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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American Honda Motor Company has honoured Maxxis with its 2025 Racing Spirit Award, recognising the tyre manufacturer's exceptional performance as a supplier. This accolade acknowledges Maxxis’ consistent ability to meet Honda’s stringent requirements regarding product quality, punctual delivery and cost efficiency.

The two companies have maintained a strong partnership since 2005, when Maxxis first began supplying original equipment tyres for Honda’s powersports division. Today, Maxxis tyres are fitted to popular Honda models such as the FourTrax Foreman Rubicon 4x4 and the Pioneer SxS. Expressing his gratitude, Andy Lee, President of Maxxis International – USA, conveyed that the entire organisation feels deeply honoured by the recognition. He attributed the achievement to the dedicated efforts of Maxxis employees, whose daily commitment ensures excellent products and service for their long-standing partner. Lee also reaffirmed the company’s dedication to upholding Honda’s expectations in the years ahead.

Lee said, “I know I speak for everyone at Maxxis when I say that we are truly honoured and delighted to receive this award. I’m also proud of the Maxxis employees who work hard every day to deliver excellent equipment and service to our OE partner of more than 20 years. We thank Honda and look forward to continuing to meet their expectations in 2026 and beyond.”

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Michelin North America, Inc. has launched the Michelin XHA3 tyre at ConExpo 2026. The product is the next generation in the company’s loader and grader range, succeeding the XHA2 model.

The XHA3 replaces several previous lines, including the XHA2, XADN+, XAD65 and XLD. According to the company, this launch represents its most significant innovation in the earthmoving segment in over a decade.

The new tyre has been engineered to meet the requirements of modern construction machinery, which now operate with higher loads and longer duty cycles. The XHA3 features increased load capacity and improved tonne-kilometre-per-hour (TKPH) performance compared to its predecessor.

It is built to carry heavier loads for modern earthmoving equipment. A new tread pattern engineered for durability and traction in loader and grader applications. It is designed to increase TKPH performance and extend tyre life. Aimed at reducing the total cost of ownership for fleet operators.

Yahn Heurlin, VP of Marketing, Michelin North America, said, “With the Michelin XHA3 tire, we’re building on a heritage our customers trust while delivering the next level of performance they demand. Construction equipment continues to evolve with higher loads, longer duty cycles and greater productivity expectations. The XHA3 tire, is designed to help fleets unlock more ton-per-hour performance, carry heavier loads with confidence and extend tire life, all while reducing total cost of ownership.”

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Michelin has announced a strategic collaboration with BLAST, the organiser behind the 2026 Rocket League Championship Series (RLCS), which serves as the premier global tournament for the popular video game Rocket League. Through this agreement, Michelin becomes an official partner of one of the most energetic and widely viewed eSports properties on the international stage.

Rocket League itself enjoys immense global popularity, attracting several million active participants on a monthly basis. The RLCS season consistently draws tens of millions of views across the world, underscoring its significant reach. This move allows Michelin to deepen its involvement in the competitive gaming sector by associating with a high-profile series known for its passionate following.

The game’s core dynamic involves vehicles competing in a fast-paced arena where precision, control and rapid execution are paramount. These very attributes closely align with Michelin’s established heritage in mobility solutions and high-performance engineering, particularly its extensive background in motorsport. The partnership therefore represents a natural extension of the brand’s core principles into a digital environment.

By entering the world of the RLCS, Michelin seeks to enhance its connection with younger demographics and solidify its relevance within the digital spaces that are increasingly defining future trends and cultural habits. This initiative builds on a foundation of over 25 years during which Michelin has cultivated partnerships within the gaming and automotive simulation spheres, consistently applying its technological know-how to support both realism and superior performance in virtual driving experiences.

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The Yokohama Rubber Co., Ltd., has entered into a new agreement to serve as the official tyre supplier for BMW M Motorsport, the division responsible for the brand's global racing endeavours. This collaboration will debut at the prestigious Nürburgring 24-Hour Race and throughout the Nürburgring Langstrecken-Serie in 2026.

This renewed partnership revives a historical connection between the two companies, who previously worked together on the same iconic circuit from 1980 to 1990. During that initial decade-long stint, their combined efforts secured two overall victories. After an interval of nearly four decades, they are reuniting for the current season to compete in the premier SP9 class, fielding the BMW M4 GT3 EVO. For this campaign, Yokohama will equip the vehicle with its high-performance ADVAN racing tyres, with the shared objective of capturing another overall win.

Beyond its tie-up with the BMW team, Yokohama Rubber continues its longstanding commitment to the Nürburgring. It will provide its tyres to numerous leading teams contesting both the endurance series and the 24-hour event this season. The company is focused on achieving an overall championship victory for a vehicle equipped with its YOKOHAMA brand tyres.

Franciscus Van Meel, CEO, BMW M GmbH, said, “We are excited to welcome YOKOHAMA as Official Partner of BMW M Motorsport for our Nürburgring programme. YOKOHAMA’s technical expertise and motorsport passion strengthen our drive for maximum performance and precision. Their support allows our team to focus fully on what defines BMW M Motorsport: pushing the limits on every lap. We look forward to a strong endurance season.”

Team: Schubert Motorsport
Class: SP9
Car: BMW M4 GT3 EVO
Tyres:
ADVAN A005 (for dry conditions); Sizes: front 300/680R18, rear 330/710R18
ADVAN A006 (for wet conditions); Sizes: front 300/680R18, rear 320/710R18

Race Schedule (as of date of this release)
March 14 (Sat): NLS Round 1
March 21 (Sat): NLS Round 2
April 11 (Sat): NLS Round 3
April 18 (Sat) –19 (Sun): Nürburgring 24-Hour Race (Qualifiers) , NLS Rounds 4 & 5
May 14 (Thu) –17 (Sun): Nürburgring 24-Hour Race
June 20 (Sat): NLS Round 6
August 1 (Sat): NLS Round 7
September 12 (Sat) –13 (Sun): NLS Rounds 8 & 9
October 10 (Sat): NLS Round 10

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