million high-performance passenger car tyres and one million commercial vehicle tyres annually. It will employ proprietary manufacturing technologies developed by Triangle Tyre. Output from the Cambodian plant is primarily destined for key international markets, including North America, Europe, the Middle East, Africa and Southeast Asia.

Establishing a local, wholly-owned subsidiary will facilitate the project's implementation and ongoing operations. Company officials position the investment as a strategic move to optimize global supply chain and sales networks while enhancing overall market competitiveness. Financial projections indicate the project is expected to generate average annual revenues of approximately CNY 2,585 billion (approximately USD 371 million) upon reaching full production, with an estimated investment return rate of 15.1 percent.

This overseas capacity expansion is viewed as a direct response to China’s ‘Go Global’ policy. It aims to secure new market opportunities and sustainable profit growth, thereby strengthening the company’s position for long-term development in the global tyre industry.

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Hankook Tire commences its second year as the exclusive tyre supplier for all classes of the FIA World Rally Championship (WRC), beginning with the iconic Rallye Monte-Carlo from 22 to 25 January. This 94th edition of the legendary event, covering 339 kilometres across 17 special stages in Monaco and France, is renowned for its unpredictable Alpine conditions. The challenge of rapidly changing surfaces, from tarmac to snow and ice, makes tire selection and performance absolutely critical to competitive success.

For this demanding opener, Hankook will provide its advanced Ventus Z215 tarmac tyre, engineered for precise handling and cornering stability on dry roads. To tackle winter conditions, the company will supply its Winter i*cept SR20, available in both studded and non-studded versions to ensure exceptional traction and control on snow and ice. These products incorporate the brand's latest motorsport technology, developed in collaboration with participating manufacturers to meet the championship's rigorous demands.

Beyond the technical partnership, Hankook plans to enhance its fan engagement throughout the 2026 season. Initiatives include operating ‘Brand World’ marketing booths at service parks for events like the Croatia Rally and Vodafone Rally de Portugal, alongside hosting ‘Stage Hospitality’ at select regional rallies. These efforts are designed to offer unique brand experiences to spectators and partners, solidifying Hankook's premium global image. The company will also leverage its official digital channels to share real-time updates and rally content with a worldwide audience.

The 2026 WRC calendar comprises 14 rounds spanning Europe, Africa, South America and Asia. Having established its technological leadership since becoming the exclusive supplier in 2025, Hankook aims to build on its proven record of consistent performance under extreme conditions, supporting another fiercely competitive championship.

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Continental has enhanced its gravel range with the introduction of the Terra Adventure Graphite-Reflex, a tyre engineered for visibility and extended exploration. This new model incorporates a Graphite Reflective sidewall strip, certified to the R88 standard, to dramatically improve rider visibility during low-light and night-time riding. This key safety feature empowers cyclists to venture further with confidence, bridging the gap between gravel and cross-country mountain biking without compromising performance.

The tyre builds on a foundation of proven off-road technology, featuring a fast-rolling, open tread pattern derived from Continental's mountain bike expertise. This design ensures reliable traction across diverse surfaces, from soft soil to hardpack. Reinforced shoulder knobs provide secure cornering, while a specific 3-3-4 centre stud arrangement offers stability under braking and smooth handling over mixed terrain. Underpinning this capability is Continental's Grip Compound and protective Trail Casing, which work in concert to deliver durable, all-condition performance.

Fully tubeless-ready and hookless rim compatible, the Terra Adventure Graphite-Reflex is available in multiple widths to suit different riding preferences. Ranging from a speed-oriented 45 mm option to a plush 55 mm version, each tyre is constructed to offer long-distance durability and consistent control, making it a versatile choice for riders who demand both safety and uncompromising capability on their adventures.

Alexander Haenke, MTB and Gravel Product Manager, Continental Tires, said, “With the new Terra Adventure Graphite-Reflex, we’re expanding our gravel tyre portfolio for riders who want to venture further with greater confidence. By integrating R88-certified Graphite-Reflex, we’re improving low-light visibility and offering riders extra peace of mind on extended or unpredictable routes. Whether you’re tackling dark-season gravel rides or pushing through late-night bikepacking miles, Terra Adventure Graphite-Reflex adds a meaningful safety advantage without compromising style or performance. At Continental, we’re dedicated to creating products that align with every rider’s adventure – and with this new addition, the journey can continue long after the sun goes down.”

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